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2021-04-04

post

3 Beaten-Down Stocks That Could Double Your Money<blockquote>3 只被击败的股票可以让你的钱翻倍</blockquote>

2021-03-02

pls comment on my comment!

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2021-04-17

comment on my post pls

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2021-02-25

here to leave a comment. like my comment please. thanks in advance

7 smarter ways to play the boom in videogames and esports than buying GameStop<blockquote>比购买游戏驿站更聪明的电子游戏和电子竞技热潮的 7 种方式</blockquote>

2021-08-15

correction lai liao. everyone quiet and holding money already

US IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</blockquote>

2021-08-12

who is still using ebay now

EBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</blockquote>

2021-08-01

typhoon here. mon red?

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2021-04-11

help like my post please. thank u

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2021-03-28

comments

Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>

2021-06-01

help comment pls

Zoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将公布第一季度收益：前景如何？</blockquote>

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16:59","market":"us","language":"en","title":"Dow Jones, Nasdaq, S&P 500 futures rally as global equities bounce back<blockquote>全球股市反弹，道琼斯、纳斯达克、标普500期货上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138597781","media":"seekingalpha","summary":"The dip-buyers who stepped in during the last hour of Wall Street trading yesterday are back again t","content":"<p>The dip-buyers who stepped in during the last hour of Wall Street trading yesterday are back again today, pushing stocks higher around the world.</p><p><blockquote>昨天在华尔街交易最后一个小时介入的逢低买家今天又回来了，推动全球股市走高。</blockquote></p><p> S&amp;P futures(SPX), Nasdaq 100 futures(NDX:IND)and Dow Jones futures(INDU)are all up about 1%.</p><p><blockquote>标准普尔期货 (SPX)、纳斯达克 100 期货 (NDX:IND) 和道琼斯期货 (INDU) 均上涨约 1%。</blockquote></p><p> In Asia, Japan's Nikkei(NKY:IND)is lower, catching up with trading after a holiday on Monday, but Hong Kong's Hang Seng(HSI)is up more than half a percent.</p><p><blockquote>在亚洲，日本日经指数（NKY:IND）走低，赶上了周一假期后的交易，但香港恒生指数（HSI）上涨了0.5%以上。</blockquote></p><p> In Europe, the benchmark indexes in Frankfurt, London and Paris are more than 1% higher, with the broader Stoxx 600(STOXX)up 1%.</p><p><blockquote>在欧洲，法兰克福、伦敦和巴黎的基准指数上涨超过 1%，其中斯托克 600 指数 (STOXX) 上涨 1%。</blockquote></p><p> Rates are paring losses, with the 10-year Treasury yield(NYSEARCA:TBT)(NASDAQ:TLT)up 3 basis points to 1.34%.</p><p><blockquote>利率正在减少损失，10 年期国债收益率 (NYSEARCA:TBT)(NASDAQ:TLT) 上涨 3 个基点至 1.34%。</blockquote></p><p> And volatility is ebbing. The S&amp;P Vix Index(VIX), also referred to as the fear gauge, is down 12% after a surge yesterday.</p><p><blockquote>波动性正在减弱。标准普尔 VIX 指数 (VIX)（也称为恐惧指标）在昨天飙升后下跌 12%。</blockquote></p><p> The VIX \"traded north of 25 for the first time since May, a rise which is likely to have exacerbated some of the declines, with risk models forcing positions to be trimmed as volatility climbs, thus increasing selling, fueling a further increase in volatility; and so on, and so forth,\" Michael Brown, senior market analyst at Caxton writes.</p><p><blockquote>VIX “自 5 月份以来首次突破 25，这一上涨可能加剧了部分下跌，风险模型迫使随着波动性上升而削减头寸，从而增加抛售，加剧了波动性的进一步增加；等等，”卡克斯顿高级市场分析师迈克尔·布朗 (Michael Brown) 写道。</blockquote></p><p> <b>No Lehman moment.</b>Jitters about the impact of China's Evergrande defaulting on interest payments have eased overnight.</p><p><blockquote><b>没有雷曼时刻。</b>对中国恒大违约对利息支付的影响的担忧一夜之间有所缓解。</blockquote></p><p> S&amp;P Global Ratings says that a governmentbailout is unlikely unless there is systemic risk and \"far-reaching\" contagion from Evergrande.</p><p><blockquote>标准普尔全球评级表示，除非恒大存在系统性风险和“深远”的传染，否则政府救助的可能性不大。</blockquote></p><p> But the S&amp;P analysts also say the property company \"failing alone would unlikely result in such a scenario.\"</p><p><blockquote>但标准普尔分析师也表示，这家房地产公司“单独失败不太可能导致这种情况”。</blockquote></p><p> \"The crisis at Evergrande and in the Chinese real estate sector was the catalyst (for a selloff) most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up,\" Deutsche Bank strategist Jim Reid writes today.</p><p><blockquote>德意志银行（Deutsche Bank）策略师吉姆-里德（Jim Reid）今天写道：“恒大和中国房地产行业的危机是大多数人谈论的（抛售）催化剂，但说实话，我们看到的市场溃败反映的风险不仅仅是中国房地产，而且在越来越多的人质疑当前的估值是否仍然合理之后，关于潜在调整的讨论也越来越多。”</blockquote></p><p> \"Remember that 68% of respondents to my survey last week thought they’d be at least a 5% correction in equity markets before year end. So this has been front and center of people’s mind even if the catalyst hasn’t been clear,\" he adds.</p><p><blockquote>“请记住，在我上周的调查中，68% 的受访者认为年底前股市至少会出现 5% 的调整。因此，即使催化剂尚不明确，这也一直是人们关注的焦点，”他补充道。</blockquote></p><p> <b>Time to buy?</b>Monday's tumble brought some bullish calls from Wall Street banks, where several strategists still see the path of the broader market moving up and to the right.</p><p><blockquote><b>是时候买了吗？</b>周一的暴跌带来了华尔街银行的一些看涨评级，一些策略师仍然看到大盘向上和向右移动的路径。</blockquote></p><p> \"The market sell-off that escalated overnight we believe is primarily driven by technical selling flows (CTAs and option hedgers) in an environment of poor liquidity, and overreaction of discretionary traders to perceived risks,” Marko Kolanovic, chief global market strategist at JPMorgan, wrote in a note yesterday. “Our fundamental thesis remains unchanged, and we see the sell-off as an opportunity to buy the dip.”</p><p><blockquote>“摩根大通首席全球市场策略师马尔科-科拉诺维奇（Marko Kolanovic）昨天在一份报告中写道：”我们认为，一夜之间升级的市场抛售主要是由流动性差环境下的技术性抛售流（CTA 和期权对冲）以及全权交易者对感知风险的过度反应所驱动的。“我们的基本论点保持不变，我们将此次抛售视为逢低买入的机会。”</blockquote></p><p> From a technical perspective, Piper Sandler strategist Craig W. Johnson called this week a \"key test for the buy the dip crowd\" and that a failure to defend the S&amp;P's 50-day moving average around 4,436 \"would suggest the broader market is at risk for a deeper pullback.\"</p><p><blockquote>从技术角度来看，Piper Sandler 策略师克雷格·W·约翰逊 (Craig W. Johnson) 称本周是“逢低买入人群的关键考验”，未能捍卫标准普尔 4,436 点左右的 50 日移动平均线“将表明大盘面临更深层次回调的风险。”</blockquote></p><p> But Thomas Lee, head of research at Fundstrat, agreed with Kolanovic, saying on CNBC the time was right to look at adding to positions.</p><p><blockquote>但 Fundstrat 研究主管托马斯·李 (Thomas Lee) 同意科拉诺维奇的观点，他在 CNBC 上表示，现在是考虑增加头寸的时候了。</blockquote></p><p> \"I would look at selloffs like this, which is sort of broad-based selling, as a time to add incrementally,\"Lee said.</p><p><blockquote>李说：“我认为像这样的抛售（这是一种广泛的抛售）是逐步增加的时候。”</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>Dow Jones, Nasdaq, S&P 500 futures rally as global equities bounce back<blockquote>全球股市反弹，道琼斯、纳斯达克、标普500期货上涨</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\">\nDow Jones, Nasdaq, S&P 500 futures rally as global equities bounce back<blockquote>全球股市反弹，道琼斯、纳斯达克、标普500期货上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-21 16:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The dip-buyers who stepped in during the last hour of Wall Street trading yesterday are back again today, pushing stocks higher around the world.</p><p><blockquote>昨天在华尔街交易最后一个小时介入的逢低买家今天又回来了，推动全球股市走高。</blockquote></p><p> S&amp;P futures(SPX), Nasdaq 100 futures(NDX:IND)and Dow Jones futures(INDU)are all up about 1%.</p><p><blockquote>标准普尔期货 (SPX)、纳斯达克 100 期货 (NDX:IND) 和道琼斯期货 (INDU) 均上涨约 1%。</blockquote></p><p> In Asia, Japan's Nikkei(NKY:IND)is lower, catching up with trading after a holiday on Monday, but Hong Kong's Hang Seng(HSI)is up more than half a percent.</p><p><blockquote>在亚洲，日本日经指数（NKY:IND）走低，赶上了周一假期后的交易，但香港恒生指数（HSI）上涨了0.5%以上。</blockquote></p><p> In Europe, the benchmark indexes in Frankfurt, London and Paris are more than 1% higher, with the broader Stoxx 600(STOXX)up 1%.</p><p><blockquote>在欧洲，法兰克福、伦敦和巴黎的基准指数上涨超过 1%，其中斯托克 600 指数 (STOXX) 上涨 1%。</blockquote></p><p> Rates are paring losses, with the 10-year Treasury yield(NYSEARCA:TBT)(NASDAQ:TLT)up 3 basis points to 1.34%.</p><p><blockquote>利率正在减少损失，10 年期国债收益率 (NYSEARCA:TBT)(NASDAQ:TLT) 上涨 3 个基点至 1.34%。</blockquote></p><p> And volatility is ebbing. The S&amp;P Vix Index(VIX), also referred to as the fear gauge, is down 12% after a surge yesterday.</p><p><blockquote>波动性正在减弱。标准普尔 VIX 指数 (VIX)（也称为恐惧指标）在昨天飙升后下跌 12%。</blockquote></p><p> The VIX \"traded north of 25 for the first time since May, a rise which is likely to have exacerbated some of the declines, with risk models forcing positions to be trimmed as volatility climbs, thus increasing selling, fueling a further increase in volatility; and so on, and so forth,\" Michael Brown, senior market analyst at Caxton writes.</p><p><blockquote>VIX “自 5 月份以来首次突破 25，这一上涨可能加剧了部分下跌，风险模型迫使随着波动性上升而削减头寸，从而增加抛售，加剧了波动性的进一步增加；等等，”卡克斯顿高级市场分析师迈克尔·布朗 (Michael Brown) 写道。</blockquote></p><p> <b>No Lehman moment.</b>Jitters about the impact of China's Evergrande defaulting on interest payments have eased overnight.</p><p><blockquote><b>没有雷曼时刻。</b>对中国恒大违约对利息支付的影响的担忧一夜之间有所缓解。</blockquote></p><p> S&amp;P Global Ratings says that a governmentbailout is unlikely unless there is systemic risk and \"far-reaching\" contagion from Evergrande.</p><p><blockquote>标准普尔全球评级表示，除非恒大存在系统性风险和“深远”的传染，否则政府救助的可能性不大。</blockquote></p><p> But the S&amp;P analysts also say the property company \"failing alone would unlikely result in such a scenario.\"</p><p><blockquote>但标准普尔分析师也表示，这家房地产公司“单独失败不太可能导致这种情况”。</blockquote></p><p> \"The crisis at Evergrande and in the Chinese real estate sector was the catalyst (for a selloff) most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up,\" Deutsche Bank strategist Jim Reid writes today.</p><p><blockquote>德意志银行（Deutsche Bank）策略师吉姆-里德（Jim Reid）今天写道：“恒大和中国房地产行业的危机是大多数人谈论的（抛售）催化剂，但说实话，我们看到的市场溃败反映的风险不仅仅是中国房地产，而且在越来越多的人质疑当前的估值是否仍然合理之后，关于潜在调整的讨论也越来越多。”</blockquote></p><p> \"Remember that 68% of respondents to my survey last week thought they’d be at least a 5% correction in equity markets before year end. So this has been front and center of people’s mind even if the catalyst hasn’t been clear,\" he adds.</p><p><blockquote>“请记住，在我上周的调查中，68% 的受访者认为年底前股市至少会出现 5% 的调整。因此，即使催化剂尚不明确，这也一直是人们关注的焦点，”他补充道。</blockquote></p><p> <b>Time to buy?</b>Monday's tumble brought some bullish calls from Wall Street banks, where several strategists still see the path of the broader market moving up and to the right.</p><p><blockquote><b>是时候买了吗？</b>周一的暴跌带来了华尔街银行的一些看涨评级，一些策略师仍然看到大盘向上和向右移动的路径。</blockquote></p><p> \"The market sell-off that escalated overnight we believe is primarily driven by technical selling flows (CTAs and option hedgers) in an environment of poor liquidity, and overreaction of discretionary traders to perceived risks,” Marko Kolanovic, chief global market strategist at JPMorgan, wrote in a note yesterday. “Our fundamental thesis remains unchanged, and we see the sell-off as an opportunity to buy the dip.”</p><p><blockquote>“摩根大通首席全球市场策略师马尔科-科拉诺维奇（Marko Kolanovic）昨天在一份报告中写道：”我们认为，一夜之间升级的市场抛售主要是由流动性差环境下的技术性抛售流（CTA 和期权对冲）以及全权交易者对感知风险的过度反应所驱动的。“我们的基本论点保持不变，我们将此次抛售视为逢低买入的机会。”</blockquote></p><p> From a technical perspective, Piper Sandler strategist Craig W. Johnson called this week a \"key test for the buy the dip crowd\" and that a failure to defend the S&amp;P's 50-day moving average around 4,436 \"would suggest the broader market is at risk for a deeper pullback.\"</p><p><blockquote>从技术角度来看，Piper Sandler 策略师克雷格·W·约翰逊 (Craig W. Johnson) 称本周是“逢低买入人群的关键考验”，未能捍卫标准普尔 4,436 点左右的 50 日移动平均线“将表明大盘面临更深层次回调的风险。”</blockquote></p><p> But Thomas Lee, head of research at Fundstrat, agreed with Kolanovic, saying on CNBC the time was right to look at adding to positions.</p><p><blockquote>但 Fundstrat 研究主管托马斯·李 (Thomas Lee) 同意科拉诺维奇的观点，他在 CNBC 上表示，现在是考虑增加头寸的时候了。</blockquote></p><p> \"I would look at selloffs like this, which is sort of broad-based selling, as a time to add incrementally,\"Lee said.</p><p><blockquote>李说：“我认为像这样的抛售（这是一种广泛的抛售）是逐步增加的时候。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3741654-dow-jones-nasdaq-sp-500-futures-rally-as-global-equities-bounce-back\">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":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/news/3741654-dow-jones-nasdaq-sp-500-futures-rally-as-global-equities-bounce-back","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138597781","content_text":"The dip-buyers who stepped in during the last hour of Wall Street trading yesterday are back again today, pushing stocks higher around the world.\nS&P futures(SPX), Nasdaq 100 futures(NDX:IND)and Dow Jones futures(INDU)are all up about 1%.\nIn Asia, Japan's Nikkei(NKY:IND)is lower, catching up with trading after a holiday on Monday, but Hong Kong's Hang Seng(HSI)is up more than half a percent.\nIn Europe, the benchmark indexes in Frankfurt, London and Paris are more than 1% higher, with the broader Stoxx 600(STOXX)up 1%.\nRates are paring losses, with the 10-year Treasury yield(NYSEARCA:TBT)(NASDAQ:TLT)up 3 basis points to 1.34%.\nAnd volatility is ebbing. The S&P Vix Index(VIX), also referred to as the fear gauge, is down 12% after a surge yesterday.\nThe VIX \"traded north of 25 for the first time since May, a rise which is likely to have exacerbated some of the declines, with risk models forcing positions to be trimmed as volatility climbs, thus increasing selling, fueling a further increase in volatility; and so on, and so forth,\" Michael Brown, senior market analyst at Caxton writes.\nNo Lehman moment.Jitters about the impact of China's Evergrande defaulting on interest payments have eased overnight.\nS&P Global Ratings says that a governmentbailout is unlikely unless there is systemic risk and \"far-reaching\" contagion from Evergrande.\nBut the S&P analysts also say the property company \"failing alone would unlikely result in such a scenario.\"\n\"The crisis at Evergrande and in the Chinese real estate sector was the catalyst (for a selloff) most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up,\" Deutsche Bank strategist Jim Reid writes today.\n\"Remember that 68% of respondents to my survey last week thought they’d be at least a 5% correction in equity markets before year end. So this has been front and center of people’s mind even if the catalyst hasn’t been clear,\" he adds.\nTime to buy?Monday's tumble brought some bullish calls from Wall Street banks, where several strategists still see the path of the broader market moving up and to the right.\n\"The market sell-off that escalated overnight we believe is primarily driven by technical selling flows (CTAs and option hedgers) in an environment of poor liquidity, and overreaction of discretionary traders to perceived risks,” Marko Kolanovic, chief global market strategist at JPMorgan, wrote in a note yesterday. “Our fundamental thesis remains unchanged, and we see the sell-off as an opportunity to buy the dip.”\nFrom a technical perspective, Piper Sandler strategist Craig W. Johnson called this week a \"key test for the buy the dip crowd\" and that a failure to defend the S&P's 50-day moving average around 4,436 \"would suggest the broader market is at risk for a deeper pullback.\"\nBut Thomas Lee, head of research at Fundstrat, agreed with Kolanovic, saying on CNBC the time was right to look at adding to positions.\n\"I would look at selloffs like this, which is sort of broad-based selling, as a time to add incrementally,\"Lee said.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883393474,"gmtCreate":1631199881298,"gmtModify":1631891580272,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"ok good","listText":"ok good","text":"ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883393474","repostId":"1109747974","repostType":4,"isVote":1,"tweetType":1,"viewCount":1979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880834691,"gmtCreate":1631030030913,"gmtModify":1631891580280,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"time to drop. overdue","listText":"time to drop. overdue","text":"time to drop. overdue","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880834691","repostId":"1130130857","repostType":4,"repost":{"id":"1130130857","kind":"news","pubTimestamp":1631007146,"share":"https://www.laohunote.com/m/news/1130130857?lang=zh_CN&edition=full","pubTime":"2021-09-07 17:32","market":"us","language":"en","title":"Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130130857","media":"Barron's","summary":"What a year this has been for the markets!Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and  a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnin","content":"<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊!在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔 500 指数上涨了 20%，连续七个月上涨，并一路创下 50 多个新高。此外，去年市场从 2020 年 3 月的低点反弹了 68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨速度。刺激支出已见顶，经济和企业盈利增长可能会在今年年底放缓。更重要的是，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。对于越来越昂贵的股票持有者来说，这些都不太可能满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，做好准备迎接波动性下跌，这相互矛盾地推动巴菲特股票、债券和投资者。“Nuveen 全球股票首席投资官赛拉-马利克（Saira Malik）说：”万物反弹已经过去。“这不会是一股急剧上涨的经济潮流，让所有船只都离开这里”。</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识。<i>巴伦</i>最近咨询过。所有人都看到标普500在周四收盘价 4536 点附近收盘。他们的平均目标：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>与最近的趋势相比，明年的涨幅也显得微不足道。该集团预计 2022 年标普500将再增长 6%，升至 4,800 左右。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的 21 倍，债券收益率很低，现金收益率在考虑通货膨胀因素后几乎为零，投资者面临着艰难的资产配置决策。我们的市场观察家建议关注 “优质 ”投资，而不是提振快速增长的科技股、停滞不前的备忘录股和数字世界的狗狗币。在股票中，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业股票。即使未来几个月平均指数表现不佳，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅反弹是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免 Covid 大流行病造成的经济损失。自2020年3月以来，美国央行每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并将投资者推向包括股票在内的风险更高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买规模，此举可能会动摇各种风险资产。“摩根士丹利（atMorgan Stanley）首席投资官兼首席美国股票策略师迈克-威尔逊（Mike Wilson）说：”对我们来说，这很简单：缩减规模就是收紧规模。“这是（美联储）远离最大限度宽松的第一步。他们这次对此非常精打细算，但底线是这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>战略家们指出，政府的刺激支出也达到了顶峰。每周 300 美元的补充联邦失业救济金将于 9 月 6 日到期。尽管国会似乎可能会在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激计划相比，近期经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约 5500 亿美元的新支出——只是之前法律授权的万亿美元的一小部分——并且将分摊多年。基础设施刺激措施将在短期内对占美国国内生产总值增长近 70% 的消费支出的提振作用，远不及去年数百万美国人收到政府支票后的经济状况。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>民主党批准的预算法案只应遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施的支出，以及其他政党优先事项。国会可能会投票提高对企业和高收入个人的税收，以抵消这笔支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他充满政治色彩的问题同样可能导致股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计支出法案，以避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>十月关闭。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对新冠肺炎德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要局限于旅游业和电影院。华尔街对市场的基本看法并不包括新一波会破坏经济增长的封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通货膨胀一直是美联储和投资者的热门话题，部分原因是最近通货膨胀一直非常火爆。美国消费者价格指数在 6 月和 7 月均以年化 5.4% 的速度上涨--美联储的评级是暂时的，尽管其他人并不确定。战略家们站在鲍威尔一边；他们预计明年通货膨胀率将大幅下降。他们的预测降幅在 2.5% 至 3.5% 之间，他们认为这对消费者和企业来说是可控的，也是经济快速增长的可接受的副作用。然而，高于 2.5% 的通胀率，加上美联储缩减规模，意味着现在超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>“贝莱德多资产策略集团（BlackRockMulti-Asset Strategies Group）收入投资主管迈克尔-弗雷德里克斯（Michael Fredericks）说：”我们认为通胀将继续高于金融危机以来的水平，但一旦许多与重新开放相关的压力开始消散，我们就很难看到通胀率远高于2.5%。“因此，债券收益率确实需要上升，但这将是逐步发生的。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比目前的水平高出约 35 个基点，即百分之一个百分点，但低于 2021 年 3 月高点时达到的 1.75%。该组织表示，到明年，10 年期国债收益率可能达到 2%。从绝对值来看，这些举措并不算大，但对债券市场来说意义重大，对股市来说意义更大。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会给股票估值带来压力，原因有二。收益率较高的债券会给股票带来竞争，如果按较高的利率贴现，公司未来的收益在目前就毫无价值。尽管如此，2% 左右的 10 年期国债收益率仍不足以将股票估值降至 Covid 之前的水平。即使收益率攀升，市场策略师也认为标普500持有的市盈率远高于其 30 年平均水平 16 倍远期市盈率。去年秋天，该指数的远期市盈率突破了 23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要 10 年期国债收益率保持在 2% 范围内，标普500的远期市盈率就应该能够保持在高位。在收益率大幅上升或其他导致股市下跌的因素带来更大压力之前，回到 16 倍的长期平均水平是不可能的。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>他表示，如果收益率飙升至 2% 或 2.25% 以上，投资者可能会开始更认真地质疑股票估值<a href=\"https://laohu8.com/S/STT\">状态</a>Street'schief 投资组合策略师 Gaurav Mallik： “我们已经有一段时间没有看到（10 年期国债收益率）超过 2%，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出股市的估值风险是不对称的： “他说：”考虑到增长放缓和我们在周期中的位置，市盈率不太可能上升，而且很有可能下降 10% 以上。</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充说，如果 16 到 23 倍的远期市盈率是这个范围，“你已经处于这个范围的高端了。潜在的风险大于回报”。</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>六位策略师的预测都包含了一些市盈率的压缩，这使得利润增长之路更加重要。在经历了去年的盈利低迷之后，策略师平均预计标普500今年的盈利将跃升 46%，达到约 204 美元。随后，2022 年可能会上涨 9%，达到约 222.50 美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是 2022 年联邦企业税率的提高。民主党支出和税收计划的细节将在未来几周内制定，投资者有望听到更多关于潜在增税的消息。几位策略师认为，25% 的联邦企业利润率可能是一个妥协数字，高于 2018 年以来的 21%，但低于拜登政府寻求的 28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约 5%。随着民主党和解法案的临近，该指数可能会下降类似的幅度，但影响应仅限于最初的修正。与 2017 年 12 月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>撇开这些担忧不谈，投资者不应忽视大局： 美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。“马利克说：”周期性上涨和高于趋势的增长至少将持续到 2022 年，我们希望偏向具有这种风险敞口的资产。</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将非常火爆。当国内生产总值增长高于平均水平时，价值就会战胜增长，周期性股票会战胜防御性股票。”- Lori Calvasina，加拿大皇家银行资本市场 道富银行策略师建议在投资组合中增持材料、金融和技术。这种方法既包括银行和矿业等经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）同样采取杠铃策略，同时投资周期性和成长性。她喜欢的行业是能源、金融和科技。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>“卡尔瓦西纳说：”金融和能源领域的估值仍然比成长型行业（如科技或非必需消费品）更具吸引力。“近期的催化剂是摆脱当前的 Covid 浪潮......今明两年我们将迎来火热的经济，传统上，当 GDP 增长高于平均水平时，价值战胜增长，周期性战胜防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是至关重要的，尤其是进入 2022 年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长率。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>“卡尔瓦西纳说：”历史的剧本是，从经济衰退中走出来，往往会看到持续一年左右的低质量超越业绩，然后领导层会回到高质量。“但从低质量到高质量的转变往往非常坎坷”。</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师倾向于经济敏感股票和稳定增长股票的组合，包括科技股。金融股应该表现良好，尤其是在债券收益率上升的情况下。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管具有质量属性的股票今年夏天的表现优于大盘，但根据<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析认为，自去年11月首次报道积极的疫苗消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>“贝莱德（BlackRock）的弗雷德里克斯（Fredericks）说：”我们正在进入一个周期中期环境，此时潜在的经济增长依然强劲，但势头开始放缓。“我们的研究表明，优质股票在这样的时期表现尤为出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融业，包括银行，以及具有这些质量特征的必需消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>该公司的股票策略主管克里斯托弗-哈维（Christopher Harvey）认为，大流行后的受益者和防御性敞口相结合才是最佳选择。他构建了一篮子波动性低于平均水平的股票--在今年秋季市场不确定或压力时期，这些股票的表现应该会优于平均水平--并且 “Covid贝塔值 ”较高，即对大流行病的好消息或坏消息敏感。一个要求；富国银行的股票分析师不得不将这些股票评级相当于买入。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>“哈维说：”近期存在经济不确定性、利率不确定性和 Covid 风险，一般来说，9 月前后我们正处于一年中季节性疲软的时期。“如果我们能在低体积和高 Covid beta 之间取得平衡，我们就能减轻即将到来的许多不确定性和波动性，这些催化剂的时间安排。不过，从长远来看，我们仍然希望有这种[重新开放的风险敞口]”。