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2021-06-17

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2021-03-27

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Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>

2021-03-19

Will be red today for SG stocks?Pls like n comment

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2021-07-08

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2021-05-21

Rebounding! Pls like n comment

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2021-04-30

Amazing! Pls like n comment!

Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升44%，超出盈利预期</blockquote>

2021-09-07

Maybe

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2021-05-24

Rebound soon pls like n comment

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2021-04-14

Will be a good week! Pls like n comment

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2021-04-06

Tesla has great vision n continue to grow! Pls like n comment.

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Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>","source":"lsy1601382232898","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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</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\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</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":{"NKE":"耐克","FDX":"联邦快递",".IXIC":"NASDAQ Composite","ADBE":"Adobe",".SPX":"S&P 500 Index","CRM":"赛富时",".DJI":"道琼斯","COST":"好市多"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"COST":0.9,".SPX":0.9,"NKE":0.9,".DJI":0.9,"CRM":0.9,".IXIC":0.9,"FDX":0.9,"ADBE":0.9}},"isVote":1,"tweetType":1,"viewCount":1622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817438113,"gmtCreate":1630979353232,"gmtModify":1631890577949,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Maybe","listText":"Maybe","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817438113","repostId":"2165877953","repostType":4,"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819063579,"gmtCreate":1630022881291,"gmtModify":1704954664693,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Not again","listText":"Not again","text":"Not again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819063579","repostId":"2162847016","repostType":4,"isVote":1,"tweetType":1,"viewCount":2010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837078499,"gmtCreate":1629850429411,"gmtModify":1631890577981,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837078499","repostId":"2162080686","repostType":4,"isVote":1,"tweetType":1,"viewCount":2171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833268827,"gmtCreate":1629245766269,"gmtModify":1631890577996,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Not again","listText":"Not again","text":"Not again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833268827","repostId":"2160880977","repostType":4,"isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896393515,"gmtCreate":1628554895937,"gmtModify":1631890578007,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be a good month","listText":"Will be a good month","text":"Will be a good month","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896393515","repostId":"1142685473","repostType":4,"isVote":1,"tweetType":1,"viewCount":3037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802585663,"gmtCreate":1627788566352,"gmtModify":1631890578017,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"That’s good","listText":"That’s good","text":"That’s good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802585663","repostId":"1153879814","repostType":4,"repost":{"id":"1153879814","kind":"news","pubTimestamp":1627784753,"share":"https://www.laohu8.com/m/news/1153879814?lang=zh_CN&edition=full","pubTime":"2021-08-01 10:25","market":"sg","language":"en","title":"SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、新加坡电信公司重组的潜在候选者：马来亚银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153879814","media":"Singapore Business","summary":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play f","content":"<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科进行企业重组？</i></b>马来亚银行金英(Maybank Kim Eng)的一份报告称，在新加坡报业控股(SPH)的重大重组计划以及吉宝岸外与海事与胜科海事有限公司(Sembcorp Marine Ltd)可能合并之后，新加坡公司正在推动更多的企业重组。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍然存在，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些可能进行公司重组的新加坡公司包括新加坡电信、新加坡航空集团和新加坡航空工程师协会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份的选择，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>国际航空旅行的持续疲软和预计复苏的较长时间可能会迫使SIA和SIAE进行一定的合理化。与此同时，CityDev和UOL等大型开发商也拥有与CAPL类似的规模可观的开发业务。</blockquote></p><p></p>","source":"lsy1618986048053","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>SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、新加坡电信公司重组的潜在候选者：马来亚银行</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\">\nSIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、新加坡电信公司重组的潜在候选者：马来亚银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-01 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科进行企业重组？</i></b>马来亚银行金英(Maybank Kim Eng)的一份报告称，在新加坡报业控股(SPH)的重大重组计划以及吉宝岸外与海事与胜科海事有限公司(Sembcorp Marine Ltd)可能合并之后，新加坡公司正在推动更多的企业重组。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍然存在，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些可能进行公司重组的新加坡公司包括新加坡电信、新加坡航空集团和新加坡航空工程师协会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份的选择，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>国际航空旅行的持续疲软和预计复苏的较长时间可能会迫使SIA和SIAE进行一定的合理化。与此同时，CityDev和UOL等大型开发商也拥有与CAPL类似的规模可观的开发业务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank\">Singapore Business</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":{"C6L.SI":"新加坡航空公司"},"source_url":"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153879814","content_text":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore & Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.\nAccording to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.\nSome Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.\nMaybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.\nContinued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806754722,"gmtCreate":1627696217266,"gmtModify":1631890578031,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806754722","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":3323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801525077,"gmtCreate":1627523980999,"gmtModify":1631890578037,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Banks up","listText":"Banks up","text":"Banks up","images":[{"img":"https://static.tigerbbs.com/859842af058aaf9dec49ad8c91324657","width":"1125","height":"2875"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801525077","isVote":1,"tweetType":1,"viewCount":2948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":801528509,"gmtCreate":1627523885301,"gmtModify":1631890578051,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Interest rates again","listText":"Interest rates again","text":"Interest rates again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801528509","repostId":"1127264445","repostType":4,"repost":{"id":"1127264445","kind":"news","pubTimestamp":1627514621,"share":"https://www.laohu8.com/m/news/1127264445?lang=zh_CN&edition=full","pubTime":"2021-07-29 07:23","market":"us","language":"en","title":"S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127264445","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after th","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</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>S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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\">\nS&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-29 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H\">Reuters</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":{"161125":"标普500","SPY":"标普500ETF","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","OEX":"标普100","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index","SSO":"2倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127264445","content_text":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.\nKeeping the market in check, shares of tech giant Apple Inc fell 1.2% after it forecast slowing revenue growth.\nIn a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.\n“It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.\nRight after the Fed statement, the S&P 500 index reversed slight declines though it still ended a hair lower on the day.\nInvestors have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.\nThe central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.\nThe Nasdaq ended higher and shares of Google parent Alphabet Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.\nThe Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.\nThe Fed’s statement came at the conclusion of its latest two-day policy meeting.\n“They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in Wellesley, Massachusetts.\nIn other earnings news, Microsoft Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.\nVolume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.\nThe S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.","news_type":1,"symbols_score_info":{"161125":0.9,"OEX":0.9,"ESmain":0.9,"SDS":0.9,"UPRO":0.9,"SSO":0.9,".SPX":0.9,"SH":0.9,"SPY":0.9,"IVV":0.9,".IXIC":0.9,".DJI":0.9,"SPXU":0.9,"OEF":0.9}},"isVote":1,"tweetType":1,"viewCount":682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177308332,"gmtCreate":1627178914726,"gmtModify":1631890578061,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Here we go again","listText":"Here we go again","text":"Here we go again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177308332","repostId":"1107345366","repostType":4,"repost":{"id":"1107345366","kind":"news","pubTimestamp":1627176839,"share":"https://www.laohu8.com/m/news/1107345366?lang=zh_CN&edition=full","pubTime":"2021-07-25 09:33","market":"us","language":"en","title":"GameStop: The Game Is Far From Over<blockquote>游戏驿站：游戏远未结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107345366","media":"seekingalpha","summary":"Summary\n\nGameStop has revamped itself to progressively move towards to become a major e-commerce pla","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>GameStop has revamped itself to progressively move towards to become a major e-commerce player.</li>  <li>We think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.</li>  <li>In addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.</li>  <li>While we don't have a position in GameStop, we don't think the game is over for the company.</li> </ul> <b>Investment Thesis</b></p><p><blockquote><ul><li>游戏驿站已经对自己进行了改造，逐步成为主要的电子商务参与者。</li><li>我们认为，如果管理团队能够成功执行新的电子商务转型，该公司可能正处于拐点。</li><li>此外，鉴于Reddit社区不断增长的用户群及其对投资者决策过程的影响力，我们敦促看空者特别关注Reddit社区。</li><li>虽然我们在游戏驿站没有职位，但我们认为公司的游戏还没有结束。</li></ul><b>投资论文</b></blockquote></p><p> The speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.</p><p><blockquote>游戏驿站(GME)上次在1月份迅速上涨至每股480美元的极高水平，背后的投机热情已显着消退，该股上次交易价格为178美元，较1月份狂热期间达到的ATH下跌了63%。</blockquote></p><p> While we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.</p><p><blockquote>虽然我们在很大程度上同意华尔街的估值意见，即这只股票似乎被严重高估（华尔街的平均目标价为37.5美元），但我们也想强调的是，我们认为我们目前没有一个估值模型可以全面纳入推动公司股价的潜在因素，因此不会大胆地向对meme股票感兴趣的投资者宣称远离GME。</blockquote></p><p> We thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:</p><p><blockquote>我们认为Marketer在6月份最近的这篇文章中描述了他们认为哪些因素可能推动了GME等Reddit论坛上meme股票背后的潜在需求：</blockquote></p><p>   Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.  We think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.</p><p><blockquote>惩罚卖空者。Clover Health(CLOV)卖空者认为该股被高估，按市值计算损失了4.38亿美元。游戏驿站卖空者损失超过50亿美元。“为了迷因”迷惑市场——也就是说，这很有趣。r/WallStreetBets上的Reddit帖子强调了会员如何为了杜平金融机构的快乐而做出看似非理性的投资决策。人为抬高的股价可以为少数早期投资的幸运儿带来利润最大化。我们认为，接受过基本面分析教育的投资者永远无法开发出能够充分考虑上述因素的模型，因为这些投资者认为股票的长期价值是由其基础业务的长期实力和竞争护城河驱动的，但不是Redditors在分析股票时采用的“可笑”方法。</blockquote></p><p> In this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.</p><p><blockquote>在本文中，我们将更深入地探讨支撑GME业务的关键基本面驱动因素，以及我们认为Reddit社区对GME等meme股票的参与和影响力将如何继续扰乱该公司未来的估值前景。