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Jpeh

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2021-06-28

Good read!

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2021-06-15

Good to know

Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>

2021-06-15

Good to know

Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>

2021-06-14

Good read

Chip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote>

2021-06-11

Agree!

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2021-06-10

Nice!

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2021-06-07

Good read!

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2021-06-04

Good read!

Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote>

2021-06-03

Incredible

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2021-02-14

Great to know

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2021-02-11

Interesting findings

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2021-02-11

Scary

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2021-02-10

Interesting !

Why did Tesla buy bitcoin?<blockquote>特斯拉为什么要收购比特币？</blockquote>

2021-02-10

Well said

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2021-02-08

Amazing! Nice to know

5 Stocks That Can Double in a Biden Bull Market<blockquote>拜登牛市中可以翻倍的 5 只股票</blockquote>

2021-02-06

:(

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2021-02-03

Interesting

Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>

2021-02-03

Interesting

Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>

2021-02-02

Nice

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2021-02-02

Indeed

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know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160075690","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote></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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc.","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"PFE":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160072591,"gmtCreate":1623767892913,"gmtModify":1634028595988,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160072591","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote></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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc.","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"PFE":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185776661,"gmtCreate":1623676310853,"gmtModify":1634030252598,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185776661","repostId":"1182855398","repostType":4,"repost":{"id":"1182855398","kind":"news","pubTimestamp":1623663435,"share":"https://www.laohunote.com/m/news/1182855398?lang=zh_CN&edition=full","pubTime":"2021-06-14 17:37","market":"us","language":"en","title":"Chip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182855398","media":"benzinga","summary":"The ongoing global semiconductor shortage is boosting business opportunities for semiconductor indus","content":"<p><div> The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according ...</p><p><blockquote><div>持续的全球半导体短缺增加了半导体行业中介机构或授权分销商的商机，因为他们能够更快地采购零部件……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nChip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-14 17:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according ...</p><p><blockquote><div>持续的全球半导体短缺增加了半导体行业中介机构或授权分销商的商机，因为他们能够更快地采购零部件……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARW":"艾睿","AVT":"安富利电子","AVGO":"博通","INTC":"英特尔"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182855398","content_text":"The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according to the WSJreport.\nWhat Happened:Services of electronic component distributors such as Avnet Inc(NASDAQ:AVT) andArrow Electronics Inc(NYSE:ARW) are increasingly sought after from bigger companies such as Intel Corp(NASDAQ:INTC), Samsung Electronics and others, who generally rely on direct purchases and are able to secure supplies on their own, WSJ reported Sunday.\nAs per Peggy Carrieres, Avnet’s vice president for global sales, large buyers are treading on uncharted territory as they engage directly with distributors to hedge against supply chain disruptions or keep tabs on a host of different materials.\nAvnet is an authorized distributor for Intel andBroadcom Inc(NASDAQ:AVGO).\nAs a result, distributors are able to charge more than the usual 10% commission. In addition, higher prices and shipping volumes amid the pandemic have boosted bottom lines for distributors despite an ongoing shortage.\nArrow Electronics, one of the industry’s biggest distributors, saw its operating income from the global components business rise more than 70% in the first three months of the year. Avnet sales rose 14% from a year earlier to $4.9 billion for the quarter ended March 31.\nWhy It Matters:The global chip shortage has forced automakers across the world to halt production lines and the shortage is now impacting consumer electronics as well, includingApple Inc(NASDAQ:AAPL).\nSemiconductor prices have shot up amid the crisis and brokers are quoting five times higher prices than before the pandemic for auto chips, as per WSJ; in some extreme cases, it's reportedly 20 times more.\nPrice Action:Shares of Avnet, which have risen 25% so far this year, closed 1% higher at $43.9 on Friday. Arrow Electronics shares, which have risen 24% year-to-date, closed 0.25% lower at $120.9 on Friday.","news_type":1,"symbols_score_info":{"ARW":0.9,"AVT":0.9,"AVGO":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188169824,"gmtCreate":1623424494068,"gmtModify":1634033330380,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Agree!","listText":"Agree!","text":"Agree!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188169824","repostId":"1146386859","repostType":4,"isVote":1,"tweetType":1,"viewCount":2307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183944232,"gmtCreate":1623303731526,"gmtModify":1634034763662,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183944232","repostId":"2142249026","repostType":4,"isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114502700,"gmtCreate":1623078133800,"gmtModify":1634037180944,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114502700","repostId":"1165309768","repostType":4,"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116568006,"gmtCreate":1622812572205,"gmtModify":1634097783234,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116568006","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","kind":"news","pubTimestamp":1622793373,"share":"https://www.laohunote.com/m/news/1122373606?lang=zh_CN&edition=full","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但未来十年可能会大不相同。</li><li>苹果在过去十年中增长放缓，未来几年也不太可能成为增长怪物。</li><li>股票具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果 (AAPL) 是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能不会一样。然而，由于大规模的股东回报计划和向服务业的转变，十年后苹果的股价可能仍会大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前的股票回报率为 900%，年复合回报率约为 26%，轻松超过了该时期大盘的回报率。重要的是，股价的涨幅远远超过了公司的市值，而公司的市值在过去十年中仅增长了 550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅降低了股票数量。当然，过去十年对苹果来说是一个非常成功的商业时期，因为该公司受益于智能手机的崛起，同时在手表和平板电脑等新产品方面也取得了成功，苹果或多或少地将其作为一个新的产品类别推出。目前，股价为 125 美元，比过去 12 个月上涨了 57%，但 2021 年迄今下跌了 6%。继2020年强劲上涨之后，股价目前似乎处于盘整模式，这并不奇怪，因为苹果的估值在最近的过去扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前一致的目标价为 156 美元，这意味着上涨潜力为 25%。由于目前没有迹象表明股票会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>苹果股票10年后会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，2031年苹果的股价是无法精确预测的。历史一次又一次地表明，甚至不可能在更短的时间内准确预测股价。然而，可以制定情景，看看在特定条件下未来股价可能会处于什么位置，以了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了制定这样一个场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去经历了几年的强劲增长和几年的疲软增长。这主要可以用新产品推出等因素来解释。手表或iPad，以及各自当前iPhone型号的实力，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也起着一定的作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了 154%，但正如我们在上图中看到的，收入增长相对不均衡。在2010年代初，苹果在iPhone“胜利之路”的支持下实现了巨大的增长，而在接下来的几年里，收入增长放缓得多。甚至有一些年份收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年非常强劲的增长推动了这一增长时，假设苹果未来每年也将增长10%可能不太合理。投资者还应该考虑到，公司规模越大，保持高增长率就越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在苹果产品价格上涨以及在中国等高增长国家市场份额增长潜力的背景下，越来越多的人将能够购买苹果价格更高的产品，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致应用程序支出增加——并考虑新产品发布的潜力（尽管我认为没有一款产品会像 iPhone 那样大规模），苹果应该能够以坚实的速度发展其业务。我个人认为，未来几年5%-7%的收入增长率可能是一个现实的估计，尽管一些读者当然会有不同的看法。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅降低其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了 36% 的股份。如果未来十年发生同样的情况，每股剩余股份在公司价值中所占份额将增长 56%，即年化增长 4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年仅将其股票数量减少了 2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股份数量不会再下降36%。当我们将其向下调整至 25% 时，当我们查看每股指标时，这将为苹果的增长带来约 3% 的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我 5%-7% 的业务增长预期，我因此假设苹果从长远来看每股将增长 8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>AAPL 过去的估值范围非常广泛，其股票交易倍数在某些时候非常低，而投资者则愿意在其他时候支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的 10 倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，到 2020 年底，股价交易价格高达公司净利润的 40 倍，这似乎是一个相当高的估值。目前，AAPL 的历史市盈率为 28 倍，远期利润约为 24 倍。在上图中，我们还看到了过去 3 年、5 年、7 年和 10 年的中位数收益倍数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期间，中值更高。我不相信 AAPL 的交易价格会达到过去十年平均净利润的 15.5 倍，因为对于苹果这样一家拥有强大品牌、庞大规模、巨大利润和堡垒资产负债表的优质公司来说，这似乎是一个相当低的估值。另一方面，我也不相信苹果会永远以 24-28 倍的市盈率进行交易——对于一家以中个位数实现稳健但并不引人注目的业务增长的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，情况尤其如此，这应该会给所有股票的估值带来压力，而其他条件相同。因此，我认为 2031 年净利润 20 倍左右的估值可能是一个合理的估计，这或多或少与 3 年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL 现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从 2021 年每股收益估计值 5.15 美元开始计算，并假设到 2031 年每年增长 7%-10%，我们的每股收益范围为 10.10 美元至 13.40 美元。将 20 倍市盈率放在该市盈率上，目标价约为每股 200-270 美元。因此，在 235 美元左右的中点，股价将比当前水平上涨约 90%，即年化上涨约 6.5%。这当然不是一个糟糕的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的大回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，AAPL 在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报不太兴奋。当我们考虑到如果苹果估值下降（例如由于利率上升），未来1-3年内股价确实存在相当大的下行风险时，暂时保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现得很好。目前，我将苹果评级为持有，如果其估值接近长期平均水平，则可能会买入。那些对新产品发布更乐观的人可能不同意，更喜欢在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说股票在未来十年确实具有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></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>Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote></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\">\nWhere Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但未来十年可能会大不相同。</li><li>苹果在过去十年中增长放缓，未来几年也不太可能成为增长怪物。</li><li>股票具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果 (AAPL) 是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能不会一样。然而，由于大规模的股东回报计划和向服务业的转变，十年后苹果的股价可能仍会大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前的股票回报率为 900%，年复合回报率约为 26%，轻松超过了该时期大盘的回报率。重要的是，股价的涨幅远远超过了公司的市值，而公司的市值在过去十年中仅增长了 550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅降低了股票数量。