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2021-07-19

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Morgan Stanley: This Cycle Will Be "Hotter But Shorter" Than Usual<blockquote>摩根士丹利：本轮周期将比往常“更热但更短”</blockquote>

2021-07-28

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2021-07-10

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2021-07-09

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2021-12-03

$Grab Holdings(GRAB)$Short squueze coming! Number 1 trending on WSB! Buy now! :))))

2021-07-25

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2021-07-21

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ASML Holding EPS beats by €0.03, misses on revenue<blockquote>ASML控股EPS超过预期0.03欧元，营收不及预期</blockquote>

2021-07-15

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2021-07-27

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Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>

2021-07-07

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20:54","market":"us","language":"en","title":"Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称，瑞士信贷未能针对Archegos风险采取行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164040651","media":"The Wall Street Journal","summary":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to","content":"<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对Archegos Capital Management的倒闭进行的一项调查，该银行知道Archegos Capital Management是一个巨大的风险，但没有采取行动来解决它。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的报告由瑞士信贷的一家律师事务所编写，详细介绍了该银行多年来如何授予Archegos特殊豁免，以避免旨在保护该银行的规则。它还忽视了家族投资公司倒闭前员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos在少数股票中持有的大量集中头寸出现问题，震惊了华尔街。银行退出交易损失超过100亿美元。瑞士信贷在Archegos的贷款银行中表现最差，损失超过55亿美元。Archegos管理着前对冲基金经理Bill Hwang的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行的整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，大宗经纪部门中与Archegos进行交易的所有对冲基金客户都已转移到动态保证金系统，这是对导致损失的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos的损失以及瑞士信贷客户Greensill Capital的倒闭促使这家瑞士银行进行了生存反思，该银行将迎合全球富人的大型财富管理业务与为企业、对冲基金和公司提供服务的华尔街重要业务结合在一起。近24名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由Paul，Weiss，Rifkind，Wharton&amp;Garrison LLP律师事务所制作的报告详细描述了保护银行免受风险的功能失调的文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>报告称：“该业务专注于短期利润最大化，未能控制Archegos贪婪的冒险行为。”“有许多警告信号”表明Archegos的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>该报告没有透露高管的姓名，但指出了该银行当时的股票主管和参与监控Archegos交易的风险经理的责任。他们“没有注意到这些迹象，尽管有证据表明一些人确实适当地提出了担忧。”</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现情况较晚。该银行首席执行官托马斯·戈特斯坦(Thomas Gottstein)周四表示：“我基本上是在新闻发布时才听说Archegos的。我什至不知道Archegos的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用表面修复。这包括允许Archegos通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但没有对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>该公司表示，该银行为对冲基金管理交易和融资的prime services业务“对风险和风险纪律态度懒散”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>该报告详细介绍了瑞信与黄先生的悠久历史，可以追溯到他2003年管理一家名为老虎亚洲管理的对冲基金的日子。他专门交易亚洲股票，做多做空。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在老虎亚洲与美国证券交易委员会就内幕交易指控达成和解并于2012年承认联邦电信欺诈指控后，瑞士信贷仍坚持与黄先生合作。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当老虎亚洲被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>报告称：“我们没有看到任何证据表明CS针对这些问题对Tiger Asia或Hwang进行了任何额外审查。”</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>2016年，他的资产膨胀至39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在Archegos倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017年，黄先生交易的变化引发了10%的保证金看涨期权，这是银行在风险变得更大时存入更多现金以支持头寸的常见要求。瑞士信贷放弃了这一要求，并创建了“Archegos的定制每周监控”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在2019年，Archegos要求降低保证金要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的保证金占总投资的比例从20%左右降至7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos同意给予瑞士信贷更多权力，让其在很少通知的情况下平仓。但报告称，这些保护措施“是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户。”</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos的交易于2020年春季起飞。随着头寸的增加，Archegos一再突破瑞士信贷风险经理设定的关键限制。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为“潜在风险”的限额，即如果市场对Archegos不利，银行可能损失的最大限额，被设定为2000万美元。