</blockquote></p><p> What Has Changed for GameStop since the January Mania?</p><p><blockquote>自一月狂热以来，游戏驿站发生了什么变化？</blockquote></p><p> GME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"</p><p><blockquote>GME最近任命了两位来自亚马逊(AMZN)的关键资深高管：Matt Furlong和Mike Recupero分别担任首席执行官和首席财务官，这是董事长Ryan Cohen对GME商业模式进行战略改革的一部分，旨在成为主要的“电子商务巨头”。</blockquote></p><p> While the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.</p><p><blockquote>虽然到目前为止，新管理层的指导可能很少，但该团队肯定已经迅速开始工作，为逐步将GME转变为主要的电子商务参与者奠定必要的基础，因为他们已经开始扩大其履行中心，最近在内华达州里诺和宾夕法尼亚州约克新建了两个设施，使该公司的总产能超过120万平方英尺。</blockquote></p><p> Ryan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:</p><p><blockquote>瑞安·科恩还明确表示，该公司不会向竞争对手详细说明其改革计划的复杂细节，而是呼吁投资者根据团队的行动来评判他们，正如他强调的那样：</blockquote></p><p>   You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.  However, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”</p><p><blockquote>你不会发现我们在谈论一场大游戏，做出一堆崇高的承诺，或者向竞争对手传达我们的战略...我们面前有很多工作要做。展望未来，我们希望你根据我们的行动而不是我们的言辞来判断游戏驿站。然而，华尔街几乎不相信瑞安·科恩或该公司的战略，正如Wedbush Securities最近所说：“我认为他逃脱了。我认为他的自我妨碍了，现在他要向所有人证明他知道自己在做什么。如果有一个策略，令人震惊的是他没有告诉我们。我们五个月前就应该听说这件事了。这是什么秘密？”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/213a840d218039b67bebc984532ecf5f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly revenues. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度收入。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46f7322b39c6468f6929c1fd414921b\" tg-width=\"640\" tg-height=\"354\" width=\"100%\" height=\"auto\"><span>LTM revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM收入。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> We could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.</p><p><blockquote>我们可以观察到，该公司似乎已经能够在21年第4季度和22年第1季度阻止其收入下降的趋势（GME对其财年的定义与CY不同），这发生在新管理层上任之前很久。该公司21年第4季度的收入为$2.12 B，是过去3年中表现强劲的季度，而22年第1季度的收入同比增长25%。因此，当我们在LTM的基础上规划它时，我们认为地平线上有希望，也许新的管理团队在公司寻求成为重要的电子商务竞争对手的过程中可能会有一个令人鼓舞的开始。我们认为投资者应继续密切关注这一领域，特别是该公司履行中心的建设，这对于其电子商务雄心至关重要。</blockquote></p><p> LTM EBIT margins trend. Data Source: S&amp;P Capital IQ</p><p><blockquote>LTM息税前利润率趋势。数据来源：标普资本智商</blockquote></p><p> While the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.</p><p><blockquote>虽然该公司的息税前利润率趋势无疑是一个主要问题，但我们认为这肯定是一个值得关注的领域，因为我们再次观察到LTM趋势有所改善，因为该公司在第一季度公布的LTM息税前利润率为-3.5%'22，而21年第4季度的LTM息税前利润率为-4.9%。虽然我们认为该公司尚未摆脱困境，但我们认为该公司可能已经停止了腐烂，至少目前是这样。</blockquote></p><p> Debt to Equity Ratio. Source:Simply Wall St</p><p><blockquote>负债权益比率。资料来源：简单华尔街</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eaacbe2d43de887038c30e9ab4bcfa2\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>LTM Levered FCF margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM杠杆自由现金流保证金。数据来源：标普资本智商</span></p></blockquote></p><p> The company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.</p><p><blockquote>该公司还巧妙地利用其股价完成了两次股票发行，以支撑其资产负债表。因此，该公司的债务股本比率大幅提高至5.5%，债务余额仅为4810万美元，而现金和ST投资余额为6.947亿美元（截至21年5月1日，在两次股票发行之前，共筹集了16.77亿美元，在削减债务之前）。此外，该公司也从未真正流失现金，因为其杠杆自由现金流利润率趋势一直相对健康，同时最近一个季度还将LTM杠杆自由现金流利润率提高至1.6%。</blockquote></p><p> Therefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:</p><p><blockquote>因此，我们认为，如果管理层能够成功执行向前迈进，GME看起来完全有能力利用其战略改革，转向新的电子商务支点。虽然我们目前不太确定GME未来的路线图，但Reddit社区似乎已准备好继续支持这家公司，因为我们将详细介绍Reddit社区将如何继续成为一支非常重要的力量。为了提振公司股价，就连Ryan Cohen也特意向Reddit社区表示特别敬意：</blockquote></p><p>   We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.  <b>The Reddit Community Grew by 25.9% in 2020</b></p><p><blockquote>我们很幸运有这样一群特殊的投资者持有公司股票，你们激励我们每天想得更大、更努力、工作时间更长。<b>2020年Reddit社区增长25.9%</b></blockquote></p><p> US social network user growth, by platform 2020 &amp; 2021. Source:eMarketer</p><p><blockquote>2020年和2021年美国社交网络用户增长（按平台划分）。资料来源：eMarketer</blockquote></p><p> Investors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.</p><p><blockquote>投资者应该能够观察到，Reddit在2020年实现了非常显着的增长，其平台上的用户同比增长了25.9%，Marketer还预计Reddit社区在2021年将增长14.4%，达到4330万用户。我们认为，Reddit的日益普及将继续维持投资者对GME等模因股票的兴趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f886ecf993efe35532771c132d94a6a\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Population distribution in the US in 2019, by generation. Data source: US Census Bureau</span></p><p><blockquote><p class=\"t-img-caption\"><span>2019年美国按世代划分的人口分布。数据来源：美国人口普查局</span></p></blockquote></p><p> We believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.</p><p><blockquote>我们认为，Reddit无疑受益于支撑数字化的长期驱动因素，这也导致了Robinhood(HOOD)等交易平台的显着增长和受欢迎程度，该平台2020年的平均年龄为31岁。根据2019年的人口普查，这使得Robinhood用户的平均年龄正好在千禧一代的年龄组内，他们出生于1981年至1996年之间（25至40岁），占美国人口的21.97%。</blockquote></p><p> Importantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.</p><p><blockquote>重要的是，我们还可以观察到，千禧一代投资者对的股票不是典型投资者预期持有的“安全稳定”股票感兴趣（如果我可以这么说的话）。正如我们从上面可以观察到的那样，我们认为估值并不是这些投资者最重要的考虑因素。</blockquote></p><p> According to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.</p><p><blockquote>根据Apex Clearing的一份报告，特斯拉(TSLA)在21年第一季度成为千禧一代投资组合中最大的持股，占28.3%的份额，我们认为投资者通常不会说这只股票便宜。虽然AAPL以14.5%的份额位居第二，但GME也以5.2%的份额跻身前四，这支持了我们的观点，即千禧一代投资者的动机是由基本面和估值以外的因素驱动的。</blockquote></p><p></p><p> Among the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.</p><p><blockquote>在千禧一代投资组合中的持股中，我们可以观察到许多其他例子来证实这些投资者对优质股票的兴趣，例如英伟达(NVDA)，另一只模因股票，如AMC院线(AMC)、Churchill Capital Corp(CCIV)，其第三大持股；蔚来（蔚来）、Palantir（PLTR），甚至Square（SQ），我们认为投资者通常不会将这些股票视为价值股。</blockquote></p><p> Therefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.</p><p><blockquote>因此，我们认为普通投资者群体需要明白，有一个庞大且不断增长的投资者基础，他们对基本面和估值的理解和预期肯定与我们典型的估值模型所能解释的有很大不同。</blockquote></p><p> We think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.</p><p><blockquote>我们认为市场肯定比我们所知道的更大、更复杂，而且不可能使用相同的基本面分析和估值方法来评估像GME这样的模因股票并说它们被高估，这是一个我们诚实地认为的过程在模因股票投资领域毫无意义。</blockquote></p><p> <b>Analyzing the Reddit Opinion</b></p><p><blockquote><b>分析Reddit观点</b></blockquote></p><p> Individual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick</p><p><blockquote>截至2月21日，美国、英国和加拿大游戏驿站轧空后个人投资者在Reddit上的看法（按年龄）。数据来源：Brunswick</blockquote></p><p> According to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.</p><p><blockquote>根据Brunswick的一项调查，我们可以观察到Reddit论坛作为投资者投资工具的重要性，尤其是在18-29岁年龄段的年轻投资者中。