</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的高Covid贝塔值低波动性股票名单包括苹果公司（AAPL）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">伊克维亚</a>控股公司 (IQV) 和马斯科 (MAS)。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。景顺 KBW 银行交易所交易基金 (KBWB) 为美国该行业提供广泛的投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“哈维说：”我们喜欢估值[和]信用质量；他们现在被允许回购股票并增加股息，而且 Covid 贝塔系数也更高。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>更便宜的估值意味着市场调整中潜在的下行空间较小。而且，与股票市场的其他大部分相反，更高的利率将成为银行的推动力，然后银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。“<a href=\"https://laohu8.com/S/HR\">医疗保健</a>威尔逊说。“如今，与其他行业相比，医疗保健行业每单位增长的成本要低得多。因此，我们认为，当我们担心估值时，医疗保健行业为这个市场提供了良好的平衡。”Health insurerHumana (HUM) 将威尔逊的 “新鲜资金买入清单”评级为买入<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen 的 Malik 也将目光投向了医疗保健行业，即制药和生物技术行业，以获得价格相对较低的增长机会。她指出，Seagen (SGEN) 专注于肿瘤药物，可能是制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维 (ABBV)，该公司的远期市盈率为 8 倍，股息收益率为 4.7%。其重磅抗炎药修美乐的专利即将到期，这让一些投资者望而却步，但马利克相信管理层可以限制损害，并看到这家价值 2000 亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都经历了艰难的时期。Seagen 上周下跌超过 8%，至 152 美元左右，原因是有消息称其联合创始人兼首席执行官最近出售了大量股票。周三，艾伯维股价下跌 7%，至 112.27 美元，此前美国食品和药物管理局要求 JAK 抑制剂贴上新的警告标签，JAK 抑制剂是一种抗类风湿药物，包括以下成分之一<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生公司 (JNJ) 和思科系统公司 (CSCO) 是其他通过<i>巴伦</i>质量属性屏幕。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳步上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点回落，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>","source":"lsy1610680873436","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>Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-07 17:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊!在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔 500 指数上涨了 20%，连续七个月上涨，并一路创下 50 多个新高。此外，去年市场从 2020 年 3 月的低点反弹了 68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨速度。刺激支出已见顶，经济和企业盈利增长可能会在今年年底放缓。更重要的是，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。对于越来越昂贵的股票持有者来说，这些都不太可能满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，做好准备迎接波动性下跌，这相互矛盾地推动巴菲特股票、债券和投资者。“Nuveen 全球股票首席投资官赛拉-马利克（Saira Malik）说：”万物反弹已经过去。“这不会是一股急剧上涨的经济潮流，让所有船只都离开这里”。</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识。<i>巴伦</i>最近咨询过。所有人都看到标普500在周四收盘价 4536 点附近收盘。他们的平均目标：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>与最近的趋势相比，明年的涨幅也显得微不足道。该集团预计 2022 年标普500将再增长 6%，升至 4,800 左右。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的 21 倍，债券收益率很低，现金收益率在考虑通货膨胀因素后几乎为零，投资者面临着艰难的资产配置决策。我们的市场观察家建议关注 “优质 ”投资，而不是提振快速增长的科技股、停滞不前的备忘录股和数字世界的狗狗币。在股票中，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业股票。即使未来几个月平均指数表现不佳，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅反弹是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免 Covid 大流行病造成的经济损失。自2020年3月以来，美国央行每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并将投资者推向包括股票在内的风险更高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买规模，此举可能会动摇各种风险资产。“摩根士丹利（atMorgan Stanley）首席投资官兼首席美国股票策略师迈克-威尔逊（Mike Wilson）说：”对我们来说，这很简单：缩减规模就是收紧规模。“这是（美联储）远离最大限度宽松的第一步。他们这次对此非常精打细算，但底线是这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>战略家们指出，政府的刺激支出也达到了顶峰。每周 300 美元的补充联邦失业救济金将于 9 月 6 日到期。尽管国会似乎可能会在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激计划相比，近期经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约 5500 亿美元的新支出——只是之前法律授权的万亿美元的一小部分——并且将分摊多年。基础设施刺激措施将在短期内对占美国国内生产总值增长近 70% 的消费支出的提振作用，远不及去年数百万美国人收到政府支票后的经济状况。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>民主党批准的预算法案只应遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施的支出，以及其他政党优先事项。国会可能会投票提高对企业和高收入个人的税收，以抵消这笔支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他充满政治色彩的问题同样可能导致股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计支出法案，以避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>十月关闭。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对新冠肺炎德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要局限于旅游业和电影院。华尔街对市场的基本看法并不包括新一波会破坏经济增长的封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通货膨胀一直是美联储和投资者的热门话题，部分原因是最近通货膨胀一直非常火爆。美国消费者价格指数在 6 月和 7 月均以年化 5.4% 的速度上涨--美联储的评级是暂时的，尽管其他人并不确定。战略家们站在鲍威尔一边；他们预计明年通货膨胀率将大幅下降。他们的预测降幅在 2.5% 至 3.5% 之间，他们认为这对消费者和企业来说是可控的，也是经济快速增长的可接受的副作用。然而，高于 2.5% 的通胀率，加上美联储缩减规模，意味着现在超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>“贝莱德多资产策略集团（BlackRockMulti-Asset Strategies Group）收入投资主管迈克尔-弗雷德里克斯（Michael Fredericks）说：”我们认为通胀将继续高于金融危机以来的水平，但一旦许多与重新开放相关的压力开始消散，我们就很难看到通胀率远高于2.5%。“因此，债券收益率确实需要上升，但这将是逐步发生的。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比目前的水平高出约 35 个基点，即百分之一个百分点，但低于 2021 年 3 月高点时达到的 1.75%。该组织表示，到明年，10 年期国债收益率可能达到 2%。从绝对值来看，这些举措并不算大，但对债券市场来说意义重大，对股市来说意义更大。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会给股票估值带来压力，原因有二。收益率较高的债券会给股票带来竞争，如果按较高的利率贴现，公司未来的收益在目前就毫无价值。尽管如此，2% 左右的 10 年期国债收益率仍不足以将股票估值降至 Covid 之前的水平。即使收益率攀升，市场策略师也认为标普500持有的市盈率远高于其 30 年平均水平 16 倍远期市盈率。去年秋天，该指数的远期市盈率突破了 23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要 10 年期国债收益率保持在 2% 范围内，标普500的远期市盈率就应该能够保持在高位。在收益率大幅上升或其他导致股市下跌的因素带来更大压力之前，回到 16 倍的长期平均水平是不可能的。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>他表示，如果收益率飙升至 2% 或 2.25% 以上，投资者可能会开始更认真地质疑股票估值<a href=\"https://laohu8.com/S/STT\">状态</a>Street'schief 投资组合策略师 Gaurav Mallik： “我们已经有一段时间没有看到（10 年期国债收益率）超过 2%，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出股市的估值风险是不对称的： “他说：”考虑到增长放缓和我们在周期中的位置，市盈率不太可能上升，而且很有可能下降 10% 以上。</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充说，如果 16 到 23 倍的远期市盈率是这个范围，“你已经处于这个范围的高端了。潜在的风险大于回报”。</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>六位策略师的预测都包含了一些市盈率的压缩，这使得利润增长之路更加重要。在经历了去年的盈利低迷之后，策略师平均预计标普500今年的盈利将跃升 46%，达到约 204 美元。随后，2022 年可能会上涨 9%，达到约 222.50 美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是 2022 年联邦企业税率的提高。民主党支出和税收计划的细节将在未来几周内制定，投资者有望听到更多关于潜在增税的消息。几位策略师认为，25% 的联邦企业利润率可能是一个妥协数字，高于 2018 年以来的 21%，但低于拜登政府寻求的 28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约 5%。随着民主党和解法案的临近，该指数可能会下降类似的幅度，但影响应仅限于最初的修正。与 2017 年 12 月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>撇开这些担忧不谈，投资者不应忽视大局： 美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。“马利克说：”周期性上涨和高于趋势的增长至少将持续到 2022 年，我们希望偏向具有这种风险敞口的资产。</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将非常火爆。当国内生产总值增长高于平均水平时，价值就会战胜增长，周期性股票会战胜防御性股票。”- Lori Calvasina，加拿大皇家银行资本市场 道富银行策略师建议在投资组合中增持材料、金融和技术。这种方法既包括银行和矿业等经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）同样采取杠铃策略，同时投资周期性和成长性。她喜欢的行业是能源、金融和科技。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>“卡尔瓦西纳说：”金融和能源领域的估值仍然比成长型行业（如科技或非必需消费品）更具吸引力。“近期的催化剂是摆脱当前的 Covid 浪潮......今明两年我们将迎来火热的经济，传统上，当 GDP 增长高于平均水平时，价值战胜增长，周期性战胜防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是至关重要的，尤其是进入 2022 年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长率。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>“卡尔瓦西纳说：”历史的剧本是，从经济衰退中走出来，往往会看到持续一年左右的低质量超越业绩，然后领导层会回到高质量。“但从低质量到高质量的转变往往非常坎坷”。</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师倾向于经济敏感股票和稳定增长股票的组合，包括科技股。金融股应该表现良好，尤其是在债券收益率上升的情况下。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管具有质量属性的股票今年夏天的表现优于大盘，但根据<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析认为，自去年11月首次报道积极的疫苗消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>“贝莱德（BlackRock）的弗雷德里克斯（Fredericks）说：”我们正在进入一个周期中期环境，此时潜在的经济增长依然强劲，但势头开始放缓。“我们的研究表明，优质股票在这样的时期表现尤为出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融业，包括银行，以及具有这些质量特征的必需消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>该公司的股票策略主管克里斯托弗-哈维（Christopher Harvey）认为，大流行后的受益者和防御性敞口相结合才是最佳选择。他构建了一篮子波动性低于平均水平的股票--在今年秋季市场不确定或压力时期，这些股票的表现应该会优于平均水平--并且 “Covid贝塔值 ”较高，即对大流行病的好消息或坏消息敏感。一个要求；富国银行的股票分析师不得不将这些股票评级相当于买入。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>“哈维说：”近期存在经济不确定性、利率不确定性和 Covid 风险，一般来说，9 月前后我们正处于一年中季节性疲软的时期。“如果我们能在低体积和高 Covid beta 之间取得平衡，我们就能减轻即将到来的许多不确定性和波动性，这些催化剂的时间安排。不过，从长远来看，我们仍然希望有这种[重新开放的风险敞口]”。</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的高Covid贝塔值低波动性股票名单包括苹果公司（AAPL）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">伊克维亚</a>控股公司 (IQV) 和马斯科 (MAS)。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。景顺 KBW 银行交易所交易基金 (KBWB) 为美国该行业提供广泛的投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“哈维说：”我们喜欢估值[和]信用质量；他们现在被允许回购股票并增加股息，而且 Covid 贝塔系数也更高。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>更便宜的估值意味着市场调整中潜在的下行空间较小。而且，与股票市场的其他大部分相反，更高的利率将成为银行的推动力，然后银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。“<a href=\"https://laohu8.com/S/HR\">医疗保健</a>威尔逊说。“如今，与其他行业相比，医疗保健行业每单位增长的成本要低得多。因此，我们认为，当我们担心估值时，医疗保健行业为这个市场提供了良好的平衡。”Health insurerHumana (HUM) 将威尔逊的 “新鲜资金买入清单”评级为买入<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen 的 Malik 也将目光投向了医疗保健行业，即制药和生物技术行业，以获得价格相对较低的增长机会。她指出，Seagen (SGEN) 专注于肿瘤药物，可能是制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维 (ABBV)，该公司的远期市盈率为 8 倍，股息收益率为 4.7%。其重磅抗炎药修美乐的专利即将到期，这让一些投资者望而却步，但马利克相信管理层可以限制损害，并看到这家价值 2000 亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都经历了艰难的时期。Seagen 上周下跌超过 8%，至 152 美元左右，原因是有消息称其联合创始人兼首席执行官最近出售了大量股票。周三，艾伯维股价下跌 7%，至 112.27 美元，此前美国食品和药物管理局要求 JAK 抑制剂贴上新的警告标签，JAK 抑制剂是一种抗类风湿药物，包括以下成分之一<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生公司 (JNJ) 和思科系统公司 (CSCO) 是其他通过<i>巴伦</i>质量属性屏幕。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳步上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点回落，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2\">Barron's</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":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130130857","content_text":"What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.\nTailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.\nIn other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”\nThat’s the general consensus among the six market strategists and chief investment officers whomBarron’srecently consulted. All see the S&P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.\nNext year’s gains look muted, as well, relative to recent trends. The group expects the S&P 500 to tack on another 6% in 2022, rising to about 4800.\nWith stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.\nThe stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.\nFed Chairman Jerome Powell has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”\nThe government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.\nThe bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.\nA budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.\nOther politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a Washington shutdown in October.\nFor now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.\nInflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.\n“We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”\nThe strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for the bond market—and could be even more so for stocks.\nRising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.\n\nAs long as 10-year Treasury yields stay in the 2% range, the S&P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.\nIf yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says State Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”\n\nWilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says\nIf 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”\nSome P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.\nA potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.\nAn increase of that magnitude would shave about 5% off S&P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a one-time event for the market, some strategists predict.\nThese concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.\n\n “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets\n\nThe State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.\nRBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.\n“Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”\nBut the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.\n“The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”\nA Shopping List for Fall\nMost strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.\n\nAlthough stocks with quality attributes have outperformed the market this summer, according to a BlackRock analysis, the quality factor has lagged since positive vaccine news was first reported last November.\n“We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”\nHe recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.\nFor Wells Fargo’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.\n“There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”\nHarvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),Bank of America(BAC),Northern Trust(NTRS),Lowe’s(LOW),IQVIA Holdings(IQV), andMasco(MAS).\nOverall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.\n“We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.\nCheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.\nHealthcare stocks also have some fans. “Healthcare has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by Morgan Stanley analysts and fitting his macro views.\nNuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.\nMalik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.\nBoth stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of AbbVie’s most promising post-Humira products.\nPfizer(PFE),American Express(AXP),Johnson & Johnson(JNJ), andCisco Systems(CSCO) are other S&P 500 members that pass aBarron’sscreen for quality attributes.\nAfter a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. Just be more selective. And go with quality.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832209328,"gmtCreate":1629631336864,"gmtModify":1631891580291,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/832209328","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":2827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836495629,"gmtCreate":1629512581561,"gmtModify":1631891580303,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836495629","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohunote.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNPS":"新思科技","GOOGL":"谷歌A","SSNLF":"三星电子","NVDA":"英伟达","ASML":"阿斯麦","QCOM":"高通","ON":"安森美半导体","AMZN":"亚马逊","TSM":"台积电","SOXX":"iShares费城交易所半导体ETF","CDNS":"铿腾电子","AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"ASML":0.9,"GOOG":0.9,"QCOM":0.9,"SNPS":0.9,"AAPL":0.9,"NVDA":0.9,"ON":0.9,"SOXX":0.9,"CDNS":0.9,"GOOGL":0.9,"SSNLF":0.9,"AMZN":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":3922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833066455,"gmtCreate":1629190006377,"gmtModify":1631891580317,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"so will people take them?","listText":"so will people take them?","text":"so will people take them?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833066455","repostId":"2160791292","repostType":4,"isVote":1,"tweetType":1,"viewCount":2302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897768744,"gmtCreate":1628987970088,"gmtModify":1631891580330,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"correction lai liao. everyone quiet and holding money already","listText":"correction lai liao. everyone quiet and holding money already","text":"correction lai liao. everyone quiet and holding money already","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/897768744","repostId":"1147342921","repostType":4,"repost":{"id":"1147342921","kind":"news","pubTimestamp":1628987746,"share":"https://www.laohunote.com/m/news/1147342921?lang=zh_CN&edition=full","pubTime":"2021-08-15 08:35","market":"us","language":"en","title":"US IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147342921","media":"Renaissance Capital","summary":"The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week a","content":"<p>The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.</p><p><blockquote>IPO 市场一年一度的 8 月淡季正在如火如荼地进行，目前未来一周没有 IPO 计划。虽然日历目前是空的，但我们可能会看到一些SPAC在本周加入日历。我们还预计，在劳动节后的高峰期之前，申报活动将在未来几周内回升。</blockquote></p><p> Street research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.</p><p><blockquote>预计未来一周将对 19 家公司进行街头调查，多达 7 家公司的禁售期将到期。要访问街头研究和锁定到期日期， 注册IPO Pro的免费试用。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&amp;P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年8月12日，文艺复兴IPO指数年初至今上涨0.8%，而标普500上涨18.8%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 9.7%，而 ACWX 指数上涨 9.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 EQT Partners 和 Smoore International。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</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\">\nUS IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-08-15 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.</p><p><blockquote>IPO 市场一年一度的 8 月淡季正在如火如荼地进行，目前未来一周没有 IPO 计划。虽然日历目前是空的，但我们可能会看到一些SPAC在本周加入日历。我们还预计，在劳动节后的高峰期之前，申报活动将在未来几周内回升。</blockquote></p><p> Street research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.</p><p><blockquote>预计未来一周将对 19 家公司进行街头调查，多达 7 家公司的禁售期将到期。要访问街头研究和锁定到期日期， 注册IPO Pro的免费试用。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&amp;P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年8月12日，文艺复兴IPO指数年初至今上涨0.8%，而标普500上涨18.8%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 9.7%，而 ACWX 指数上涨 9.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 EQT Partners 和 Smoore International。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85282/US-IPO-Week-Ahead-IPO-calendar-is-quiet-amid-annual-August-break\">Renaissance Capital</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85282/US-IPO-Week-Ahead-IPO-calendar-is-quiet-amid-annual-August-break","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147342921","content_text":"The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.\nStreet research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897542750,"gmtCreate":1628949658170,"gmtModify":1631891580342,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"drop to 21 for me baby","listText":"drop to 21 for me baby","text":"drop to 21 for me baby","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897542750","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohunote.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要任务，而且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</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>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>维珍银河财报公布后下跌超过 30%，原因是市场对影响其私人商业收入服务推出的“延迟”感到失望。</li><li>然而，我们认为该公司的“延迟”对于其纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为考虑增加维珍银河敞口的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock 来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在 5 月份，当我们发表上一篇关于维珍银河 (SPCE) 的文章（链接到此处的文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测在很大程度上夸大了未来 10 年亚轨道太空旅游的市场机会，基于我们咨询了多个来源的研究，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街下调了近期预测，因为该公司最近表示，他们预计要到 2022 年第三季度末才开始商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“推迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为现在考虑增加股票敞口的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>维珍银河平均共识估计的修订</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5 月份的共识收入预期和 8 月份的共识收入预期。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地了解到，近期共识预测较 5 月份影响 21 财年至 25 财年的预测有所下调。然而，我们认为投资者需要注意的重要一点是，华尔街从 CY26 大幅上调了其预期，以反映 SPCE 在最近的财报看涨期权上强调的强劲需求，我们认为这表明了该公司对长期强劲收入的信心，我们将在后续章节中详细讨论这一点。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>预计从 2022 年第三季度开始提供私人商业全额收入服务</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自 8 月 5 日发布财报以来，SPCE 的价值已下跌约 33%，我们认为这在很大程度上是由于 VSS Unity 和母舰 VMS Eve 提出的关键增强措施导致其商业服务推出“延迟”，从而导致近期不利因素显着增加了飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于与意大利空军完成 Unity 23 创收飞行后将进行增强，该公司预计仅从 2022 年第三季度末开始其私人商业全额收入服务，我们认为这可能会让投资者感到惊讶，因为虽然市场预计全面商业服务将于 2022 年开始，但他们没想到会迟到第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着缩短 VMS Eve 周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强<i>可能允许夏娃在重大维护检查之间飞行 100 次航班</i>这比今天主要检查之间10次飞行的间隔有所增加。在我们制造更多母舰的过程中，这将是早期商业服务时期极其重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将 Unity 航班之间的周转航班缩短至 4 至 5 周，这低于 VSS Unity 最多 7 至 8 周的时间。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一声明感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利也强调：“在这个繁重的维护期间，维珍银河将无法进行任何太空飞行，直到2022年夏天。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve的相当稳健的修改。但是我们为Eve的这个增强期采取额外的范围和额外的时间的原因是因为我们将在这个增强期之后从Eve得出的飞行率是我们计划建立的。大检查和我们现在所做的差不多是10倍。这将使我们有能力更频繁地驾驶夏娃<i>这对我们未来的第一批宇航员以及我们从今天开始报名的人来说非常重要</i>.”如果投资者能够清楚地理解该公司在上述句子中使用的语言，那么该公司显然正在这样做，因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能已经超过了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关政变，但它无疑让公司能够衡量感兴趣的客户的反应，而且该公司已经明确表示，他们看到了如此强劲的需求，以至于他们需要尽快打开优先列表正如首席执行官 Michael Colglazier 所说：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们对我们网站的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个太空旅行者开放一个优先名单。在我们的宇航员转换过程结束后，我们将首先联系这份清单，提供任何可用的库存。该名单的注册将很快在我们的网站上提供……我们对整个潜在市场充满信心，这一点从对[理查德·布兰森爵士]Unity 22的反应中可以看出。因此，我们不会吸收所有这些，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对明显严重供应紧张的需求。他们在短期内要做的下一个最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝佐斯的蓝色起源（BORGN）的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多客户迫不及待地想加入VSS Unity吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待着这么多迫不及待地想加入的客户，真是令人难以置信。风险投资公司 Hemisphere Ventures 的执行合伙人丽莎·里奇 (Lisa Rich) 表示：“……这些年来，我见过很多维珍 [银河] 机票持有者。顺便说一句，他们每个人都告诉我，他们花了 25 万美元等待已经收回了 10 倍，因为他们多年来分享的经验。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，致力于维珍银河飞行服务的 600 名未来宇航员社区多年来形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为，除了现有的未来宇航员之外，有一件事可能不太为人所知，那就是维珍银河的秘密武器之一就是我们的宇航员办公室。这是一群人将这 600 人聚集在一起，形成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户非常重视实现飞行体验的旅程，因为这些客户认为这是一次“人生转型之旅”。他们认为维珍银河所做的事情非常有价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要任务，而且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司的“一小步”计划注册的1000名“宇航员”社区开放了门票销售，价格从每个座位45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有公司精心打造的强大而紧密团结的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是，当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这种经历是非常自然的。<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说那是多么美妙，还会给人类太空飞行的概念带来常态。因此，当我们把这群人带进来时，他们的终身价值是全面的需求，并随着他们走出去分享他们所做的事情，继续增加整个潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强大的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅仅依靠 VSS Unity 或 VSS Imagine 的机队来主导亚轨道太空旅游市场，那么这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，在不对 VMS Eve 进行修改的情况下，该公司最初由 600 名未来宇航员组成的社区至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共包括60名乘客。展望 2023 年，该公司每年最多只能飞行 24 至 36 次航班，这将允许他们最多搭载 144 至 216 名宇航员。因此，到2025年，维珍银河可能至少还需要两年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少他们中的一些人会去蓝色起源。因此，最初的节奏确实不起作用，特别是该公司准备很快为 Unity 22 公关活动产生的兴趣制定优先列表，他们需要快速处理 1,600 名未来宇航员，这将在不久的将来通过 Eve 的修改来解决，因为它允许 SPCE 在重大检查之间的飞行次数增加 10 倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代 Delta 级车辆，“能够每隔 1 周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集 5 亿美元股权发行的部分原因是，他们已准备好开始开发和制造 Delta 级车辆，这将极大地有助于满足其长期容量和节奏，VSS Unity 和 VSS Imagine 永远无法满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过 Delta 级提升产量和运力，他们将能够实现显著的运营杠杆，正如维珍银河所强调的那样：“.....