2020年4月，超过2亿美元。到8月份，这一数字已增至5.3亿美元。风险经理忽视了这一警告，认为该银行今年早些时候实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>该报告的许多调查结果与《华尔街日报》6月份头版一篇文章的报道相呼应，该文章强调了该银行摇摇欲坠的风险管理系统，使其容易受到人为判断错误的影响。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的员工“初级化”，因为有经验的人员离开了，并且缺乏对风险技术的投资。糟糕的治理意味着一些关键员工不得不扮演多种角色，他们描述了被必须消化的数据和信息淹没的感觉。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分裂加剧了这些问题，不同城市的prime services联席主管都不认为自己有责任监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少联席主管职位和多头职位的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了该银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020年9月，一位信用风险经理向其主管提出了对这些交易的担忧。报道称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取计划中的行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021年初，信用风险经理下调了Archegos的内部信用评级，理由是该公司“业绩波动性高、投资组合集中以及杠杆使用增加”。报告称，根据Archegos自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求Archegos提供更多保证金抵押品，估计它还需要再提供约10亿美元，但从未提出这一请求。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年3月，交易对手监督委员会再次讨论了Archegos，就头寸规模而言，Archegos是当时大宗经纪部门最大的客户。委员会决定在未来几周内将Archegos转移到动态保证金系统，如果不这样做，瑞士信贷将要求额外的保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动和头寸集中度等更多实时数据纳入保证金计算，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos必须额外提供14亿美元的保证金，并告诉Archegos希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos取消了评级讨论这一步骤，并开始要求返还其在该银行的保证金，因为其投资的股票（包括ViacomCBS，Inc.）的价值。和Discovery Inc.的股价飙升。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至3月23日，瑞士信贷对Archegos的总敞口已增至270亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了Archegos报告，该报告差于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户资金流出数十亿美元，该银行将其主要归因于“主动去风险”，以切断或减少与一些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>该报告是由瑞士信贷董事会的一个特别委员会委托编写的，该委员会包括前长期担任银行高管的理查德·梅丁斯和前摩根大通高管布莱斯·马斯特斯。保罗·韦斯的董事长布拉德·卡普监督了调查。</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>Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称，瑞士信贷未能针对Archegos风险采取行动</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\">\nCredit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称，瑞士信贷未能针对Archegos风险采取行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-29 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对Archegos Capital Management的倒闭进行的一项调查，该银行知道Archegos Capital Management是一个巨大的风险，但没有采取行动来解决它。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的报告由瑞士信贷的一家律师事务所编写，详细介绍了该银行多年来如何授予Archegos特殊豁免，以避免旨在保护该银行的规则。它还忽视了家族投资公司倒闭前员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos在少数股票中持有的大量集中头寸出现问题，震惊了华尔街。银行退出交易损失超过100亿美元。瑞士信贷在Archegos的贷款银行中表现最差，损失超过55亿美元。Archegos管理着前对冲基金经理Bill Hwang的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行的整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，大宗经纪部门中与Archegos进行交易的所有对冲基金客户都已转移到动态保证金系统，这是对导致损失的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos的损失以及瑞士信贷客户Greensill Capital的倒闭促使这家瑞士银行进行了生存反思，该银行将迎合全球富人的大型财富管理业务与为企业、对冲基金和公司提供服务的华尔街重要业务结合在一起。近24名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由Paul，Weiss，Rifkind，Wharton&amp;Garrison LLP律师事务所制作的报告详细描述了保护银行免受风险的功能失调的文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>报告称：“该业务专注于短期利润最大化，未能控制Archegos贪婪的冒险行为。”“有许多警告信号”表明Archegos的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>该报告没有透露高管的姓名，但指出了该银行当时的股票主管和参与监控Archegos交易的风险经理的责任。他们“没有注意到这些迹象，尽管有证据表明一些人确实适当地提出了担忧。”</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现情况较晚。该银行首席执行官托马斯·戈特斯坦(Thomas Gottstein)周四表示：“我基本上是在新闻发布时才听说Archegos的。我什至不知道Archegos的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用表面修复。这包括允许Archegos通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但没有对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>该公司表示，该银行为对冲基金管理交易和融资的prime services业务“对风险和风险纪律态度懒散”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>该报告详细介绍了瑞信与黄先生的悠久历史，可以追溯到他2003年管理一家名为老虎亚洲管理的对冲基金的日子。他专门交易亚洲股票，做多做空。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在老虎亚洲与美国证券交易委员会就内幕交易指控达成和解并于2012年承认联邦电信欺诈指控后，瑞士信贷仍坚持与黄先生合作。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当老虎亚洲被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>报告称：“我们没有看到任何证据表明CS针对这些问题对Tiger Asia或Hwang进行了任何额外审查。”