大约14%的投资者“信任Reddit作为媒体替代品”，在年轻投资者中，这一比例甚至飙升至31%。此外，很大一部分（25%）的年轻投资者也参与了GME机会，而其中20%的人认为GME事件“代表了市场力量的根本性转变”。虽然这些观点可能属于少数投资者，但我们认为投资者的比例肯定足够大，足以引起一般投资界的关注，因此我们认为Reddit论坛的力量肯定是一股不可忽视的力量。前进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa3108c1a56bc4c6221a4d8297e018d3\" tg-width=\"826\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Share of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大使用Reddit调查问题的机构投资者比例。数据来源：Brunswick</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e72f250f4fe70ca9af575b6828bace0d\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Average trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大机构投资者对Reddit的平均信任评分。数据来源：Brunswick</span></p></blockquote></p><p> We could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.</p><p><blockquote>我们甚至可以观察到Reddit在机构投资者中的影响力越来越大，因为27%的人使用Reddit来“调查问题”，这比前几年明显增加，尽管他们对该平台的信任度从2019年的平均分3.5分明显下降到2021年的2.0分。我们认为这表明机构投资者认为Reddit在一般投资界决策过程中的影响力越来越大，但与之前展示的个人投资者相比，他们不相信这些论坛上发生的事情对他们“发达”的过程有足够的意义。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a87f8665c27d127566189bd21a035158\" tg-width=\"956\" tg-height=\"591\" width=\"100%\" height=\"auto\"><span>Institutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构投资者对Reddit wallstreetbets社区成员的态度。数据来源：Brunswick</span></p></blockquote></p><p> While 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.</p><p><blockquote>虽然48%的机构投资者认为Reddit用户“可能有短期影响力，但他们无法维持这种影响力”，但27%的人对Reddit在投资者群体中的影响力产生了一些好奇心，13%的人对Reddit用户能够聚集一支军队以超越华尔街一些最聪明的头脑的方式产生了某种形式的尊重。因此，我们毫不惊讶地发现，这些机构投资者中有20%对他们认为的Reddit用户的“市场操纵”感到沮丧。</blockquote></p><p> <b>Looking Ahead</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> Ownership breakdown. Source:Simply Wall St</p><p><blockquote>所有权细分。资料来源：简单华尔街</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1dd4930d00083121d28ea6d57285bc5\" tg-width=\"1280\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>Institutional ownership changes. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构所有权变更。资料来源：Marketbeat</span></p></blockquote></p><p></p><p> Moving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.</p><p><blockquote>展望未来，我们认为像GME这样的模因股票将继续在Reddit论坛中占据显着地位，并仍然是他们对抗华尔街的“旗舰”股票之一。散户投资者目前持有GME股票的最大份额，占总持股量的45.1%。有趣的是，仍有相当大比例（36.4%）的机构投资者仍然持有GME，其中包括GME最大股东：贝莱德，拥有GME 12.36%的股票。尽管GME在21年Q2见证了$19.3亿机构资本的大幅流出，但股价仍远高于2021年第一个交易日17.25美元的收盘价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a708e62291662e5d4e2bce79492dc93a\" tg-width=\"1244\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Percentage of float shorted over time. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>随着时间的推移，流通量短缺的百分比。资料来源：Marketbeat</span></p></blockquote></p><p> Importantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.</p><p><blockquote>重要的是，尽管空头流通量百分比已从1月份的41.96%大幅下降至6月底的“仅”14.18%，这是2021年有记录的两周最低水平，但价格仍继续维持。</blockquote></p><p> Other than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.</p><p><blockquote>除了持有GME的45.1%散户投资者外，该股还得到瑞安·科恩12.13%股份的支持，这使他成为GME股票的第二大股东，仅次于贝莱德，尽管他最后一批股票的购买价格12月20日的127.4万股约为14.24美元，如果我们考虑到GME最后收盘价178.85美元，这无疑给了他巨大的安全边际。</blockquote></p><p> <b>Price Action and Trend Analysis</b></p><p><blockquote><b>价格行为和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe5e54ac5cfe6504ec07c334a8c52668\" tg-width=\"1280\" tg-height=\"786\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Ever since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.</p><p><blockquote>自从我们在今年年初目睹的狂热以来，GME已经稳定下来，似乎已经形成了上升趋势偏差，其支撑位在之前的130美元至160美元价格水平之间吸引了强烈的购买兴趣。根据我们的价格走势分析，我们预计买家将继续强烈捍卫这一水平。对于热衷于持有GME头寸的投资者，我们认为他们可能会考虑在我们强调的买入范围内入场。</blockquote></p><p> While we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:</p><p><blockquote>阿斯滕汉姆资产管理公司表示，虽然我们相信游戏驿站的价格波动可能会继续下去，但我们认为该股在散户群体中引起了令人难以置信的巨大购买兴趣，这动摇了机构投资者的基础：</blockquote></p><p>   \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”  In GameStop, we think the game is certainly far from being over.</p><p><blockquote>“在当前环境下，如果你不衡量和管理你对拥挤和散户兴趣的空头敞口，那你就是疏忽了，”我们认为一家价值数十亿美元的美国对冲基金也简洁地总结了这一点。Reddit社区的影响力：“[我们]绝对在关注WSB等论坛，我们正在非常密切地关注这一点。”在游戏驿站，我们认为游戏肯定远未结束。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop: The Game Is Far From Over<blockquote>游戏驿站：游戏远未结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 09:33</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>GameStop has revamped itself to progressively move towards to become a major e-commerce player.</li>  <li>We think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.</li>  <li>In addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.</li>  <li>While we don't have a position in GameStop, we don't think the game is over for the company.</li> </ul> <b>Investment Thesis</b></p><p><blockquote><ul><li>游戏驿站已经对自己进行了改造，逐步成为主要的电子商务参与者。</li><li>我们认为，如果管理团队能够成功执行新的电子商务转型，该公司可能正处于拐点。</li><li>此外，鉴于Reddit社区不断增长的用户群及其对投资者决策过程的影响力，我们敦促看空者特别关注Reddit社区。</li><li>虽然我们在游戏驿站没有职位，但我们认为公司的游戏还没有结束。</li></ul><b>投资论文</b></blockquote></p><p> The speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.</p><p><blockquote>游戏驿站(GME)上次在1月份迅速上涨至每股480美元的极高水平，背后的投机热情已显着消退，该股上次交易价格为178美元，较1月份狂热期间达到的ATH下跌了63%。</blockquote></p><p> While we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.</p><p><blockquote>虽然我们在很大程度上同意华尔街的估值意见，即这只股票似乎被严重高估（华尔街的平均目标价为37.5美元），但我们也想强调的是，我们认为我们目前没有一个估值模型可以全面纳入推动公司股价的潜在因素，因此不会大胆地向对meme股票感兴趣的投资者宣称远离GME。</blockquote></p><p> We thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:</p><p><blockquote>我们认为Marketer在6月份最近的这篇文章中描述了他们认为哪些因素可能推动了GME等Reddit论坛上meme股票背后的潜在需求：</blockquote></p><p>   Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.  We think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.</p><p><blockquote>惩罚卖空者。Clover Health(CLOV)卖空者认为该股被高估，按市值计算损失了4.38亿美元。游戏驿站卖空者损失超过50亿美元。“为了迷因”迷惑市场——也就是说，这很有趣。r/WallStreetBets上的Reddit帖子强调了会员如何为了杜平金融机构的快乐而做出看似非理性的投资决策。人为抬高的股价可以为少数早期投资的幸运儿带来利润最大化。我们认为，接受过基本面分析教育的投资者永远无法开发出能够充分考虑上述因素的模型，因为这些投资者认为股票的长期价值是由其基础业务的长期实力和竞争护城河驱动的，但不是Redditors在分析股票时采用的“可笑”方法。</blockquote></p><p> In this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.</p><p><blockquote>在本文中，我们将更深入地探讨支撑GME业务的关键基本面驱动因素，以及我们认为Reddit社区对GME等meme股票的参与和影响力将如何继续扰乱该公司未来的估值前景。</blockquote></p><p> What Has Changed for GameStop since the January Mania?