这就是为什么我们如此专注于获得下一代母舰的 Delta 级。这才是我们真正获得效率的地方。这才是我们获得规模的地方。这才是你真正看到流量的地方，因为我们将有一个固定的成本基础，这对我们来说很容易沟通，也很容易为未来的效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将是这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营对于与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为，蓝色起源的主要市场肯定超出了摩根士丹利强调的亚轨道太空旅游，“贝佐斯先生的公司正在太空市场寻求业务，到 2040 年，该市场的规模将扩大两倍，年销售额将超过 1 万亿美元，前提是技术的快速发展能够实现常规登月、小行星采矿和太空旅游”。</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领先地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一点是肯定的。两家公司预计，随着生产规模的扩大和技术的进步，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场上的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游更容易获得，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的 Delta class 计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA 利润率预测和资本支出利润率预测。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV / Fwd EBITDA 趋势。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管推迟到 2022 年第三季度推出全面收入服务，但华尔街预计该公司将从 2024 财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了该公司业务在这个市场的长期现金流潜力，目前只有 BORGN 和 SPCE 是该市场的明显领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到 2030 年底，估值看起来仍然很昂贵，为 18.5 倍，比航空航天和国防同行的平均薪酬 13.61 倍高出 36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street 的平均价格目标。资料来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，因为平均目标价 35.55 美元仅比最后收盘价高出 13.5%，因为分析师关注的是 SPCE 将其收入服务转移到 2022 年第三季度的近期“逆风”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看起来昂贵的估值不太确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE 股票价格走势和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于其昂贵的估值，我们认为 SPCE 不是一只适合长期投资者的股票，但我们认为头寸交易者仍然可能会发现这只股票潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE 受到 50 周移动平均线动态支撑位的强力支撑，该支撑位自 2020 年以来一直保持强劲，包括最近 5 月份出现的下行（熊市陷阱）的假突破。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>总之，对于长期投资者，我们给予 SPCE 中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":2367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897542425,"gmtCreate":1628949631267,"gmtModify":1631891580356,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"erm. haha","listText":"erm. haha","text":"erm. haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897542425","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohunote.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</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\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894650012,"gmtCreate":1628823460236,"gmtModify":1631891580367,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"correction on the way","listText":"correction on the way","text":"correction on the way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894650012","repostId":"1188620903","repostType":4,"isVote":1,"tweetType":1,"viewCount":3372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894627511,"gmtCreate":1628823446633,"gmtModify":1631891580379,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"correction coming","listText":"correction coming","text":"correction coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894627511","repostId":"1188994673","repostType":4,"repost":{"id":"1188994673","kind":"news","pubTimestamp":1628822933,"share":"https://www.laohunote.com/m/news/1188994673?lang=zh_CN&edition=full","pubTime":"2021-08-13 10:48","market":"us","language":"en","title":"Cathie Wood Loves These 3 Crypto Stocks<blockquote>Cathie Wood 喜欢这 3 只加密货币股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188994673","media":"The motley fool","summary":"Key Points\n\nNow that the cryptocurrency bear market is ebbing, investors are looking for long-term i","content":"<p>Key <a href=\"https://laohu8.com/S/PCOM\">Points</a></p><p><blockquote>钥匙<a href=\"https://laohu8.com/S/PCOM\">积分</a></blockquote></p><p> <ul>  <li>Now that the cryptocurrency bear market is ebbing, investors are looking for long-term investments.</li>  <li>You don't have to buy cryptocurrencies directly to benefit from the increased adoption underway.</li> </ul> ARK Invest CEO Cathie Wood seems to have taken the investing world by storm. In 2020, Wood's flagship<b><a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a></b>(NYSEMKT:ARKK)outperformed the greater market by nearly 9x -- 149% versus 16% -- and earned her Bloomberg <a href=\"https://laohu8.com/S/NWS\">News</a> designation as best stock picker that year.</p><p><blockquote><ul><li>现在加密货币熊市正在退潮，投资者正在寻找长期投资。</li><li>你不必直接购买加密货币就能从正在进行的日益普及中受益。</li></ul>ARK Invest 首席执行官凯西·伍德 (Cathie Wood) 似乎席卷了投资界。2020年，伍德的旗舰<b><a href=\"https://laohu8.com/S/ARKK\">方舟创新ETF</a></b>(NYSEMKT:ARKK) 的表现优于大盘近 9 倍（149% 对 16%），并赢得了彭博社<a href=\"https://laohu8.com/S/NWS\">消息</a>被评为当年最佳选股者。</blockquote></p><p> With a focus on disruptive technology, it makes sense that ARK's exchange-traded funds would embrace crypto, but the strong conviction ARK's investments are showing to the sector is still a bit shocking. Last year, Wood assigned a$500,000 per coin price targetfor<b>Bitcoin</b>(CRYPTO: BTC), <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most ambitious predictions on Wall Street! Unsurprisingly, ARK is well on its way to creating a Bitcoin-focused ETF.</p><p><blockquote>由于专注于颠覆性技术，ARK 的交易所交易基金接受加密货币是有道理的，但 ARK 的投资向该行业展示的坚定信念仍然有点令人震惊。去年，伍德为每枚硬币设定了 50 万澳元的价格目标<b>比特币</b>（加密货币：BTC）<a href=\"https://laohu8.com/S/AONE.U\">一</a>华尔街最雄心勃勃的预测之一!不出所料，ARK 正在创建一只专注于比特币的 ETF。</blockquote></p><p> With the crypto bear market starting to show a rebound, you don't have to wait for ARK's new ETF to get in on the positive returns. Here arethree growth stocksWood owns that are active in crypto's adoption and stand to benefit.</p><p><blockquote>随着加密货币熊市开始出现反弹，您不必等待 ARK 的新 ETF 就能获得正回报。以下是伍德拥有的三只成长型股票，它们积极参与加密货币的采用，并将从中受益。</blockquote></p><p> 1. Robinhood: Derided as a meme stock, but it has a bright crypto future</p><p><blockquote>1. Robinhood：被嘲笑为模因股，但它拥有光明的加密货币未来</blockquote></p><p> Despite being on the public markets for only a short time, upstart online brokerage<b>Robinhood Markets</b>(NASDAQ:HOOD)has made a splash. The first week saw whiplash-inducing volatility, with a disappointing debut, a massive rally that saw share prices more than double in a few trading days, and a correction-level price drop after the company announced a massive follow-on share offering. The app that contributed heavily to the meme-stock trend appears to be a meme stock itself.</p><p><blockquote>尽管进入公开市场的时间很短，但新贵在线经纪公司<b>罗宾汉市场</b>（纳斯达克股票代码：HOOD）引起了轰动。第一周出现了令人失望的波动，首次亮相令人失望，股价在几个交易日内大幅上涨，股价翻了一番多，并在该公司宣布大规模后续股票发行后跌至修正水平。对模因股票趋势做出巨大贡献的应用程序似乎就是模因股票本身。</blockquote></p><p> Robinhood's envious user growth has partly been due to its tremendous success among younger traders. At one point, the company disclosed that nearly 80% of its user base was under age 35, a highly coveted demographic for financial services firms as these investors have most of their earning and investing lives ahead of them.</p><p><blockquote>Robinhood 令人羡慕的用户增长部分归功于其在年轻交易者中的巨大成功。该公司一度透露，其用户群中近 80% 的年龄在 35 岁以下，这是金融服务公司非常梦寐以求的人群，因为这些投资者的大部分收入和投资生涯都在他们面前。</blockquote></p><p> In addition to zero-commission trading, Robinhood's crypto capabilities helped the company win this demographic. Robinhood is in high-growth mode. The company disclosed that 2020 full-year revenue grew 245% over the prior year to $960 million. A significant portion of that growth was connected to cryptocurrency trading. The company followed that up with a massive first quarter that saw revenue increase 309% from the prior period to $522 million.</p><p><blockquote>除了零佣金交易之外，Robinhood 的加密货币功能还帮助该公司赢得了这一人群。Robinhood 处于高增长模式。该公司披露，2020年全年收入较上年增长245%，达到9.6亿美元。这一增长的很大一部分与加密货币交易有关。随后，该公司第一季度实现了大幅增长，收入比上一季度增长 309%，达到 5.22 亿美元。</blockquote></p><p> Although Robinhood's opportunity is vast, there are increasing risks in its primary stock trading business. A series of high-profile operational failures -- including trading outages during the<b><a href=\"https://laohu8.com/S/GME\">GameStop</a></b>frenzy and data breaches -- have placed the brokerage in the crosshairs of the Securities and Exchange Commission.</p><p><blockquote>尽管 Robinhood 的机会巨大，但其主要股票交易业务存在越来越大的风险。一系列备受瞩目的运营故障——包括 2018 年期间的交易中断<b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a></b>疯狂和数据泄露——将该经纪公司置于美国证券交易委员会的视线范围内。</blockquote></p><p> Additionally, its primary monetization model of payment for order flow is now being copied by incumbent brokers with larger asset bases, educational materials, and customer support. Robinhood's embrace of cryptocurrency functionality is quickly becoming the true differentiator versus traditional stock brokerage firms, and the company is wise to focus on building out its crypto functionality.</p><p><blockquote>此外，其订单流支付的主要货币化模式现在正被拥有更大资产基础、教育材料和客户支持的现有经纪商复制。Robinhood 对加密货币功能的拥抱正迅速成为与传统股票经纪公司相比的真正差异化因素，该公司明智地专注于构建其加密功能。</blockquote></p><p> 2. <a href=\"https://laohu8.com/S/SQ\">Square</a>: Using Bitcoin to improve its flywheel</p><p><blockquote>2.<a href=\"https://laohu8.com/S/SQ\">平方</a>: 利用比特币改进其飞轮</blockquote></p><p> The ARK Innovation ETF stock has sold off from recent highs, but you can't blame its stake in<b>Square</b>(NYSE:SQ). Shares of the digital payments company have advanced nearly 90% in the last year.</p><p><blockquote>ARK Innovation ETF 股票已从近期高点抛售，但你不能责怪其持有的股份<b>平方</b>（纽约证券交易所代码：SQ）。这家数字支付公司的股价去年上涨了近 90%。</blockquote></p><p> Traditional banking continues to avoid cryptocurrency, which has created an opportunity forfinancial technology, aka fintech, companies. Square has been aggressive on this front, adding the ability to buy and sell Bitcoin in 2018 through its peer-to-peer financial network Cash App. Bitcoin has been instrumental is helpingCash App's flywheel effect, in which added services increase user engagement.</p><p><blockquote>传统银行业继续回避加密货币，这为金融科技（又称金融科技）公司创造了机会。Square在这方面一直很积极，在2018年通过其点对点金融网络Cash应用程序增加了买卖比特币的功能。比特币在帮助Cash应用程序实现飞轮效应方面发挥了重要作用，其中添加的服务增加了用户参与度。</blockquote></p><p> In the short run, however, it could be Square's other business that powers the company higher. Last year Square's seller ecosystem was decimated by COVID-19. The company's host of card readers and POS systems are popular with smaller business owners like restaurants, coffee shops, nail salons, and bars, which bore the brunt of pandemic lockdowns.</p><p><blockquote>然而，从短期来看，Square 的其他业务可能会增强公司的实力。去年，Square 的卖家生态系统被 COVID-19 摧毁。该公司的大量读卡器和POS系统很受餐馆、咖啡店、美甲店和酒吧等小企业主的欢迎，这些小企业主首当其冲地受到了疫情封锁的影响。</blockquote></p><p> Despite that, Square was able to help its vendors quickly build out their online presence and grow card-not-present transactions. At year-end, seller gross payment volume (GPV) was flat despite significant headwinds. In the most recent quarter, GPV jumped 86% over the prior year, helping to power total revenue growth of 87% (minus Bitcoin).</p><p><blockquote>尽管如此，Square还是能够帮助其供应商快速建立他们的在线业务，并增加无卡交易。尽管面临重大阻力，但年底卖家总付款量 (GPV) 仍持平。在最近一个季度，GPV 比上年增长了 86%，推动总收入增长 87%（减去比特币）。</blockquote></p><p></p><p> However, CEO Jack Dorsey has high expectations for Bitcoin, proclaiming it would be the world's \"single currency\" within 10 years in 2018. He continues to lead by helping to form the Crypto Council for Innovation with<b>Coinbase</b>(NASDAQ:COIN)and Fidelity. Square will be instrumental in increasing Bitcoin adoption.</p><p><blockquote>不过，首席执行官Jack Dorsey对比特币抱有很高的期望，宣称它将在2018年10年内成为世界“单一货币”。他继续领导，帮助成立了加密货币创新委员会<b>比特币基地</b>（纳斯达克股票代码：COIN）和富达。Square将有助于增加比特币的采用。</blockquote></p><p> 3. Coinbase: Looking to further institutional Bitcoin adoption</p><p><blockquote>3. Coinbase：寻求进一步的机构比特币采用</blockquote></p><p> Out of the three companies, Coinbase is more tethered to the underlying price of crypto. Coinbase operates multiple crypto-based currency exchanges, so it indirectly benefits from rising crypto prices, as it serves as a form of marketing for new users looking to trade. Directly, Coinbase uses percentage-based transaction fees, which benefit from higher revenue per transaction when crypto prices are higher.</p><p><blockquote>在这三家公司中，Coinbase 更注重加密货币的基础价格。比特币基地运营着多个基于加密货币的货币交易所，因此它间接受益于加密货币价格上涨，因为它为寻求交易的新用户提供了一种营销形式。比特币基地直接使用基于百分比的交易费用，当加密货币价格较高时，每笔交易的收入会更高。</blockquote></p><p> While crypto has been in a bear market lately, that isn't always a bad thing. As a broker, Coinbase also benefits from crypto crashes (at least short-term). Exchanges tend to do well whenever volatility is high, because fast-moving markets are the biggest driver of transactions. Although prices might be lower, transactions and engagement will increase from people looking to buy dips and \"paper-hands\" looking to lock in profits or prevent deeper losses.</p><p><blockquote>虽然加密货币最近处于熊市，但这并不总是一件坏事。作为一家经纪商，比特币基地也从加密货币崩溃中受益（至少是短期的）。每当波动性较高时，交易所往往表现良好，因为快速变化的市场是交易的最大驱动力。尽管价格可能会更低，但寻求逢低买入的人和寻求锁定利润或防止更大损失的“纸面手”的交易量和参与度将会增加。</blockquote></p><p> However, Coinbase is leading efforts to expand the cryptocurrency ecosystem and create more revenue sources than retail trading by increasing institutional adoption. Coinbase recently acquired Bison Trails, now known as Coinbase Cloud. TheIaaS platformallows institutions to quickly integrate blockchain infrastructure into their operations. As of the first quarter, Coinbase had more than 8,000 institutions on its platform that conducted 64% of its total trading volume.</p><p><blockquote>然而，比特币基地正在领导扩大加密货币生态系统的努力，并通过增加机构采用来创造比零售交易更多的收入来源。比特币基地最近收购了Bison Trails，现在被称为比特币基地云。IaaS平台允许机构快速将区块链基础设施集成到其运营中。截至第一季度，Coinbase 平台上有超过 8,000 家机构进行了其总交易量的 64%。</blockquote></p><p> With that deep (and still growing) institutional userbase, it's likely Coinbase will be on the vanguard of Bitcoin adoption.</p><p><blockquote>凭借如此深厚（且仍在增长）的机构用户群，比特币基地很可能会成为比特币采用的先锋。</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>Cathie Wood Loves These 3 Crypto Stocks<blockquote>Cathie Wood 喜欢这 3 只加密货币股票</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\">\nCathie Wood Loves These 3 Crypto Stocks<blockquote>Cathie Wood 喜欢这 3 只加密货币股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-08-13 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key <a href=\"https://laohu8.com/S/PCOM\">Points</a></p><p><blockquote>钥匙<a href=\"https://laohu8.com/S/PCOM\">积分</a></blockquote></p><p> <ul>  <li>Now that the cryptocurrency bear market is ebbing, investors are looking for long-term investments.</li>  <li>You don't have to buy cryptocurrencies directly to benefit from the increased adoption underway.</li> </ul> ARK Invest CEO Cathie Wood seems to have taken the investing world by storm. In 2020, Wood's flagship<b><a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a></b>(NYSEMKT:ARKK)outperformed the greater market by nearly 9x -- 149% versus 16% -- and earned her Bloomberg <a href=\"https://laohu8.com/S/NWS\">News</a> designation as best stock picker that year.</p><p><blockquote><ul><li>现在加密货币熊市正在退潮，投资者正在寻找长期投资。</li><li>你不必直接购买加密货币就能从正在进行的日益普及中受益。</li></ul>ARK Invest 首席执行官凯西·伍德 (Cathie Wood) 似乎席卷了投资界。2020年，伍德的旗舰<b><a href=\"https://laohu8.com/S/ARKK\">方舟创新ETF</a></b>(NYSEMKT:ARKK) 的表现优于大盘近 9 倍（149% 对 16%），并赢得了彭博社<a href=\"https://laohu8.com/S/NWS\">消息</a>被评为当年最佳选股者。</blockquote></p><p> With a focus on disruptive technology, it makes sense that ARK's exchange-traded funds would embrace crypto, but the strong conviction ARK's investments are showing to the sector is still a bit shocking. Last year, Wood assigned a$500,000 per coin price targetfor<b>Bitcoin</b>(CRYPTO: BTC), <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most ambitious predictions on Wall Street! Unsurprisingly, ARK is well on its way to creating a Bitcoin-focused ETF.</p><p><blockquote>由于专注于颠覆性技术，ARK 的交易所交易基金接受加密货币是有道理的，但 ARK 的投资向该行业展示的坚定信念仍然有点令人震惊。去年，伍德为每枚硬币设定了 50 万澳元的价格目标<b>比特币</b>（加密货币：BTC）<a href=\"https://laohu8.com/S/AONE.U\">一</a>华尔街最雄心勃勃的预测之一!不出所料，ARK 正在创建一只专注于比特币的 ETF。</blockquote></p><p> With the crypto bear market starting to show a rebound, you don't have to wait for ARK's new ETF to get in on the positive returns. Here arethree growth stocksWood owns that are active in crypto's adoption and stand to benefit.</p><p><blockquote>随着加密货币熊市开始出现反弹，您不必等待 ARK 的新 ETF 就能获得正回报。以下是伍德拥有的三只成长型股票，它们积极参与加密货币的采用，并将从中受益。</blockquote></p><p> 1. Robinhood: Derided as a meme stock, but it has a bright crypto future</p><p><blockquote>1. Robinhood：被嘲笑为模因股，但它拥有光明的加密货币未来</blockquote></p><p> Despite being on the public markets for only a short time, upstart online brokerage<b>Robinhood Markets</b>(NASDAQ:HOOD)has made a splash. The first week saw whiplash-inducing volatility, with a disappointing debut, a massive rally that saw share prices more than double in a few trading days, and a correction-level price drop after the company announced a massive follow-on share offering. The app that contributed heavily to the meme-stock trend appears to be a meme stock itself.</p><p><blockquote>尽管进入公开市场的时间很短，但新贵在线经纪公司<b>罗宾汉市场</b>（纳斯达克股票代码：HOOD）引起了轰动。第一周出现了令人失望的波动，首次亮相令人失望，股价在几个交易日内大幅上涨，股价翻了一番多，并在该公司宣布大规模后续股票发行后跌至修正水平。对模因股票趋势做出巨大贡献的应用程序似乎就是模因股票本身。</blockquote></p><p> Robinhood's envious user growth has partly been due to its tremendous success among younger traders. At one point, the company disclosed that nearly 80% of its user base was under age 35, a highly coveted demographic for financial services firms as these investors have most of their earning and investing lives ahead of them.</p><p><blockquote>Robinhood 令人羡慕的用户增长部分归功于其在年轻交易者中的巨大成功。该公司一度透露，其用户群中近 80% 的年龄在 35 岁以下，这是金融服务公司非常梦寐以求的人群，因为这些投资者的大部分收入和投资生涯都在他们面前。</blockquote></p><p> In addition to zero-commission trading, Robinhood's crypto capabilities helped the company win this demographic. Robinhood is in high-growth mode. The company disclosed that 2020 full-year revenue grew 245% over the prior year to $960 million. A significant portion of that growth was connected to cryptocurrency trading. The company followed that up with a massive first quarter that saw revenue increase 309% from the prior period to $522 million.</p><p><blockquote>除了零佣金交易之外，Robinhood 的加密货币功能还帮助该公司赢得了这一人群。Robinhood 处于高增长模式。该公司披露，2020年全年收入较上年增长245%，达到9.6亿美元。这一增长的很大一部分与加密货币交易有关。随后，该公司第一季度实现了大幅增长，收入比上一季度增长 309%，达到 5.22 亿美元。</blockquote></p><p> Although Robinhood's opportunity is vast, there are increasing risks in its primary stock trading business. A series of high-profile operational failures -- including trading outages during the<b><a href=\"https://laohu8.com/S/GME\">GameStop</a></b>frenzy and data breaches -- have placed the brokerage in the crosshairs of the Securities and Exchange Commission.</p><p><blockquote>尽管 Robinhood 的机会巨大，但其主要股票交易业务存在越来越大的风险。一系列备受瞩目的运营故障——包括 2018 年期间的交易中断<b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a></b>疯狂和数据泄露——将该经纪公司置于美国证券交易委员会的视线范围内。</blockquote></p><p> Additionally, its primary monetization model of payment for order flow is now being copied by incumbent brokers with larger asset bases, educational materials, and customer support. Robinhood's embrace of cryptocurrency functionality is quickly becoming the true differentiator versus traditional stock brokerage firms, and the company is wise to focus on building out its crypto functionality.</p><p><blockquote>此外，其订单流支付的主要货币化模式现在正被拥有更大资产基础、教育材料和客户支持的现有经纪商复制。Robinhood 对加密货币功能的拥抱正迅速成为与传统股票经纪公司相比的真正差异化因素，该公司明智地专注于构建其加密功能。</blockquote></p><p> 2. <a href=\"https://laohu8.com/S/SQ\">Square</a>: Using Bitcoin to improve its flywheel</p><p><blockquote>2.<a href=\"https://laohu8.com/S/SQ\">平方</a>: 利用比特币改进其飞轮</blockquote></p><p> The ARK Innovation ETF stock has sold off from recent highs, but you can't blame its stake in<b>Square</b>(NYSE:SQ). Shares of the digital payments company have advanced nearly 90% in the last year.</p><p><blockquote>ARK Innovation ETF 股票已从近期高点抛售，但你不能责怪其持有的股份<b>平方</b>（纽约证券交易所代码：SQ）。这家数字支付公司的股价去年上涨了近 90%。</blockquote></p><p> Traditional banking continues to avoid cryptocurrency, which has created an opportunity forfinancial technology, aka fintech, companies. Square has been aggressive on this front, adding the ability to buy and sell Bitcoin in 2018 through its peer-to-peer financial network Cash App. Bitcoin has been instrumental is helpingCash App's flywheel effect, in which added services increase user engagement.</p><p><blockquote>传统银行业继续回避加密货币，这为金融科技（又称金融科技）公司创造了机会。Square在这方面一直很积极，在2018年通过其点对点金融网络Cash应用程序增加了买卖比特币的功能。比特币在帮助Cash应用程序实现飞轮效应方面发挥了重要作用，其中添加的服务增加了用户参与度。</blockquote></p><p> In the short run, however, it could be Square's other business that powers the company higher. Last year Square's seller ecosystem was decimated by COVID-19. The company's host of card readers and POS systems are popular with smaller business owners like restaurants, coffee shops, nail salons, and bars, which bore the brunt of pandemic lockdowns.</p><p><blockquote>然而，从短期来看，Square 的其他业务可能会增强公司的实力。去年，Square 的卖家生态系统被 COVID-19 摧毁。该公司的大量读卡器和POS系统很受餐馆、咖啡店、美甲店和酒吧等小企业主的欢迎，这些小企业主首当其冲地受到了疫情封锁的影响。</blockquote></p><p> Despite that, Square was able to help its vendors quickly build out their online presence and grow card-not-present transactions. At year-end, seller gross payment volume (GPV) was flat despite significant headwinds. In the most recent quarter, GPV jumped 86% over the prior year, helping to power total revenue growth of 87% (minus Bitcoin).</p><p><blockquote>尽管如此，Square还是能够帮助其供应商快速建立他们的在线业务，并增加无卡交易。尽管面临重大阻力，但年底卖家总付款量 (GPV) 仍持平。在最近一个季度，GPV 比上年增长了 86%，推动总收入增长 87%（减去比特币）。</blockquote></p><p></p><p> However, CEO Jack Dorsey has high expectations for Bitcoin, proclaiming it would be the world's \"single currency\" within 10 years in 2018. He continues to lead by helping to form the Crypto Council for Innovation with<b>Coinbase</b>(NASDAQ:COIN)and Fidelity. Square will be instrumental in increasing Bitcoin adoption.</p><p><blockquote>不过，首席执行官Jack Dorsey对比特币抱有很高的期望，宣称它将在2018年10年内成为世界“单一货币”。他继续领导，帮助成立了加密货币创新委员会<b>比特币基地</b>（纳斯达克股票代码：COIN）和富达。Square将有助于增加比特币的采用。</blockquote></p><p> 3. Coinbase: Looking to further institutional Bitcoin adoption</p><p><blockquote>3. Coinbase：寻求进一步的机构比特币采用</blockquote></p><p> Out of the three companies, Coinbase is more tethered to the underlying price of crypto. Coinbase operates multiple crypto-based currency exchanges, so it indirectly benefits from rising crypto prices, as it serves as a form of marketing for new users looking to trade. Directly, Coinbase uses percentage-based transaction fees, which benefit from higher revenue per transaction when crypto prices are higher.</p><p><blockquote>在这三家公司中，Coinbase 更注重加密货币的基础价格。比特币基地运营着多个基于加密货币的货币交易所，因此它间接受益于加密货币价格上涨，因为它为寻求交易的新用户提供了一种营销形式。比特币基地直接使用基于百分比的交易费用，当加密货币价格较高时，每笔交易的收入会更高。</blockquote></p><p> While crypto has been in a bear market lately, that isn't always a bad thing. As a broker, Coinbase also benefits from crypto crashes (at least short-term). Exchanges tend to do well whenever volatility is high, because fast-moving markets are the biggest driver of transactions. Although prices might be lower, transactions and engagement will increase from people looking to buy dips and \"paper-hands\" looking to lock in profits or prevent deeper losses.