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2021-06-06

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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

2021-07-02

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2021-08-13

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2021-06-07

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2021-09-05

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2021-06-08

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10:01","market":"us","language":"en","title":"DWAC Stock Stumbles on SEC Probe. Here’s 7 Things to Know.<blockquote>DWAC股票因SEC调查而跌跌撞撞。这里有7件事需要知道。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142401132","media":"InvestorPlace","summary":"As one company with ties to former President Donald Trump sees its shares rise today, another is bra","content":"<p><div> As one company with ties to former President Donald Trump sees its shares rise today, another is bracing for turbulence ahead as a regulatory probe threatens to derail future growth. The U.S. ...</p><p><blockquote><div>一家与前总统唐纳德·特朗普有联系的公司股价今天上涨，而另一家公司则准备迎接未来的动荡，因为监管调查可能会破坏未来的增长。美国...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>DWAC Stock Stumbles on SEC Probe. Here’s 7 Things to Know.<blockquote>DWAC股票因SEC调查而跌跌撞撞。这里有7件事需要知道。</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\">\nDWAC Stock Stumbles on SEC Probe. Here’s 7 Things to Know.<blockquote>DWAC股票因SEC调查而跌跌撞撞。这里有7件事需要知道。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-07 10:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As one company with ties to former President Donald Trump sees its shares rise today, another is bracing for turbulence ahead as a regulatory probe threatens to derail future growth. The U.S. ...</p><p><blockquote><div>一家与前总统唐纳德·特朗普有联系的公司股价今天上涨，而另一家公司则准备迎接未来的动荡，因为监管调查可能会破坏未来的增长。美国...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/\">InvestorPlace</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://investorplace.com/2021/12/dwac-stock-stumbles-on-sec-probe-heres-7-things-to-know/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142401132","content_text":"As one company with ties to former President Donald Trump sees its shares rise today, another is bracing for turbulence ahead as a regulatory probe threatens to derail future growth. The U.S. Securities and Exchange Commission has confirmed that it is investigating Digital World Acquisition(NASDAQ:DWAC), the company taking Trump Media & Technology Group(TMTG) public. This news has DWAC stock down slightly today.\nTrump himself is no stranger to regulatory probes and investigations. In fact, AZCentral reports that over the past three decades, he has faced over 4,000 lawsuits, spanning areas of business from trademarks to contract disputes and failure to pay workers. Today brought the announcement, though, that the SEC and the Financial Industry Regulatory Authority (FINRA) have asked DWAC for information on its trading and communications with Trump’s team prior to the merger announcement.AccordingtoCNBC, this request was submitted weeks ago.\nWhat should investors be considering as the SEC prepares to investigate the company set to become Trump’s partner? Let’s discuss.\n7 Things to Know About the SEC Probe and DWAC Stock\n\nA DWAC probe was called for two weeks ago by Sen. Elizabeth Warren. She noted that the company “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021.” The SEC’s initial request for information from the companies involved, though, came before her statements.\nToday’s news came via a 8-K form. The blank-check company also used this filing to detail a securities purchase agreement with accredited investors who received the preferred stock. Each share of preferred stock has a conversion price of $33.60.\nThe filing also stated that neither regulatory agency was indicating that there had been any direct unlawful activity from DWAC or the Trump Media Group.\nIt is possible that regulators are exploring if the two companies had any communications regarding a SPAC deal before DWAC made its own trading debut.\nDecember began with more troubling news for anyone who holds DWAC stock, as Truth Social missed its deadline to launch its beta version.\nNews of the regulatory probe hasn’t been good for DWAC stock so far today. As of this writing, shares are down by almost 3% despite market momentum generated by the rise of CF Acquisition(NASDAQ:CFVI), another SPAC with direct ties to Trump.\nWhenCNBCasked why the regulatory probe was disclosed today, no one representing DWAC or Trump’s team responded to comment. The Associated Press has reported, though, that DWAC claims to be “cooperating with ‘the preliminary, fact-finding inquiries.’”","news_type":1,"symbols_score_info":{"DWAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814256126,"gmtCreate":1630830780165,"gmtModify":1632905649526,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814256126","repostId":"2164805312","repostType":2,"repost":{"id":"2164805312","kind":"news","pubTimestamp":1630803670,"share":"https://www.laohu8.com/m/news/2164805312?lang=zh_CN&edition=full","pubTime":"2021-09-05 09:01","market":"sh","language":"zh","title":"富士康造车版图浮出","url":"https://stock-news.laohu8.com/highlight/detail?id=2164805312","media":"汽车商业评论","summary":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹","content":"<p>“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。</p>\n<p>富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。</p>\n<p>2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。</p>\n<p>一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。</p>\n<p>可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。</p>\n<p>但富士康那颗造车的心从未改变。</p>\n<p>如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。</p>\n<p>这一次它会更成功吗？</p>\n<p><b>电动车是有四个轮子的iPhone</b></p>\n<p>两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。</p>\n<p>但该公司的野心不止于此。</p>\n<p>它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。</p>\n<p>同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。</p>\n<p>一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。</p>\n<p>2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。</p>\n<p>市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。</p>\n<p>如果这一次它的电动车行动又折戟了，那风险就很大了。</p>\n<p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<h2></h2>\n<p>富士康的子公司已经在为<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。</p>\n<p>为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。</p>\n<p>比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>座舱软件，</p>\n<p>又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。</p>\n<p>8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。</p>\n<p><b>推倒供应金字塔</b></p>\n<p>富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。</p>\n<p>该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。</p>\n<p>“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。</p>\n<p>富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。</p>\n<p>与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。</p>\n<p>电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头<a href=\"https://laohu8.com/S/BIDU\">百度</a>与吉利有一家合资企业，也计划做同样的事。</p>\n<p>全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。</p>\n<p>目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。</p>\n<p>2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼</p>\n<p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">富士康带头要击垮传统汽车供应链的金字塔。</p>\n<p>2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表&nbsp;“Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。</p>\n<p>该联盟已经吸引了1800多家公司，包括<a href=\"https://laohu8.com/S/QCOM\">高通</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>和世界上最大的电池制造商<a href=\"https://laohu8.com/S/300750\">宁德时代</a>。</p>\n<p>富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。</p>\n<p>日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。</p>\n<p>他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”</p>\n<p>在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。</p>\n<p>这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。</p>\n<p>“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”</p>\n<p>日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼</p>\n<p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。