当然，过去十年对苹果来说是一个非常成功的商业时期，因为该公司受益于智能手机的崛起，同时在手表和平板电脑等新产品方面也取得了成功，苹果或多或少地将其作为一个新的产品类别推出。目前，股价为 125 美元，比过去 12 个月上涨了 57%，但 2021 年迄今下跌了 6%。继2020年强劲上涨之后，股价目前似乎处于盘整模式，这并不奇怪，因为苹果的估值在最近的过去扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前一致的目标价为 156 美元，这意味着上涨潜力为 25%。由于目前没有迹象表明股票会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>苹果股票10年后会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，2031年苹果的股价是无法精确预测的。历史一次又一次地表明，甚至不可能在更短的时间内准确预测股价。然而，可以制定情景，看看在特定条件下未来股价可能会处于什么位置，以了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了制定这样一个场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去经历了几年的强劲增长和几年的疲软增长。这主要可以用新产品推出等因素来解释。手表或iPad，以及各自当前iPhone型号的实力，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也起着一定的作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了 154%，但正如我们在上图中看到的，收入增长相对不均衡。在2010年代初，苹果在iPhone“胜利之路”的支持下实现了巨大的增长，而在接下来的几年里，收入增长放缓得多。甚至有一些年份收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年非常强劲的增长推动了这一增长时，假设苹果未来每年也将增长10%可能不太合理。投资者还应该考虑到，公司规模越大，保持高增长率就越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在苹果产品价格上涨以及在中国等高增长国家市场份额增长潜力的背景下，越来越多的人将能够购买苹果价格更高的产品，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致应用程序支出增加——并考虑新产品发布的潜力（尽管我认为没有一款产品会像 iPhone 那样大规模），苹果应该能够以坚实的速度发展其业务。我个人认为，未来几年5%-7%的收入增长率可能是一个现实的估计，尽管一些读者当然会有不同的看法。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅降低其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了 36% 的股份。如果未来十年发生同样的情况，每股剩余股份在公司价值中所占份额将增长 56%，即年化增长 4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年仅将其股票数量减少了 2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股份数量不会再下降36%。当我们将其向下调整至 25% 时，当我们查看每股指标时，这将为苹果的增长带来约 3% 的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我 5%-7% 的业务增长预期，我因此假设苹果从长远来看每股将增长 8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>AAPL 过去的估值范围非常广泛，其股票交易倍数在某些时候非常低，而投资者则愿意在其他时候支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的 10 倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，到 2020 年底，股价交易价格高达公司净利润的 40 倍，这似乎是一个相当高的估值。目前，AAPL 的历史市盈率为 28 倍，远期利润约为 24 倍。在上图中，我们还看到了过去 3 年、5 年、7 年和 10 年的中位数收益倍数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期间，中值更高。我不相信 AAPL 的交易价格会达到过去十年平均净利润的 15.5 倍，因为对于苹果这样一家拥有强大品牌、庞大规模、巨大利润和堡垒资产负债表的优质公司来说，这似乎是一个相当低的估值。另一方面，我也不相信苹果会永远以 24-28 倍的市盈率进行交易——对于一家以中个位数实现稳健但并不引人注目的业务增长的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，情况尤其如此，这应该会给所有股票的估值带来压力，而其他条件相同。因此，我认为 2031 年净利润 20 倍左右的估值可能是一个合理的估计，这或多或少与 3 年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL 现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从 2021 年每股收益估计值 5.15 美元开始计算，并假设到 2031 年每年增长 7%-10%，我们的每股收益范围为 10.10 美元至 13.40 美元。将 20 倍市盈率放在该市盈率上，目标价约为每股 200-270 美元。因此，在 235 美元左右的中点，股价将比当前水平上涨约 90%，即年化上涨约 6.5%。这当然不是一个糟糕的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的大回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，AAPL 在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报不太兴奋。当我们考虑到如果苹果估值下降（例如由于利率上升），未来1-3年内股价确实存在相当大的下行风险时，暂时保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现得很好。目前，我将苹果评级为持有，如果其估值接近长期平均水平，则可能会买入。那些对新产品发布更乐观的人可能不同意，更喜欢在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说股票在未来十年确实具有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111764866,"gmtCreate":1622700937655,"gmtModify":1634098990248,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Incredible","listText":"Incredible","text":"Incredible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111764866","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382016755,"gmtCreate":1613301350077,"gmtModify":1634553975668,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Great to know","listText":"Great to know","text":"Great to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382016755","repostId":"2110026963","repostType":4,"isVote":1,"tweetType":1,"viewCount":3366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388212945,"gmtCreate":1613057354887,"gmtModify":1703769006106,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Interesting findings&nbsp;","listText":"Interesting findings&nbsp;","text":"Interesting findings","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/388212945","repostId":"2110046043","repostType":4,"isVote":1,"tweetType":1,"viewCount":748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388218609,"gmtCreate":1613057287501,"gmtModify":1703769004037,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Scary","listText":"Scary","text":"Scary","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/388218609","repostId":"2110046043","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381575210,"gmtCreate":1612972669730,"gmtModify":1703767869254,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Interesting !","listText":"Interesting !","text":"Interesting !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381575210","repostId":"2110098829","repostType":4,"repost":{"id":"2110098829","kind":"highlight","pubTimestamp":1612942404,"share":"https://www.laohunote.com/m/news/2110098829?lang=zh_CN&edition=full","pubTime":"2021-02-10 15:33","market":"fut","language":"en","title":"Why did Tesla buy bitcoin?<blockquote>特斯拉为什么要收购比特币？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2110098829","media":"MarketWatch","summary":"Tesla Inc. has become the latest major corporation to make an investment in bitcoin, underscoring the increasing acceptability of the digital asset.The big question observers are asking is, why is the Elon Musk-run company doing this?Monday, electric-car maker Tesla said in a public filing that it purchased $1.5 billion of bitcoin and that it expects to begin accepting payment in the cryptocurrency for its products in the future.The move by Tesla to invest in bitcoins was seen as further confirm","content":"<p>Tesla Inc. has become the latest major corporation to make an investment in bitcoin, underscoring the increasing acceptability of the digital asset.</p><p><blockquote>特斯拉公司成为最新一家在比特币投资的大公司，凸显了数字资产越来越被接受。</blockquote></p><p> The big question observers are asking is, why is the Elon Musk-run company doing this?</p><p><blockquote>观察人士提出的最大问题是，埃隆·马斯克经营的公司为什么要这样做？</blockquote></p><p> Monday, electric-car maker&nbsp;Tesla&nbsp;said in&nbsp;a&nbsp;public filing&nbsp;that it purchased $1.5 billion of bitcoin&nbsp;and that it expects to begin accepting payment in the cryptocurrency for its products in the future.</p><p><blockquote>周一，电动汽车制造商特斯拉在一份公开文件中表示，它收购了价值 15 亿美元的比特币，并预计未来将开始接受加密货币支付其产品。</blockquote></p><p> The move by Tesla to invest in bitcoins was seen as further confirmation of the legitimacy of the nascent asset that didn’t exist until about 12 years ago.</p><p><blockquote>特斯拉投资比特币的举动被视为进一步证实了这种新兴资产的合法性，而这种资产直到大约 12 年前才存在。</blockquote></p><p> However, bitcoin is seen as a volatile asset that is prone to sharp price volatility and Monday’s announcement by Tesla was described by some&nbsp;corporate finance professionals&nbsp;as an unnecessary addition of risk to the vehicle maker’s balance sheet in the form of currency or a commodity, depending on how you classify bitcoin.</p><p><blockquote>然而，比特币被视为一种不稳定的资产，容易出现价格剧烈波动，一些企业财务专业人士认为，特斯拉周一的公告以货币或商品的形式给这家汽车制造商的资产负债表增加了不必要的风险，这取决于你如何对比特币进行分类。</blockquote></p><p> While it’s not clear, at this point, why Musk &amp; Co. have opted to expose the company to the possible risk of owning bitcoin, here are a few reasons why the revolutionary company may have aligned itself with the crypto crowd.</p><p><blockquote>虽然目前还不清楚马斯克公司为何选择让公司面临拥有比特币的可能风险，但以下是这家革命性公司可能与加密货币人群结盟的几个原因。</blockquote></p><p> <b>Diversification</b></p><p><blockquote><b>多元化</b></blockquote></p><p> Tesla made it clear in its statement filed with its regulator the Securities and Exchange Commission that it sees bitcoin as a chance to diversify its cash and cash-equivalent holdings.</p><p><blockquote>特斯拉在提交给监管机构美国证券交易委员会的声明中明确表示，它将比特币视为实现现金和现金等价物持有多元化的机会。</blockquote></p><p> Corporations usually hold excess cash and/or cash-equivalents, like Treasury bills or commercial paper on their books to provide operational liquidity and generate returns while limiting risks.</p><p><blockquote>公司通常在账面上持有多余的现金和/或现金等价物，如国库券或商业票据，以提供运营流动性并产生回报，同时限制风险。</blockquote></p><p> Tesla wrote, “we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”</p><p><blockquote>特斯拉写道：“我们更新了投资政策，为我们提供了更大的灵活性，以进一步实现多元化，并最大限度地提高现金回报，而维持充足的运营流动性并不需要这些回报。”</blockquote></p><p> The move isn’t without risk, Tesla acknowledges as the price of bitcoin could slump.</p><p><blockquote>特斯拉承认，此举并非没有风险，因为比特币的价格可能会暴跌。</blockquote></p><p> “If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed,” the company acknowledges.</p><p><blockquote>“该公司承认：”如果我们持有数字资产，而其价值相对于我们的购买价格下降，我们的财务状况可能会受到损害。</blockquote></p><p> But a single bitcoin, which has soared 62% so far this year, could easily be headed for a six-digit value if bullish momentum continues to build, which would make Musk look smart.</p><p><blockquote>但今年迄今为止已飙升 62% 的单一比特币很容易达到六位数，如果看涨势头继续增强，这将使马斯克看起来很聪明。</blockquote></p><p> <b>Publicity stunt?</b></p><p><blockquote><b>宣传噱头？</b></blockquote></p><p> “Thankfully, Elon Musk on Monday once again ensured no one would be bored, with the unexpected announcement that Tesla will buy&nbsp;bitcoin&nbsp;and accept them as payment for vehicles,” writes Craig Erlam, senior market analyst at Oanda, in a Tuesday research note.</p><p><blockquote>“Oanda 高级市场分析师 Craig Erlam 在周二的一份研究报告中写道：”值得庆幸的是，埃隆-马斯克（Elon Musk）周一再次确保了没有人会感到无聊，他出人意料地宣布特斯拉将收购比特币并接受其作为汽车付款。</blockquote></p><p> The analyst referred to the move as a “publicity stunt,” a move that everbody is talking about, but there are a number of ways to think about it.</p><p><blockquote>这位分析师将此举称为 “宣传噱头”，这是每个人都在谈论的举动，但有很多方法可以思考。</blockquote></p><p> <b>Brand management</b></p><p><blockquote><b>品牌管理</b></blockquote></p><p> Bitcoin is associated with a group of iconoclastic founders who were attempting to break the mold on payments and fiat money. That was the idea behind cryptos being written into code back in 2009 by a person or persons known as Satoshi Nakamoto.</p><p><blockquote>比特币与一群打破常规的创始人有联系，他们试图打破支付和法定货币的模式。这就是 2009 年由一位名叫中本聪的人将密码写入代码背后的想法。</blockquote></p><p> Those rebellious notions align somewhat with Musk’s own agenda of disruption. Tesla is making electric-powered vehicles in a world that has thus far been dominated by fossil-fuel driven cars.</p><p><blockquote>这些叛逆的观念在某种程度上与马斯克自己的颠覆议程一致。特斯拉正在一个迄今为止一直由化石燃料汽车主导的世界里生产电动汽车。</blockquote></p><p> Moreover, Tesla’s direct-to-customer sales model also is viewed as trendsetting, since many companies sell their cars through unaffiliated dealerships.</p><p><blockquote>此外，特斯拉的直接面向客户的销售模式也被视为引领潮流，因为许多公司都是通过非附属经销商销售汽车的。</blockquote></p><p> Bitcoin’s image as a decentralized asset, not controlled by any one body, also fits with Tesla’s image and that of its leader Musk.</p><p><blockquote>比特币作为分散资产的形象，不受任何一个机构的控制，这也符合特斯拉及其领导人马斯克的形象。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/33c354045da9bf1b0b8bbe93d0eb9e43\" tg-width=\"947\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The future of $</b></p><p><blockquote><b>$的未来</b></blockquote></p><p> Tesla’s $1.5 billion investment in bitcoin could also be a simple hedge against the hegemony of the U.S. dollar as the world’s reserve currency since World War Two.