</p><p><blockquote>自一月狂热以来，游戏驿站发生了什么变化？</blockquote></p><p> GME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"</p><p><blockquote>GME最近任命了两位来自亚马逊(AMZN)的关键资深高管：Matt Furlong和Mike Recupero分别担任首席执行官和首席财务官，这是董事长Ryan Cohen对GME商业模式进行战略改革的一部分，旨在成为主要的“电子商务巨头”。</blockquote></p><p> While the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.</p><p><blockquote>虽然到目前为止，新管理层的指导可能很少，但该团队肯定已经迅速开始工作，为逐步将GME转变为主要的电子商务参与者奠定必要的基础，因为他们已经开始扩大其履行中心，最近在内华达州里诺和宾夕法尼亚州约克新建了两个设施，使该公司的总产能超过120万平方英尺。</blockquote></p><p> Ryan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:</p><p><blockquote>瑞安·科恩还明确表示，该公司不会向竞争对手详细说明其改革计划的复杂细节，而是呼吁投资者根据团队的行动来评判他们，正如他强调的那样：</blockquote></p><p>   You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.  However, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”</p><p><blockquote>你不会发现我们在谈论一场大游戏，做出一堆崇高的承诺，或者向竞争对手传达我们的战略...我们面前有很多工作要做。展望未来，我们希望你根据我们的行动而不是我们的言辞来判断游戏驿站。然而，华尔街几乎不相信瑞安·科恩或该公司的战略，正如Wedbush Securities最近所说：“我认为他逃脱了。我认为他的自我妨碍了，现在他要向所有人证明他知道自己在做什么。如果有一个策略，令人震惊的是他没有告诉我们。我们五个月前就应该听说这件事了。这是什么秘密？”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/213a840d218039b67bebc984532ecf5f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly revenues. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度收入。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46f7322b39c6468f6929c1fd414921b\" tg-width=\"640\" tg-height=\"354\" width=\"100%\" height=\"auto\"><span>LTM revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM收入。数据来源：标普资本智商</span></p></blockquote></p><p></p><p> We could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.</p><p><blockquote>我们可以观察到，该公司似乎已经能够在21年第4季度和22年第1季度阻止其收入下降的趋势（GME对其财年的定义与CY不同），这发生在新管理层上任之前很久。该公司21年第4季度的收入为$2.12 B，是过去3年中表现强劲的季度，而22年第1季度的收入同比增长25%。因此，当我们在LTM的基础上规划它时，我们认为地平线上有希望，也许新的管理团队在公司寻求成为重要的电子商务竞争对手的过程中可能会有一个令人鼓舞的开始。我们认为投资者应继续密切关注这一领域，特别是该公司履行中心的建设，这对于其电子商务雄心至关重要。</blockquote></p><p> LTM EBIT margins trend. Data Source: S&amp;P Capital IQ</p><p><blockquote>LTM息税前利润率趋势。数据来源：标普资本智商</blockquote></p><p> While the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.</p><p><blockquote>虽然该公司的息税前利润率趋势无疑是一个主要问题，但我们认为这肯定是一个值得关注的领域，因为我们再次观察到LTM趋势有所改善，因为该公司在第一季度公布的LTM息税前利润率为-3.5%'22，而21年第4季度的LTM息税前利润率为-4.9%。虽然我们认为该公司尚未摆脱困境，但我们认为该公司可能已经停止了腐烂，至少目前是这样。</blockquote></p><p> Debt to Equity Ratio. Source:Simply Wall St</p><p><blockquote>负债权益比率。资料来源：简单华尔街</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eaacbe2d43de887038c30e9ab4bcfa2\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>LTM Levered FCF margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM杠杆自由现金流保证金。数据来源：标普资本智商</span></p></blockquote></p><p> The company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.</p><p><blockquote>该公司还巧妙地利用其股价完成了两次股票发行，以支撑其资产负债表。因此，该公司的债务股本比率大幅提高至5.5%，债务余额仅为4810万美元，而现金和ST投资余额为6.947亿美元（截至21年5月1日，在两次股票发行之前，共筹集了16.77亿美元，在削减债务之前）。此外，该公司也从未真正流失现金，因为其杠杆自由现金流利润率趋势一直相对健康，同时最近一个季度还将LTM杠杆自由现金流利润率提高至1.6%。</blockquote></p><p> Therefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:</p><p><blockquote>因此，我们认为，如果管理层能够成功执行向前迈进，GME看起来完全有能力利用其战略改革，转向新的电子商务支点。虽然我们目前不太确定GME未来的路线图，但Reddit社区似乎已准备好继续支持这家公司，因为我们将详细介绍Reddit社区将如何继续成为一支非常重要的力量。为了提振公司股价，就连Ryan Cohen也特意向Reddit社区表示特别敬意：</blockquote></p><p>   We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.  <b>The Reddit Community Grew by 25.9% in 2020</b></p><p><blockquote>我们很幸运有这样一群特殊的投资者持有公司股票，你们激励我们每天想得更大、更努力、工作时间更长。<b>2020年Reddit社区增长25.9%</b></blockquote></p><p> US social network user growth, by platform 2020 &amp; 2021. Source:eMarketer</p><p><blockquote>2020年和2021年美国社交网络用户增长（按平台划分）。资料来源：eMarketer</blockquote></p><p> Investors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.</p><p><blockquote>投资者应该能够观察到，Reddit在2020年实现了非常显着的增长，其平台上的用户同比增长了25.9%，Marketer还预计Reddit社区在2021年将增长14.4%，达到4330万用户。我们认为，Reddit的日益普及将继续维持投资者对GME等模因股票的兴趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f886ecf993efe35532771c132d94a6a\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Population distribution in the US in 2019, by generation. Data source: US Census Bureau</span></p><p><blockquote><p class=\"t-img-caption\"><span>2019年美国按世代划分的人口分布。数据来源：美国人口普查局</span></p></blockquote></p><p> We believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.</p><p><blockquote>我们认为，Reddit无疑受益于支撑数字化的长期驱动因素，这也导致了Robinhood(HOOD)等交易平台的显着增长和受欢迎程度，该平台2020年的平均年龄为31岁。根据2019年的人口普查，这使得Robinhood用户的平均年龄正好在千禧一代的年龄组内，他们出生于1981年至1996年之间（25至40岁），占美国人口的21.97%。</blockquote></p><p> Importantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.</p><p><blockquote>重要的是，我们还可以观察到，千禧一代投资者对的股票不是典型投资者预期持有的“安全稳定”股票感兴趣（如果我可以这么说的话）。正如我们从上面可以观察到的那样，我们认为估值并不是这些投资者最重要的考虑因素。</blockquote></p><p> According to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.</p><p><blockquote>根据Apex Clearing的一份报告，特斯拉(TSLA)在21年第一季度成为千禧一代投资组合中最大的持股，占28.3%的份额，我们认为投资者通常不会说这只股票便宜。虽然AAPL以14.5%的份额位居第二，但GME也以5.2%的份额跻身前四，这支持了我们的观点，即千禧一代投资者的动机是由基本面和估值以外的因素驱动的。</blockquote></p><p></p><p> Among the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.</p><p><blockquote>在千禧一代投资组合中的持股中，我们可以观察到许多其他例子来证实这些投资者对优质股票的兴趣，例如英伟达(NVDA)，另一只模因股票，如AMC院线(AMC)、Churchill Capital Corp(CCIV)，其第三大持股；蔚来（蔚来）、Palantir（PLTR），甚至Square（SQ），我们认为投资者通常不会将这些股票视为价值股。</blockquote></p><p> Therefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.</p><p><blockquote>因此，我们认为普通投资者群体需要明白，有一个庞大且不断增长的投资者基础，他们对基本面和估值的理解和预期肯定与我们典型的估值模型所能解释的有很大不同。</blockquote></p><p> We think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.</p><p><blockquote>我们认为市场肯定比我们所知道的更大、更复杂，而且不可能使用相同的基本面分析和估值方法来评估像GME这样的模因股票并说它们被高估，这是一个我们诚实地认为的过程在模因股票投资领域毫无意义。</blockquote></p><p> <b>Analyzing the Reddit Opinion</b></p><p><blockquote><b>分析Reddit观点</b></blockquote></p><p> Individual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick</p><p><blockquote>截至2月21日，美国、英国和加拿大游戏驿站轧空后个人投资者在Reddit上的看法（按年龄）。数据来源：Brunswick</blockquote></p><p> According to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.</p><p><blockquote>根据Brunswick的一项调查，我们可以观察到Reddit论坛作为投资者投资工具的重要性，尤其是在18-29岁年龄段的年轻投资者中。大约14%的投资者“信任Reddit作为媒体替代品”，在年轻投资者中，这一比例甚至飙升至31%。此外，很大一部分（25%）的年轻投资者也参与了GME机会，而其中20%的人认为GME事件“代表了市场力量的根本性转变”。