</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>2016年，他的资产膨胀至39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在Archegos倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017年，黄先生交易的变化引发了10%的保证金看涨期权，这是银行在风险变得更大时存入更多现金以支持头寸的常见要求。瑞士信贷放弃了这一要求，并创建了“Archegos的定制每周监控”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在2019年，Archegos要求降低保证金要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的保证金占总投资的比例从20%左右降至7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos同意给予瑞士信贷更多权力，让其在很少通知的情况下平仓。但报告称，这些保护措施“是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户。”</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos的交易于2020年春季起飞。随着头寸的增加，Archegos一再突破瑞士信贷风险经理设定的关键限制。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为“潜在风险”的限额，即如果市场对Archegos不利，银行可能损失的最大限额，被设定为2000万美元。2020年4月，超过2亿美元。到8月份，这一数字已增至5.3亿美元。风险经理忽视了这一警告，认为该银行今年早些时候实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>该报告的许多调查结果与《华尔街日报》6月份头版一篇文章的报道相呼应，该文章强调了该银行摇摇欲坠的风险管理系统，使其容易受到人为判断错误的影响。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的员工“初级化”，因为有经验的人员离开了，并且缺乏对风险技术的投资。糟糕的治理意味着一些关键员工不得不扮演多种角色，他们描述了被必须消化的数据和信息淹没的感觉。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分裂加剧了这些问题，不同城市的prime services联席主管都不认为自己有责任监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少联席主管职位和多头职位的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了该银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020年9月，一位信用风险经理向其主管提出了对这些交易的担忧。报道称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取计划中的行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021年初，信用风险经理下调了Archegos的内部信用评级，理由是该公司“业绩波动性高、投资组合集中以及杠杆使用增加”。报告称，根据Archegos自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求Archegos提供更多保证金抵押品，估计它还需要再提供约10亿美元，但从未提出这一请求。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年3月，交易对手监督委员会再次讨论了Archegos，就头寸规模而言，Archegos是当时大宗经纪部门最大的客户。委员会决定在未来几周内将Archegos转移到动态保证金系统，如果不这样做，瑞士信贷将要求额外的保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动和头寸集中度等更多实时数据纳入保证金计算，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos必须额外提供14亿美元的保证金，并告诉Archegos希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos取消了评级讨论这一步骤，并开始要求返还其在该银行的保证金，因为其投资的股票（包括ViacomCBS，Inc.）的价值。和Discovery Inc.的股价飙升。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至3月23日，瑞士信贷对Archegos的总敞口已增至270亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了Archegos报告，该报告差于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户资金流出数十亿美元，该银行将其主要归因于“主动去风险”，以切断或减少与一些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>该报告是由瑞士信贷董事会的一个特别委员会委托编写的，该委员会包括前长期担任银行高管的理查德·梅丁斯和前摩根大通高管布莱斯·马斯特斯。保罗·韦斯的董事长布拉德·卡普监督了调查。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4\">The Wall Street Journal</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.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164040651","content_text":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.\nThe report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.\nArchegos rocked Wall Street when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.\nCredit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.\nThe Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.\nThe report, produced by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, details a dysfunctional culture around protecting the bank from risks.\n“The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.\nThe report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”\nSenior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”\nIt found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.\nIt said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”\nThe report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.\nCredit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and pleaded guilty to federal wire fraud charges in 2012.\nWhen Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.\n“We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.\nHis assets swelled to $3.9 billion in 2016.\nCredit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”\nThen in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.