</p><p><blockquote>虽然加密货币最近处于熊市，但这并不总是一件坏事。作为一家经纪商，比特币基地也从加密货币崩溃中受益（至少是短期的）。每当波动性较高时，交易所往往表现良好，因为快速变化的市场是交易的最大驱动力。尽管价格可能会更低，但寻求逢低买入的人和寻求锁定利润或防止更大损失的“纸面手”的交易量和参与度将会增加。</blockquote></p><p> However, Coinbase is leading efforts to expand the cryptocurrency ecosystem and create more revenue sources than retail trading by increasing institutional adoption. Coinbase recently acquired Bison Trails, now known as Coinbase Cloud. TheIaaS platformallows institutions to quickly integrate blockchain infrastructure into their operations. As of the first quarter, Coinbase had more than 8,000 institutions on its platform that conducted 64% of its total trading volume.</p><p><blockquote>然而，比特币基地正在领导扩大加密货币生态系统的努力，并通过增加机构采用来创造比零售交易更多的收入来源。比特币基地最近收购了Bison Trails，现在被称为比特币基地云。IaaS平台允许机构快速将区块链基础设施集成到其运营中。截至第一季度，Coinbase 平台上有超过 8,000 家机构进行了其总交易量的 64%。</blockquote></p><p> With that deep (and still growing) institutional userbase, it's likely Coinbase will be on the vanguard of Bitcoin adoption.</p><p><blockquote>凭借如此深厚（且仍在增长）的机构用户群，比特币基地很可能会成为比特币采用的先锋。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/12/cathie-wood-loves-these-3-crypto-stocks/\">The motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","HOOD":"Robinhood"},"source_url":"https://www.fool.com/investing/2021/08/12/cathie-wood-loves-these-3-crypto-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188994673","content_text":"Key Points\n\nNow that the cryptocurrency bear market is ebbing, investors are looking for long-term investments.\nYou don't have to buy cryptocurrencies directly to benefit from the increased adoption underway.\n\nARK Invest CEO Cathie Wood seems to have taken the investing world by storm. In 2020, Wood's flagshipARK Innovation ETF(NYSEMKT:ARKK)outperformed the greater market by nearly 9x -- 149% versus 16% -- and earned her Bloomberg News designation as best stock picker that year.\nWith a focus on disruptive technology, it makes sense that ARK's exchange-traded funds would embrace crypto, but the strong conviction ARK's investments are showing to the sector is still a bit shocking. Last year, Wood assigned a$500,000 per coin price targetforBitcoin(CRYPTO: BTC), one of the most ambitious predictions on Wall Street! Unsurprisingly, ARK is well on its way to creating a Bitcoin-focused ETF.\nWith the crypto bear market starting to show a rebound, you don't have to wait for ARK's new ETF to get in on the positive returns. Here arethree growth stocksWood owns that are active in crypto's adoption and stand to benefit.\n1. Robinhood: Derided as a meme stock, but it has a bright crypto future\nDespite being on the public markets for only a short time, upstart online brokerageRobinhood Markets(NASDAQ:HOOD)has made a splash. The first week saw whiplash-inducing volatility, with a disappointing debut, a massive rally that saw share prices more than double in a few trading days, and a correction-level price drop after the company announced a massive follow-on share offering. The app that contributed heavily to the meme-stock trend appears to be a meme stock itself.\nRobinhood's envious user growth has partly been due to its tremendous success among younger traders. At one point, the company disclosed that nearly 80% of its user base was under age 35, a highly coveted demographic for financial services firms as these investors have most of their earning and investing lives ahead of them.\nIn addition to zero-commission trading, Robinhood's crypto capabilities helped the company win this demographic. Robinhood is in high-growth mode. The company disclosed that 2020 full-year revenue grew 245% over the prior year to $960 million. A significant portion of that growth was connected to cryptocurrency trading. The company followed that up with a massive first quarter that saw revenue increase 309% from the prior period to $522 million.\nAlthough Robinhood's opportunity is vast, there are increasing risks in its primary stock trading business. A series of high-profile operational failures -- including trading outages during theGameStopfrenzy and data breaches -- have placed the brokerage in the crosshairs of the Securities and Exchange Commission.\nAdditionally, its primary monetization model of payment for order flow is now being copied by incumbent brokers with larger asset bases, educational materials, and customer support. Robinhood's embrace of cryptocurrency functionality is quickly becoming the true differentiator versus traditional stock brokerage firms, and the company is wise to focus on building out its crypto functionality.\n2. Square: Using Bitcoin to improve its flywheel\nThe ARK Innovation ETF stock has sold off from recent highs, but you can't blame its stake inSquare(NYSE:SQ). Shares of the digital payments company have advanced nearly 90% in the last year.\nTraditional banking continues to avoid cryptocurrency, which has created an opportunity forfinancial technology, aka fintech, companies. Square has been aggressive on this front, adding the ability to buy and sell Bitcoin in 2018 through its peer-to-peer financial network Cash App. Bitcoin has been instrumental is helpingCash App's flywheel effect, in which added services increase user engagement.\nIn the short run, however, it could be Square's other business that powers the company higher. Last year Square's seller ecosystem was decimated by COVID-19. The company's host of card readers and POS systems are popular with smaller business owners like restaurants, coffee shops, nail salons, and bars, which bore the brunt of pandemic lockdowns.\nDespite that, Square was able to help its vendors quickly build out their online presence and grow card-not-present transactions. At year-end, seller gross payment volume (GPV) was flat despite significant headwinds. In the most recent quarter, GPV jumped 86% over the prior year, helping to power total revenue growth of 87% (minus Bitcoin).\nHowever, CEO Jack Dorsey has high expectations for Bitcoin, proclaiming it would be the world's \"single currency\" within 10 years in 2018. He continues to lead by helping to form the Crypto Council for Innovation withCoinbase(NASDAQ:COIN)and Fidelity. Square will be instrumental in increasing Bitcoin adoption.\n3. Coinbase: Looking to further institutional Bitcoin adoption\nOut of the three companies, Coinbase is more tethered to the underlying price of crypto. Coinbase operates multiple crypto-based currency exchanges, so it indirectly benefits from rising crypto prices, as it serves as a form of marketing for new users looking to trade. Directly, Coinbase uses percentage-based transaction fees, which benefit from higher revenue per transaction when crypto prices are higher.\nWhile crypto has been in a bear market lately, that isn't always a bad thing. As a broker, Coinbase also benefits from crypto crashes (at least short-term). Exchanges tend to do well whenever volatility is high, because fast-moving markets are the biggest driver of transactions. Although prices might be lower, transactions and engagement will increase from people looking to buy dips and \"paper-hands\" looking to lock in profits or prevent deeper losses.\nHowever, Coinbase is leading efforts to expand the cryptocurrency ecosystem and create more revenue sources than retail trading by increasing institutional adoption. Coinbase recently acquired Bison Trails, now known as Coinbase Cloud. TheIaaS platformallows institutions to quickly integrate blockchain infrastructure into their operations. As of the first quarter, Coinbase had more than 8,000 institutions on its platform that conducted 64% of its total trading volume.\nWith that deep (and still growing) institutional userbase, it's likely Coinbase will be on the vanguard of Bitcoin adoption.","news_type":1,"symbols_score_info":{"ARKIU":0.9,"HOOD":0.9,"COIN":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895289645,"gmtCreate":1628747104587,"gmtModify":1631894035110,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"who is still using ebay now","listText":"who is still using ebay now","text":"who is still using ebay now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/895289645","repostId":"1128743889","repostType":4,"repost":{"id":"1128743889","kind":"news","pubTimestamp":1628746418,"share":"https://www.laohunote.com/m/news/1128743889?lang=zh_CN&edition=full","pubTime":"2021-08-12 13:33","market":"us","language":"en","title":"EBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128743889","media":"FOX Business","summary":"The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-comm","content":"<p><i>The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.</i></p><p><blockquote><i>在线市场预计本季度收入将低于预期，这表明电子商务正在走软。</i></blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>报告称，最近一个季度活跃买家数量下降，本季度收入预计低于预期，这是电子商务趋势疲软的另一个迹象。</blockquote></p><p> The online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.</p><p><blockquote>该在线市场报告称，6 月份季度有 1.59 亿活跃买家，同比下降 2%。自2020年初新冠肺炎疫情开始以来，活跃买家每个季度都以中到高个位数的百分比增长。</blockquote></p><p> The company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.</p><p><blockquote>该公司还表示，预计本季度持续运营收入为24.2亿美元至24.7亿美元，有机增长率为6%至8%。FactSet 调查的分析师预计为 24.9 亿美元。</blockquote></p><p> E-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.</p><p><blockquote>去年年初疫情爆发后，电子商务出现了大规模增长，因为宅在家里的人们转向互联网来满足他们的购物需求。然而，这种增长已经开始显示出放缓的迹象。</blockquote></p><p> In a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.</p><p><blockquote>eBay 首席执行官杰米·伊安诺 (Jamie Iannone) 在与分析师的看涨期权上表示，与 2020 年最初因疫情爆发而出现的巨大增长相比，该公司的增长速度有所放缓。他说，与大流行之前相比，市场仍然呈现正增长。</blockquote></p><p> EBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.</p><p><blockquote>EBay 首席财务官史蒂夫-普里斯特（Steve Priest）说，EBay 没有提供全年指导，部分原因是随着大流行病的持续存在不确定性。</blockquote></p><p> Last month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.</p><p><blockquote>上个月，亚马逊公司。报告销售额略低于分析师的预期，首席财务官布莱恩·奥尔萨夫斯基 (Brian Olsavsky) 表示，随着经济重新开放以及销售额从疫情早期的过度增长中稳定下来，他预计这一趋势将继续下去。</blockquote></p><p> For the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.</p><p><blockquote>第二季度，eBay 报告净收入为 26.7 亿美元，而去年同期为 23.4 亿美元。根据 FactSet 的数据，分析师预计为 26.3 亿美元。</blockquote></p><p> <table>  <thead>   <tr>    <th>Ticker</th>    <th>Security</th>    <th>Last</th>    <th>Change</th>    <th>Change %</th>   </tr>  </thead>  <tbody>   <tr>    <td>EBAY</td>    <td>EBAY, INC.</td>    <td>68.02</td>    <td>+0.71</td>    <td>+1.05%</td>   </tr>   <tr></tr>  </tbody> </table> \"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.</p><p><blockquote><table><thead><tr><th>股票代码</th><th>安全</th><th>最后</th><th>变化</th><th>变化%</th></tr></thead><tbody><tr><td>易趣</td><td>易贝公司。</td><td>68.02</td><td>+0.71</td><td>+1.05%</td></tr><tr></tr></tbody></table>首席执行官杰米·伊安诺内 (Jamie Iannone) 表示：“收入增长是由我们支付迁移的加速和广告的增长推动的。”</blockquote></p><p> In July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.</p><p><blockquote>2020 年 7 月，eBay 与其前 unitPayPal HoldingsInc. 签订了运营协议。结束，此后该公司一直在将支付迁移到自己的平台上。</blockquote></p><p> For the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.</p><p><blockquote>第二季度，eBay 公布的收益为 107.3 亿美元，而去年同期为 7.46 亿美元。公司的大部分利润来自终止经营业务。持续经营业务调整后每股收益为 99 美分。分析师预计每股 96 美分。</blockquote></p><p> In late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.</p><p><blockquote>6 月下旬，该公司表示将出售其韩国业务 toE-MartInc 约 80% 的股份。该交易预计将为 eBay 带来约 30 亿美元的总现金收益。韩国业务在最近一个季度被视为已终止经营。</blockquote></p><p></p>","source":"lsy1602566126337","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>EBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</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\">\nEBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FOX Business</strong><span class=\"h-time small\">2021-08-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.</i></p><p><blockquote><i>在线市场预计本季度收入将低于预期，这表明电子商务正在走软。</i></blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>报告称，最近一个季度活跃买家数量下降，本季度收入预计低于预期，这是电子商务趋势疲软的另一个迹象。</blockquote></p><p> The online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.</p><p><blockquote>该在线市场报告称，6 月份季度有 1.59 亿活跃买家，同比下降 2%。自2020年初新冠肺炎疫情开始以来，活跃买家每个季度都以中到高个位数的百分比增长。</blockquote></p><p> The company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.</p><p><blockquote>该公司还表示，预计本季度持续运营收入为24.2亿美元至24.7亿美元，有机增长率为6%至8%。FactSet 调查的分析师预计为 24.9 亿美元。</blockquote></p><p> E-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.</p><p><blockquote>去年年初疫情爆发后，电子商务出现了大规模增长，因为宅在家里的人们转向互联网来满足他们的购物需求。然而，这种增长已经开始显示出放缓的迹象。</blockquote></p><p> In a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.</p><p><blockquote>eBay 首席执行官杰米·伊安诺 (Jamie Iannone) 在与分析师的看涨期权上表示，与 2020 年最初因疫情爆发而出现的巨大增长相比，该公司的增长速度有所放缓。他说，与大流行之前相比，市场仍然呈现正增长。</blockquote></p><p> EBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.</p><p><blockquote>EBay 首席财务官史蒂夫-普里斯特（Steve Priest）说，EBay 没有提供全年指导，部分原因是随着大流行病的持续存在不确定性。</blockquote></p><p> Last month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.</p><p><blockquote>上个月，亚马逊公司。报告销售额略低于分析师的预期，首席财务官布莱恩·奥尔萨夫斯基 (Brian Olsavsky) 表示，随着经济重新开放以及销售额从疫情早期的过度增长中稳定下来，他预计这一趋势将继续下去。</blockquote></p><p> For the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.</p><p><blockquote>第二季度，eBay 报告净收入为 26.7 亿美元，而去年同期为 23.4 亿美元。根据 FactSet 的数据，分析师预计为 26.3 亿美元。</blockquote></p><p> <table>  <thead>   <tr>    <th>Ticker</th>    <th>Security</th>    <th>Last</th>    <th>Change</th>    <th>Change %</th>   </tr>  </thead>  <tbody>   <tr>    <td>EBAY</td>    <td>EBAY, INC.</td>    <td>68.02</td>    <td>+0.71</td>    <td>+1.05%</td>   </tr>   <tr></tr>  </tbody> </table> \"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.</p><p><blockquote><table><thead><tr><th>股票代码</th><th>安全</th><th>最后</th><th>变化</th><th>变化%</th></tr></thead><tbody><tr><td>易趣</td><td>易贝公司。</td><td>68.02</td><td>+0.71</td><td>+1.05%</td></tr><tr></tr></tbody></table>首席执行官杰米·伊安诺内 (Jamie Iannone) 表示：“收入增长是由我们支付迁移的加速和广告的增长推动的。”</blockquote></p><p> In July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.</p><p><blockquote>2020 年 7 月，eBay 与其前 unitPayPal HoldingsInc. 签订了运营协议。结束，此后该公司一直在将支付迁移到自己的平台上。</blockquote></p><p> For the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.</p><p><blockquote>第二季度，eBay 公布的收益为 107.3 亿美元，而去年同期为 7.46 亿美元。公司的大部分利润来自终止经营业务。持续经营业务调整后每股收益为 99 美分。分析师预计每股 96 美分。</blockquote></p><p> In late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.</p><p><blockquote>6 月下旬，该公司表示将出售其韩国业务 toE-MartInc 约 80% 的股份。该交易预计将为 eBay 带来约 30 亿美元的总现金收益。韩国业务在最近一个季度被视为已终止经营。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/markets/ebays-active-buyers-declined-2\">FOX 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":{"EBAY":"eBay"},"source_url":"https://www.foxbusiness.com/markets/ebays-active-buyers-declined-2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128743889","content_text":"The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.\neBay reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.\nThe online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.\nThe company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.\nE-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.\nIn a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.\nEBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.\nLast month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.\nFor the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.\n\n\n\nTicker\nSecurity\nLast\nChange\nChange %\n\n\n\n\nEBAY\nEBAY, INC.\n68.02\n+0.71\n+1.05%\n\n\n\n\n\"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.\nIn July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.\nFor the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.\nIn late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.","news_type":1,"symbols_score_info":{"EBAY":0.9}},"isVote":1,"tweetType":1,"viewCount":1204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896203031,"gmtCreate":1628582621023,"gmtModify":1631894035122,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"yea. get a virus to the world. pharma companies earn money. whats new","listText":"yea. get a virus to the world. pharma companies earn money. whats new","text":"yea. get a virus to the world. pharma companies earn money. whats new","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896203031","repostId":"1162182331","repostType":4,"repost":{"id":"1162182331","kind":"news","pubTimestamp":1628582107,"share":"https://www.laohunote.com/m/news/1162182331?lang=zh_CN&edition=full","pubTime":"2021-08-10 15:55","market":"us","language":"en","title":"Moderna Is Now Valued Higher Than 130-Year Old Vaccine Giant Merck<blockquote>Moderna 现在的估值高于拥有 130 年历史的疫苗巨头默克公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162182331","media":"Benzinga","summary":"Moderna Inc, a company founded in 2010, is now worth more than the 130-year old Merck & Co., Inc in ","content":"<p><div> Moderna Inc, a company founded in 2010, is now worth more than the 130-year old Merck & Co., Inc in terms of market capitalization. What Happened:Moderna’s shares spiked Monday amid a string of ...</p><p><blockquote><div>Moderna Inc 是一家成立于 2010 年的公司，就市值而言，现在的市值超过了拥有 130 年历史的默克公司。发生了什么：Moderna 的股价周一飙升，原因是一系列...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Moderna Is Now Valued Higher Than 130-Year Old Vaccine Giant Merck<blockquote>Moderna 现在的估值高于拥有 130 年历史的疫苗巨头默克公司</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\">\nModerna Is Now Valued Higher Than 130-Year Old Vaccine Giant Merck<blockquote>Moderna 现在的估值高于拥有 130 年历史的疫苗巨头默克公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-10 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Moderna Inc, a company founded in 2010, is now worth more than the 130-year old Merck & Co., Inc in terms of market capitalization. What Happened:Moderna’s shares spiked Monday amid a string of ...</p><p><blockquote><div>Moderna Inc 是一家成立于 2010 年的公司，就市值而言，现在的市值超过了拥有 130 年历史的默克公司。发生了什么：Moderna 的股价周一飙升，原因是一系列...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRK":"默沙东","BNTX":"BioNTech SE","MRNA":"Moderna, Inc."},"source_url":"https://www.benzinga.com/general/biotech/21/08/22413844/moderna-is-now-valued-higher-than-130-year-old-vaccine-giant-merck","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162182331","content_text":"Moderna Inc, a company founded in 2010, is now worth more than the 130-year old Merck & Co., Inc in terms of market capitalization.\nWhat Happened:Moderna’s shares spiked Monday amid a string of positive news including being grantedprovisional registration by the Australian Therapeutic Goods Administration for its COVID-19 vaccine.\nModerna shares shot up 17.10% to $484.47 in Monday’s regular session and rose another 0.32% in the after-hours trading.\nThe Massachusetts-based purveyor of MRNA COVID-19 vaccines has a market capitalization of $195.55 billion at press time.\nIn comparison — Merck, a pharmaceutical major founded in 1891, has a market capitalization of $190.71 billion.\nIn Monday’s regular session, Merck saw its shares close 0.16% lower at $75.32.\nWhy It Matters:It was only last year in January that Moderna developed its COVID-19 vaccine candidate mRNA-1273in a record two days, while the same process can take years using more traditional methods.\nThe first volunteer received the test shot on March 16 as Moderna became the first company in the world to launch a clinical trial of a COVID-19 vaccine candidate.\nIn December 2020, the Moderna COVID-19 vaccine received the nod from an advisory panel of the U.S. Food and Drug Administration, which cleared the way for it toreceivean Emergency Use Authorization.\nIn its second-quarter earnings report, Moderna noted that its vaccine continues to be 93% effective six months after the second dose.\nPfizer Inc/BioNTech SE,which use similar mRNA technology for their vaccine, said the COVID-19 vaccine efficacy declined to 84% after six months.\nOppenheimer analyst Hartaj Singh noted last week that Moderna now has thephysical and human capital to rapidly investin its business with COVID-19 vaccine sales fueling its future growth.","news_type":1,"symbols_score_info":{"BNTX":0.9,"MRNA":0.9,"MRK":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896200477,"gmtCreate":1628582572099,"gmtModify":1631894035135,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"#ENG #FCEL #DVN #USWSlets see how far these can go after biden passes his bill","listText":"#ENG #FCEL #DVN #USWSlets see how far these can go after biden passes his bill","text":"#ENG #FCEL #DVN #USWSlets see how far these can go after biden passes his bill","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896200477","repostId":"1127196790","repostType":4,"isVote":1,"tweetType":1,"viewCount":1117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898871768,"gmtCreate":1628488387154,"gmtModify":1631894035149,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"alright man sogou","listText":"alright man sogou","text":"alright man sogou","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898871768","repostId":"1104113084","repostType":4,"isVote":1,"tweetType":1,"viewCount":726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891417495,"gmtCreate":1628410884317,"gmtModify":1631894035158,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"really","listText":"really","text":"really","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891417495","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohunote.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发去中心化金融（DeFi）协议的组织……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC 提起首例 DeFi 未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发去中心化金融（DeFi）协议的组织……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891063611,"gmtCreate":1628308225033,"gmtModify":1631894035169,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"hmm","listText":"hmm","text":"hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891063611","repostId":"1119792130","repostType":4,"isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899494067,"gmtCreate":1628209438359,"gmtModify":1631894035181,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"hmm when correction?","listText":"hmm when correction?","text":"hmm when correction?