</p><p><blockquote>特斯拉在比特币的 15 亿美元投资也可能是对美元作为二战以来世界储备货币霸权的简单对冲。</blockquote></p><p> Bitcoin, or something like it, represents the future of payment systems to many supporters, even if it isn’t currently an effective means of exchange due to its current volatility.</p><p><blockquote>对许多支持者来说，比特币或类似的东西代表了支付系统的未来，即使由于目前的波动性，它目前还不是一种有效的交换手段。</blockquote></p><p> “Yesterday’s move by Tesla to invest in&nbsp;bitcoin&nbsp;and start accepting it as payment for its own products really moved the needle,” wrote Simon Peters, cryptoasset analyst at multiasset investment platform eToro, in emailed comments.</p><p><blockquote>“多资产投资平台eToro的加密资产分析师西蒙-彼得斯（Simon Peters）在电子邮件评论中写道：”特斯拉昨天投资比特币并开始接受它作为自己产品的付款方式的举动确实令人感动。</blockquote></p><p> The eToro analyst said that there are unconfirmed talks about technology behemoths Apple Inc.&nbsp;and Google-parent Alphabet Inc.,linking it to their own payment systems.</p><p><blockquote>这位eToro分析师表示，有未经证实的关于科技巨头苹果公司和谷歌母公司Alphabet公司的谈判，将其与他们自己的支付系统联系起来。</blockquote></p><p> Musk is viewed as an innovator tied to electric vehicles, batteries and space exploration via SpaceX, but one of his early ventures was in payments.</p><p><blockquote>马斯克被视为通过 SpaceX 与电动汽车、电池和太空探索相关的创新者，但他早期的企业之一是支付领域。</blockquote></p><p> <b>Writing on the wall</b></p><p><blockquote><b>在墙上写字</b></blockquote></p><p> The&nbsp;Wall Street Journal notes&nbsp;that, the Tesla CEO invested most of the $22 million he earned from the sale of an internet business into a new startup, X.com, which became PayPal Holdings&nbsp;about 20 years ago.</p><p><blockquote>《华尔街日报》指出，这位特斯拉首席执行官将他从出售互联网业务中获得的 2200 万美元中的大部分投资到了一家新的初创公司 X.com，该公司大约 20 年前成为PayPal控股公司。</blockquote></p><p></p><p> PayPal currently is among the vanguard of bitcoin revolution. PayPal&nbsp;back in November opened up its cryptocurrency platform to all U.S. customers after conducting a more narrow rollout.</p><p><blockquote>PayPal目前是比特币革命的先锋之一。PayPal早在 11 月就向所有美国客户开放了其加密货币平台，此前该平台进行了更狭窄的推广。</blockquote></p><p> Moreover, several high-profile Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have embraced bitcoin. Famed investor Bill Miller, founder of Miller Value Partners, in&nbsp;a letter to clients&nbsp;earlier this month&nbsp;published on the firm’s website, reaffirmed his bullish outlook on bitcoin.</p><p><blockquote>此外，包括 Stanley Druckenmiller 和 Paul Tudor Jones 在内的几位华尔街知名投资者已经接受了比特币。米勒价值合伙公司（Miller Value Partners）创始人、著名投资者比尔-米勒（Bill Miller）在本月早些时候发表在该公司网站上的一封致客户的信中，重申了他对比特币的看涨前景。</blockquote></p><p> In other words, Tesla and Musk may be among the biggest to wade into the crypto pool, but a growing cadre of investors are starting to view the volatile digital-ledger-backed cryptos as a bona fide asset.</p><p><blockquote>换句话说，特斯拉和马斯克可能是最大的涉足加密货币池的人之一，但越来越多的投资者开始将不稳定的数字账本支持的加密货币视为真正的资产。</blockquote></p><p> “Corporate adoption takes another leap forward with Tesla announcement,” writes Devin Ryan, analyst at JMP Securities in a Monday research note.</p><p><blockquote>“JMP Securities 分析师 Devin Ryan 在周一的一份研究报告中写道：”随着特斯拉的宣布，企业采用率又向前迈进了一步。</blockquote></p><p> The researcher, along with fellow analyst Brian McKenna, noted they “believe the building ‘network effect’ around bitcoin is moving the broader crypto asset class into the mainstream, and with many hundreds of billions of dollars of value in infrastructure supporting the asset class, we see the already substantial (and growing) vested interest in its success as bullish for the industry.”</p><p><blockquote>这位研究人员和另一位分析师 Brian McKenna 指出，他们 “认为，围绕比特币建立的'网络效应'正在将更广泛的加密资产类别推向主流，而价值数千亿美元的基础设施支持着这一资产类别，我们认为，对其成功的既得利益已经很大（而且不断增长），这对该行业来说是利好”。</blockquote></p><p> On Tuesday, bitcoin touched a record high around $48,000 before pulling back, as the Dow Jones Industrial Average,the S&amp;P 500&nbsp;and the Nasdaq Composite&nbsp;indexes have seen relatively tepid trade on the day.</p><p><blockquote>周二，比特币触及48,000美元左右的历史新高，随后回落，道琼斯工业平均指数、标普500和纳斯达克综合指数当天交易相对不温不火。</blockquote></p><p></p>","source":"market_watch","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>Why did Tesla buy bitcoin?<blockquote>特斯拉为什么要收购比特币？</blockquote></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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy did Tesla buy bitcoin?<blockquote>特斯拉为什么要收购比特币？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-10 15:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla Inc. has become the latest major corporation to make an investment in bitcoin, underscoring the increasing acceptability of the digital asset.</p><p><blockquote>特斯拉公司成为最新一家在比特币投资的大公司，凸显了数字资产越来越被接受。</blockquote></p><p> The big question observers are asking is, why is the Elon Musk-run company doing this?</p><p><blockquote>观察人士提出的最大问题是，埃隆·马斯克经营的公司为什么要这样做？</blockquote></p><p> Monday, electric-car maker&nbsp;Tesla&nbsp;said in&nbsp;a&nbsp;public filing&nbsp;that it purchased $1.5 billion of bitcoin&nbsp;and that it expects to begin accepting payment in the cryptocurrency for its products in the future.</p><p><blockquote>周一，电动汽车制造商特斯拉在一份公开文件中表示，它收购了价值 15 亿美元的比特币，并预计未来将开始接受加密货币支付其产品。</blockquote></p><p> The move by Tesla to invest in bitcoins was seen as further confirmation of the legitimacy of the nascent asset that didn’t exist until about 12 years ago.</p><p><blockquote>特斯拉投资比特币的举动被视为进一步证实了这种新兴资产的合法性，而这种资产直到大约 12 年前才存在。</blockquote></p><p> However, bitcoin is seen as a volatile asset that is prone to sharp price volatility and Monday’s announcement by Tesla was described by some&nbsp;corporate finance professionals&nbsp;as an unnecessary addition of risk to the vehicle maker’s balance sheet in the form of currency or a commodity, depending on how you classify bitcoin.</p><p><blockquote>然而，比特币被视为一种不稳定的资产，容易出现价格剧烈波动，一些企业财务专业人士认为，特斯拉周一的公告以货币或商品的形式给这家汽车制造商的资产负债表增加了不必要的风险，这取决于你如何对比特币进行分类。</blockquote></p><p> While it’s not clear, at this point, why Musk &amp; Co. have opted to expose the company to the possible risk of owning bitcoin, here are a few reasons why the revolutionary company may have aligned itself with the crypto crowd.</p><p><blockquote>虽然目前还不清楚马斯克公司为何选择让公司面临拥有比特币的可能风险，但以下是这家革命性公司可能与加密货币人群结盟的几个原因。</blockquote></p><p> <b>Diversification</b></p><p><blockquote><b>多元化</b></blockquote></p><p> Tesla made it clear in its statement filed with its regulator the Securities and Exchange Commission that it sees bitcoin as a chance to diversify its cash and cash-equivalent holdings.</p><p><blockquote>特斯拉在提交给监管机构美国证券交易委员会的声明中明确表示，它将比特币视为实现现金和现金等价物持有多元化的机会。</blockquote></p><p> Corporations usually hold excess cash and/or cash-equivalents, like Treasury bills or commercial paper on their books to provide operational liquidity and generate returns while limiting risks.</p><p><blockquote>公司通常在账面上持有多余的现金和/或现金等价物，如国库券或商业票据，以提供运营流动性并产生回报，同时限制风险。</blockquote></p><p> Tesla wrote, “we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”</p><p><blockquote>特斯拉写道：“我们更新了投资政策，为我们提供了更大的灵活性，以进一步实现多元化，并最大限度地提高现金回报，而维持充足的运营流动性并不需要这些回报。”</blockquote></p><p> The move isn’t without risk, Tesla acknowledges as the price of bitcoin could slump.</p><p><blockquote>特斯拉承认，此举并非没有风险，因为比特币的价格可能会暴跌。</blockquote></p><p> “If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed,” the company acknowledges.</p><p><blockquote>“该公司承认：”如果我们持有数字资产，而其价值相对于我们的购买价格下降，我们的财务状况可能会受到损害。</blockquote></p><p> But a single bitcoin, which has soared 62% so far this year, could easily be headed for a six-digit value if bullish momentum continues to build, which would make Musk look smart.</p><p><blockquote>但今年迄今为止已飙升 62% 的单一比特币很容易达到六位数，如果看涨势头继续增强，这将使马斯克看起来很聪明。</blockquote></p><p> <b>Publicity stunt?</b></p><p><blockquote><b>宣传噱头？</b></blockquote></p><p> “Thankfully, Elon Musk on Monday once again ensured no one would be bored, with the unexpected announcement that Tesla will buy&nbsp;bitcoin&nbsp;and accept them as payment for vehicles,” writes Craig Erlam, senior market analyst at Oanda, in a Tuesday research note.</p><p><blockquote>“Oanda 高级市场分析师 Craig Erlam 在周二的一份研究报告中写道：”值得庆幸的是，埃隆-马斯克（Elon Musk）周一再次确保了没有人会感到无聊，他出人意料地宣布特斯拉将收购比特币并接受其作为汽车付款。</blockquote></p><p> The analyst referred to the move as a “publicity stunt,” a move that everbody is talking about, but there are a number of ways to think about it.</p><p><blockquote>这位分析师将此举称为 “宣传噱头”，这是每个人都在谈论的举动，但有很多方法可以思考。</blockquote></p><p> <b>Brand management</b></p><p><blockquote><b>品牌管理</b></blockquote></p><p> Bitcoin is associated with a group of iconoclastic founders who were attempting to break the mold on payments and fiat money. That was the idea behind cryptos being written into code back in 2009 by a person or persons known as Satoshi Nakamoto.</p><p><blockquote>比特币与一群打破常规的创始人有联系，他们试图打破支付和法定货币的模式。这就是 2009 年由一位名叫中本聪的人将密码写入代码背后的想法。</blockquote></p><p> Those rebellious notions align somewhat with Musk’s own agenda of disruption. Tesla is making electric-powered vehicles in a world that has thus far been dominated by fossil-fuel driven cars.</p><p><blockquote>这些叛逆的观念在某种程度上与马斯克自己的颠覆议程一致。特斯拉正在一个迄今为止一直由化石燃料汽车主导的世界里生产电动汽车。</blockquote></p><p> Moreover, Tesla’s direct-to-customer sales model also is viewed as trendsetting, since many companies sell their cars through unaffiliated dealerships.</p><p><blockquote>此外，特斯拉的直接面向客户的销售模式也被视为引领潮流，因为许多公司都是通过非附属经销商销售汽车的。</blockquote></p><p> Bitcoin’s image as a decentralized asset, not controlled by any one body, also fits with Tesla’s image and that of its leader Musk.</p><p><blockquote>比特币作为分散资产的形象，不受任何一个机构的控制，这也符合特斯拉及其领导人马斯克的形象。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/33c354045da9bf1b0b8bbe93d0eb9e43\" tg-width=\"947\" tg-height=\"673\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The future of $</b></p><p><blockquote><b>$的未来</b></blockquote></p><p> Tesla’s $1.5 billion investment in bitcoin could also be a simple hedge against the hegemony of the U.S. dollar as the world’s reserve currency since World War Two.</p><p><blockquote>特斯拉在比特币的 15 亿美元投资也可能是对美元作为二战以来世界储备货币霸权的简单对冲。</blockquote></p><p> Bitcoin, or something like it, represents the future of payment systems to many supporters, even if it isn’t currently an effective means of exchange due to its current volatility.</p><p><blockquote>对许多支持者来说，比特币或类似的东西代表了支付系统的未来，即使由于目前的波动性，它目前还不是一种有效的交换手段。</blockquote></p><p> “Yesterday’s move by Tesla to invest in&nbsp;bitcoin&nbsp;and start accepting it as payment for its own products really moved the needle,” wrote Simon Peters, cryptoasset analyst at multiasset investment platform eToro, in emailed comments.</p><p><blockquote>“多资产投资平台eToro的加密资产分析师西蒙-彼得斯（Simon Peters）在电子邮件评论中写道：”特斯拉昨天投资比特币并开始接受它作为自己产品的付款方式的举动确实令人感动。</blockquote></p><p> The eToro analyst said that there are unconfirmed talks about technology behemoths Apple Inc.&nbsp;and Google-parent Alphabet Inc.,linking it to their own payment systems.</p><p><blockquote>这位eToro分析师表示，有未经证实的关于科技巨头苹果公司和谷歌母公司Alphabet公司的谈判，将其与他们自己的支付系统联系起来。