\nIn return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”\nArchegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.\nOne type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.\nMany of the findings of the report echo reporting from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.\nThe report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.\nThe problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.\nCredit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.\nThe report listed repeated warning signs that the bank failed to act upon.\nIn September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.\nEarly in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.\nThe credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.\nIn March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.\nThe dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.\nInstead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including ViacomCBS,Inc. and Discovery Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.\nOn March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.\nCredit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.\nThe report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former JPMorgan Chase& Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808331730,"gmtCreate":1627555544020,"gmtModify":1631890402244,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":":)))))","listText":":)))))","text":":)))))","images":[{"img":"https://static.tigerbbs.com/bbb3184ea4e6057b31f77924162c8b12","width":"1125","height":"3384"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808331730","isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":801309883,"gmtCreate":1627481475942,"gmtModify":1631890402256,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like 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Inc.(SNDL)$Wooooooo","images":[{"img":"https://static.tigerbbs.com/a7658655978140c1f33b960c0f3501f3","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809334496","isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":809335492,"gmtCreate":1627347537416,"gmtModify":1631890402297,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809335492","repostId":"2154969181","repostType":4,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809335851,"gmtCreate":1627347516173,"gmtModify":1631890402307,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"&nbsp;Hiii","listText":"&nbsp;Hiii","text":"Hiii","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809335851","repostId":"2154969181","repostType":4,"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809332896,"gmtCreate":1627347487215,"gmtModify":1631892692990,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809332896","repostId":"2154964378","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809336764,"gmtCreate":1627347457858,"gmtModify":1631892692996,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plsss","listText":"Like plsss","text":"Like plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809336764","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohu8.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</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 sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809336682,"gmtCreate":1627347450746,"gmtModify":1631892692998,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809336682","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohu8.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</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 sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":171915475,"gmtCreate":1626702272297,"gmtModify":1633924817012,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plss&nbsp;","listText":"Like plss&nbsp;","text":"Like plss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/171915475","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","kind":"news","pubTimestamp":1626683272,"share":"https://www.laohu8.com/m/news/1146536243?lang=zh_CN&edition=full","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：本轮周期将比往常“更热但更短”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为这个经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到市场的激烈争论。