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899494067","repostId":"2157456017","repostType":4,"isVote":1,"tweetType":1,"viewCount":880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899860381,"gmtCreate":1628173867143,"gmtModify":1631894035193,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"fastly maybe","listText":"fastly maybe","text":"fastly maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899860381","repostId":"1197602353","repostType":4,"isVote":1,"tweetType":1,"viewCount":1231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807248246,"gmtCreate":1628040830085,"gmtModify":1631894035206,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3567752858658977","authorIdStr":"3567752858658977"},"themes":[],"title":"","htmlText":"so when market gonna crash? inflation 6.5?","listText":"so when market gonna crash? inflation 6.5?","text":"so when market gonna crash? inflation 6.5?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807248246","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":1069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":349018526,"gmtCreate":1617504689765,"gmtModify":1634520750039,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"post","listText":"post","text":"post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/349018526","repostId":"1188150614","repostType":4,"repost":{"id":"1188150614","kind":"news","pubTimestamp":1617366389,"share":"https://www.laohunote.com/m/news/1188150614?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:26","market":"us","language":"en","title":"3 Beaten-Down Stocks That Could Double Your Money<blockquote>3 只被击败的股票可以让你的钱翻倍</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188150614","media":"Motley Fool","summary":"Market rotation malaise has infected many investors. Last year, the growth stocks in theNasdaq-100index trounced the staid giants in theDow Jones Industrial Average. It's been a different story so far in 2021, though. The big money appears to be moving into so-called \"risk-off\" stocks.As a result, many of the high-flyers from just a few months ago are now stuck in the doldrums. Some are even down more than 30% from their peaks set earlier this year. There's a silver lining in this dark cloud, ho","content":"<p>Market rotation malaise has infected many investors. Last year, the growth stocks in the<b>Nasdaq-100</b>index trounced the staid giants in the<b>Dow Jones Industrial Average</b>. It's been a different story so far in 2021, though. The big money appears to be moving into so-called \"risk-off\" stocks.</p><p><blockquote>市场轮动不振已经感染了许多投资者。去年，成长股在<b>纳斯达克-100</b>指数击败了稳重的巨人<b>道琼斯工业指数</b>.不过，2021 年到目前为止，情况就不同了。大笔资金似乎正在流入所谓的“规避风险”股票。</blockquote></p><p> As a result, many of the high-flyers from just a few months ago are now stuck in the doldrums. Some are even down more than 30% from their peaks set earlier this year. There's a silver lining in this dark cloud, however: Quite a few stocks with strong growth prospects are available at discounted prices.&nbsp;Here are three beaten-down stocks that could even double your money -- or more.</p><p><blockquote>因此，几个月前的许多雄心勃勃的人现在陷入了低迷。有些甚至比今年早些时候创下的峰值下降了30%以上。然而，这片乌云中有一线希望：相当多具有强劲增长前景的股票以折扣价出售。这里有三只被击败的股票，甚至可以让你的钱翻倍，甚至更多。</blockquote></p><p> <b>DermTech</b></p><p><blockquote><b>德姆泰克</b></blockquote></p><p> <b>DermTech</b>(NASDAQ:DMTK)markets an exciting product: a skin genomics test that can detect melanoma more accurately and cheaper than surgical biopsy. Its shares soared over 145% year to date by the third week of February. Since then, though, thehealthcare stockhas fallen more than 35%.</p><p><blockquote><b>德姆泰克</b>（纳斯达克股票代码：DMTK）推出了一款令人兴奋的产品：一种皮肤基因组学测试，可以比手术活检更准确、更便宜地检测黑色素瘤。截至 2 月第三周，其股价今年迄今已飙升超过 145%。然而，自那以后，医疗保健股已下跌超过 35%。</blockquote></p><p> Part of the problem was the aforementioned general sell-off of growth stocks. However, DermTech also provided disappointing guidance in its fourth-quarter update. The company expects first-quarter assay revenue of between $1.6 million and $1.9 million compared to Q4 assay revenue of $1.6 million.</p><p><blockquote>部分问题是前面提到的成长型股票的普遍抛售。然而，DermTech 在其第四季度更新中也提供了令人失望的指导。该公司预计第一季度检测收入在 160 万美元至 190 万美元之间，而第四季度检测收入为 160 万美元。</blockquote></p><p> DermTech still faces some COVID-19 headwinds in reaching out to physicians. The company's long-term growth prospects remain bright, though. DermTech continues to pick up commercial payer reimbursement for its first product, Pigmented Lesion Assay (PLA). It expects to launch an at-home genomics test that identifies ultraviolet ray damage and skin cancer risk next year.</p><p><blockquote>DermTech 在接触医生方面仍然面临一些 COVID-19 阻力。不过，该公司的长期增长前景仍然光明。DermTech 继续为其首款产品色素性病变检测 (PLA) 收取商业付款人报销。它预计明年将推出一项家庭基因组学测试，以识别紫外线损伤和皮肤癌风险。</blockquote></p><p> The total addressable U.S. market that DermTech is targeting for all types of skin cancer is around $10 billion. With the company's market cap currently below $1.5 billion, DermTech should only have to capture a tiny sliver of this market to deliver huge returns for investors.</p><p><blockquote>DermTech针对所有类型皮肤癌的美国市场总额约为100亿美元。由于该公司目前的市值低于15亿美元，DermTech只需要占领这个市场的一小部分，就可以为投资者带来巨大的回报。</blockquote></p><p> <b>Gores Holdings VI</b></p><p><blockquote><b>戈雷斯控股 VI</b></blockquote></p><p> Special purpose acquisition company (SPAC) stocks were wildly popular not long ago. That's changed quite a bit.&nbsp;<b>Gores Holdings VI</b>(NASDAQ:GHVI)serves as a great example: The SPAC's shares skyrocketed more than 120% year to date by mid-February but are now down over 40% from those highs.</p><p><blockquote>不久前，特殊目的收购公司（SPAC）股票非常受欢迎。这已经改变了很多。<b>戈雷斯控股 VI</b>（纳斯达克股票代码：GHVI）就是一个很好的例子：截至 2 月中旬，SPAC 的股价今年迄今已飙升超过 120%，但现在已较这些高点下跌了 40% 以上。</blockquote></p><p> Gores Holdings VI and spatial data company Matterport announced on Feb. 8 that they plan to merge in a deal that will take Matterport public at an equity value of around $2.9 billion. But Matterport should be able to grow much larger than that relatively quickly.</p><p><blockquote>Gores Holdings VI 和空间数据公司 Matterport 于 2 月 8 日宣布，他们计划合并，Matterport 的股权价值约为 29 亿美元。但是Matterport应该能够相对快速地发展得更大。</blockquote></p><p> Matterport pioneered the spatial data market a decade ago. The company's technology can create a 3D \"digital twin\" of any physical space. Consulting firm<b>Accenture</b>recently picked digital twin technology asone of its top five tech trends of 2021.</p><p><blockquote>十年前，Matterport开创了空间数据市场。该公司的技术可以创建任何物理空间的3D“数字孪生”。咨询公司<b>埃森哲</b>最近将数字孪生技术列为2021年五大技术趋势之一。</blockquote></p><p> The company already has over 250,000 customers, including 13% of the Fortune 1000. However, less than 1% of the more than 4 billion buildings across the world are currently digitized. This represents a $240 billion opportunity for Matterport. The company expects to nearly double its revenue in 2022 with growth accelerating in subsequent years.</p><p><blockquote>该公司已经拥有超过 250,000 名客户，其中包括 13% 的财富 1000 强企业。然而，目前全球40多亿座建筑中只有不到1%是数字化的。这代表着马特波特2400亿美元的机会。该公司预计 2022 年收入将几乎翻一番，随后几年的增长将加速。</blockquote></p><p> <b>Skillz</b></p><p><blockquote><b>技能</b></blockquote></p><p> <b>Skillz</b>(NYSE:SKLZ)stands as the biggest loser of these three beaten-down stocks. Shares of the mobile game platform provider soared nearly 120% by early February only to give up all of those gains and then some. The stock is now down over 5% year to date.</p><p><blockquote><b>技能</b>（纽约证券交易所股票代码：SKLZ）是这三只重挫股票中最大的输家。到 2 月初，这家移动游戏平台提供商的股价飙升近 120%，但随后又回吐了所有涨幅和部分涨幅。该股今年迄今已下跌超过 5%。</blockquote></p><p> Like DermTech and Gores Holdings VI, Skillz was negatively impacted by the market rotation away from growth stocks. However, the company's decision to sell 17 million shares in a public offering also hurt.</p><p><blockquote>与 DermTech 和 Gores Holdings VI 一样，Skillz 也受到了市场远离成长型股票的负面影响。然而，该公司决定在公开募股中出售 1700 万股股票也造成了伤害。</blockquote></p><p> Skillz's competition-focused approach keeps users more engaged than other leading online platforms. It's also driving tremendous growth. The company's revenue nearly doubled in 2020. Skillz is especially making inroads in converting users to paying customers.</p><p><blockquote>Skillz以竞争为中心的方法让用户比其他领先的在线平台更多地参与其中。它也推动了巨大的增长。该公司2020年的收入几乎翻了一番。Skillz在将用户转化为付费客户方面尤其取得了进展。</blockquote></p><p> The mobile gaming market totaled $86 billion last year and continues to grow rapidly. Skillz should be able to increase its market share as it expands internationally and adds new genres of games to its platform. The company's multi-year agreement with the NFL could also provide a big boost.</p><p><blockquote>移动游戏市场去年总计860亿美元，并继续快速增长。Skillz应该能够增加其市场份额，因为它在国际上扩张，并在其平台上添加新的游戏类型。该公司与 NFL 的多年协议也可能带来巨大的推动。</blockquote></p><p> Skillz looks like a stock that could easily double your money and perhaps deliver much greater returns than that over the next couple of years.</p><p><blockquote>Skillz 看起来像是一只可以轻松让您的资金翻倍的股票，并且在未来几年内可能会带来比这更高的回报。</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>3 Beaten-Down Stocks That Could Double Your Money<blockquote>3 只被击败的股票可以让你的钱翻倍</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\">\n3 Beaten-Down Stocks That Could Double Your Money<blockquote>3 只被击败的股票可以让你的钱翻倍</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-02 20:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Market rotation malaise has infected many investors. Last year, the growth stocks in the<b>Nasdaq-100</b>index trounced the staid giants in the<b>Dow Jones Industrial Average</b>. It's been a different story so far in 2021, though. The big money appears to be moving into so-called \"risk-off\" stocks.</p><p><blockquote>市场轮动不振已经感染了许多投资者。去年，成长股在<b>纳斯达克-100</b>指数击败了稳重的巨人<b>道琼斯工业指数</b>.不过，2021 年到目前为止，情况就不同了。大笔资金似乎正在流入所谓的“规避风险”股票。</blockquote></p><p> As a result, many of the high-flyers from just a few months ago are now stuck in the doldrums. Some are even down more than 30% from their peaks set earlier this year. There's a silver lining in this dark cloud, however: Quite a few stocks with strong growth prospects are available at discounted prices.&nbsp;Here are three beaten-down stocks that could even double your money -- or more.</p><p><blockquote>因此，几个月前的许多雄心勃勃的人现在陷入了低迷。有些甚至比今年早些时候创下的峰值下降了30%以上。然而，这片乌云中有一线希望：相当多具有强劲增长前景的股票以折扣价出售。这里有三只被击败的股票，甚至可以让你的钱翻倍，甚至更多。</blockquote></p><p> <b>DermTech</b></p><p><blockquote><b>德姆泰克</b></blockquote></p><p> <b>DermTech</b>(NASDAQ:DMTK)markets an exciting product: a skin genomics test that can detect melanoma more accurately and cheaper than surgical biopsy. Its shares soared over 145% year to date by the third week of February. Since then, though, thehealthcare stockhas fallen more than 35%.</p><p><blockquote><b>德姆泰克</b>（纳斯达克股票代码：DMTK）推出了一款令人兴奋的产品：一种皮肤基因组学测试，可以比手术活检更准确、更便宜地检测黑色素瘤。截至 2 月第三周，其股价今年迄今已飙升超过 145%。然而，自那以后，医疗保健股已下跌超过 35%。</blockquote></p><p> Part of the problem was the aforementioned general sell-off of growth stocks. However, DermTech also provided disappointing guidance in its fourth-quarter update. The company expects first-quarter assay revenue of between $1.6 million and $1.9 million compared to Q4 assay revenue of $1.6 million.</p><p><blockquote>部分问题是前面提到的成长型股票的普遍抛售。然而，DermTech 在其第四季度更新中也提供了令人失望的指导。该公司预计第一季度检测收入在 160 万美元至 190 万美元之间，而第四季度检测收入为 160 万美元。</blockquote></p><p> DermTech still faces some COVID-19 headwinds in reaching out to physicians. The company's long-term growth prospects remain bright, though. DermTech continues to pick up commercial payer reimbursement for its first product, Pigmented Lesion Assay (PLA). It expects to launch an at-home genomics test that identifies ultraviolet ray damage and skin cancer risk next year.</p><p><blockquote>DermTech 在接触医生方面仍然面临一些 COVID-19 阻力。不过，该公司的长期增长前景仍然光明。DermTech 继续为其首款产品色素性病变检测 (PLA) 收取商业付款人报销。它预计明年将推出一项家庭基因组学测试，以识别紫外线损伤和皮肤癌风险。</blockquote></p><p> The total addressable U.S. market that DermTech is targeting for all types of skin cancer is around $10 billion. With the company's market cap currently below $1.5 billion, DermTech should only have to capture a tiny sliver of this market to deliver huge returns for investors.</p><p><blockquote>DermTech针对所有类型皮肤癌的美国市场总额约为100亿美元。由于该公司目前的市值低于15亿美元，DermTech只需要占领这个市场的一小部分，就可以为投资者带来巨大的回报。</blockquote></p><p> <b>Gores Holdings VI</b></p><p><blockquote><b>戈雷斯控股 VI</b></blockquote></p><p> Special purpose acquisition company (SPAC) stocks were wildly popular not long ago. That's changed quite a bit.&nbsp;<b>Gores Holdings VI</b>(NASDAQ:GHVI)serves as a great example: The SPAC's shares skyrocketed more than 120% year to date by mid-February but are now down over 40% from those highs.</p><p><blockquote>不久前，特殊目的收购公司（SPAC）股票非常受欢迎。这已经改变了很多。<b>戈雷斯控股 VI</b>（纳斯达克股票代码：GHVI）就是一个很好的例子：截至 2 月中旬，SPAC 的股价今年迄今已飙升超过 120%，但现在已较这些高点下跌了 40% 以上。</blockquote></p><p> Gores Holdings VI and spatial data company Matterport announced on Feb. 8 that they plan to merge in a deal that will take Matterport public at an equity value of around $2.9 billion. But Matterport should be able to grow much larger than that relatively quickly.</p><p><blockquote>Gores Holdings VI 和空间数据公司 Matterport 于 2 月 8 日宣布，他们计划合并，Matterport 的股权价值约为 29 亿美元。但是Matterport应该能够相对快速地发展得更大。</blockquote></p><p> Matterport pioneered the spatial data market a decade ago. The company's technology can create a 3D \"digital twin\" of any physical space. Consulting firm<b>Accenture</b>recently picked digital twin technology asone of its top five tech trends of 2021.</p><p><blockquote>十年前，Matterport开创了空间数据市场。该公司的技术可以创建任何物理空间的3D“数字孪生”。咨询公司<b>埃森哲</b>最近将数字孪生技术列为2021年五大技术趋势之一。</blockquote></p><p> The company already has over 250,000 customers, including 13% of the Fortune 1000. However, less than 1% of the more than 4 billion buildings across the world are currently digitized. This represents a $240 billion opportunity for Matterport. The company expects to nearly double its revenue in 2022 with growth accelerating in subsequent years.</p><p><blockquote>该公司已经拥有超过 250,000 名客户，其中包括 13% 的财富 1000 强企业。然而，目前全球40多亿座建筑中只有不到1%是数字化的。这代表着马特波特2400亿美元的机会。该公司预计 2022 年收入将几乎翻一番，随后几年的增长将加速。</blockquote></p><p> <b>Skillz</b></p><p><blockquote><b>技能</b></blockquote></p><p> <b>Skillz</b>(NYSE:SKLZ)stands as the biggest loser of these three beaten-down stocks. Shares of the mobile game platform provider soared nearly 120% by early February only to give up all of those gains and then some. The stock is now down over 5% year to date.</p><p><blockquote><b>技能</b>（纽约证券交易所股票代码：SKLZ）是这三只重挫股票中最大的输家。到 2 月初，这家移动游戏平台提供商的股价飙升近 120%，但随后又回吐了所有涨幅和部分涨幅。该股今年迄今已下跌超过 5%。</blockquote></p><p> Like DermTech and Gores Holdings VI, Skillz was negatively impacted by the market rotation away from growth stocks. However, the company's decision to sell 17 million shares in a public offering also hurt.</p><p><blockquote>与 DermTech 和 Gores Holdings VI 一样，Skillz 也受到了市场远离成长型股票的负面影响。然而，该公司决定在公开募股中出售 1700 万股股票也造成了伤害。</blockquote></p><p> Skillz's competition-focused approach keeps users more engaged than other leading online platforms. It's also driving tremendous growth. The company's revenue nearly doubled in 2020. Skillz is especially making inroads in converting users to paying customers.</p><p><blockquote>Skillz以竞争为中心的方法让用户比其他领先的在线平台更多地参与其中。它也推动了巨大的增长。该公司2020年的收入几乎翻了一番。Skillz在将用户转化为付费客户方面尤其取得了进展。</blockquote></p><p> The mobile gaming market totaled $86 billion last year and continues to grow rapidly. Skillz should be able to increase its market share as it expands internationally and adds new genres of games to its platform. The company's multi-year agreement with the NFL could also provide a big boost.</p><p><blockquote>移动游戏市场去年总计860亿美元，并继续快速增长。Skillz应该能够增加其市场份额，因为它在国际上扩张，并在其平台上添加新的游戏类型。该公司与 NFL 的多年协议也可能带来巨大的推动。</blockquote></p><p> Skillz looks like a stock that could easily double your money and perhaps deliver much greater returns than that over the next couple of years.</p><p><blockquote>Skillz 看起来像是一只可以轻松让您的资金翻倍的股票，并且在未来几年内可能会带来比这更高的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/3-beaten-down-stocks-that-could-double-your-money/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/04/02/3-beaten-down-stocks-that-could-double-your-money/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188150614","content_text":"Market rotation malaise has infected many investors. Last year, the growth stocks in theNasdaq-100index trounced the staid giants in theDow Jones Industrial Average. It's been a different story so far in 2021, though. The big money appears to be moving into so-called \"risk-off\" stocks.\nAs a result, many of the high-flyers from just a few months ago are now stuck in the doldrums. Some are even down more than 30% from their peaks set earlier this year. There's a silver lining in this dark cloud, however: Quite a few stocks with strong growth prospects are available at discounted prices. Here are three beaten-down stocks that could even double your money -- or more.\nDermTech\nDermTech(NASDAQ:DMTK)markets an exciting product: a skin genomics test that can detect melanoma more accurately and cheaper than surgical biopsy. Its shares soared over 145% year to date by the third week of February. Since then, though, thehealthcare stockhas fallen more than 35%.\nPart of the problem was the aforementioned general sell-off of growth stocks. However, DermTech also provided disappointing guidance in its fourth-quarter update. The company expects first-quarter assay revenue of between $1.6 million and $1.9 million compared to Q4 assay revenue of $1.6 million.\nDermTech still faces some COVID-19 headwinds in reaching out to physicians. The company's long-term growth prospects remain bright, though. DermTech continues to pick up commercial payer reimbursement for its first product, Pigmented Lesion Assay (PLA). It expects to launch an at-home genomics test that identifies ultraviolet ray damage and skin cancer risk next year.\nThe total addressable U.S. market that DermTech is targeting for all types of skin cancer is around $10 billion. With the company's market cap currently below $1.5 billion, DermTech should only have to capture a tiny sliver of this market to deliver huge returns for investors.\nGores Holdings VI\nSpecial purpose acquisition company (SPAC) stocks were wildly popular not long ago. That's changed quite a bit. Gores Holdings VI(NASDAQ:GHVI)serves as a great example: The SPAC's shares skyrocketed more than 120% year to date by mid-February but are now down over 40% from those highs.\nGores Holdings VI and spatial data company Matterport announced on Feb. 8 that they plan to merge in a deal that will take Matterport public at an equity value of around $2.9 billion. But Matterport should be able to grow much larger than that relatively quickly.\nMatterport pioneered the spatial data market a decade ago. The company's technology can create a 3D \"digital twin\" of any physical space. Consulting firmAccenturerecently picked digital twin technology asone of its top five tech trends of 2021.\nThe company already has over 250,000 customers, including 13% of the Fortune 1000. However, less than 1% of the more than 4 billion buildings across the world are currently digitized. This represents a $240 billion opportunity for Matterport. The company expects to nearly double its revenue in 2022 with growth accelerating in subsequent years.\nSkillz\nSkillz(NYSE:SKLZ)stands as the biggest loser of these three beaten-down stocks. Shares of the mobile game platform provider soared nearly 120% by early February only to give up all of those gains and then some. The stock is now down over 5% year to date.\nLike DermTech and Gores Holdings VI, Skillz was negatively impacted by the market rotation away from growth stocks. However, the company's decision to sell 17 million shares in a public offering also hurt.\nSkillz's competition-focused approach keeps users more engaged than other leading online platforms. It's also driving tremendous growth. The company's revenue nearly doubled in 2020. Skillz is especially making inroads in converting users to paying customers.\nThe mobile gaming market totaled $86 billion last year and continues to grow rapidly. Skillz should be able to increase its market share as it expands internationally and adds new genres of games to its platform. The company's multi-year agreement with the NFL could also provide a big boost.\nSkillz looks like a stock that could easily double your money and perhaps deliver much greater returns than that over the next couple of years.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365317603,"gmtCreate":1614696489202,"gmtModify":1703480028404,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"pls comment on my comment!","listText":"pls comment on my comment!","text":"pls comment on my comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/365317603","repostId":"2116599076","repostType":4,"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379037509,"gmtCreate":1618636339601,"gmtModify":1634291609941,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"comment on my post pls","listText":"comment on my post pls","text":"comment on my post pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/379037509","repostId":"1159260950","repostType":4,"isVote":1,"tweetType":1,"viewCount":1055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361552240,"gmtCreate":1614248899480,"gmtModify":1634550489456,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"here to leave a comment. like my comment please.&nbsp; thanks in advance","listText":"here to leave a comment. like my comment please.&nbsp; thanks in advance","text":"here to leave a comment. like my comment please. thanks in advance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/361552240","repostId":"1136762256","repostType":4,"repost":{"id":"1136762256","kind":"news","pubTimestamp":1614246762,"share":"https://www.laohunote.com/m/news/1136762256?lang=zh_CN&edition=full","pubTime":"2021-02-25 17:52","market":"us","language":"en","title":"7 smarter ways to play the boom in videogames and esports than buying GameStop<blockquote>比购买游戏驿站更聪明的电子游戏和电子竞技热潮的 7 种方式</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136762256","media":"MarketWatch","summary":"Look beyond Activision Blizzard and Nvidia\nGameStop grabbed headlines based on the notion that the “","content":"<p>Look beyond Activision Blizzard and Nvidia</p><p><blockquote>超越动视暴雪和英伟达</blockquote></p><p> GameStop grabbed headlines based on the notion that the “smart money” simply didn’t understand this stock. But for investors looking for a less volatile play on the gaming megatrens, here are seven options that may fit better in most portfolios.</p><p><blockquote>游戏驿站之所以成为头条新闻，是因为 “聪明的钱 ”根本不了解这只股票。但对于寻求游戏大趋势波动性较小的投资者来说，这里有七种选择可能更适合大多数投资组合。</blockquote></p><p> Research firm NPD has shown that three out of four Americans, or&nbsp;roughly 244 million of us, play videogames for an average of 14 hours a week. And thanks to a lack of entertainment options outside the home in 2020, gaming sales worldwide surged 20% to a staggering&nbsp;$180 billion.