虽然这些观点可能属于少数投资者，但我们认为投资者的比例肯定足够大，足以引起一般投资界的关注，因此我们认为Reddit论坛的力量肯定是一股不可忽视的力量。前进。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa3108c1a56bc4c6221a4d8297e018d3\" tg-width=\"826\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Share of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大使用Reddit调查问题的机构投资者比例。数据来源：Brunswick</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e72f250f4fe70ca9af575b6828bace0d\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Average trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大机构投资者对Reddit的平均信任评分。数据来源：Brunswick</span></p></blockquote></p><p> We could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.</p><p><blockquote>我们甚至可以观察到Reddit在机构投资者中的影响力越来越大，因为27%的人使用Reddit来“调查问题”，这比前几年明显增加，尽管他们对该平台的信任度从2019年的平均分3.5分明显下降到2021年的2.0分。我们认为这表明机构投资者认为Reddit在一般投资界决策过程中的影响力越来越大，但与之前展示的个人投资者相比，他们不相信这些论坛上发生的事情对他们“发达”的过程有足够的意义。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a87f8665c27d127566189bd21a035158\" tg-width=\"956\" tg-height=\"591\" width=\"100%\" height=\"auto\"><span>Institutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构投资者对Reddit wallstreetbets社区成员的态度。数据来源：Brunswick</span></p></blockquote></p><p> While 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.</p><p><blockquote>虽然48%的机构投资者认为Reddit用户“可能有短期影响力，但他们无法维持这种影响力”，但27%的人对Reddit在投资者群体中的影响力产生了一些好奇心，13%的人对Reddit用户能够聚集一支军队以超越华尔街一些最聪明的头脑的方式产生了某种形式的尊重。因此，我们毫不惊讶地发现，这些机构投资者中有20%对他们认为的Reddit用户的“市场操纵”感到沮丧。</blockquote></p><p> <b>Looking Ahead</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> Ownership breakdown. Source:Simply Wall St</p><p><blockquote>所有权细分。资料来源：简单华尔街</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1dd4930d00083121d28ea6d57285bc5\" tg-width=\"1280\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>Institutional ownership changes. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构所有权变更。资料来源：Marketbeat</span></p></blockquote></p><p></p><p> Moving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.</p><p><blockquote>展望未来，我们认为像GME这样的模因股票将继续在Reddit论坛中占据显着地位，并仍然是他们对抗华尔街的“旗舰”股票之一。散户投资者目前持有GME股票的最大份额，占总持股量的45.1%。有趣的是，仍有相当大比例（36.4%）的机构投资者仍然持有GME，其中包括GME最大股东：贝莱德，拥有GME 12.36%的股票。尽管GME在21年Q2见证了$19.3亿机构资本的大幅流出，但股价仍远高于2021年第一个交易日17.25美元的收盘价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a708e62291662e5d4e2bce79492dc93a\" tg-width=\"1244\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Percentage of float shorted over time. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>随着时间的推移，流通量短缺的百分比。资料来源：Marketbeat</span></p></blockquote></p><p> Importantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.</p><p><blockquote>重要的是，尽管空头流通量百分比已从1月份的41.96%大幅下降至6月底的“仅”14.18%，这是2021年有记录的两周最低水平，但价格仍继续维持。</blockquote></p><p> Other than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.</p><p><blockquote>除了持有GME的45.1%散户投资者外，该股还得到瑞安·科恩12.13%股份的支持，这使他成为GME股票的第二大股东，仅次于贝莱德，尽管他最后一批股票的购买价格12月20日的127.4万股约为14.24美元，如果我们考虑到GME最后收盘价178.85美元，这无疑给了他巨大的安全边际。</blockquote></p><p> <b>Price Action and Trend Analysis</b></p><p><blockquote><b>价格行为和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe5e54ac5cfe6504ec07c334a8c52668\" tg-width=\"1280\" tg-height=\"786\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Ever since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.</p><p><blockquote>自从我们在今年年初目睹的狂热以来，GME已经稳定下来，似乎已经形成了上升趋势偏差，其支撑位在之前的130美元至160美元价格水平之间吸引了强烈的购买兴趣。根据我们的价格走势分析，我们预计买家将继续强烈捍卫这一水平。对于热衷于持有GME头寸的投资者，我们认为他们可能会考虑在我们强调的买入范围内入场。</blockquote></p><p> While we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:</p><p><blockquote>阿斯滕汉姆资产管理公司表示，虽然我们相信游戏驿站的价格波动可能会继续下去，但我们认为该股在散户群体中引起了令人难以置信的巨大购买兴趣，这动摇了机构投资者的基础：</blockquote></p><p>   \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”  In GameStop, we think the game is certainly far from being over.</p><p><blockquote>“在当前环境下，如果你不衡量和管理你对拥挤和散户兴趣的空头敞口，那你就是疏忽了，”我们认为一家价值数十亿美元的美国对冲基金也简洁地总结了这一点。Reddit社区的影响力：“[我们]绝对在关注WSB等论坛，我们正在非常密切地关注这一点。”在游戏驿站，我们认为游戏肯定远未结束。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441170-gamestop-the-game-is-far-from-over\">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":{"GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4441170-gamestop-the-game-is-far-from-over","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107345366","content_text":"Summary\n\nGameStop has revamped itself to progressively move towards to become a major e-commerce player.\nWe think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.\nIn addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.\nWhile we don't have a position in GameStop, we don't think the game is over for the company.\n\nInvestment Thesis\nThe speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.\nWhile we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.\nWe thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:\n\n Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.\n\nWe think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.\nIn this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.\nWhat Has Changed for GameStop since the January Mania?\nGME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"\nWhile the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.\nRyan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:\n\n You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.\n\nHowever, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”\nQuarterly revenues. Data source: S&P Capital IQ\nLTM revenue. Data source: S&P Capital IQ\nWe could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.\nLTM EBIT margins trend. Data Source: S&P Capital IQ\nWhile the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.\nDebt to Equity Ratio. Source:Simply Wall St\nLTM Levered FCF margin. Data source: S&P Capital IQ\nThe company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.\nTherefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:\n\n We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.\n\nThe Reddit Community Grew by 25.9% in 2020\nUS social network user growth, by platform 2020 & 2021. Source:eMarketer\nInvestors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.