每一项都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情造成了有记录以来最大幅度的产出下降。随后，在政策支持的帮助下，经济活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种暴力的下跌和上涨从未允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场中的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得光滑和抛光。2003-07年的周期以大萧条以来最大的银行和房地产危机结束。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言喻的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么我们使用术语“周期”。经济和市场往往遵循周期性模式，这些模式往往会在市场表现中显现出来。我们关心的是那些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等周期后期条件？是的。由此产生的股票、信贷、收益率和收益率曲线的低谷是否符合市场和经济低点之间的通常节奏？他们做到了。随后反弹的领头羊是否是通常的早期周期赢家，如小型股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者这些事情实际上是正常的。如果到目前为止已经发生了很多“正常”的循环行为，那么它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏的推进，这些模式应该会发生变化。正如我的同事迈克尔·威尔逊所指出的，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅16个月。我们看到当前状况与2004年上半年有许多相似之处，2004年上半年是大幅通货再膨胀反弹之后的周期中期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（见增长恐慌周年纪念，2021年7月11日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为人们总能找到适合他们特定周期观点的指标，所以我们长期以来一直是综合指数的粉丝。这就是我们的“周期模型”，它结合了美国宏观、信贷周期和企业侵略性的十个指标，以衡量我们在市场周期中的位置。在2019年6月进入周期后期“低迷”和2020年4月进入周期早期“修复”后，该指数飙升。<b>它上升得如此之快，以至于已经过了下一个阶段（“复苏”），直接进入了“扩张”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>这很不寻常。“扩张”意味着捕捉“比正常情况更好且正在改善”的条件，<b>自1980年以来，“低迷”结束后平均需要35个月才能实现这一目标</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这是我们的论点，它体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，信贷相对于其他风险资产越差；信贷从“繁荣”中获得的收益较少，如果下一次衰退提前到来，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多的供应</b>在我们周期模型的“扩张”阶段，美国IG和HY Credit N1200万超额回报分别比平均水平差29个基点和161个基点。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现却参差不齐</b>投资者应该尝试承担违约风险而不是利差风险：我们的信用策略师喜欢持有CDX HY 0-15%，并用CDX IG付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合更加平衡</b>我们看好美国和欧洲的医疗保健行业，因为该行业具有几个良好的因素：质量、低估值、高利差和低波动性。从全球来看，欧洲和日本的股市往往跑赢“中期周期”，我们认为它们可以再次这样做。</li><li><b>利率对复苏过于悲观。在我们周期模型的“扩张”阶段，美国10年期国债1200万奈拉回报率比平均水平低97个基点</b>.Guneet Dhingra和我们的美国利率策略团队在全球资产配置中转移了跑输大盘美国10年期国债，而我们反过来又转移了跑输大盘政府债券。</li></ul>这种循环是不寻常的。大多数“正常”周期都是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</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>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：本轮周期将比往常“更热但更短”</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\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：本轮周期将比往常“更热但更短”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-19 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为这个经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到市场的激烈争论。每一项都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情造成了有记录以来最大幅度的产出下降。随后，在政策支持的帮助下，经济活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种暴力的下跌和上涨从未允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场中的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得光滑和抛光。2003-07年的周期以大萧条以来最大的银行和房地产危机结束。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言喻的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么我们使用术语“周期”。经济和市场往往遵循周期性模式，这些模式往往会在市场表现中显现出来。我们关心的是那些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等周期后期条件？是的。由此产生的股票、信贷、收益率和收益率曲线的低谷是否符合市场和经济低点之间的通常节奏？他们做到了。随后反弹的领头羊是否是通常的早期周期赢家，如小型股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者这些事情实际上是正常的。如果到目前为止已经发生了很多“正常”的循环行为，那么它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏的推进，这些模式应该会发生变化。正如我的同事迈克尔·威尔逊所指出的，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅16个月。我们看到当前状况与2004年上半年有许多相似之处，2004年上半年是大幅通货再膨胀反弹之后的周期中期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（见增长恐慌周年纪念，2021年7月11日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为人们总能找到适合他们特定周期观点的指标，所以我们长期以来一直是综合指数的粉丝。这就是我们的“周期模型”，它结合了美国宏观、信贷周期和企业侵略性的十个指标，以衡量我们在市场周期中的位置。在2019年6月进入周期后期“低迷”和2020年4月进入周期早期“修复”后，该指数飙升。<b>它上升得如此之快，以至于已经过了下一个阶段（“复苏”），直接进入了“扩张”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>这很不寻常。