</p><p><blockquote>研究公司 NPD 显示，四分之三的美国人，即大约 2.44 亿人，平均每周玩 14 小时电子游戏。由于2020年家庭之外缺乏娱乐选择，全球游戏销售额激增20%，达到惊人的1800亿美元。</blockquote></p><p> In fact, gaming is so popular and lucrative that professional esports now has an audience of about 500 million people worldwide — with a 70% increase in the number of viewers in the U.S. last year because of the pandemic and the lack of traditional spectator sports options. And as with so many other tech trends, these recent converts are likely to stick and continue powering the esports business. Here’s one way to put it in context: esports are expected to have almost&nbsp;800 million&nbsp;viewers by 2024 – nearly as many as about 825 million or so fans of professional basketball worldwide today.</p><p><blockquote>事实上，游戏是如此受欢迎和有利可图，以至于职业电子竞技现在在全球拥有约5亿观众——由于疫情和缺乏传统的观众体育选择，去年美国的观众人数增加了70%。与许多其他技术趋势一样，这些最近的转换可能会坚持并继续推动电子竞技业务。这里有一种说法： 预计到 2024 年，电子竞技将拥有近 8 亿观众，几乎相当于当今全球约 8.25 亿职业篮球迷的人数。</blockquote></p><p> Some of the biggest publicly traded videogame stocks are already old news. Over the last 10 years, gaming powerhouse Activision Blizzard&nbsp;has surged about 800% compared with about 200% for the S&amp;P 500 index&nbsp;in the same period, growing to almost $80 billion in market value. And of course there has been the frenzy over GameStock&nbsp;that led toa congressional hearing.</p><p><blockquote>一些最大的公开交易视频游戏股票已经是旧闻了。在过去的10年里，游戏巨头动视暴雪飙升了约800%，而同期标普500指数的涨幅约为200%，市值增长至近800亿美元。当然，对GameStock的狂热导致了国会听证会。</blockquote></p><p> But there are a host of up-and-coming companies looking to level up amid continued growth for the industry. If you’re looking to play the gaming and esports craze, here are some options worth a look:</p><p><blockquote>但随着行业的持续增长，许多新兴公司正在寻求提升水平。如果您想体验游戏和电子竞技热潮，这里有一些值得一看的选择：</blockquote></p><p> <b>Nintendo</b></p><p><blockquote><b>任天堂</b></blockquote></p><p> Nintendo&nbsp;is an icon of the videogame industry. But just five years ago there was talk of “Nintendo’s Sad Struggle for Survival” amid waning popularity and weakening finances.</p><p><blockquote>任天堂是视频游戏行业的标志。但就在五年前，人们还在谈论 “任天堂在人气下降和财务状况疲软的情况下为生存而苦苦挣扎”。</blockquote></p><p> The house of Mario has come back big time, thanks to its innovative Switch console that successfully bridged console and mobile gaming markets. Nintendo’s eShop is now bursting with “casual” games like the smash hit “Among Us,” which was originally built for mobile phones and boasted&nbsp;half a billion players&nbsp;in November. While there are big margins on $70 games or high-end hardware, Nintendo has built both its user base and its software offerings around low-cost diversions that collectively add up to serious revenue.</p><p><blockquote>马里奥之家卷土重来，这要归功于其创新的Switch游戏机成功地连接了游戏机和移动游戏市场。任天堂的 eShop 现在充斥着 “休闲 ”游戏，比如大受欢迎的《Among Us》，这款游戏最初是为手机开发的，11 月份拥有 5 亿玩家。虽然70美元的游戏或高端硬件有很大的利润，但任天堂已经围绕低成本转移建立了用户群和软件产品，这些都增加了可观的收入。</blockquote></p><p> At the same time, a strange convergence of circumstances have created big tailwinds for Nintendo’s high-end titles. Since its prior console — the Wii U — was a bit of a flop, Nintendo was able to reissue many native games with big price tags during the Switch’s early years. Now the company has planned releases in both its Zelda and Metroid franchises along with a potential upgrade to the Switch itself to drive high-margin hardware sales.</p><p><blockquote>与此同时，奇怪的情况汇聚也为任天堂的高端游戏带来了巨大的推动力。由于之前的游戏机--Wii U--有点失败，任天堂在 Switch 早期得以重新发行许多价格高昂的原生游戏。现在，该公司已经计划发布塞尔达和银河战士系列，并可能对交换机本身进行升级，以推动高利润的硬件销售。</blockquote></p><p> Thanks to these facts and a big pandemic boost, Nintendo stock has doubled from its early 2019 levels and is now trading at its highest levels since 2007. And if the&nbsp;2021 release schedule&nbsp;lives up to the hype, we could see new all-time highs as this Japanese gaming powerhouse continues its return to dominance in the industry.</p><p><blockquote>由于这些事实和疫情的巨大提振，任天堂股价较 2019 年初的水平翻了一番，目前处于 2007 年以来的最高水平。如果2021年的发布时间表不负众望，随着这家日本游戏巨头继续重返行业主导地位，我们可能会看到新的历史新高。</blockquote></p><p> <b>Corsair</b></p><p><blockquote><b>海盗船</b></blockquote></p><p> If Nintendo has cashed in by connecting with more casual gamers, then Corsair Gaming&nbsp;shows how to cater to very serious PC gamers. This roughly $4 billion company is a top supplier of gaming-related parts from CPUs to peripherals like headsets and keyboards to specialty components for streaming gameplay on the internet. The streaming business line is particularly interesting, both via competitive esports play as well as commercial gamers looking to win viewers on platforms like Twitch and YouTube.</p><p><blockquote>如果说任天堂通过与更多休闲游戏玩家的联系获利，那么Corsair Gaming展示了如何迎合非常严肃的PC游戏玩家。这家市值约 40 亿美元的公司是游戏相关零部件的顶级供应商，从 CPU 到耳机和键盘等外围设备，再到互联网上流媒体游戏的专业组件。流媒体业务线特别有趣，无论是通过竞技电子竞技游戏，还是希望在Twitch和YouTube等平台上赢得观众的商业游戏玩家。</blockquote></p><p> The company completed its initial public offering in September and is soundly profitable. It’s also growing impressively, with its&nbsp;fourth-quarter earnings report&nbsp;in February showing a staggering 70% revenue growth and 118% profit growth year-over-year. Management has said this is thanks to expansion in all categories, too, and not just one item that’s hot at the moment.</p><p><blockquote>该公司于9月份完成了首次公开募股，并实现了可观的盈利。该公司的增长速度也令人印象深刻，2 月份发布的第四季度财报显示，收入同比增长了 70%，利润同比增长了 118%。管理层表示，这也得益于所有品类的扩张，而不仅仅是目前热门的一个品类。</blockquote></p><p> We’ve seen the power of high-end hardware stocks before with companies like the Nvidia,which is up fourfold from the end of 2018 thanks in part to its best-in-class graphics cards and now worth $370 billion. But what makes Corsair so great is that it’s not a competitor to Nvidia; in fact, when folks look to build a new gaming rig to incorporate components like the Nvidia GeForce 4k graphics card that was recently released, they are likely to upgrade everything else, too.</p><p><blockquote>我们以前就见识过高端硬件股的威力，像英伟达这样的公司，该公司的市值比 2018 年底翻了两番，这在一定程度上要归功于其一流的显卡，目前市值达 3700 亿美元。但 Corsair 之所以如此伟大，是因为它不是 Nvidia 的竞争对手；事实上，当人们希望构建一个新的游戏装备来整合像最近发布的Nvidia GeForce 4k显卡这样的组件时，他们也可能会升级其他一切。</blockquote></p><p> That could allow Corsair to piggyback this trend in the short term and continue to build on its track record of success.</p><p><blockquote>这可能会让 Corsair 在短期内顺应这一趋势，并继续巩固其成功记录。</blockquote></p><p> <b>Sea</b></p><p><blockquote><b>海</b></blockquote></p><p></p><p> Singapore-based Sea&nbsp;isn’t well known in the West, but that may change quickly given its 2020 stock performance. Over the last 12 months, the stock has surged roughly 420% thanks to amazing growth and big tailwinds behind its unique technology business.</p><p><blockquote>总部位于新加坡的 Sea 在西方并不为人所知，但鉴于其 2020 年的股票表现，这种情况可能会很快改变。在过去的 12 个月里，由于其独特技术业务背后的惊人增长和巨大推动力，该股飙升了约 420%。</blockquote></p><p> That business involves a dominant gaming catalog offered under Sea’s&nbsp;Garena&nbsp;brand, led by multiplayer online battle arena&nbsp;(MOBA)&nbsp;games like League of Legends. Not only are the games themselves popular, but related MOBA esports broadcasts are big business, too. Consider that the 2020 League of Legends championship tallied&nbsp;139 million total hours&nbsp;of viewership with peak viewership of 3.8 million people watching at once.</p><p><blockquote>该业务涉及 Sea 旗下 Garena 品牌提供的占主导地位的游戏目录，以《英雄联盟》等多人在线对战竞技场（MOBA）游戏为首。不仅游戏本身很受欢迎，相关的MOBA电子竞技转播也是大生意。考虑到2020年英雄联盟锦标赛的总观看时间为1.39亿小时，峰值观看人数为380万人同时观看。</blockquote></p><p> While League of Legends is admittedly one of the more mature franchises in Sea’s arsenal, the company certainly isn’t a one-trick pony. Its mobile-friendly MOBA title Free Fire was the most-downloaded game in the Google Play store in 2019 and just hit&nbsp;80 million&nbsp;daily users at the end of last year.</p><p><blockquote>虽然《英雄联盟》无疑是 Sea 武器库中较为成熟的特许经营权之一，但该公司肯定不是一匹只会一招的小马。其移动友好型MOBA游戏《Free Fire》是2019年谷歌Play商店下载量最高的游戏，去年年底日用户数量刚刚达到8000万。</blockquote></p><p> And it doesn’t stop with just these games. This unique tech stock has divisions that focus on live streaming and social features for gamers, such as user chat and online forums, and a mobile-centric e-commerce marketplace to help with seller services like shipping and logistics.</p><p><blockquote>这不仅仅止于这些游戏。这只独特的科技股拥有专注于游戏玩家直播和社交功能的部门，例如用户聊天和在线论坛，以及一个以移动为中心的电子商务市场，以帮助提供运输和物流等卖家服务。</blockquote></p><p> That adds up to a company that is uniquely positioned to capitalize on many parts of the gaming ecosystem, making Sea a very attractive option for those looking to tap into the full potential of this lucrative industry.</p><p><blockquote>这使得该公司处于独特的地位，可以利用游戏生态系统的许多部分，这使得 Sea 对于那些希望挖掘这个利润丰厚的行业的全部潜力的人来说成为一个非常有吸引力的选择。</blockquote></p><p> <b>Immersion</b></p><p><blockquote><b>浸入</b></blockquote></p><p> The smallest and most aggressive play on this list is Immersion,a $350 million stock that is involved with “haptics.” This is the fancy technical term for motion and touch controls that use real-world feedback to allow users to interact with a computer or game console.</p><p><blockquote>这份名单上规模最小、最具侵略性的股票是 Immersion，这是一只价值 3.5 亿美元的股票，与 “haptics ”有关。这是运动和触摸控制的花哨技术术语，它使用现实世界的反馈来允许用户与计算机或游戏机交互。</blockquote></p><p> The stock has surged about 50% in the last year in part because of a lucrative deal with Sony&nbsp;to produce components for its DualSense controllers that ship with the PlayStation 5. But the company’s long-term potential is bigger than one console, as the Nintendo witch and Xbox from Microsoft&nbsp;also use motion controls. Furthermore, there’s tremendous potential in the nascent VR market, too.</p><p><blockquote>该股去年飙升了约50%，部分原因是与索尼达成了一项利润丰厚的协议，为PlayStation 5附带的DualSense控制器生产组件。但该公司的长期潜力不仅仅是一款游戏机，因为微软的任天堂女巫和 Xbox 也使用了运动控制。此外，新兴的虚拟现实市场也具有巨大的潜力。</blockquote></p><p> There’s risk here, of course, since haptics technology has become standard fare for gamers only fairly recently and tons of companies are researching new solutions and forging relationships with the bigger names in the space.</p><p><blockquote>当然，这里也有风险，因为触觉技术才成为游戏玩家的标配，而且很多公司都在研究新的解决方案，并与该领域的大公司建立关系。</blockquote></p><p> Immersion is certainly not alone in this gold rush, but its track record is impressive. Thanks in part to its relationship with Sony, the stock swung from a modest loss to significant profits in 2020 — and based on FY2021 forecasts, earnings per share are set to double going forward as revenue jumps 20%. That could give investors a degree of confidence in the long-term potential of this stock.</p><p><blockquote>Immersion当然不是这场淘金热中唯一的一家，但它的业绩记录令人印象深刻。部分得益于与索尼的关系，该股在 2020 年从小幅亏损转为大幅盈利——根据 2021 财年的预测，随着收入增长 20%，未来每股收益将翻一番。这可能会让投资者对这只股票的长期潜力有一定程度的信心。</blockquote></p><p> <b>Videogame ETFs</b></p><p><blockquote><b>视频游戏 ETF</b></blockquote></p><p> If you are interested in simply playing the broader trend of gaming and esports without jumping into individual hardware or software names, the best way to do that is via an exchange-traded fund. Three ETFs offer investors a tactical but diversified investment on this industry.</p><p><blockquote>如果你有兴趣简单地玩游戏和电子竞技的更广泛趋势，而不是跳到单个硬件或软件名称，最好的方法是通过交易所交易基金。三只 ETF 为投资者提供对该行业的战术性但多元化的投资。</blockquote></p><p> The VanEck Vectors videogaming and eSports ETF&nbsp;is a well-established fund with more than $900 million in assets. For just 0.55% in annual expenses, or $55 a year on every $10,000 invested, you get a global play on this megatrend.</p><p><blockquote>VanEck Vectors 视频游戏和电子竞技 ETF 是一只成熟的基金，资产超过 9 亿美元。只需0.55%的年度支出，即每投资10,000美元每年55美元，您就可以在全球范围内参与这一大趋势。</blockquote></p><p> Unfortunately, if you’re looking for diversification, the list of components is a bit lacking, with only 25 stocks right now. However, you’ll get the big names in the space including Nintendo and Sea along with Chinese giant Tencent Holdings.</p><p><blockquote>遗憾的是，如果你想分散投资，成分股清单有点欠缺，目前只有 25 只股票。不过，你会看到包括任天堂和 Sea 在内的该领域大牌公司，以及中国巨头腾讯控股控股公司。</blockquote></p><p> An alternative is the Global X videogames &amp; Esports ETF,which also has about $900 million in assets. It charges a slightly lower expense ratio of 0.50% annually and has just over 40 holdings at present. The makeup is similar to the VanEck ETF, but the longer list means U.S. stocks feature less prominently and only make up about 29% of the portfolio.</p><p><blockquote>另一种选择是 Global X videogames &amp; Esports ETF，其资产也约为 9 亿美元。它每年收取的费用率略低，为 0.50%，目前持有 40 多家。其构成与 VanEck ETF 类似，但较长的列表意味着美国股票不太突出，仅占投资组合的约 29%。</blockquote></p><p> Smallest in terms of assets is the Wedbush ETFMG videogame Tech ETF.This fund only has a bit more than $100 million in assets under management and charges the highest fees at 0.75% in expenses. However, with 91 holdings it has the deepest bench of the three — with many Asia components that are difficult for U.S. individual investors to buy as individual stocks.</p><p><blockquote>就资产而言，最小的是 Wedbush ETFMG 视频游戏科技 ETF。该基金管理的资产仅略高于 1 亿美元，并收取最高费用，费用为 0.75%。然而，该公司持有 91 只股票，是三家公司中最深的，其中许多亚洲成分对于美国个人投资者来说很难作为个股购买。</blockquote></p><p> The strategies differ slightly, but one thing has been true for all of these funds lately: Big profits for investors. All three have delivered north of 90% gains over the last 12 months, showing they all could offer profitable ways to play the uptrend in videogaming.</p><p><blockquote>策略略有不同，但最近所有这些基金都有一点是正确的：投资者的巨额利润。在过去的12个月里，这三家公司的涨幅都超过了90%，这表明它们都可以提供有利可图的方式来利用视频游戏的上升趋势。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>7 smarter ways to play the boom in videogames and esports than buying GameStop<blockquote>比购买游戏驿站更聪明的电子游戏和电子竞技热潮的 7 种方式</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\">\n7 smarter ways to play the boom in videogames and esports than buying GameStop<blockquote>比购买游戏驿站更聪明的电子游戏和电子竞技热潮的 7 种方式</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-25 17:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Look beyond Activision Blizzard and Nvidia</p><p><blockquote>超越动视暴雪和英伟达</blockquote></p><p> GameStop grabbed headlines based on the notion that the “smart money” simply didn’t understand this stock. But for investors looking for a less volatile play on the gaming megatrens, here are seven options that may fit better in most portfolios.</p><p><blockquote>游戏驿站之所以成为头条新闻，是因为 “聪明的钱 ”根本不了解这只股票。但对于寻求游戏大趋势波动性较小的投资者来说，这里有七种选择可能更适合大多数投资组合。</blockquote></p><p> Research firm NPD has shown that three out of four Americans, or&nbsp;roughly 244 million of us, play videogames for an average of 14 hours a week. And thanks to a lack of entertainment options outside the home in 2020, gaming sales worldwide surged 20% to a staggering&nbsp;$180 billion.</p><p><blockquote>研究公司 NPD 显示，四分之三的美国人，即大约 2.44 亿人，平均每周玩 14 小时电子游戏。由于2020年家庭之外缺乏娱乐选择，全球游戏销售额激增20%，达到惊人的1800亿美元。</blockquote></p><p> In fact, gaming is so popular and lucrative that professional esports now has an audience of about 500 million people worldwide — with a 70% increase in the number of viewers in the U.S. last year because of the pandemic and the lack of traditional spectator sports options. And as with so many other tech trends, these recent converts are likely to stick and continue powering the esports business. Here’s one way to put it in context: esports are expected to have almost&nbsp;800 million&nbsp;viewers by 2024 – nearly as many as about 825 million or so fans of professional basketball worldwide today.</p><p><blockquote>事实上，游戏是如此受欢迎和有利可图，以至于职业电子竞技现在在全球拥有约5亿观众——由于疫情和缺乏传统的观众体育选择，去年美国的观众人数增加了70%。与许多其他技术趋势一样，这些最近的转换可能会坚持并继续推动电子竞技业务。这里有一种说法： 预计到 2024 年，电子竞技将拥有近 8 亿观众，几乎相当于当今全球约 8.25 亿职业篮球迷的人数。</blockquote></p><p> Some of the biggest publicly traded videogame stocks are already old news. Over the last 10 years, gaming powerhouse Activision Blizzard&nbsp;has surged about 800% compared with about 200% for the S&amp;P 500 index&nbsp;in the same period, growing to almost $80 billion in market value. And of course there has been the frenzy over GameStock&nbsp;that led toa congressional hearing.</p><p><blockquote>一些最大的公开交易视频游戏股票已经是旧闻了。在过去的10年里，游戏巨头动视暴雪飙升了约800%，而同期标普500指数的涨幅约为200%，市值增长至近800亿美元。当然，对GameStock的狂热导致了国会听证会。</blockquote></p><p> But there are a host of up-and-coming companies looking to level up amid continued growth for the industry. If you’re looking to play the gaming and esports craze, here are some options worth a look:</p><p><blockquote>但随着行业的持续增长，许多新兴公司正在寻求提升水平。如果您想体验游戏和电子竞技热潮，这里有一些值得一看的选择：</blockquote></p><p> <b>Nintendo</b></p><p><blockquote><b>任天堂</b></blockquote></p><p> Nintendo&nbsp;is an icon of the videogame industry. But just five years ago there was talk of “Nintendo’s Sad Struggle for Survival” amid waning popularity and weakening finances.</p><p><blockquote>任天堂是视频游戏行业的标志。但就在五年前，人们还在谈论 “任天堂在人气下降和财务状况疲软的情况下为生存而苦苦挣扎”。</blockquote></p><p> The house of Mario has come back big time, thanks to its innovative Switch console that successfully bridged console and mobile gaming markets. Nintendo’s eShop is now bursting with “casual” games like the smash hit “Among Us,” which was originally built for mobile phones and boasted&nbsp;half a billion players&nbsp;in November. While there are big margins on $70 games or high-end hardware, Nintendo has built both its user base and its software offerings around low-cost diversions that collectively add up to serious revenue.</p><p><blockquote>马里奥之家卷土重来，这要归功于其创新的Switch游戏机成功地连接了游戏机和移动游戏市场。任天堂的 eShop 现在充斥着 “休闲 ”游戏，比如大受欢迎的《Among Us》，这款游戏最初是为手机开发的，11 月份拥有 5 亿玩家。虽然70美元的游戏或高端硬件有很大的利润，但任天堂已经围绕低成本转移建立了用户群和软件产品，这些都增加了可观的收入。</blockquote></p><p> At the same time, a strange convergence of circumstances have created big tailwinds for Nintendo’s high-end titles. Since its prior console — the Wii U — was a bit of a flop, Nintendo was able to reissue many native games with big price tags during the Switch’s early years. Now the company has planned releases in both its Zelda and Metroid franchises along with a potential upgrade to the Switch itself to drive high-margin hardware sales.</p><p><blockquote>与此同时，奇怪的情况汇聚也为任天堂的高端游戏带来了巨大的推动力。由于之前的游戏机--Wii U--有点失败，任天堂在 Switch 早期得以重新发行许多价格高昂的原生游戏。现在，该公司已经计划发布塞尔达和银河战士系列，并可能对交换机本身进行升级，以推动高利润的硬件销售。</blockquote></p><p> Thanks to these facts and a big pandemic boost, Nintendo stock has doubled from its early 2019 levels and is now trading at its highest levels since 2007. And if the&nbsp;2021 release schedule&nbsp;lives up to the hype, we could see new all-time highs as this Japanese gaming powerhouse continues its return to dominance in the industry.</p><p><blockquote>由于这些事实和疫情的巨大提振，任天堂股价较 2019 年初的水平翻了一番，目前处于 2007 年以来的最高水平。如果2021年的发布时间表不负众望，随着这家日本游戏巨头继续重返行业主导地位，我们可能会看到新的历史新高。</blockquote></p><p> <b>Corsair</b></p><p><blockquote><b>海盗船</b></blockquote></p><p> If Nintendo has cashed in by connecting with more casual gamers, then Corsair Gaming&nbsp;shows how to cater to very serious PC gamers. This roughly $4 billion company is a top supplier of gaming-related parts from CPUs to peripherals like headsets and keyboards to specialty components for streaming gameplay on the internet. The streaming business line is particularly interesting, both via competitive esports play as well as commercial gamers looking to win viewers on platforms like Twitch and YouTube.</p><p><blockquote>如果说任天堂通过与更多休闲游戏玩家的联系获利，那么Corsair Gaming展示了如何迎合非常严肃的PC游戏玩家。这家市值约 40 亿美元的公司是游戏相关零部件的顶级供应商，从 CPU 到耳机和键盘等外围设备，再到互联网上流媒体游戏的专业组件。流媒体业务线特别有趣，无论是通过竞技电子竞技游戏，还是希望在Twitch和YouTube等平台上赢得观众的商业游戏玩家。</blockquote></p><p> The company completed its initial public offering in September and is soundly profitable. It’s also growing impressively, with its&nbsp;fourth-quarter earnings report&nbsp;in February showing a staggering 70% revenue growth and 118% profit growth year-over-year. Management has said this is thanks to expansion in all categories, too, and not just one item that’s hot at the moment.</p><p><blockquote>该公司于9月份完成了首次公开募股，并实现了可观的盈利。该公司的增长速度也令人印象深刻，2 月份发布的第四季度财报显示，收入同比增长了 70%，利润同比增长了 118%。管理层表示，这也得益于所有品类的扩张，而不仅仅是目前热门的一个品类。</blockquote></p><p> We’ve seen the power of high-end hardware stocks before with companies like the Nvidia,which is up fourfold from the end of 2018 thanks in part to its best-in-class graphics cards and now worth $370 billion. But what makes Corsair so great is that it’s not a competitor to Nvidia; in fact, when folks look to build a new gaming rig to incorporate components like the Nvidia GeForce 4k graphics card that was recently released, they are likely to upgrade everything else, too.</p><p><blockquote>我们以前就见识过高端硬件股的威力，像英伟达这样的公司，该公司的市值比 2018 年底翻了两番，这在一定程度上要归功于其一流的显卡，目前市值达 3700 亿美元。但 Corsair 之所以如此伟大，是因为它不是 Nvidia 的竞争对手；事实上，当人们希望构建一个新的游戏装备来整合像最近发布的Nvidia GeForce 4k显卡这样的组件时，他们也可能会升级其他一切。</blockquote></p><p> That could allow Corsair to piggyback this trend in the short term and continue to build on its track record of success.</p><p><blockquote>这可能会让 Corsair 在短期内顺应这一趋势，并继续巩固其成功记录。</blockquote></p><p> <b>Sea</b></p><p><blockquote><b>海</b></blockquote></p><p></p><p> Singapore-based Sea&nbsp;isn’t well known in the West, but that may change quickly given its 2020 stock performance. Over the last 12 months, the stock has surged roughly 420% thanks to amazing growth and big tailwinds behind its unique technology business.</p><p><blockquote>总部位于新加坡的 Sea 在西方并不为人所知，但鉴于其 2020 年的股票表现，这种情况可能会很快改变。在过去的 12 个月里，由于其独特技术业务背后的惊人增长和巨大推动力，该股飙升了约 420%。</blockquote></p><p> That business involves a dominant gaming catalog offered under Sea’s&nbsp;Garena&nbsp;brand, led by multiplayer online battle arena&nbsp;(MOBA)&nbsp;games like League of Legends. Not only are the games themselves popular, but related MOBA esports broadcasts are big business, too. Consider that the 2020 League of Legends championship tallied&nbsp;139 million total hours&nbsp;of viewership with peak viewership of 3.8 million people watching at once.</p><p><blockquote>该业务涉及 Sea 旗下 Garena 品牌提供的占主导地位的游戏目录，以《英雄联盟》等多人在线对战竞技场（MOBA）游戏为首。不仅游戏本身很受欢迎，相关的MOBA电子竞技转播也是大生意。考虑到2020年英雄联盟锦标赛的总观看时间为1.39亿小时，峰值观看人数为380万人同时观看。</blockquote></p><p> While League of Legends is admittedly one of the more mature franchises in Sea’s arsenal, the company certainly isn’t a one-trick pony. Its mobile-friendly MOBA title Free Fire was the most-downloaded game in the Google Play store in 2019 and just hit&nbsp;80 million&nbsp;daily users at the end of last year.</p><p><blockquote>虽然《英雄联盟》无疑是 Sea 武器库中较为成熟的特许经营权之一，但该公司肯定不是一匹只会一招的小马。其移动友好型MOBA游戏《Free Fire》是2019年谷歌Play商店下载量最高的游戏，去年年底日用户数量刚刚达到8000万。</blockquote></p><p> And it doesn’t stop with just these games. This unique tech stock has divisions that focus on live streaming and social features for gamers, such as user chat and online forums, and a mobile-centric e-commerce marketplace to help with seller services like shipping and logistics.</p><p><blockquote>这不仅仅止于这些游戏。这只独特的科技股拥有专注于游戏玩家直播和社交功能的部门，例如用户聊天和在线论坛，以及一个以移动为中心的电子商务市场，以帮助提供运输和物流等卖家服务。</blockquote></p><p> That adds up to a company that is uniquely positioned to capitalize on many parts of the gaming ecosystem, making Sea a very attractive option for those looking to tap into the full potential of this lucrative industry.