</blockquote></p><p> Musk is viewed as an innovator tied to electric vehicles, batteries and space exploration via SpaceX, but one of his early ventures was in payments.</p><p><blockquote>马斯克被视为通过 SpaceX 与电动汽车、电池和太空探索相关的创新者，但他早期的企业之一是支付领域。</blockquote></p><p> <b>Writing on the wall</b></p><p><blockquote><b>在墙上写字</b></blockquote></p><p> The&nbsp;Wall Street Journal notes&nbsp;that, the Tesla CEO invested most of the $22 million he earned from the sale of an internet business into a new startup, X.com, which became PayPal Holdings&nbsp;about 20 years ago.</p><p><blockquote>《华尔街日报》指出，这位特斯拉首席执行官将他从出售互联网业务中获得的 2200 万美元中的大部分投资到了一家新的初创公司 X.com，该公司大约 20 年前成为PayPal控股公司。</blockquote></p><p></p><p> PayPal currently is among the vanguard of bitcoin revolution. PayPal&nbsp;back in November opened up its cryptocurrency platform to all U.S. customers after conducting a more narrow rollout.</p><p><blockquote>PayPal目前是比特币革命的先锋之一。PayPal早在 11 月就向所有美国客户开放了其加密货币平台，此前该平台进行了更狭窄的推广。</blockquote></p><p> Moreover, several high-profile Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have embraced bitcoin. Famed investor Bill Miller, founder of Miller Value Partners, in&nbsp;a letter to clients&nbsp;earlier this month&nbsp;published on the firm’s website, reaffirmed his bullish outlook on bitcoin.</p><p><blockquote>此外，包括 Stanley Druckenmiller 和 Paul Tudor Jones 在内的几位华尔街知名投资者已经接受了比特币。米勒价值合伙公司（Miller Value Partners）创始人、著名投资者比尔-米勒（Bill Miller）在本月早些时候发表在该公司网站上的一封致客户的信中，重申了他对比特币的看涨前景。</blockquote></p><p> In other words, Tesla and Musk may be among the biggest to wade into the crypto pool, but a growing cadre of investors are starting to view the volatile digital-ledger-backed cryptos as a bona fide asset.</p><p><blockquote>换句话说，特斯拉和马斯克可能是最大的涉足加密货币池的人之一，但越来越多的投资者开始将不稳定的数字账本支持的加密货币视为真正的资产。</blockquote></p><p> “Corporate adoption takes another leap forward with Tesla announcement,” writes Devin Ryan, analyst at JMP Securities in a Monday research note.</p><p><blockquote>“JMP Securities 分析师 Devin Ryan 在周一的一份研究报告中写道：”随着特斯拉的宣布，企业采用率又向前迈进了一步。</blockquote></p><p> The researcher, along with fellow analyst Brian McKenna, noted they “believe the building ‘network effect’ around bitcoin is moving the broader crypto asset class into the mainstream, and with many hundreds of billions of dollars of value in infrastructure supporting the asset class, we see the already substantial (and growing) vested interest in its success as bullish for the industry.”</p><p><blockquote>这位研究人员和另一位分析师 Brian McKenna 指出，他们 “认为，围绕比特币建立的'网络效应'正在将更广泛的加密资产类别推向主流，而价值数千亿美元的基础设施支持着这一资产类别，我们认为，对其成功的既得利益已经很大（而且不断增长），这对该行业来说是利好”。</blockquote></p><p> On Tuesday, bitcoin touched a record high around $48,000 before pulling back, as the Dow Jones Industrial Average,the S&amp;P 500&nbsp;and the Nasdaq Composite&nbsp;indexes have seen relatively tepid trade on the day.</p><p><blockquote>周二，比特币触及48,000美元左右的历史新高，随后回落，道琼斯工业平均指数、标普500和纳斯达克综合指数当天交易相对不温不火。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-did-tesla-buy-bitcoin-11612902220?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/why-did-tesla-buy-bitcoin-11612902220?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"2110098829","content_text":"Tesla Inc. has become the latest major corporation to make an investment in bitcoin, underscoring the increasing acceptability of the digital asset.\nThe big question observers are asking is, why is the Elon Musk-run company doing this?\nMonday, electric-car maker Tesla said in a public filing that it purchased $1.5 billion of bitcoin and that it expects to begin accepting payment in the cryptocurrency for its products in the future.\nThe move by Tesla to invest in bitcoins was seen as further confirmation of the legitimacy of the nascent asset that didn’t exist until about 12 years ago.\nHowever, bitcoin is seen as a volatile asset that is prone to sharp price volatility and Monday’s announcement by Tesla was described by some corporate finance professionals as an unnecessary addition of risk to the vehicle maker’s balance sheet in the form of currency or a commodity, depending on how you classify bitcoin.\nWhile it’s not clear, at this point, why Musk & Co. have opted to expose the company to the possible risk of owning bitcoin, here are a few reasons why the revolutionary company may have aligned itself with the crypto crowd.\nDiversification\nTesla made it clear in its statement filed with its regulator the Securities and Exchange Commission that it sees bitcoin as a chance to diversify its cash and cash-equivalent holdings.\nCorporations usually hold excess cash and/or cash-equivalents, like Treasury bills or commercial paper on their books to provide operational liquidity and generate returns while limiting risks.\nTesla wrote, “we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”\nThe move isn’t without risk, Tesla acknowledges as the price of bitcoin could slump.\n“If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed,” the company acknowledges.\nBut a single bitcoin, which has soared 62% so far this year, could easily be headed for a six-digit value if bullish momentum continues to build, which would make Musk look smart.\nPublicity stunt?\n“Thankfully, Elon Musk on Monday once again ensured no one would be bored, with the unexpected announcement that Tesla will buy bitcoin and accept them as payment for vehicles,” writes Craig Erlam, senior market analyst at Oanda, in a Tuesday research note.\nThe analyst referred to the move as a “publicity stunt,” a move that everbody is talking about, but there are a number of ways to think about it.\nBrand management\nBitcoin is associated with a group of iconoclastic founders who were attempting to break the mold on payments and fiat money. That was the idea behind cryptos being written into code back in 2009 by a person or persons known as Satoshi Nakamoto.\nThose rebellious notions align somewhat with Musk’s own agenda of disruption. Tesla is making electric-powered vehicles in a world that has thus far been dominated by fossil-fuel driven cars.\nMoreover, Tesla’s direct-to-customer sales model also is viewed as trendsetting, since many companies sell their cars through unaffiliated dealerships.\nBitcoin’s image as a decentralized asset, not controlled by any one body, also fits with Tesla’s image and that of its leader Musk.\n\nThe future of $\nTesla’s $1.5 billion investment in bitcoin could also be a simple hedge against the hegemony of the U.S. dollar as the world’s reserve currency since World War Two.\nBitcoin, or something like it, represents the future of payment systems to many supporters, even if it isn’t currently an effective means of exchange due to its current volatility.\n“Yesterday’s move by Tesla to invest in bitcoin and start accepting it as payment for its own products really moved the needle,” wrote Simon Peters, cryptoasset analyst at multiasset investment platform eToro, in emailed comments.\nThe eToro analyst said that there are unconfirmed talks about technology behemoths Apple Inc. and Google-parent Alphabet Inc.,linking it to their own payment systems.\nMusk is viewed as an innovator tied to electric vehicles, batteries and space exploration via SpaceX, but one of his early ventures was in payments.\nWriting on the wall\nThe Wall Street Journal notes that, the Tesla CEO invested most of the $22 million he earned from the sale of an internet business into a new startup, X.com, which became PayPal Holdings about 20 years ago.\nPayPal currently is among the vanguard of bitcoin revolution. PayPal back in November opened up its cryptocurrency platform to all U.S. customers after conducting a more narrow rollout.\nMoreover, several high-profile Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have embraced bitcoin. Famed investor Bill Miller, founder of Miller Value Partners, in a letter to clients earlier this month published on the firm’s website, reaffirmed his bullish outlook on bitcoin.\nIn other words, Tesla and Musk may be among the biggest to wade into the crypto pool, but a growing cadre of investors are starting to view the volatile digital-ledger-backed cryptos as a bona fide asset.\n“Corporate adoption takes another leap forward with Tesla announcement,” writes Devin Ryan, analyst at JMP Securities in a Monday research note.\nThe researcher, along with fellow analyst Brian McKenna, noted they “believe the building ‘network effect’ around bitcoin is moving the broader crypto asset class into the mainstream, and with many hundreds of billions of dollars of value in infrastructure supporting the asset class, we see the already substantial (and growing) vested interest in its success as bullish for the industry.”\nOn Tuesday, bitcoin touched a record high around $48,000 before pulling back, as the Dow Jones Industrial Average,the S&P 500 and the Nasdaq Composite indexes have seen relatively tepid trade on the day.","news_type":1,"symbols_score_info":{"TSLA":0.9,"BTCmain":0.9,"GBTC":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383472650,"gmtCreate":1612889210870,"gmtModify":1703766607104,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Well said","listText":"Well said","text":"Well said","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383472650","repostId":"1183096042","repostType":4,"isVote":1,"tweetType":1,"viewCount":941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389605277,"gmtCreate":1612758814499,"gmtModify":1703764671813,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Amazing! Nice to know","listText":"Amazing! Nice to know","text":"Amazing! Nice to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389605277","repostId":"1179734635","repostType":4,"repost":{"id":"1179734635","kind":"news","pubTimestamp":1612753999,"share":"https://www.laohunote.com/m/news/1179734635?lang=zh_CN&edition=full","pubTime":"2021-02-08 11:13","market":"us","language":"en","title":"5 Stocks That Can Double in a Biden Bull Market<blockquote>拜登牛市中可以翻倍的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179734635","media":"The Motley Fool","summary":"The conditions are ripe for an explosive bull market to take shape under the new administration.\nThe","content":"<p>The conditions are ripe for an explosive bull market to take shape under the new administration.</p><p><blockquote>在新政府的领导下，爆炸性牛市的条件已经成熟。</blockquote></p><p> The stage is set for a potentially epic bull market to take shape with Joe Biden in the White House.</p><p><blockquote>随着乔·拜登入主白宫，潜在的史诗般的牛市已经成形。</blockquote></p><p> Volatility remains high and the U.S. economy is still finding its footing after one of the steepest recessions in decades. Still, historically low lending rates, ongoing quantitative easing measures from the Federal Reserve, and multiple rounds of fiscal stimulus from Washington could light a fire under equities. With access to cheap capital, growth stocks with clear-cut competitive advantages should face few hurdles.</p><p><blockquote>波动性仍然很高，美国经济在经历了几十年来最严重的衰退之一后仍在寻找立足点。尽管如此，历史低位贷款利率、美联储正在实施的量化宽松措施以及华盛顿的多轮财政刺激措施可能会点燃股市的火焰。