\nPopulation distribution in the US in 2019, by generation. Data source: US Census Bureau\nWe believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.\nImportantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.\nAccording to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.\nAmong the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.\nTherefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.\nWe think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.\nAnalyzing the Reddit Opinion\nIndividual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick\nAccording to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.\nShare of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick\nAverage trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick\nWe could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.\nInstitutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick\nWhile 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.\nLooking Ahead\nOwnership breakdown. Source:Simply Wall St\nInstitutional ownership changes. Source:Marketbeat\nMoving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.\nPercentage of float shorted over time. Source:Marketbeat\nImportantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.\nOther than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.\nPrice Action and Trend Analysis\nSource: TradingView\nEver since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.\nWhile we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:\n\n \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”\n\nIn GameStop, we think the game is certainly far from being over.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171229704,"gmtCreate":1626746882308,"gmtModify":1633771440043,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be good closer to month&nbsp;","listText":"Will be good closer to month&nbsp;","text":"Will be good closer to month","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/171229704","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173850130,"gmtCreate":1626654065620,"gmtModify":1633925274314,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"&nbsp;Nice","listText":"&nbsp;Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173850130","repostId":"1123760994","repostType":4,"isVote":1,"tweetType":1,"viewCount":1154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179954310,"gmtCreate":1626483198530,"gmtModify":1633926399360,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179954310","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170033267,"gmtCreate":1626394826959,"gmtModify":1633927208917,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be green soon?","listText":"Will be green soon?","text":"Will be green soon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170033267","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144526351,"gmtCreate":1626307059673,"gmtModify":1633928102461,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"That’s great! 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/356542189","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327521221,"gmtCreate":1616111723563,"gmtModify":1634527212605,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be red today for SG stocks?Pls like n comment","listText":"Will be red today for SG stocks?Pls like n comment","text":"Will be red today for SG stocks?Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/327521221","repostId":"2120162321","repostType":4,"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149924126,"gmtCreate":1625702374465,"gmtModify":1633938279956,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/149924126","repostId":"1176865752","repostType":4,"isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130513975,"gmtCreate":1621556407997,"gmtModify":1634188184641,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Rebounding! Pls like n comment","listText":"Rebounding! Pls like n comment","text":"Rebounding! Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130513975","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103097539,"gmtCreate":1619737965621,"gmtModify":1634210382291,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Amazing! Pls like n comment!","listText":"Amazing! Pls like n comment!","text":"Amazing! Pls like n comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/103097539","repostId":"1188611661","repostType":4,"repost":{"id":"1188611661","kind":"news","pubTimestamp":1619734487,"share":"https://www.laohu8.com/m/news/1188611661?lang=zh_CN&edition=full","pubTime":"2021-04-30 06:14","market":"us","language":"en","title":"Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升44%，超出盈利预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188611661","media":"CNBC","summary":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company ","content":"<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司确认，今年的Prime Day将于6月举行，这可能有助于第二季度收入的同比比较。</li></ul>亚马逊股价周四在盘后交易中上涨超过3.5%，此前该公司发布了第一季度财报，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于Refinitiv编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股15.79美元，预期每股9.54美元</li><li><b>收入：</b>1,085.2亿美元，预期为1,044.7亿美元</li></ul>很少有公司像亚马逊那样从大流行推动的在线购物激增中受益。其第一季度业绩显示，该公司的业务继续受到疫情的提振，销售额同比飙升44%至1085亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的指引暗示，预计这一势头将持续下去，这应该有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在1100亿美元至1160亿美元之间，超过华尔街预测的1086亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在其指引中确认，今年的Prime Day将于6月举行，这可能有助于第二季度收入的同比比较。通常情况下，亚马逊一年一度为期两天的折扣活动在7月举行，但由于与大流行相关的不确定性，该公司去年将活动推迟到了10月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及Prime Day的时间安排时，首席财务官Brian Olsavsky在与投资者的看涨期权上表示：“在许多地区，7月是假期月，因此客户、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能是更好的时机，所以这就是我们今年测试的。”</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售部门之外，亚马逊的云计算和广告业务继续蓬勃发展。亚马逊网络服务本季度净销售额为135亿美元，同比增长32%。亚马逊没有披露广告销售额，但它包含在该公司的“其他”类别中，该类别的收入同比增长77%，达到69亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯还罕见地介绍了亚马逊流媒体业务在疫情期间的表现，因为被困在家里的消费者依靠在线娱乐来保持忙碌。“随着Prime Video迎来10周年，过去一年有超过1.75亿Prime会员观看了节目和电影，流媒体播放时间同比增长了70%以上，”他说。