</p><p><blockquote>这使得该公司处于独特的地位，可以利用游戏生态系统的许多部分，这使得 Sea 对于那些希望挖掘这个利润丰厚的行业的全部潜力的人来说成为一个非常有吸引力的选择。</blockquote></p><p> <b>Immersion</b></p><p><blockquote><b>浸入</b></blockquote></p><p> The smallest and most aggressive play on this list is Immersion,a $350 million stock that is involved with “haptics.” This is the fancy technical term for motion and touch controls that use real-world feedback to allow users to interact with a computer or game console.</p><p><blockquote>这份名单上规模最小、最具侵略性的股票是 Immersion，这是一只价值 3.5 亿美元的股票，与 “haptics ”有关。这是运动和触摸控制的花哨技术术语，它使用现实世界的反馈来允许用户与计算机或游戏机交互。</blockquote></p><p> The stock has surged about 50% in the last year in part because of a lucrative deal with Sony&nbsp;to produce components for its DualSense controllers that ship with the PlayStation 5. But the company’s long-term potential is bigger than one console, as the Nintendo witch and Xbox from Microsoft&nbsp;also use motion controls. Furthermore, there’s tremendous potential in the nascent VR market, too.</p><p><blockquote>该股去年飙升了约50%，部分原因是与索尼达成了一项利润丰厚的协议，为PlayStation 5附带的DualSense控制器生产组件。但该公司的长期潜力不仅仅是一款游戏机，因为微软的任天堂女巫和 Xbox 也使用了运动控制。此外，新兴的虚拟现实市场也具有巨大的潜力。</blockquote></p><p> There’s risk here, of course, since haptics technology has become standard fare for gamers only fairly recently and tons of companies are researching new solutions and forging relationships with the bigger names in the space.</p><p><blockquote>当然，这里也有风险，因为触觉技术才成为游戏玩家的标配，而且很多公司都在研究新的解决方案，并与该领域的大公司建立关系。</blockquote></p><p> Immersion is certainly not alone in this gold rush, but its track record is impressive. Thanks in part to its relationship with Sony, the stock swung from a modest loss to significant profits in 2020 — and based on FY2021 forecasts, earnings per share are set to double going forward as revenue jumps 20%. That could give investors a degree of confidence in the long-term potential of this stock.</p><p><blockquote>Immersion当然不是这场淘金热中唯一的一家，但它的业绩记录令人印象深刻。部分得益于与索尼的关系，该股在 2020 年从小幅亏损转为大幅盈利——根据 2021 财年的预测，随着收入增长 20%，未来每股收益将翻一番。这可能会让投资者对这只股票的长期潜力有一定程度的信心。</blockquote></p><p> <b>Videogame ETFs</b></p><p><blockquote><b>视频游戏 ETF</b></blockquote></p><p> If you are interested in simply playing the broader trend of gaming and esports without jumping into individual hardware or software names, the best way to do that is via an exchange-traded fund. Three ETFs offer investors a tactical but diversified investment on this industry.</p><p><blockquote>如果你有兴趣简单地玩游戏和电子竞技的更广泛趋势，而不是跳到单个硬件或软件名称，最好的方法是通过交易所交易基金。三只 ETF 为投资者提供对该行业的战术性但多元化的投资。</blockquote></p><p> The VanEck Vectors videogaming and eSports ETF&nbsp;is a well-established fund with more than $900 million in assets. For just 0.55% in annual expenses, or $55 a year on every $10,000 invested, you get a global play on this megatrend.</p><p><blockquote>VanEck Vectors 视频游戏和电子竞技 ETF 是一只成熟的基金，资产超过 9 亿美元。只需0.55%的年度支出，即每投资10,000美元每年55美元，您就可以在全球范围内参与这一大趋势。</blockquote></p><p> Unfortunately, if you’re looking for diversification, the list of components is a bit lacking, with only 25 stocks right now. However, you’ll get the big names in the space including Nintendo and Sea along with Chinese giant Tencent Holdings.</p><p><blockquote>遗憾的是，如果你想分散投资，成分股清单有点欠缺，目前只有 25 只股票。不过，你会看到包括任天堂和 Sea 在内的该领域大牌公司，以及中国巨头腾讯控股控股公司。</blockquote></p><p> An alternative is the Global X videogames &amp; Esports ETF,which also has about $900 million in assets. It charges a slightly lower expense ratio of 0.50% annually and has just over 40 holdings at present. The makeup is similar to the VanEck ETF, but the longer list means U.S. stocks feature less prominently and only make up about 29% of the portfolio.</p><p><blockquote>另一种选择是 Global X videogames &amp; Esports ETF，其资产也约为 9 亿美元。它每年收取的费用率略低，为 0.50%，目前持有 40 多家。其构成与 VanEck ETF 类似，但较长的列表意味着美国股票不太突出，仅占投资组合的约 29%。</blockquote></p><p> Smallest in terms of assets is the Wedbush ETFMG videogame Tech ETF.This fund only has a bit more than $100 million in assets under management and charges the highest fees at 0.75% in expenses. However, with 91 holdings it has the deepest bench of the three — with many Asia components that are difficult for U.S. individual investors to buy as individual stocks.</p><p><blockquote>就资产而言，最小的是 Wedbush ETFMG 视频游戏科技 ETF。该基金管理的资产仅略高于 1 亿美元，并收取最高费用，费用为 0.75%。然而，该公司持有 91 只股票，是三家公司中最深的，其中许多亚洲成分对于美国个人投资者来说很难作为个股购买。</blockquote></p><p> The strategies differ slightly, but one thing has been true for all of these funds lately: Big profits for investors. All three have delivered north of 90% gains over the last 12 months, showing they all could offer profitable ways to play the uptrend in videogaming.</p><p><blockquote>策略略有不同，但最近所有这些基金都有一点是正确的：投资者的巨额利润。在过去的12个月里，这三家公司的涨幅都超过了90%，这表明它们都可以提供有利可图的方式来利用视频游戏的上升趋势。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-4-stocks-and-3-etfs-let-you-cash-in-on-the-boom-in-videogames-and-esports-11614092613?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GAMR":"Amplify Video Game Leaders ETF","NTDOY":"任天堂","IMMR":"浸入科技","GME":"游戏驿站","CRSR":"Corsair Gaming, Inc.","SE":"Sea Ltd","NTDOF":"Nintendo Co., Ltd."},"source_url":"https://www.marketwatch.com/story/these-4-stocks-and-3-etfs-let-you-cash-in-on-the-boom-in-videogames-and-esports-11614092613?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1136762256","content_text":"Look beyond Activision Blizzard and Nvidia\nGameStop grabbed headlines based on the notion that the “smart money” simply didn’t understand this stock. But for investors looking for a less volatile play on the gaming megatrens, here are seven options that may fit better in most portfolios.\nResearch firm NPD has shown that three out of four Americans, or roughly 244 million of us, play videogames for an average of 14 hours a week. And thanks to a lack of entertainment options outside the home in 2020, gaming sales worldwide surged 20% to a staggering $180 billion.\nIn fact, gaming is so popular and lucrative that professional esports now has an audience of about 500 million people worldwide — with a 70% increase in the number of viewers in the U.S. last year because of the pandemic and the lack of traditional spectator sports options. And as with so many other tech trends, these recent converts are likely to stick and continue powering the esports business. Here’s one way to put it in context: esports are expected to have almost 800 million viewers by 2024 – nearly as many as about 825 million or so fans of professional basketball worldwide today.\nSome of the biggest publicly traded videogame stocks are already old news. Over the last 10 years, gaming powerhouse Activision Blizzard has surged about 800% compared with about 200% for the S&P 500 index in the same period, growing to almost $80 billion in market value. And of course there has been the frenzy over GameStock that led toa congressional hearing.\nBut there are a host of up-and-coming companies looking to level up amid continued growth for the industry. If you’re looking to play the gaming and esports craze, here are some options worth a look:\nNintendo\nNintendo is an icon of the videogame industry. But just five years ago there was talk of “Nintendo’s Sad Struggle for Survival” amid waning popularity and weakening finances.\nThe house of Mario has come back big time, thanks to its innovative Switch console that successfully bridged console and mobile gaming markets. Nintendo’s eShop is now bursting with “casual” games like the smash hit “Among Us,” which was originally built for mobile phones and boasted half a billion players in November. While there are big margins on $70 games or high-end hardware, Nintendo has built both its user base and its software offerings around low-cost diversions that collectively add up to serious revenue.\nAt the same time, a strange convergence of circumstances have created big tailwinds for Nintendo’s high-end titles. Since its prior console — the Wii U — was a bit of a flop, Nintendo was able to reissue many native games with big price tags during the Switch’s early years. Now the company has planned releases in both its Zelda and Metroid franchises along with a potential upgrade to the Switch itself to drive high-margin hardware sales.\nThanks to these facts and a big pandemic boost, Nintendo stock has doubled from its early 2019 levels and is now trading at its highest levels since 2007. And if the 2021 release schedule lives up to the hype, we could see new all-time highs as this Japanese gaming powerhouse continues its return to dominance in the industry.\nCorsair\nIf Nintendo has cashed in by connecting with more casual gamers, then Corsair Gaming shows how to cater to very serious PC gamers. This roughly $4 billion company is a top supplier of gaming-related parts from CPUs to peripherals like headsets and keyboards to specialty components for streaming gameplay on the internet. The streaming business line is particularly interesting, both via competitive esports play as well as commercial gamers looking to win viewers on platforms like Twitch and YouTube.\nThe company completed its initial public offering in September and is soundly profitable. It’s also growing impressively, with its fourth-quarter earnings report in February showing a staggering 70% revenue growth and 118% profit growth year-over-year. Management has said this is thanks to expansion in all categories, too, and not just one item that’s hot at the moment.\nWe’ve seen the power of high-end hardware stocks before with companies like the Nvidia,which is up fourfold from the end of 2018 thanks in part to its best-in-class graphics cards and now worth $370 billion. But what makes Corsair so great is that it’s not a competitor to Nvidia; in fact, when folks look to build a new gaming rig to incorporate components like the Nvidia GeForce 4k graphics card that was recently released, they are likely to upgrade everything else, too.\nThat could allow Corsair to piggyback this trend in the short term and continue to build on its track record of success.\nSea\nSingapore-based Sea isn’t well known in the West, but that may change quickly given its 2020 stock performance. Over the last 12 months, the stock has surged roughly 420% thanks to amazing growth and big tailwinds behind its unique technology business.\nThat business involves a dominant gaming catalog offered under Sea’s Garena brand, led by multiplayer online battle arena (MOBA) games like League of Legends. Not only are the games themselves popular, but related MOBA esports broadcasts are big business, too. Consider that the 2020 League of Legends championship tallied 139 million total hours of viewership with peak viewership of 3.8 million people watching at once.\nWhile League of Legends is admittedly one of the more mature franchises in Sea’s arsenal, the company certainly isn’t a one-trick pony. Its mobile-friendly MOBA title Free Fire was the most-downloaded game in the Google Play store in 2019 and just hit 80 million daily users at the end of last year.\nAnd it doesn’t stop with just these games. This unique tech stock has divisions that focus on live streaming and social features for gamers, such as user chat and online forums, and a mobile-centric e-commerce marketplace to help with seller services like shipping and logistics.\nThat adds up to a company that is uniquely positioned to capitalize on many parts of the gaming ecosystem, making Sea a very attractive option for those looking to tap into the full potential of this lucrative industry.\nImmersion\nThe smallest and most aggressive play on this list is Immersion,a $350 million stock that is involved with “haptics.” This is the fancy technical term for motion and touch controls that use real-world feedback to allow users to interact with a computer or game console.\nThe stock has surged about 50% in the last year in part because of a lucrative deal with Sony to produce components for its DualSense controllers that ship with the PlayStation 5. But the company’s long-term potential is bigger than one console, as the Nintendo witch and Xbox from Microsoft also use motion controls. Furthermore, there’s tremendous potential in the nascent VR market, too.\nThere’s risk here, of course, since haptics technology has become standard fare for gamers only fairly recently and tons of companies are researching new solutions and forging relationships with the bigger names in the space.\nImmersion is certainly not alone in this gold rush, but its track record is impressive. Thanks in part to its relationship with Sony, the stock swung from a modest loss to significant profits in 2020 — and based on FY2021 forecasts, earnings per share are set to double going forward as revenue jumps 20%. That could give investors a degree of confidence in the long-term potential of this stock.\nVideogame ETFs\nIf you are interested in simply playing the broader trend of gaming and esports without jumping into individual hardware or software names, the best way to do that is via an exchange-traded fund. Three ETFs offer investors a tactical but diversified investment on this industry.\nThe VanEck Vectors videogaming and eSports ETF is a well-established fund with more than $900 million in assets. For just 0.55% in annual expenses, or $55 a year on every $10,000 invested, you get a global play on this megatrend.\nUnfortunately, if you’re looking for diversification, the list of components is a bit lacking, with only 25 stocks right now. However, you’ll get the big names in the space including Nintendo and Sea along with Chinese giant Tencent Holdings.\nAn alternative is the Global X videogames & Esports ETF,which also has about $900 million in assets. It charges a slightly lower expense ratio of 0.50% annually and has just over 40 holdings at present. The makeup is similar to the VanEck ETF, but the longer list means U.S. stocks feature less prominently and only make up about 29% of the portfolio.\nSmallest in terms of assets is the Wedbush ETFMG videogame Tech ETF.This fund only has a bit more than $100 million in assets under management and charges the highest fees at 0.75% in expenses. However, with 91 holdings it has the deepest bench of the three — with many Asia components that are difficult for U.S. individual investors to buy as individual stocks.\nThe strategies differ slightly, but one thing has been true for all of these funds lately: Big profits for investors. All three have delivered north of 90% gains over the last 12 months, showing they all could offer profitable ways to play the uptrend in videogaming.","news_type":1,"symbols_score_info":{"GME":0.9,"NTDOF":0.9,"CRSR":0.9,"NTDOY":0.9,"GAMR":0.9,"SE":0.9,"IMMR":0.9}},"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897768744,"gmtCreate":1628987970088,"gmtModify":1631891580330,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"correction lai liao. everyone quiet and holding money already","listText":"correction lai liao. everyone quiet and holding money already","text":"correction lai liao. everyone quiet and holding money already","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/897768744","repostId":"1147342921","repostType":4,"repost":{"id":"1147342921","kind":"news","pubTimestamp":1628987746,"share":"https://www.laohunote.com/m/news/1147342921?lang=zh_CN&edition=full","pubTime":"2021-08-15 08:35","market":"us","language":"en","title":"US IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147342921","media":"Renaissance Capital","summary":"The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week a","content":"<p>The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.</p><p><blockquote>IPO 市场一年一度的 8 月淡季正在如火如荼地进行，目前未来一周没有 IPO 计划。虽然日历目前是空的，但我们可能会看到一些SPAC在本周加入日历。我们还预计，在劳动节后的高峰期之前，申报活动将在未来几周内回升。</blockquote></p><p> Street research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.</p><p><blockquote>预计未来一周将对 19 家公司进行街头调查，多达 7 家公司的禁售期将到期。要访问街头研究和锁定到期日期， 注册IPO Pro的免费试用。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&amp;P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年8月12日，文艺复兴IPO指数年初至今上涨0.8%，而标普500上涨18.8%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 9.7%，而 ACWX 指数上涨 9.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 EQT Partners 和 Smoore International。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</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\">\nUS IPO Week Ahead: IPO calendar is quiet amid annual August break<blockquote>美国 IPO 未来一周：在一年一度的八月休息期间，IPO 日历很平静</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-08-15 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.</p><p><blockquote>IPO 市场一年一度的 8 月淡季正在如火如荼地进行，目前未来一周没有 IPO 计划。虽然日历目前是空的，但我们可能会看到一些SPAC在本周加入日历。我们还预计，在劳动节后的高峰期之前，申报活动将在未来几周内回升。</blockquote></p><p> Street research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.</p><p><blockquote>预计未来一周将对 19 家公司进行街头调查，多达 7 家公司的禁售期将到期。要访问街头研究和锁定到期日期， 注册IPO Pro的免费试用。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&amp;P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年8月12日，文艺复兴IPO指数年初至今上涨0.8%，而标普500上涨18.8%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 9.7%，而 ACWX 指数上涨 9.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 EQT Partners 和 Smoore International。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85282/US-IPO-Week-Ahead-IPO-calendar-is-quiet-amid-annual-August-break\">Renaissance Capital</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85282/US-IPO-Week-Ahead-IPO-calendar-is-quiet-amid-annual-August-break","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147342921","content_text":"The IPO market’s annual August lull is in full swing with no IPOs currently scheduled for the week ahead. While the calendar is empty for now, we may see some SPACs join the calendar throughout the week. We also anticipate filing activity to pick up in the coming weeks ahead of the post-Labor Day rush.\nStreet research is expected for 19 companies in the week ahead, and lock-up periods will be expiring for up to seven companies. For access to Street research and lock-up expiration dates,sign up for a free trial of IPO Pro.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895289645,"gmtCreate":1628747104587,"gmtModify":1631894035110,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"who is still using ebay now","listText":"who is still using ebay now","text":"who is still using ebay now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/895289645","repostId":"1128743889","repostType":4,"repost":{"id":"1128743889","kind":"news","pubTimestamp":1628746418,"share":"https://www.laohunote.com/m/news/1128743889?lang=zh_CN&edition=full","pubTime":"2021-08-12 13:33","market":"us","language":"en","title":"EBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128743889","media":"FOX Business","summary":"The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-comm","content":"<p><i>The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.</i></p><p><blockquote><i>在线市场预计本季度收入将低于预期，这表明电子商务正在走软。</i></blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>报告称，最近一个季度活跃买家数量下降，本季度收入预计低于预期，这是电子商务趋势疲软的另一个迹象。</blockquote></p><p> The online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.</p><p><blockquote>该在线市场报告称，6 月份季度有 1.59 亿活跃买家，同比下降 2%。自2020年初新冠肺炎疫情开始以来，活跃买家每个季度都以中到高个位数的百分比增长。</blockquote></p><p> The company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.</p><p><blockquote>该公司还表示，预计本季度持续运营收入为24.2亿美元至24.7亿美元，有机增长率为6%至8%。FactSet 调查的分析师预计为 24.9 亿美元。</blockquote></p><p> E-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.</p><p><blockquote>去年年初疫情爆发后，电子商务出现了大规模增长，因为宅在家里的人们转向互联网来满足他们的购物需求。然而，这种增长已经开始显示出放缓的迹象。</blockquote></p><p> In a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.</p><p><blockquote>eBay 首席执行官杰米·伊安诺 (Jamie Iannone) 在与分析师的看涨期权上表示，与 2020 年最初因疫情爆发而出现的巨大增长相比，该公司的增长速度有所放缓。他说，与大流行之前相比，市场仍然呈现正增长。</blockquote></p><p> EBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.</p><p><blockquote>EBay 首席财务官史蒂夫-普里斯特（Steve Priest）说，EBay 没有提供全年指导，部分原因是随着大流行病的持续存在不确定性。</blockquote></p><p> Last month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.</p><p><blockquote>上个月，亚马逊公司。报告销售额略低于分析师的预期，首席财务官布莱恩·奥尔萨夫斯基 (Brian Olsavsky) 表示，随着经济重新开放以及销售额从疫情早期的过度增长中稳定下来，他预计这一趋势将继续下去。</blockquote></p><p> For the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.</p><p><blockquote>第二季度，eBay 报告净收入为 26.7 亿美元，而去年同期为 23.4 亿美元。根据 FactSet 的数据，分析师预计为 26.3 亿美元。</blockquote></p><p> <table>  <thead>   <tr>    <th>Ticker</th>    <th>Security</th>    <th>Last</th>    <th>Change</th>    <th>Change %</th>   </tr>  </thead>  <tbody>   <tr>    <td>EBAY</td>    <td>EBAY, INC.</td>    <td>68.02</td>    <td>+0.71</td>    <td>+1.05%</td>   </tr>   <tr></tr>  </tbody> </table> \"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.</p><p><blockquote><table><thead><tr><th>股票代码</th><th>安全</th><th>最后</th><th>变化</th><th>变化%</th></tr></thead><tbody><tr><td>易趣</td><td>易贝公司。</td><td>68.02</td><td>+0.71</td><td>+1.05%</td></tr><tr></tr></tbody></table>首席执行官杰米·伊安诺内 (Jamie Iannone) 表示：“收入增长是由我们支付迁移的加速和广告的增长推动的。”</blockquote></p><p> In July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.</p><p><blockquote>2020 年 7 月，eBay 与其前 unitPayPal HoldingsInc. 签订了运营协议。结束，此后该公司一直在将支付迁移到自己的平台上。</blockquote></p><p> For the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.</p><p><blockquote>第二季度，eBay 公布的收益为 107.3 亿美元，而去年同期为 7.46 亿美元。公司的大部分利润来自终止经营业务。持续经营业务调整后每股收益为 99 美分。分析师预计每股 96 美分。</blockquote></p><p> In late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.</p><p><blockquote>6 月下旬，该公司表示将出售其韩国业务 toE-MartInc 约 80% 的股份。该交易预计将为 eBay 带来约 30 亿美元的总现金收益。韩国业务在最近一个季度被视为已终止经营。</blockquote></p><p></p>","source":"lsy1602566126337","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>EBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</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\">\nEBay’s active buyers declined 2%<blockquote>EBay 活跃买家下降 2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FOX Business</strong><span class=\"h-time small\">2021-08-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.</i></p><p><blockquote><i>在线市场预计本季度收入将低于预期，这表明电子商务正在走软。</i></blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>报告称，最近一个季度活跃买家数量下降，本季度收入预计低于预期，这是电子商务趋势疲软的另一个迹象。</blockquote></p><p> The online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.</p><p><blockquote>该在线市场报告称，6 月份季度有 1.59 亿活跃买家，同比下降 2%。自2020年初新冠肺炎疫情开始以来，活跃买家每个季度都以中到高个位数的百分比增长。</blockquote></p><p> The company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.</p><p><blockquote>该公司还表示，预计本季度持续运营收入为24.2亿美元至24.7亿美元，有机增长率为6%至8%。FactSet 调查的分析师预计为 24.9 亿美元。