通过获得廉价资本，具有明显竞争优势的成长型股票应该不会面临什么障碍。</blockquote></p><p> If you're looking to grow your wealth by taking advantage of what could be an explosive Biden bull market, the following five stocks could be just what you need to double your money.</p><p><blockquote>如果您希望利用拜登爆炸性牛市来增加财富，那么以下五只股票可能正是您将资金翻倍所需要的。</blockquote></p><p> <b>Fastly</b></p><p><blockquote><b>快速</b></blockquote></p><p> Let's begin with edge cloud services provider&nbsp;<b>Fastly</b>(NYSE:FSLY). This company is responsible for securely and expeditiously delivering content to end users. It's benefited nicely from businesses shifting their traffic online, a long-term trend that the pandemic accelerated.&nbsp;Fastly has proven to be a go-to edge cloud provider, and willcontinue to be as online traffic surgesin the years to come.</p><p><blockquote>让我们从边缘云服务提供商开始<b>快速</b>（纽约证券交易所代码：FSLY）。该公司负责安全、快速地向最终用户交付内容。企业将流量转移到网上，这让它受益匪浅，这是疫情加速的长期趋势。事实证明，Fastly是一家边缘云提供商，并将在未来几年继续成为在线流量激增的提供商。</blockquote></p><p> Fastly growth from existing clients is extremely impressive. Even after TikTok parent ByteDance pulled most of its traffic off Fastly's network in the third quarter (TikTok was Fastly's biggest customer by revenue in the first-half of 2020, and was embroiled in a spat with the Trump administration during Q3), Fastly's sales jumped 42%. The bulk of this growth came from existing clients, with the company reporting a&nbsp;dollar-based net expansion rate of 147%.</p><p><blockquote>现有客户的快速增长令人印象深刻。即使 TikTok 母公司字节跳动在第三季度将大部分流量从 Fastly 的网络中撤出（按收入计算，TikTok 是 Fastly 在 2020 年上半年最大的客户，并在第三季度与特朗普执政发生了争执），Fastly 的销售额仍增长了 42%。这一增长大部分来自现有客户，该公司报告称按美元计算的净增长率为 147%。</blockquote></p><p> Having existing clients spend more is Fastly's ticket to recurring profits, and should play a key role in doubling its share price.</p><p><blockquote>让现有客户增加支出是 Fastly 获得经常性利润的门票，并且应该在其股价翻倍方面发挥关键作用。</blockquote></p><p> <b>Teladoc Health</b></p><p><blockquote><b>泰拉多克健康</b></blockquote></p><p> Precision medicine should be a slam-dunk growth trend in a Biden bull market, which is why&nbsp;<b>Teladoc Health</b>(NYSE:TDOC)is such a smart stock to buy.</p><p><blockquote>在拜登牛市中，精准医疗应该是一个扣篮式的增长趋势，这就是为什么<b>泰拉多克健康</b>（纽约证券交易所股票代码：TDOC）是一只非常明智的股票。</blockquote></p><p> As the name suggests, Teladoc is a leading telehealth services company. Like Fastly, it was able totake advantageof the coronavirus disease 2019 (COVID-19) pandemic. Between April 2020 and September 2020, virtual appointments more than tripled. Telehealth will remain an important part of the U.S. healthcare system even after the pandemic ends. It's more convenient for patients and physicians, and virtual visits are billed at a lower cost than office visits for insurers.</p><p><blockquote>顾名思义，Teladoc是一家领先的远程医疗服务公司。与 Fastly 一样，它能够利用冠状病毒疾病 2019 (COVID-19) 大流行。2020年4月至2020年9月期间，虚拟预约增加了两倍多。即使在疫情结束后，远程医疗仍将是美国医疗保健系统的重要组成部分。这对病人和医生来说更方便，而且虚拟就诊的费用比保险公司的办公室就诊要低。</blockquote></p><p> Beyond telemedicine, Teladoc also acquired applied health signals company Livongo Health in early November. Livongo has already turned the corner to profitability, despite only securing a little over 1% of the U.S. diabetes market. Livongo offers tips and nudges to help chronically ill patients lead healthier lives. It's looking to expand this service to patients with hypertension and weight management concerns in the months and years to come. In other words, Livongomakes the fast-growing Teladoc that much better.</p><p><blockquote>除了远程医疗，Teladoc 还在 11 月初收购了应用健康信号公司 Livongo Health。尽管 Livongo 仅占据了美国糖尿病市场 1% 多一点的份额，但它已经实现了盈利。Livongo提供提示和帮助慢性病患者过上更健康的生活。它希望在未来几个月和几年内将这项服务扩展到有高血压和体重管理问题的患者。换句话说，Livongo 让快速增长的 Teladoc 变得更好。</blockquote></p><p> <b>Cresco Labs</b></p><p><blockquote><b>克雷斯科实验室</b></blockquote></p><p> The marijuana industry is finally beginning to mature, and ahandful of winners are emerging. Multistate operator&nbsp;<b>Cresco Labs</b>(OTC:CRLBF)is one such name to get onto your buy list.</p><p><blockquote>大麻产业终于开始成熟，少数赢家正在涌现。多状态算子<b>克雷斯科实验室</b>（场外交易代码：CRLBF）就是一个值得列入您购买清单的名字。</blockquote></p><p> Cresco and most other U.S.marijuana stocksdon't need any action from the Biden administration to thrive. Having states set their own cannabis guidelines has been working fine for Cresco. In fact, the company has two key catalysts driving its growth that could push total sales above $1 billion by as early as 2022.</p><p><blockquote>克雷斯科和大多数其他美国大麻股票不需要拜登政府采取任何行动就能蓬勃发展。让各州制定自己的大麻指导方针对克雷斯科来说效果很好。事实上，该公司有两个关键催化剂推动其增长，最早可能在 2022 年将总销售额推至 10 亿美元以上。</blockquote></p><p> First, Cresco has its retail operations: 20 open dispensaries, 10 of which are in Illinois. The Land of Lincoln is a limited license state that registered $1 billion in cannabis sales in its first year of recreational legalization.</p><p><blockquote>首先，Cresco 拥有零售业务：20 家开放式药房，其中 10 家位于伊利诺伊州。林肯之地是一个有限许可州，在娱乐合法化的第一年，大麻销售额就达到了10亿美元。</blockquote></p><p> Second, Cresco Labs is a wholesale marijuana kingpin in California, the most lucrative weed market in the world by annual sales. Purchasing Origin House in January 2020 gave Cresco access to the company's cannabis distribution license. Nowadays, it's able to place cannabis products into more than 575 dispensaries throughout the Golden State.</p><p><blockquote>其次，Cresco Labs 是加利福尼亚州的大麻批发巨头，加利福尼亚州是世界上年销售额最赚钱的大麻市场。2020年1月收购Origin House使Cresco获得了该公司的大麻分销许可证。如今，它能够将大麻产品放入金州超过575家药房。</blockquote></p><p> <b>Ping Identity</b></p><p><blockquote><b>Ping标识</b></blockquote></p><p> Investors should also expect cybersecurity stocks like&nbsp;<b>Ping Identity</b>(NYSE:PING)to thrive in a Biden bull market.</p><p><blockquote>投资者还应该期待网络安全股票，例如<b>Ping标识</b>（纽约证券交易所股票代码：PING）在拜登牛市中蓬勃发展。</blockquote></p><p> The beauty of businesses moving online and into the cloud is that it creates a growing demand for data protection.Cybersecurity is no longer optional. No matter the size of a business or the state of the local or global economy, hackers and robots don't take time off.</p><p><blockquote>企业转移到网上和云的好处在于，它创造了对数据保护不断增长的需求。网络安全不再是可有可无的。无论企业规模大小，也无论当地或全球经济状况如何，黑客和机器人都不会休息。</blockquote></p><p> One of the many companies at the heart of data protection is Ping Identity. Ping relies on artificial intelligence to help its identity verification solutions grow smarter over time. The more clients Ping lands, the more effective its identity solutions are at identifying unique threats to enterprise data.</p><p><blockquote>Ping Identity是数据保护的核心公司之一。Ping依靠人工智能来帮助其身份验证解决方案随着时间的推移变得更加智能。Ping登陆的客户端越多，其身份解决方案在识别企业数据的独特威胁方面就越有效。</blockquote></p><p></p><p> What's more, Ping doesn't trade at 20 or 30 times sales like most cybersecurity stocks. Ping can be scooped up for about 9 times Wall Street's consensus 2021 sales, yet looks to be on track for sustainable low double-digit growth moving forward. That's&nbsp;growth and value wrapped up in a single stock.</p><p><blockquote>更重要的是，Ping 的交易价格不像大多数网络安全股票那样是销售额的 20 或 30 倍。Ping 的销售额可能是华尔街 2021 年销售额的 9 倍左右，但未来看起来有望实现可持续的低两位数增长。这就是一只股票的增长和价值。</blockquote></p><p> <b>Redfin</b></p><p><blockquote><b>红鳍</b></blockquote></p><p> A Biden bull market should be kind to innovative real estate companies, too. That's why<b>Redfin</b>(NASDAQ:RDFN)has a really good chance of doubling with Biden in the White House.</p><p><blockquote>拜登牛市也应该有利于创新型房地产公司。这就是为什么<b>红鳍</b>（纳斯达克股票代码：RDFN）很有可能与拜登一起入主白宫。</blockquote></p><p> On one hand, macroeconomic factors are playing right into Redfin's hands. The Fed has every intention of keeping its federal funds target rate at or near record lows through 2023. Plus, as noted, the nation's central bank is buying government debt each month, which could further push Treasury rates down. This all points to historically low mortgage rates and a red-hot market for housing.</p><p><blockquote>一方面，宏观经济因素正中雷德芬的下怀。美联储完全有意在 2023 年之前将联邦基金目标利率保持在或接近历史低点。此外，如前所述，美国央行每月都在购买政府债券，这可能会进一步推低国债利率。这一切都表明抵押贷款利率处于历史低位，房地产市场火爆。</blockquote></p><p> On the other hand, it's all about what Redfin brings to the table to differentiate itself from the competition. For example, Redfin'slisting rates of 1% to 1.5%are up to 2 percentage points lower than traditional commission fees.</p><p><blockquote>另一方面，这一切都是关于Redfin带来了什么，以从竞争对手中脱颖而出。例如，Redfin 1%至1.5%的上市费率比传统佣金低2个百分点。</blockquote></p><p> Additionally, this is a company thatoffers a number of high-margin ease-of-use servicesthat simplify the buying process. This includes everything from Redfin simply acquiring homes from sellers for a flat fee (these homes are held as inventory and sold later), to homeowners paying Redfin to handle title, appraisal, and home inspection paperwork. It's a growth stock with serious upside still to come.</p><p><blockquote>此外，这家公司还提供许多高利润、易于使用的服务，简化了购买过程。这包括从Redfin简单地以固定费用从卖家那里收购房屋（这些房屋作为库存持有，随后出售），到房主付钱给Redfin来处理所有权、评估和房屋检查文书工作。这是一只成长型股票，仍有巨大的上涨空间。</blockquote></p><p></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>5 Stocks That Can Double in a Biden Bull Market<blockquote>拜登牛市中可以翻倍的 5 只股票</blockquote></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\">\n5 Stocks That Can Double in a Biden Bull Market<blockquote>拜登牛市中可以翻倍的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Motley Fool</strong><span class=\"h-time small\">2021-02-08 11:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The conditions are ripe for an explosive bull market to take shape under the new administration.</p><p><blockquote>在新政府的领导下，爆炸性牛市的条件已经成熟。</blockquote></p><p> The stage is set for a potentially epic bull market to take shape with Joe Biden in the White House.</p><p><blockquote>随着乔·拜登入主白宫，潜在的史诗般的牛市已经成形。</blockquote></p><p> Volatility remains high and the U.S. economy is still finding its footing after one of the steepest recessions in decades. Still, historically low lending rates, ongoing quantitative easing measures from the Federal Reserve, and multiple rounds of fiscal stimulus from Washington could light a fire under equities. With access to cheap capital, growth stocks with clear-cut competitive advantages should face few hurdles.</p><p><blockquote>波动性仍然很高，美国经济在经历了几十年来最严重的衰退之一后仍在寻找立足点。尽管如此，历史低位贷款利率、美联储正在实施的量化宽松措施以及华盛顿的多轮财政刺激措施可能会点燃股市的火焰。通过获得廉价资本，具有明显竞争优势的成长型股票应该不会面临什么障碍。</blockquote></p><p> If you're looking to grow your wealth by taking advantage of what could be an explosive Biden bull market, the following five stocks could be just what you need to double your money.</p><p><blockquote>如果您希望利用拜登爆炸性牛市来增加财富，那么以下五只股票可能正是您将资金翻倍所需要的。</blockquote></p><p> <b>Fastly</b></p><p><blockquote><b>快速</b></blockquote></p><p> Let's begin with edge cloud services provider&nbsp;<b>Fastly</b>(NYSE:FSLY). This company is responsible for securely and expeditiously delivering content to end users. It's benefited nicely from businesses shifting their traffic online, a long-term trend that the pandemic accelerated.&nbsp;Fastly has proven to be a go-to edge cloud provider, and willcontinue to be as online traffic surgesin the years to come.</p><p><blockquote>让我们从边缘云服务提供商开始<b>快速</b>（纽约证券交易所代码：FSLY）。该公司负责安全、快速地向最终用户交付内容。企业将流量转移到网上，这让它受益匪浅，这是疫情加速的长期趋势。事实证明，Fastly是一家边缘云提供商，并将在未来几年继续成为在线流量激增的提供商。