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务Prime Video是该公司Prime订阅服务的一项关键产品，该服务每年收费119美元，并包括一系列其他福利，例如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有2亿Prime用户，比2020年初增加了5000万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>实体店收入，包括全食超市和亚马逊图书等其他实体产品，继续下降。销售额下降16%至39亿美元。奥尔萨夫斯基说，该类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比飙升60%，超过任何其他细分市场，而北美收入则增长40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与Covid-19相关的成本为15亿美元，预计第二季度营业收入将在45亿美元至80亿美元之间。这与亚马逊高管上季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过10亿美元为超过50万美国运营员工提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，由于销量仍然与大流行开始时一样强劲，公司决定将加薪从秋季提前到今年春季。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度卸任后发挥作用。贝佐斯将把掌舵权移交给AWS首席执行官安迪·贾西，并担任亚马逊董事会执行主席。</blockquote></p><p></p>","source":"lsy1609915699154","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>Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升44%，超出盈利预期</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\">\nAmazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升44%，超出盈利预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNBC</strong><span class=\"h-time small\">2021-04-30 06:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司确认，今年的Prime Day将于6月举行，这可能有助于第二季度收入的同比比较。</li></ul>亚马逊股价周四在盘后交易中上涨超过3.5%，此前该公司发布了第一季度财报，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于Refinitiv编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股15.79美元，预期每股9.54美元</li><li><b>收入：</b>1,085.2亿美元，预期为1,044.7亿美元</li></ul>很少有公司像亚马逊那样从大流行推动的在线购物激增中受益。其第一季度业绩显示，该公司的业务继续受到疫情的提振，销售额同比飙升44%至1085亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的指引暗示，预计这一势头将持续下去，这应该有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在1100亿美元至1160亿美元之间，超过华尔街预测的1086亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在其指引中确认，今年的Prime Day将于6月举行，这可能有助于第二季度收入的同比比较。通常情况下，亚马逊一年一度为期两天的折扣活动在7月举行，但由于与大流行相关的不确定性，该公司去年将活动推迟到了10月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及Prime Day的时间安排时，首席财务官Brian Olsavsky在与投资者的看涨期权上表示：“在许多地区，7月是假期月，因此客户、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能是更好的时机，所以这就是我们今年测试的。”</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售部门之外，亚马逊的云计算和广告业务继续蓬勃发展。亚马逊网络服务本季度净销售额为135亿美元，同比增长32%。亚马逊没有披露广告销售额，但它包含在该公司的“其他”类别中，该类别的收入同比增长77%，达到69亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯还罕见地介绍了亚马逊流媒体业务在疫情期间的表现，因为被困在家里的消费者依靠在线娱乐来保持忙碌。“随着Prime Video迎来10周年，过去一年有超过1.75亿Prime会员观看了节目和电影，流媒体播放时间同比增长了70%以上，”他说。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务Prime Video是该公司Prime订阅服务的一项关键产品，该服务每年收费119美元，并包括一系列其他福利，例如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有2亿Prime用户，比2020年初增加了5000万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>实体店收入，包括全食超市和亚马逊图书等其他实体产品，继续下降。销售额下降16%至39亿美元。奥尔萨夫斯基说，该类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比飙升60%，超过任何其他细分市场，而北美收入则增长40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与Covid-19相关的成本为15亿美元，预计第二季度营业收入将在45亿美元至80亿美元之间。这与亚马逊高管上季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过10亿美元为超过50万美国运营员工提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，由于销量仍然与大流行开始时一样强劲，公司决定将加薪从秋季提前到今年春季。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度卸任后发挥作用。贝佐斯将把掌舵权移交给AWS首席执行官安迪·贾西，并担任亚马逊董事会执行主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html\">CNBC</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":{"AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188611661","content_text":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.\n\nAmazonshares climbed more than 3.5% in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.\n\nHere’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:\n\nEarnings:$15.79 per share vs. $9.54 per share expected\nRevenue:$108.52 billion vs. $104.47 billion expected\n\nFew companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.\nAmazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.\nCrucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.\nWhen asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”\nOutside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.\nAmazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.\nAmazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.\nPhysical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.\nDuring the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.\nAs expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.\nAmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.\nOlsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817438113,"gmtCreate":1630979353232,"gmtModify":1631890577949,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Maybe","listText":"Maybe","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817438113","repostId":"2165877953","repostType":4,"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131195079,"gmtCreate":1621832995091,"gmtModify":1634186224879,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Rebound soon pls like n comment&nbsp;","listText":"Rebound soon pls like n comment&nbsp;","text":"Rebound soon pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/131195079","repostId":"2137827351","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344001091,"gmtCreate":1618358183813,"gmtModify":1634293539374,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be a good week! Pls like n comment&nbsp;","listText":"Will be a good week! Pls like n comment&nbsp;","text":"Will be a good week! Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/344001091","repostId":"1176504888","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343048463,"gmtCreate":1617666399152,"gmtModify":1634297280517,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560400655314166","idStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Tesla has great vision n continue to grow! Pls like n comment.","listText":"Tesla has great vision n continue to grow! Pls like n comment.","text":"Tesla has great vision n continue to grow! Pls like n comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/343048463","repostId":"1123709980","repostType":4,"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}