</blockquote></p><p> E-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.</p><p><blockquote>去年年初疫情爆发后，电子商务出现了大规模增长，因为宅在家里的人们转向互联网来满足他们的购物需求。然而，这种增长已经开始显示出放缓的迹象。</blockquote></p><p> In a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.</p><p><blockquote>eBay 首席执行官杰米·伊安诺 (Jamie Iannone) 在与分析师的看涨期权上表示，与 2020 年最初因疫情爆发而出现的巨大增长相比，该公司的增长速度有所放缓。他说，与大流行之前相比，市场仍然呈现正增长。</blockquote></p><p> EBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.</p><p><blockquote>EBay 首席财务官史蒂夫-普里斯特（Steve Priest）说，EBay 没有提供全年指导，部分原因是随着大流行病的持续存在不确定性。</blockquote></p><p> Last month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.</p><p><blockquote>上个月，亚马逊公司。报告销售额略低于分析师的预期，首席财务官布莱恩·奥尔萨夫斯基 (Brian Olsavsky) 表示，随着经济重新开放以及销售额从疫情早期的过度增长中稳定下来，他预计这一趋势将继续下去。</blockquote></p><p> For the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.</p><p><blockquote>第二季度，eBay 报告净收入为 26.7 亿美元，而去年同期为 23.4 亿美元。根据 FactSet 的数据，分析师预计为 26.3 亿美元。</blockquote></p><p> <table>  <thead>   <tr>    <th>Ticker</th>    <th>Security</th>    <th>Last</th>    <th>Change</th>    <th>Change %</th>   </tr>  </thead>  <tbody>   <tr>    <td>EBAY</td>    <td>EBAY, INC.</td>    <td>68.02</td>    <td>+0.71</td>    <td>+1.05%</td>   </tr>   <tr></tr>  </tbody> </table> \"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.</p><p><blockquote><table><thead><tr><th>股票代码</th><th>安全</th><th>最后</th><th>变化</th><th>变化%</th></tr></thead><tbody><tr><td>易趣</td><td>易贝公司。</td><td>68.02</td><td>+0.71</td><td>+1.05%</td></tr><tr></tr></tbody></table>首席执行官杰米·伊安诺内 (Jamie Iannone) 表示：“收入增长是由我们支付迁移的加速和广告的增长推动的。”</blockquote></p><p> In July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.</p><p><blockquote>2020 年 7 月，eBay 与其前 unitPayPal HoldingsInc. 签订了运营协议。结束，此后该公司一直在将支付迁移到自己的平台上。</blockquote></p><p> For the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.</p><p><blockquote>第二季度，eBay 公布的收益为 107.3 亿美元，而去年同期为 7.46 亿美元。公司的大部分利润来自终止经营业务。持续经营业务调整后每股收益为 99 美分。分析师预计每股 96 美分。</blockquote></p><p> In late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.</p><p><blockquote>6 月下旬，该公司表示将出售其韩国业务 toE-MartInc 约 80% 的股份。该交易预计将为 eBay 带来约 30 亿美元的总现金收益。韩国业务在最近一个季度被视为已终止经营。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/markets/ebays-active-buyers-declined-2\">FOX 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":{"EBAY":"eBay"},"source_url":"https://www.foxbusiness.com/markets/ebays-active-buyers-declined-2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128743889","content_text":"The online marketplace projects lower-than-expected revenue for the current quarter in a sign e-commerce is softening.\neBay reported a decline in active buyers in the latest quarter and projectedlower-than-expected revenuein the current quarter, in another sign ofsoftening e-commerce trends.\nThe online marketplace reported 159 million active buyers for the June quarter, a 2% decline from a year earlier. Since the start of theCovid-19 pandemicin early 2020, active buyers had grown by a mid- to high single-digit percentage each quarter.\nThe company also said it expected revenue from continuing operations of $2.42 billion to $2.47 billion in the current quarter, with an organic growth rate of 6% to 8%. Analysts polled by FactSet were expecting $2.49 billion.\nE-commerce saw massive growthfollowing the onset of the pandemic early last year as homebound folks turned to the internet for their shopping needs. That growth, however, has started to show signs of slowing.\nIn a call with analysts, eBay Chief Executive Jamie Iannone said the company saw a slowdown when compared with the tremendous growth initially seen in 2020, which was driven by the onset of the pandemic. The marketplace is still seeing positive growth when compared with before the pandemic, he said.\nEBay isn’t providing full-year guidance in part because of the uncertainty that remains as the pandemic continues, Chief Financial Officer Steve Priest said.\nLast month,Amazon.comInc. reported salesslightly below what analysts were expecting, with finance chief Brian Olsavsky saying that he expects the trend to continue as the economy reopens and sales stabilize from outsize growth earlier in the pandemic.\nFor the second quarter, eBay reported net revenue of $2.67 billion, compared with $2.34 billion a year earlier. According to FactSet, analysts were expecting $2.63 billion.\n\n\n\nTicker\nSecurity\nLast\nChange\nChange %\n\n\n\n\nEBAY\nEBAY, INC.\n68.02\n+0.71\n+1.05%\n\n\n\n\n\"Revenue growth was driven by the acceleration in our payments migration and growth in advertising,\" Chief Executive Jamie Iannone said.\nIn July 2020, eBay’s operating agreement with its former unitPayPal HoldingsInc. ended, and since then the company has been migrating payments onto its own platform.\nFor the second quarter, eBay reported earnings of $10.73 billion, compared with $746 million a year earlier. Most of the company’s profit was from discontinued operations. Adjusted earnings from continuing operations were 99 cents a share. Analysts were expecting 96 cents a share.\nIn late June, the company said it was selling an approximately 80% stake in its Korea businesses toE-MartInc. The deal was expected to give eBay about $3 billion in gross cash proceeds. The Korean businesses were considered discontinued operations in the latest quarter.","news_type":1,"symbols_score_info":{"EBAY":0.9}},"isVote":1,"tweetType":1,"viewCount":1204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802299896,"gmtCreate":1627780746815,"gmtModify":1633756500773,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"typhoon here. mon red?","listText":"typhoon here. mon red?","text":"typhoon here. mon red?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802299896","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":951,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342930636,"gmtCreate":1618146910825,"gmtModify":1634294707445,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"help like my post please. thank u","listText":"help like my post please. thank u","text":"help like my post please. thank u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/342930636","repostId":"1142324412","repostType":4,"isVote":1,"tweetType":1,"viewCount":682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352868798,"gmtCreate":1616930226214,"gmtModify":1634523498109,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"comments&nbsp;","listText":"comments&nbsp;","text":"comments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/352868798","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.laohunote.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>知乎科技首日交易下跌</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，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，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>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为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>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国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>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，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。我们估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年增加到31.5%，在2025年增加到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>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币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，满足他们所有的销售和营销需求，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，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</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>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年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>截至2020年底，知乎累计拥有超过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7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。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，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，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，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 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>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，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源拥有该公司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>主要人口统计</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。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</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>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU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年推出付费内容。</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，平均每月会员人数同比增长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，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，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，因为它展示了高质量的数据和内容如何产生大量的收入，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>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币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，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</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是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现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>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，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二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</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、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。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>该公司的一大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。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</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>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至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>2015-2025年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>2015-2025年中国在线内容社区市场规模（按收入计）</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>2015-2025年中国付费会员市场规模（按收入计）</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。该公司提供集成的内容商务解决方案，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，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，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>中国内容商务解决方案市场规模（按收入计），2015-2025E</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>知乎科技首日交易下跌</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>知乎科技首日交易下跌</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，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，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>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为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>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国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>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，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。我们估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年增加到31.5%，在2025年增加到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>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币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，满足他们所有的销售和营销需求，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，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</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>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年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>截至2020年底，知乎累计拥有超过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7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。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，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，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，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 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>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，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源拥有该公司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>主要人口统计</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。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</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>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU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年推出付费内容。</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，平均每月会员人数同比增长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，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，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，因为它展示了高质量的数据和内容如何产生大量的收入，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>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币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，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</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是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现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>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，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二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</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、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。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>该公司的一大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。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</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>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至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>2015-2025年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>2015-2025年中国在线内容社区市场规模（按收入计）</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>2015-2025年中国付费会员市场规模（按收入计）</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。该公司提供集成的内容商务解决方案，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，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，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>中国内容商务解决方案市场规模（按收入计），2015-2025E</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":929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119279731,"gmtCreate":1622552799223,"gmtModify":1634100564368,"author":{"id":"3567752858658977","authorId":"3567752858658977","name":"benlye","avatar":"https://static.tigerbbs.com/cdeeb14b6e0a3873563f8b6c5c96dd80","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567752858658977","idStr":"3567752858658977"},"themes":[],"title":"","htmlText":"help comment pls","listText":"help comment pls","text":"help comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/119279731","repostId":"2138889344","repostType":4,"repost":{"id":"2138889344","kind":"news","pubTimestamp":1622546894,"share":"https://www.laohunote.com/m/news/2138889344?lang=zh_CN&edition=full","pubTime":"2021-06-01 19:28","market":"us","language":"en","title":"Zoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将公布第一季度收益：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2138889344","media":"Zacks","summary":"Zoom Video Communications is set to report first-quarter fiscal 2022 results on Jun 1.For the quarte","content":"<p><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications</b> is set to report first-quarter fiscal 2022 results on Jun 1.</p><p><blockquote><b><a href=\"https://laohu8.com/S/ZM\">缩放</a>视频通信</b>将于 6 月 1 日公布 2022 财年第一季度业绩。</blockquote></p><p>For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.</p><p><blockquote>该公司预计本季度非公认会计准则每股收益在 95 美分至 97 美分之间。总收入预计在 9 亿至 9.05 亿美元之间。</blockquote></p><p>The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.</p><p><blockquote>过去 30 天，Zacks 对每股收益的一致预期维持在 97 美分。该公司公布去年同期每股收益为 20 美分。</blockquote></p><p>The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.</p><p><blockquote>收入共识为 9.052 亿美元，比去年同期增长 175.8%。</blockquote></p><p><h3>Zoom Video Communications, Inc. Price and EPS Surprise</h3><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc75f53073be8992ce4f8cf58d4ebd0a\" tg-width=\"539\" tg-height=\"264\"><span>Zoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. Quote</span></p><p><blockquote><h3>Zoom Video通信公司。价格和每股收益惊喜</h3><p class=\"t-img-caption\"><span>Zoom Video通信公司价格-每股收益-惊喜 | Zoom Video通信公司报价</span></p></blockquote></p><p>Zoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.</p><p><blockquote>在过去四个季度中，Zoom 的盈利都超过了 Zacks 的一致预期，平均意外率为 73.2%。</blockquote></p><p>Let’s see how things have shaped up for this announcement.</p><p><blockquote>让我们来看看这次公告的进展如何。</blockquote></p><p><h3>Factors to Watch</h3>Zoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.</p><p><blockquote><h3>需要注意的因素</h3>尽管开展了疫苗接种活动，但 Zoom 第一财季的收入预计仍将受益于冠状病毒引发的在家工作和在线学习浪潮。</blockquote></p><p>Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.</p><p><blockquote>值得注意的是，该公司的免费增值商业模式有助于其快速赢得客户，然后将这些客户转化为付费客户。2021 财年第四季度过去 12 个月的美元净扩张率超过 156%。预计这一势头将在即将公布的季度继续下去。</blockquote></p><p>Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.</p><p><blockquote>此外，支持商务人士远程工作的Zoom for Home的可用性一直是一个关键的催化剂。</blockquote></p><p>Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of <b>Atlassian</b>, <b><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a></b> and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>此外，这家 Zacks 排名第二（买入）的公司拥有强大的合作伙伴基础，其中包括<b>阿特拉斯</b>,<b><a href=\"https://laohu8.com/S/NOW\">服务现在</a></b>和 Dropbox，预计将有助于该公司在第一财季赢得企业客户。您可以在这里查看今日 Zacks 排名第一（强力买入）股票的完整列表。</blockquote></p><p>However, Zoom Video continues to face significant competition from the likes of <b>Cisco</b>, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.</p><p><blockquote>然而，Zoom Video继续面临来自以下公司的激烈竞争：<b>思科</b>微软和谷歌相遇。这可能会导致中小型企业客户流失，从而可能损害营收增长。</blockquote></p><p><h3>Key Q1 Highlights</h3>During the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.</p><p><blockquote><h3>第一季度主要亮点</h3>在即将公布的季度，Zoom 宣布成立 1 亿美元的风险投资基金，名为 Zoom Apps Fund，旨在刺激 Zoom 的 Zoom Apps、集成、开发者平台和硬件生态系统的发展。</blockquote></p><p>Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.</p><p><blockquote>此外，在本季度，Zoom 和一级方程式宣布，他们已在即将到来的 2021 年国际汽联一级方程式世界锦标赛赛季及以后建立了新的广泛多年合作伙伴关系。</blockquote></p><p>Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.</p><p><blockquote>此外，Zoom 在 2 月份宣布推出 Zoom Rooms，这将帮助组织安全地重新进入办公室，并维持 “无处不在的员工队伍”。</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>Zoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将公布第一季度收益：前景如何？</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\">\nZoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将公布第一季度收益：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Zacks</strong><span class=\"h-time small\">2021-06-01 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications</b> is set to report first-quarter fiscal 2022 results on Jun 1.</p><p><blockquote><b><a href=\"https://laohu8.com/S/ZM\">缩放</a>视频通信</b>将于 6 月 1 日公布 2022 财年第一季度业绩。</blockquote></p><p>For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.</p><p><blockquote>该公司预计本季度非公认会计准则每股收益在 95 美分至 97 美分之间。总收入预计在 9 亿至 9.05 亿美元之间。</blockquote></p><p>The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.</p><p><blockquote>过去 30 天，Zacks 对每股收益的一致预期维持在 97 美分。该公司公布去年同期每股收益为 20 美分。</blockquote></p><p>The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.</p><p><blockquote>收入共识为 9.052 亿美元，比去年同期增长 175.8%。</blockquote></p><p><h3>Zoom Video Communications, Inc. Price and EPS Surprise</h3><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc75f53073be8992ce4f8cf58d4ebd0a\" tg-width=\"539\" tg-height=\"264\"><span>Zoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. Quote</span></p><p><blockquote><h3>Zoom Video通信公司。价格和每股收益惊喜</h3><p class=\"t-img-caption\"><span>Zoom Video通信公司价格-每股收益-惊喜 | Zoom Video通信公司报价</span></p></blockquote></p><p>Zoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.</p><p><blockquote>在过去四个季度中，Zoom 的盈利都超过了 Zacks 的一致预期，平均意外率为 73.2%。</blockquote></p><p>Let’s see how things have shaped up for this announcement.</p><p><blockquote>让我们来看看这次公告的进展如何。</blockquote></p><p><h3>Factors to Watch</h3>Zoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.</p><p><blockquote><h3>需要注意的因素</h3>尽管开展了疫苗接种活动，但 Zoom 第一财季的收入预计仍将受益于冠状病毒引发的在家工作和在线学习浪潮。</blockquote></p><p>Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.</p><p><blockquote>值得注意的是，该公司的免费增值商业模式有助于其快速赢得客户，然后将这些客户转化为付费客户。2021 财年第四季度过去 12 个月的美元净扩张率超过 156%。预计这一势头将在即将公布的季度继续下去。</blockquote></p><p>Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.</p><p><blockquote>此外，支持商务人士远程工作的Zoom for Home的可用性一直是一个关键的催化剂。</blockquote></p><p>Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of <b>Atlassian</b>, <b><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a></b> and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>此外，这家 Zacks 排名第二（买入）的公司拥有强大的合作伙伴基础，其中包括<b>阿特拉斯</b>,<b><a href=\"https://laohu8.com/S/NOW\">服务现在</a></b>和 Dropbox，预计将有助于该公司在第一财季赢得企业客户。您可以在这里查看今日 Zacks 排名第一（强力买入）股票的完整列表。</blockquote></p><p>However, Zoom Video continues to face significant competition from the likes of <b>Cisco</b>, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.</p><p><blockquote>然而，Zoom Video继续面临来自以下公司的激烈竞争：<b>思科</b>微软和谷歌相遇。这可能会导致中小型企业客户流失，从而可能损害营收增长。</blockquote></p><p><h3>Key Q1 Highlights</h3>During the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.</p><p><blockquote><h3>第一季度主要亮点</h3>在即将公布的季度，Zoom 宣布成立 1 亿美元的风险投资基金，名为 Zoom Apps Fund，旨在刺激 Zoom 的 Zoom Apps、集成、开发者平台和硬件生态系统的发展。</blockquote></p><p>Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.</p><p><blockquote>此外，在本季度，Zoom 和一级方程式宣布，他们已在即将到来的 2021 年国际汽联一级方程式世界锦标赛赛季及以后建立了新的广泛多年合作伙伴关系。</blockquote></p><p>Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.</p><p><blockquote>此外，Zoom 在 2 月份宣布推出 Zoom Rooms，这将帮助组织安全地重新进入办公室，并维持 “无处不在的员工队伍”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/stock/news/1619568/zoom-video-zm-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID05-txt-1619568\">Zacks</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":{"ZM":"Zoom"},"source_url":"https://www.zacks.com/stock/news/1619568/zoom-video-zm-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID05-txt-1619568","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138889344","content_text":"Zoom Video Communications is set to report first-quarter fiscal 2022 results on Jun 1.For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.Zoom Video Communications, Inc. Price and EPS SurpriseZoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. QuoteZoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.Let’s see how things have shaped up for this announcement.Factors to WatchZoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of Atlassian, ServiceNow and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.However, Zoom Video continues to face significant competition from the likes of Cisco, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.Key Q1 HighlightsDuring the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}