“扩张”意味着捕捉“比正常情况更好且正在改善”的条件，<b>自1980年以来，“低迷”结束后平均需要35个月才能实现这一目标</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这是我们的论点，它体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，信贷相对于其他风险资产越差；信贷从“繁荣”中获得的收益较少，如果下一次衰退提前到来，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多的供应</b>在我们周期模型的“扩张”阶段，美国IG和HY Credit N1200万超额回报分别比平均水平差29个基点和161个基点。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现却参差不齐</b>投资者应该尝试承担违约风险而不是利差风险：我们的信用策略师喜欢持有CDX HY 0-15%，并用CDX IG付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合更加平衡</b>我们看好美国和欧洲的医疗保健行业，因为该行业具有几个良好的因素：质量、低估值、高利差和低波动性。从全球来看，欧洲和日本的股市往往跑赢“中期周期”，我们认为它们可以再次这样做。</li><li><b>利率对复苏过于悲观。在我们周期模型的“扩张”阶段，美国10年期国债1200万奈拉回报率比平均水平低97个基点</b>.Guneet Dhingra和我们的美国利率策略团队在全球资产配置中转移了跑输大盘美国10年期国债，而我们反过来又转移了跑输大盘政府债券。</li></ul>这种循环是不寻常的。大多数“正常”周期都是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">zerohedge</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":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801309883,"gmtCreate":1627481475942,"gmtModify":1631890402256,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/801309883","repostId":"1179923360","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141720409,"gmtCreate":1625892765301,"gmtModify":1633936285175,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plssss","listText":"Like plssss","text":"Like plssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/141720409","repostId":"1177397700","repostType":4,"isVote":1,"tweetType":1,"viewCount":394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143649157,"gmtCreate":1625793467979,"gmtModify":1633937285001,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plsss","listText":"Like plsss","text":"Like plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143649157","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":601664064,"gmtCreate":1638523611429,"gmtModify":1638523611429,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GRAB\">$Grab Holdings(GRAB)$</a>Short squueze coming! Number 1 trending on WSB! Buy now! :))))","listText":"<a href=\"https://laohu8.com/S/GRAB\">$Grab Holdings(GRAB)$</a>Short squueze coming! Number 1 trending on WSB! Buy now! :))))","text":"$Grab Holdings(GRAB)$Short squueze coming! Number 1 trending on WSB! Buy now! :))))","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/601664064","isVote":1,"tweetType":1,"viewCount":3650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":177642354,"gmtCreate":1627215937978,"gmtModify":1631892693014,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plsss","listText":"Like plsss","text":"Like plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177642354","repostId":"2153878189","repostType":4,"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176026912,"gmtCreate":1626847486436,"gmtModify":1631892693023,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plssss","listText":"Like plssss","text":"Like plssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176026912","repostId":"1165880037","repostType":4,"repost":{"id":"1165880037","kind":"news","pubTimestamp":1626846705,"share":"https://www.laohu8.com/m/news/1165880037?lang=zh_CN&edition=full","pubTime":"2021-07-21 13:51","market":"us","language":"en","title":"ASML Holding EPS beats by €0.03, misses on revenue<blockquote>ASML控股EPS超过预期0.03欧元，营收不及预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165880037","media":"Seeking Alpha","summary":"ASML Holding NV: Q2 GAAP EPS of €2.52beats by €0.03.\nRevenue of €4B (+20.1% Y/Y) misses by €120M.\nQ2","content":"<p><ul>  <li><b><a href=\"https://laohu8.com/S/ASML\">ASML Holding NV</a></b>: Q2 GAAP EPS of €2.52beats by €0.03.</li>  <li>Revenue of €4B (+20.1% Y/Y)&nbsp;misses by €120M.</li>  <li>Q2 net bookings of €8.3 billion</li>  <li>ASML announces a new share buyback program of up to €9 billion to be executed by December 31, 2023.