</blockquote></p><p> Fastly growth from existing clients is extremely impressive. Even after TikTok parent ByteDance pulled most of its traffic off Fastly's network in the third quarter (TikTok was Fastly's biggest customer by revenue in the first-half of 2020, and was embroiled in a spat with the Trump administration during Q3), Fastly's sales jumped 42%. The bulk of this growth came from existing clients, with the company reporting a&nbsp;dollar-based net expansion rate of 147%.</p><p><blockquote>现有客户的快速增长令人印象深刻。即使 TikTok 母公司字节跳动在第三季度将大部分流量从 Fastly 的网络中撤出（按收入计算，TikTok 是 Fastly 在 2020 年上半年最大的客户，并在第三季度与特朗普执政发生了争执），Fastly 的销售额仍增长了 42%。这一增长大部分来自现有客户，该公司报告称按美元计算的净增长率为 147%。</blockquote></p><p> Having existing clients spend more is Fastly's ticket to recurring profits, and should play a key role in doubling its share price.</p><p><blockquote>让现有客户增加支出是 Fastly 获得经常性利润的门票，并且应该在其股价翻倍方面发挥关键作用。</blockquote></p><p> <b>Teladoc Health</b></p><p><blockquote><b>泰拉多克健康</b></blockquote></p><p> Precision medicine should be a slam-dunk growth trend in a Biden bull market, which is why&nbsp;<b>Teladoc Health</b>(NYSE:TDOC)is such a smart stock to buy.</p><p><blockquote>在拜登牛市中，精准医疗应该是一个扣篮式的增长趋势，这就是为什么<b>泰拉多克健康</b>（纽约证券交易所股票代码：TDOC）是一只非常明智的股票。</blockquote></p><p> As the name suggests, Teladoc is a leading telehealth services company. Like Fastly, it was able totake advantageof the coronavirus disease 2019 (COVID-19) pandemic. Between April 2020 and September 2020, virtual appointments more than tripled. Telehealth will remain an important part of the U.S. healthcare system even after the pandemic ends. It's more convenient for patients and physicians, and virtual visits are billed at a lower cost than office visits for insurers.</p><p><blockquote>顾名思义，Teladoc是一家领先的远程医疗服务公司。与 Fastly 一样，它能够利用冠状病毒疾病 2019 (COVID-19) 大流行。2020年4月至2020年9月期间，虚拟预约增加了两倍多。即使在疫情结束后，远程医疗仍将是美国医疗保健系统的重要组成部分。这对病人和医生来说更方便，而且虚拟就诊的费用比保险公司的办公室就诊要低。</blockquote></p><p> Beyond telemedicine, Teladoc also acquired applied health signals company Livongo Health in early November. Livongo has already turned the corner to profitability, despite only securing a little over 1% of the U.S. diabetes market. Livongo offers tips and nudges to help chronically ill patients lead healthier lives. It's looking to expand this service to patients with hypertension and weight management concerns in the months and years to come. In other words, Livongomakes the fast-growing Teladoc that much better.</p><p><blockquote>除了远程医疗，Teladoc 还在 11 月初收购了应用健康信号公司 Livongo Health。尽管 Livongo 仅占据了美国糖尿病市场 1% 多一点的份额，但它已经实现了盈利。Livongo提供提示和帮助慢性病患者过上更健康的生活。它希望在未来几个月和几年内将这项服务扩展到有高血压和体重管理问题的患者。换句话说，Livongo 让快速增长的 Teladoc 变得更好。</blockquote></p><p> <b>Cresco Labs</b></p><p><blockquote><b>克雷斯科实验室</b></blockquote></p><p> The marijuana industry is finally beginning to mature, and ahandful of winners are emerging. Multistate operator&nbsp;<b>Cresco Labs</b>(OTC:CRLBF)is one such name to get onto your buy list.</p><p><blockquote>大麻产业终于开始成熟，少数赢家正在涌现。多状态算子<b>克雷斯科实验室</b>（场外交易代码：CRLBF）就是一个值得列入您购买清单的名字。</blockquote></p><p> Cresco and most other U.S.marijuana stocksdon't need any action from the Biden administration to thrive. Having states set their own cannabis guidelines has been working fine for Cresco. In fact, the company has two key catalysts driving its growth that could push total sales above $1 billion by as early as 2022.</p><p><blockquote>克雷斯科和大多数其他美国大麻股票不需要拜登政府采取任何行动就能蓬勃发展。让各州制定自己的大麻指导方针对克雷斯科来说效果很好。事实上，该公司有两个关键催化剂推动其增长，最早可能在 2022 年将总销售额推至 10 亿美元以上。</blockquote></p><p> First, Cresco has its retail operations: 20 open dispensaries, 10 of which are in Illinois. The Land of Lincoln is a limited license state that registered $1 billion in cannabis sales in its first year of recreational legalization.</p><p><blockquote>首先，Cresco 拥有零售业务：20 家开放式药房，其中 10 家位于伊利诺伊州。林肯之地是一个有限许可州，在娱乐合法化的第一年，大麻销售额就达到了10亿美元。</blockquote></p><p> Second, Cresco Labs is a wholesale marijuana kingpin in California, the most lucrative weed market in the world by annual sales. Purchasing Origin House in January 2020 gave Cresco access to the company's cannabis distribution license. Nowadays, it's able to place cannabis products into more than 575 dispensaries throughout the Golden State.</p><p><blockquote>其次，Cresco Labs 是加利福尼亚州的大麻批发巨头，加利福尼亚州是世界上年销售额最赚钱的大麻市场。2020年1月收购Origin House使Cresco获得了该公司的大麻分销许可证。如今，它能够将大麻产品放入金州超过575家药房。</blockquote></p><p> <b>Ping Identity</b></p><p><blockquote><b>Ping标识</b></blockquote></p><p> Investors should also expect cybersecurity stocks like&nbsp;<b>Ping Identity</b>(NYSE:PING)to thrive in a Biden bull market.</p><p><blockquote>投资者还应该期待网络安全股票，例如<b>Ping标识</b>（纽约证券交易所股票代码：PING）在拜登牛市中蓬勃发展。</blockquote></p><p> The beauty of businesses moving online and into the cloud is that it creates a growing demand for data protection.Cybersecurity is no longer optional. No matter the size of a business or the state of the local or global economy, hackers and robots don't take time off.</p><p><blockquote>企业转移到网上和云的好处在于，它创造了对数据保护不断增长的需求。网络安全不再是可有可无的。无论企业规模大小，也无论当地或全球经济状况如何，黑客和机器人都不会休息。</blockquote></p><p> One of the many companies at the heart of data protection is Ping Identity. Ping relies on artificial intelligence to help its identity verification solutions grow smarter over time. The more clients Ping lands, the more effective its identity solutions are at identifying unique threats to enterprise data.</p><p><blockquote>Ping Identity是数据保护的核心公司之一。Ping依靠人工智能来帮助其身份验证解决方案随着时间的推移变得更加智能。Ping登陆的客户端越多，其身份解决方案在识别企业数据的独特威胁方面就越有效。</blockquote></p><p></p><p> What's more, Ping doesn't trade at 20 or 30 times sales like most cybersecurity stocks. Ping can be scooped up for about 9 times Wall Street's consensus 2021 sales, yet looks to be on track for sustainable low double-digit growth moving forward. That's&nbsp;growth and value wrapped up in a single stock.</p><p><blockquote>更重要的是，Ping 的交易价格不像大多数网络安全股票那样是销售额的 20 或 30 倍。Ping 的销售额可能是华尔街 2021 年销售额的 9 倍左右，但未来看起来有望实现可持续的低两位数增长。这就是一只股票的增长和价值。</blockquote></p><p> <b>Redfin</b></p><p><blockquote><b>红鳍</b></blockquote></p><p> A Biden bull market should be kind to innovative real estate companies, too. That's why<b>Redfin</b>(NASDAQ:RDFN)has a really good chance of doubling with Biden in the White House.</p><p><blockquote>拜登牛市也应该有利于创新型房地产公司。这就是为什么<b>红鳍</b>（纳斯达克股票代码：RDFN）很有可能与拜登一起入主白宫。</blockquote></p><p> On one hand, macroeconomic factors are playing right into Redfin's hands. The Fed has every intention of keeping its federal funds target rate at or near record lows through 2023. Plus, as noted, the nation's central bank is buying government debt each month, which could further push Treasury rates down. This all points to historically low mortgage rates and a red-hot market for housing.</p><p><blockquote>一方面，宏观经济因素正中雷德芬的下怀。美联储完全有意在 2023 年之前将联邦基金目标利率保持在或接近历史低点。此外，如前所述，美国央行每月都在购买政府债券，这可能会进一步推低国债利率。这一切都表明抵押贷款利率处于历史低位，房地产市场火爆。</blockquote></p><p> On the other hand, it's all about what Redfin brings to the table to differentiate itself from the competition. For example, Redfin'slisting rates of 1% to 1.5%are up to 2 percentage points lower than traditional commission fees.</p><p><blockquote>另一方面，这一切都是关于Redfin带来了什么，以从竞争对手中脱颖而出。例如，Redfin 1%至1.5%的上市费率比传统佣金低2个百分点。</blockquote></p><p> Additionally, this is a company thatoffers a number of high-margin ease-of-use servicesthat simplify the buying process. This includes everything from Redfin simply acquiring homes from sellers for a flat fee (these homes are held as inventory and sold later), to homeowners paying Redfin to handle title, appraisal, and home inspection paperwork. It's a growth stock with serious upside still to come.</p><p><blockquote>此外，这家公司还提供许多高利润、易于使用的服务，简化了购买过程。这包括从Redfin简单地以固定费用从卖家那里收购房屋（这些房屋作为库存持有，随后出售），到房主付钱给Redfin来处理所有权、评估和房屋检查文书工作。这是一只成长型股票，仍有巨大的上涨空间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/07/5-stocks-that-can-double-in-a-biden-bull-market/\">The Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSLY":"Fastly, Inc.","TDOC":"Teladoc Health Inc.","CRLBF":"Cresco Labs Inc.","RDFN":"Redfin Corp"},"source_url":"https://www.fool.com/investing/2021/02/07/5-stocks-that-can-double-in-a-biden-bull-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179734635","content_text":"The conditions are ripe for an explosive bull market to take shape under the new administration.\nThe stage is set for a potentially epic bull market to take shape with Joe Biden in the White House.\nVolatility remains high and the U.S. economy is still finding its footing after one of the steepest recessions in decades. Still, historically low lending rates, ongoing quantitative easing measures from the Federal Reserve, and multiple rounds of fiscal stimulus from Washington could light a fire under equities. With access to cheap capital, growth stocks with clear-cut competitive advantages should face few hurdles.\nIf you're looking to grow your wealth by taking advantage of what could be an explosive Biden bull market, the following five stocks could be just what you need to double your money.\nFastly\nLet's begin with edge cloud services provider Fastly(NYSE:FSLY). This company is responsible for securely and expeditiously delivering content to end users. It's benefited nicely from businesses shifting their traffic online, a long-term trend that the pandemic accelerated. Fastly has proven to be a go-to edge cloud provider, and willcontinue to be as online traffic surgesin the years to come.\nFastly growth from existing clients is extremely impressive. Even after TikTok parent ByteDance pulled most of its traffic off Fastly's network in the third quarter (TikTok was Fastly's biggest customer by revenue in the first-half of 2020, and was embroiled in a spat with the Trump administration during Q3), Fastly's sales jumped 42%. The bulk of this growth came from existing clients, with the company reporting a dollar-based net expansion rate of 147%.\nHaving existing clients spend more is Fastly's ticket to recurring profits, and should play a key role in doubling its share price.\nTeladoc Health\nPrecision medicine should be a slam-dunk growth trend in a Biden bull market, which is why Teladoc Health(NYSE:TDOC)is such a smart stock to buy.\nAs the name suggests, Teladoc is a leading telehealth services company. Like Fastly, it was able totake advantageof the coronavirus disease 2019 (COVID-19) pandemic. Between April 2020 and September 2020, virtual appointments more than tripled. Telehealth will remain an important part of the U.S. healthcare system even after the pandemic ends. It's more convenient for patients and physicians, and virtual visits are billed at a lower cost than office visits for insurers.\nBeyond telemedicine, Teladoc also acquired applied health signals company Livongo Health in early November. Livongo has already turned the corner to profitability, despite only securing a little over 1% of the U.S. diabetes market. Livongo offers tips and nudges to help chronically ill patients lead healthier lives. It's looking to expand this service to patients with hypertension and weight management concerns in the months and years to come. In other words, Livongomakes the fast-growing Teladoc that much better.