</li>  <li>\"Our second-quarter net sales came in at €4.0 billion, which is within our guidance. The gross margin came in at 50.9%, above our guidance, which is mainly due to higher revenue in software upgrades as customers want to increase capacity quickly, as well as one-off revenue accounting releases. Our second-quarter net bookings came in at €8.3 billion, including €4.9 billion from EUV systems, bringing the total backlog at €17.5 billion,\"&nbsp;said ASML President and Chief Executive Officer&nbsp;Peter Wennink.</li>  <li><b>Guidance:</b>&nbsp;The company expects third-quarter net sales between €5.2 billion and €5.4 billion with a gross margin between 51% and 52%, R&amp;D costs of around €645 million and SG&amp;A costs of around €180 million. The estimated annualized effective tax rate is expected to be around 15% for 2021.</li> </ul></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ASML\">ASML控股公司</a></b>：第二季度GAAP每股收益为2.52欧元，超出0.03欧元。</li><li>收入为40亿欧元（同比增长20.1%）低于预期1.2亿欧元。</li><li>第二季度净预订量为83亿欧元</li><li>ASML宣布一项高达90亿欧元的新股票回购计划，将于2023年12月31日执行。</li><li>“我们第二季度的净销售额为40亿欧元，在我们的指导范围内。毛利率为50.9%，高于我们的指导，这主要是由于客户希望快速增加产能，软件升级收入增加，以及一次性收入会计发布。我们第二季度的净预订量为83亿欧元，其中包括来自EUV systems的49亿欧元，使积压订单总额达到175亿欧元，”ASML总裁兼首席执行官Peter Wennink说道。</li><li><b>指导意见：</b>该公司预计第三季度净销售额在52亿欧元至54亿欧元之间，毛利率在51%至52%之间，研发成本约为6.45亿欧元，SG&amp;A成本约为1.8亿欧元。预计2021年年化有效税率约为15%。</li></ul></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>ASML Holding EPS beats by €0.03, misses on revenue<blockquote>ASML控股EPS超过预期0.03欧元，营收不及预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML Holding EPS beats by €0.03, misses on revenue<blockquote>ASML控股EPS超过预期0.03欧元，营收不及预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-07-21 13:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b><a href=\"https://laohu8.com/S/ASML\">ASML Holding NV</a></b>: Q2 GAAP EPS of €2.52beats by €0.03.</li>  <li>Revenue of €4B (+20.1% Y/Y)&nbsp;misses by €120M.</li>  <li>Q2 net bookings of €8.3 billion</li>  <li>ASML announces a new share buyback program of up to €9 billion to be executed by December 31, 2023.</li>  <li>\"Our second-quarter net sales came in at €4.0 billion, which is within our guidance. The gross margin came in at 50.9%, above our guidance, which is mainly due to higher revenue in software upgrades as customers want to increase capacity quickly, as well as one-off revenue accounting releases. Our second-quarter net bookings came in at €8.3 billion, including €4.9 billion from EUV systems, bringing the total backlog at €17.5 billion,\"&nbsp;said ASML President and Chief Executive Officer&nbsp;Peter Wennink.</li>  <li><b>Guidance:</b>&nbsp;The company expects third-quarter net sales between €5.2 billion and €5.4 billion with a gross margin between 51% and 52%, R&amp;D costs of around €645 million and SG&amp;A costs of around €180 million. The estimated annualized effective tax rate is expected to be around 15% for 2021.</li> </ul></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ASML\">ASML控股公司</a></b>：第二季度GAAP每股收益为2.52欧元，超出0.03欧元。</li><li>收入为40亿欧元（同比增长20.1%）低于预期1.2亿欧元。</li><li>第二季度净预订量为83亿欧元</li><li>ASML宣布一项高达90亿欧元的新股票回购计划，将于2023年12月31日执行。</li><li>“我们第二季度的净销售额为40亿欧元，在我们的指导范围内。毛利率为50.9%，高于我们的指导，这主要是由于客户希望快速增加产能，软件升级收入增加，以及一次性收入会计发布。我们第二季度的净预订量为83亿欧元，其中包括来自EUV systems的49亿欧元，使积压订单总额达到175亿欧元，”ASML总裁兼首席执行官Peter Wennink说道。</li><li><b>指导意见：</b>该公司预计第三季度净销售额在52亿欧元至54亿欧元之间，毛利率在51%至52%之间，研发成本约为6.45亿欧元，SG&amp;A成本约为1.8亿欧元。预计2021年年化有效税率约为15%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3717203-asml-holding-eps-beats-by-003-misses-on-revenue\">Seeking Alpha</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":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/news/3717203-asml-holding-eps-beats-by-003-misses-on-revenue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165880037","content_text":"ASML Holding NV: Q2 GAAP EPS of €2.52beats by €0.03.\nRevenue of €4B (+20.1% Y/Y) misses by €120M.\nQ2 net bookings of €8.3 billion\nASML announces a new share buyback program of up to €9 billion to be executed by December 31, 2023.