\nCresco Labs\nThe marijuana industry is finally beginning to mature, and ahandful of winners are emerging. Multistate operator Cresco Labs(OTC:CRLBF)is one such name to get onto your buy list.\nCresco and most other U.S.marijuana stocksdon't need any action from the Biden administration to thrive. Having states set their own cannabis guidelines has been working fine for Cresco. In fact, the company has two key catalysts driving its growth that could push total sales above $1 billion by as early as 2022.\nFirst, Cresco has its retail operations: 20 open dispensaries, 10 of which are in Illinois. The Land of Lincoln is a limited license state that registered $1 billion in cannabis sales in its first year of recreational legalization.\nSecond, Cresco Labs is a wholesale marijuana kingpin in California, the most lucrative weed market in the world by annual sales. Purchasing Origin House in January 2020 gave Cresco access to the company's cannabis distribution license. Nowadays, it's able to place cannabis products into more than 575 dispensaries throughout the Golden State.\nPing Identity\nInvestors should also expect cybersecurity stocks like Ping Identity(NYSE:PING)to thrive in a Biden bull market.\nThe beauty of businesses moving online and into the cloud is that it creates a growing demand for data protection.Cybersecurity is no longer optional. No matter the size of a business or the state of the local or global economy, hackers and robots don't take time off.\nOne of the many companies at the heart of data protection is Ping Identity. Ping relies on artificial intelligence to help its identity verification solutions grow smarter over time. The more clients Ping lands, the more effective its identity solutions are at identifying unique threats to enterprise data.\nWhat's more, Ping doesn't trade at 20 or 30 times sales like most cybersecurity stocks. Ping can be scooped up for about 9 times Wall Street's consensus 2021 sales, yet looks to be on track for sustainable low double-digit growth moving forward. That's growth and value wrapped up in a single stock.\nRedfin\nA Biden bull market should be kind to innovative real estate companies, too. That's whyRedfin(NASDAQ:RDFN)has a really good chance of doubling with Biden in the White House.\nOn one hand, macroeconomic factors are playing right into Redfin's hands. The Fed has every intention of keeping its federal funds target rate at or near record lows through 2023. Plus, as noted, the nation's central bank is buying government debt each month, which could further push Treasury rates down. This all points to historically low mortgage rates and a red-hot market for housing.\nOn the other hand, it's all about what Redfin brings to the table to differentiate itself from the competition. For example, Redfin'slisting rates of 1% to 1.5%are up to 2 percentage points lower than traditional commission fees.\nAdditionally, this is a company thatoffers a number of high-margin ease-of-use servicesthat simplify the buying process. This includes everything from Redfin simply acquiring homes from sellers for a flat fee (these homes are held as inventory and sold later), to homeowners paying Redfin to handle title, appraisal, and home inspection paperwork. It's a growth stock with serious upside still to come.","news_type":1,"symbols_score_info":{"FSLY":0.9,"CRLBF":0.9,"PING":0.9,"RDFN":0.9,"TDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389009470,"gmtCreate":1612608990590,"gmtModify":1703763975662,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":":(","listText":":(","text":":(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389009470","repostId":"2109727286","repostType":4,"isVote":1,"tweetType":1,"viewCount":777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314141902,"gmtCreate":1612324160006,"gmtModify":1703760364950,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314141902","repostId":"1172237562","repostType":2,"repost":{"id":"1172237562","kind":"news","pubTimestamp":1612320389,"share":"https://www.laohunote.com/m/news/1172237562?lang=zh_CN&edition=full","pubTime":"2021-02-03 10:46","market":"us","language":"en","title":"Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172237562","media":"marketwatch","summary":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but shor","content":"<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>","source":"lsy1603348471595","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>Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote></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\">\nShort-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-03 10:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9f274618dde80cee69492990094f7510","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172237562","content_text":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.\nShort-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.\nRinggenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.\nBe wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.\nNote carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.\nNote also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.\nOne big caveat\nRinggenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.\nI mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.\nThere are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314143265,"gmtCreate":1612324110957,"gmtModify":1703760364604,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314143265","repostId":"1172237562","repostType":2,"repost":{"id":"1172237562","kind":"news","pubTimestamp":1612320389,"share":"https://www.laohunote.com/m/news/1172237562?lang=zh_CN&edition=full","pubTime":"2021-02-03 10:46","market":"us","language":"en","title":"Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172237562","media":"marketwatch","summary":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but shor","content":"<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>","source":"lsy1603348471595","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>Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote></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\">\nShort-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-03 10:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9f274618dde80cee69492990094f7510","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172237562","content_text":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.\nShort-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.\nRinggenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.\nBe wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.\nNote carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.\nNote also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.\nOne big caveat\nRinggenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.\nI mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.\nThere are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315879851,"gmtCreate":1612236456273,"gmtModify":1703759132698,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315879851","repostId":"1155510692","repostType":4,"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315870726,"gmtCreate":1612236385565,"gmtModify":1703759132010,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Indeed","listText":"Indeed","text":"Indeed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315870726","repostId":"1109554256","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":116568006,"gmtCreate":1622812572205,"gmtModify":1634097783234,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116568006","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","kind":"news","pubTimestamp":1622793373,"share":"https://www.laohunote.com/m/news/1122373606?lang=zh_CN&edition=full","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但未来十年可能会大不相同。</li><li>苹果在过去十年中增长放缓，未来几年也不太可能成为增长怪物。</li><li>股票具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果 (AAPL) 是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能不会一样。然而，由于大规模的股东回报计划和向服务业的转变，十年后苹果的股价可能仍会大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前的股票回报率为 900%，年复合回报率约为 26%，轻松超过了该时期大盘的回报率。重要的是，股价的涨幅远远超过了公司的市值，而公司的市值在过去十年中仅增长了 550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅降低了股票数量。当然，过去十年对苹果来说是一个非常成功的商业时期，因为该公司受益于智能手机的崛起，同时在手表和平板电脑等新产品方面也取得了成功，苹果或多或少地将其作为一个新的产品类别推出。目前，股价为 125 美元，比过去 12 个月上涨了 57%，但 2021 年迄今下跌了 6%。继2020年强劲上涨之后，股价目前似乎处于盘整模式，这并不奇怪，因为苹果的估值在最近的过去扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前一致的目标价为 156 美元，这意味着上涨潜力为 25%。由于目前没有迹象表明股票会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>苹果股票10年后会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，2031年苹果的股价是无法精确预测的。历史一次又一次地表明，甚至不可能在更短的时间内准确预测股价。然而，可以制定情景，看看在特定条件下未来股价可能会处于什么位置，以了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了制定这样一个场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去经历了几年的强劲增长和几年的疲软增长。这主要可以用新产品推出等因素来解释。手表或iPad，以及各自当前iPhone型号的实力，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也起着一定的作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了 154%，但正如我们在上图中看到的，收入增长相对不均衡。在2010年代初，苹果在iPhone“胜利之路”的支持下实现了巨大的增长，而在接下来的几年里，收入增长放缓得多。甚至有一些年份收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年非常强劲的增长推动了这一增长时，假设苹果未来每年也将增长10%可能不太合理。投资者还应该考虑到，公司规模越大，保持高增长率就越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在苹果产品价格上涨以及在中国等高增长国家市场份额增长潜力的背景下，越来越多的人将能够购买苹果价格更高的产品，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致应用程序支出增加——并考虑新产品发布的潜力（尽管我认为没有一款产品会像 iPhone 那样大规模），苹果应该能够以坚实的速度发展其业务。我个人认为，未来几年5%-7%的收入增长率可能是一个现实的估计，尽管一些读者当然会有不同的看法。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅降低其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了 36% 的股份。如果未来十年发生同样的情况，每股剩余股份在公司价值中所占份额将增长 56%，即年化增长 4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年仅将其股票数量减少了 2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股份数量不会再下降36%。当我们将其向下调整至 25% 时，当我们查看每股指标时，这将为苹果的增长带来约 3% 的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我 5%-7% 的业务增长预期，我因此假设苹果从长远来看每股将增长 8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>AAPL 过去的估值范围非常广泛，其股票交易倍数在某些时候非常低，而投资者则愿意在其他时候支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的 10 倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，到 2020 年底，股价交易价格高达公司净利润的 40 倍，这似乎是一个相当高的估值。目前，AAPL 的历史市盈率为 28 倍，远期利润约为 24 倍。在上图中，我们还看到了过去 3 年、5 年、7 年和 10 年的中位数收益倍数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期间，中值更高。我不相信 AAPL 的交易价格会达到过去十年平均净利润的 15.5 倍，因为对于苹果这样一家拥有强大品牌、庞大规模、巨大利润和堡垒资产负债表的优质公司来说，这似乎是一个相当低的估值。另一方面，我也不相信苹果会永远以 24-28 倍的市盈率进行交易——对于一家以中个位数实现稳健但并不引人注目的业务增长的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，情况尤其如此，这应该会给所有股票的估值带来压力，而其他条件相同。因此，我认为 2031 年净利润 20 倍左右的估值可能是一个合理的估计，这或多或少与 3 年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL 现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从 2021 年每股收益估计值 5.15 美元开始计算，并假设到 2031 年每年增长 7%-10%，我们的每股收益范围为 10.10 美元至 13.40 美元。