\n\"Our second-quarter net sales came in at €4.0 billion, which is within our guidance. The gross margin came in at 50.9%, above our guidance, which is mainly due to higher revenue in software upgrades as customers want to increase capacity quickly, as well as one-off revenue accounting releases. Our second-quarter net bookings came in at €8.3 billion, including €4.9 billion from EUV systems, bringing the total backlog at €17.5 billion,\" said ASML President and Chief Executive Officer Peter Wennink.\nGuidance: The company expects third-quarter net sales between €5.2 billion and €5.4 billion with a gross margin between 51% and 52%, R&D costs of around €645 million and SG&A costs of around €180 million. The estimated annualized effective tax rate is expected to be around 15% for 2021.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147096914,"gmtCreate":1626318093838,"gmtModify":1631884501222,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>:)))))))","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>:)))))))","text":"$Sundial Growers Inc.(SNDL)$:)))))))","images":[{"img":"https://static.tigerbbs.com/6ae4e23eb75db94186dc87d16d098e2d","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/147096914","isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":809336764,"gmtCreate":1627347457858,"gmtModify":1631892692996,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plsss","listText":"Like plsss","text":"Like plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809336764","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohu8.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</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 sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量猛增98%；公司提高了成本较低的电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社）-特斯拉公司周二公布的第二季度利润高于预期，这得益于其较便宜的电动汽车销量大幅增长，该公司提高了价格以提高其利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自2019年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这表明制造业务的财务状况日益健康。特斯拉通过削减其称未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值汽车制造商的股价在盘后交易中上涨1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权中，特斯拉高管表示，量产增长将取决于零部件供应情况，马斯克警告称，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“全球芯片短缺的情况仍然相当严重，”马斯克说。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，Musk表示，特斯拉预计今年将在德克萨斯和德意志的在建工厂投产Model Y SUV。他表示，该公司预计电池供应商明年的产量将翻一番。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，但得益于Model 3轿车和Model Y等更便宜车型的销售，特斯拉在本季度的交付量仍创下了纪录。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克(Elon Musk)领导的汽车制造商表示，收入从一年前的60.4亿美元跃升至119.6亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据Refinitiv的IBES数据，分析师此前预计营收约为113亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>剔除项目后，特斯拉公布的每股利润为1.45美元，轻松超过分析师预期的每股98美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，营业收入随着销量增长和成本降低而上升，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失2300万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力通常依赖于向其他汽车制造商出售监管信用，但在第二季度，特斯拉自2019年底以来首次在没有这些信用的情况下实现盈利。其第二季度GAAP净利润为11.4亿美元。这些积分的收入总计仅为3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>Investing.com高级分析师Jesse Cohen表示：“特斯拉对其数据印象深刻，因为其大部分收入来自汽车销售。”</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商Stellantis预计今年将在没有从特斯拉购买环境信用额的情况下实现其欧洲二氧化碳(CO2)排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将Semi卡车计划的启动推迟到2022年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型4680电池尚未准备好量产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>顺便说一句，马斯克表示，他“很可能不会在财报评级上”与投资者和分析师讨论财务业绩。这些评级是马斯克每季度举行的一次丰富多彩的仪式，马斯克用它来讨论特斯拉技术，或者回击竞争对手或批评者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140667462,"gmtCreate":1625655324556,"gmtModify":1633938694187,"author":{"id":"3570661620806420","authorId":"3570661620806420","name":"GSssssss","avatar":"https://static.tigerbbs.com/424de281063671bd338cdd45faee92b4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570661620806420","idStr":"3570661620806420"},"themes":[],"htmlText":"Like plss","listText":"Like plss","text":"Like plss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/140667462","repostId":"2149399705","repostType":4,"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}