将 20 倍市盈率放在该市盈率上，目标价约为每股 200-270 美元。因此，在 235 美元左右的中点，股价将比当前水平上涨约 90%，即年化上涨约 6.5%。这当然不是一个糟糕的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的大回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，AAPL 在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报不太兴奋。当我们考虑到如果苹果估值下降（例如由于利率上升），未来1-3年内股价确实存在相当大的下行风险时，暂时保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现得很好。目前，我将苹果评级为持有，如果其估值接近长期平均水平，则可能会买入。那些对新产品发布更乐观的人可能不同意，更喜欢在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说股票在未来十年确实具有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></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>Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote></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\">\nWhere Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但未来十年可能会大不相同。</li><li>苹果在过去十年中增长放缓，未来几年也不太可能成为增长怪物。</li><li>股票具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果 (AAPL) 是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能不会一样。然而，由于大规模的股东回报计划和向服务业的转变，十年后苹果的股价可能仍会大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前的股票回报率为 900%，年复合回报率约为 26%，轻松超过了该时期大盘的回报率。重要的是，股价的涨幅远远超过了公司的市值，而公司的市值在过去十年中仅增长了 550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅降低了股票数量。当然，过去十年对苹果来说是一个非常成功的商业时期，因为该公司受益于智能手机的崛起，同时在手表和平板电脑等新产品方面也取得了成功，苹果或多或少地将其作为一个新的产品类别推出。目前，股价为 125 美元，比过去 12 个月上涨了 57%，但 2021 年迄今下跌了 6%。继2020年强劲上涨之后，股价目前似乎处于盘整模式，这并不奇怪，因为苹果的估值在最近的过去扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前一致的目标价为 156 美元，这意味着上涨潜力为 25%。由于目前没有迹象表明股票会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>苹果股票10年后会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，2031年苹果的股价是无法精确预测的。历史一次又一次地表明，甚至不可能在更短的时间内准确预测股价。然而，可以制定情景，看看在特定条件下未来股价可能会处于什么位置，以了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了制定这样一个场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去经历了几年的强劲增长和几年的疲软增长。这主要可以用新产品推出等因素来解释。手表或iPad，以及各自当前iPhone型号的实力，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也起着一定的作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了 154%，但正如我们在上图中看到的，收入增长相对不均衡。在2010年代初，苹果在iPhone“胜利之路”的支持下实现了巨大的增长，而在接下来的几年里，收入增长放缓得多。甚至有一些年份收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年非常强劲的增长推动了这一增长时，假设苹果未来每年也将增长10%可能不太合理。投资者还应该考虑到，公司规模越大，保持高增长率就越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在苹果产品价格上涨以及在中国等高增长国家市场份额增长潜力的背景下，越来越多的人将能够购买苹果价格更高的产品，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致应用程序支出增加——并考虑新产品发布的潜力（尽管我认为没有一款产品会像 iPhone 那样大规模），苹果应该能够以坚实的速度发展其业务。我个人认为，未来几年5%-7%的收入增长率可能是一个现实的估计，尽管一些读者当然会有不同的看法。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅降低其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了 36% 的股份。如果未来十年发生同样的情况，每股剩余股份在公司价值中所占份额将增长 56%，即年化增长 4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年仅将其股票数量减少了 2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股份数量不会再下降36%。当我们将其向下调整至 25% 时，当我们查看每股指标时，这将为苹果的增长带来约 3% 的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我 5%-7% 的业务增长预期，我因此假设苹果从长远来看每股将增长 8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>AAPL 过去的估值范围非常广泛，其股票交易倍数在某些时候非常低，而投资者则愿意在其他时候支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的 10 倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，到 2020 年底，股价交易价格高达公司净利润的 40 倍，这似乎是一个相当高的估值。目前，AAPL 的历史市盈率为 28 倍，远期利润约为 24 倍。在上图中，我们还看到了过去 3 年、5 年、7 年和 10 年的中位数收益倍数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期间，中值更高。我不相信 AAPL 的交易价格会达到过去十年平均净利润的 15.5 倍，因为对于苹果这样一家拥有强大品牌、庞大规模、巨大利润和堡垒资产负债表的优质公司来说，这似乎是一个相当低的估值。另一方面，我也不相信苹果会永远以 24-28 倍的市盈率进行交易——对于一家以中个位数实现稳健但并不引人注目的业务增长的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，情况尤其如此，这应该会给所有股票的估值带来压力，而其他条件相同。因此，我认为 2031 年净利润 20 倍左右的估值可能是一个合理的估计，这或多或少与 3 年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL 现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从 2021 年每股收益估计值 5.15 美元开始计算，并假设到 2031 年每年增长 7%-10%，我们的每股收益范围为 10.10 美元至 13.40 美元。将 20 倍市盈率放在该市盈率上，目标价约为每股 200-270 美元。因此，在 235 美元左右的中点，股价将比当前水平上涨约 90%，即年化上涨约 6.5%。这当然不是一个糟糕的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的大回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，AAPL 在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报不太兴奋。当我们考虑到如果苹果估值下降（例如由于利率上升），未来1-3年内股价确实存在相当大的下行风险时，暂时保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现得很好。目前，我将苹果评级为持有，如果其估值接近长期平均水平，则可能会买入。那些对新产品发布更乐观的人可能不同意，更喜欢在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说股票在未来十年确实具有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150149054,"gmtCreate":1624890796078,"gmtModify":1633947401345,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150149054","repostId":"1103992527","repostType":4,"isVote":1,"tweetType":1,"viewCount":2136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111764866,"gmtCreate":1622700937655,"gmtModify":1634098990248,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Incredible","listText":"Incredible","text":"Incredible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111764866","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312291758,"gmtCreate":1612148494574,"gmtModify":1703757954531,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/312291758","repostId":"2107292126","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188169824,"gmtCreate":1623424494068,"gmtModify":1634033330380,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Agree!","listText":"Agree!","text":"Agree!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188169824","repostId":"1146386859","repostType":4,"isVote":1,"tweetType":1,"viewCount":2307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382016755,"gmtCreate":1613301350077,"gmtModify":1634553975668,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Great to know","listText":"Great to know","text":"Great to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382016755","repostId":"2110026963","repostType":4,"isVote":1,"tweetType":1,"viewCount":3366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315852877,"gmtCreate":1612234608899,"gmtModify":1703759111812,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315852877","repostId":"1155510692","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160075690,"gmtCreate":1623767905210,"gmtModify":1634028595287,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160075690","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote></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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc.","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"PFE":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160072591,"gmtCreate":1623767892913,"gmtModify":1634028595988,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160072591","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote></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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc.","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"PFE":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185776661,"gmtCreate":1623676310853,"gmtModify":1634030252598,"author":{"id":"3550499772816891","authorId":"3550499772816891","name":"Jpeh","avatar":"https://static.tigerbbs.com/4f74e86286be4e7bdaac05ba96b3a697","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550499772816891","authorIdStr":"3550499772816891"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185776661","repostId":"1182855398","repostType":4,"repost":{"id":"1182855398","kind":"news","pubTimestamp":1623663435,"share":"https://www.laohunote.com/m/news/1182855398?lang=zh_CN&edition=full","pubTime":"2021-06-14 17:37","market":"us","language":"en","title":"Chip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182855398","media":"benzinga","summary":"The ongoing global semiconductor shortage is boosting business opportunities for semiconductor indus","content":"<p><div> The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according ...</p><p><blockquote><div>持续的全球半导体短缺增加了半导体行业中介机构或授权分销商的商机，因为他们能够更快地采购零部件……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Chip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote></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; 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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\">\nChip Shortage Bringing Record Business For Supply-Chain Intermediaries Avnet, Arrow Electronics: WSJ<blockquote>芯片短缺给供应链中介机构安富利、箭牌电子带来创纪录的业务：《华尔街日报》</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-14 17:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according ...</p><p><blockquote><div>持续的全球半导体短缺增加了半导体行业中介机构或授权分销商的商机，因为他们能够更快地采购零部件……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARW":"艾睿","AVT":"安富利电子","AVGO":"博通","INTC":"英特尔"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21544070/chip-shortage-bringing-record-business-for-supply-chain-intermediaries-avnet-arrow-elect","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182855398","content_text":"The ongoing global semiconductor shortage is boosting business opportunities for semiconductor industry intermediaries, or authorized distributors, as they are able to source parts faster, according to the WSJreport.\nWhat Happened:Services of electronic component distributors such as Avnet Inc(NASDAQ:AVT) andArrow Electronics Inc(NYSE:ARW) are increasingly sought after from bigger companies such as Intel Corp(NASDAQ:INTC), Samsung Electronics and others, who generally rely on direct purchases and are able to secure supplies on their own, WSJ reported Sunday.\nAs per Peggy Carrieres, Avnet’s vice president for global sales, large buyers are treading on uncharted territory as they engage directly with distributors to hedge against supply chain disruptions or keep tabs on a host of different materials.\nAvnet is an authorized distributor for Intel andBroadcom Inc(NASDAQ:AVGO).\nAs a result, distributors are able to charge more than the usual 10% commission. In addition, higher prices and shipping volumes amid the pandemic have boosted bottom lines for distributors despite an ongoing shortage.\nArrow Electronics, one of the industry’s biggest distributors, saw its operating income from the global components business rise more than 70% in the first three months of the year. Avnet sales rose 14% from a year earlier to $4.9 billion for the quarter ended March 31.\nWhy It Matters:The global chip shortage has forced automakers across the world to halt production lines and the shortage is now impacting consumer electronics as well, includingApple Inc(NASDAQ:AAPL).\nSemiconductor prices have shot up amid the crisis and brokers are quoting five times higher prices than before the pandemic for auto chips, as per WSJ; in some extreme cases, it's reportedly 20 times more.\nPrice Action:Shares of Avnet, which have risen 25% so far this year, closed 1% higher at $43.9 on Friday. Arrow Electronics shares, which have risen 24% year-to-date, closed 0.25% lower at $120.9 on Friday.","news_type":1,"symbols_score_info":{"ARW":0.9,"AVT":0.9,"AVGO":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}