</p>\n<p>“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”</p>\n<p>长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”</p>\n<p>MIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。</p>\n<p><b>亦敌亦友</b></p>\n<p>随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。</p>\n<p>富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。</p>\n<p>日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。</p>\n<p>该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。</p>\n<p>广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。</p>\n<p>而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。</p>\n<p>虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。</p>\n<p>电动车开放平台框架▼</p>\n<p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。</p>\n<p>制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。</p>\n<p>“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。</p>\n<p>他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”</p>\n<p>富士康：能造iPhone就能造电动车▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。</p>\n<p>咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。</p>\n<p>TIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。</p>\n<p>她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”</p>\n<p>Counterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”</p>\n<p>他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”</p>","source":"sina_tech","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\" 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href=https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4><strong>汽车商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该...</p>\n\n<a href=\"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68c0d089cb9044afdb542c4739789af1","relate_stocks":{"601138":"工业富联","AAPL":"苹果"},"source_url":"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164805312","content_text":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。\n可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。\n但富士康那颗造车的心从未改变。\n如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。\n这一次它会更成功吗？\n电动车是有四个轮子的iPhone\n两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。\n但该公司的野心不止于此。\n它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。\n同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。\n一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。\n2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。\n市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。\n如果这一次它的电动车行动又折戟了，那风险就很大了。\n\n\n富士康的子公司已经在为特斯拉、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。\n为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。\n比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发智能座舱软件，\n又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。\n8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。\n推倒供应金字塔\n富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。\n该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。\n“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。\n富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。\n与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。\n电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头百度与吉利有一家合资企业，也计划做同样的事。\n全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。\n目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。\n2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼\n富士康带头要击垮传统汽车供应链的金字塔。\n2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表 “Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。\n该联盟已经吸引了1800多家公司，包括高通、微软和世界上最大的电池制造商宁德时代。\n富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。\n他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”\n在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。\n这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。\n“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼\n\n有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。\n“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”\n长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”\nMIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。\n亦敌亦友\n随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。\n富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。\n日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。\n该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。\n广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。\n而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。\n虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。\n电动车开放平台框架▼\n与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。\n制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。\n“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。\n他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”\n富士康：能造iPhone就能造电动车▼其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。\n咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。\nTIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。\n她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”\nCounterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”\n他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”","news_type":1,"symbols_score_info":{"601138":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894542862,"gmtCreate":1628842898856,"gmtModify":1633689057782,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894542862","repostId":"1101202302","repostType":4,"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156075958,"gmtCreate":1625188622174,"gmtModify":1633942756268,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/156075958","repostId":"2148820668","repostType":4,"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156076972,"gmtCreate":1625188515596,"gmtModify":1633942757895,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156076972","repostId":"1187472931","repostType":4,"isVote":1,"tweetType":1,"viewCount":2010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120283731,"gmtCreate":1624324702723,"gmtModify":1634007806105,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120283731","repostId":"1162141331","repostType":4,"isVote":1,"tweetType":1,"viewCount":2325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166361118,"gmtCreate":1623992198134,"gmtModify":1634024444733,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Go go go...","listText":"Go go go...","text":"Go go go...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166361118","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"us","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184460981,"gmtCreate":1623721859243,"gmtModify":1634029582644,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184460981","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185403718,"gmtCreate":1623664097034,"gmtModify":1634030481926,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185403718","repostId":"185642395","repostType":1,"repost":{"id":185642395,"gmtCreate":1623648424917,"gmtModify":1623648424917,"author":{"id":"3432276741707889","authorId":"3432276741707889","name":"斗战胜佛巴菲特","avatar":"https://static.tigerbbs.com/640a5089fbb2259ce7da62d8c047b9bc","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3432276741707889","idStr":"3432276741707889"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a>端午节吃点喝点看点，挺好！<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>","listText":"<a href=\"https://laohu8.com/S/.DJI\">$道琼斯(.DJI)$</a>端午节吃点喝点看点，挺好！<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>","text":"$道琼斯(.DJI)$端午节吃点喝点看点，挺好！$纳斯达克(.IXIC)$","images":[{"img":"https://static.tigerbbs.com/fd8d8c9becc26d0db073f0904a2c11e1","width":"3024","height":"4032"},{"img":"https://static.tigerbbs.com/098d779e396390d980fdfcb5a2815b17","width":"4032","height":"3024"},{"img":"https://static.tigerbbs.com/051d99507434c60de9403b2d33565e74","width":"4032","height":"3024"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185642395","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182933403,"gmtCreate":1623549975002,"gmtModify":1634031916797,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182933403","repostId":"181754646","repostType":1,"repost":{"id":181754646,"gmtCreate":1623413563485,"gmtModify":1747836012400,"author":{"id":"3572079433999630","authorId":"3572079433999630","name":"新识研究所","avatar":"https://static.tigerbbs.com/f973b3be4669225f4f91e9ea30eec726","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572079433999630","idStr":"3572079433999630"},"themes":[],"title":"阿里老了？","htmlText":"过去的一年，堪称阿里<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a>&nbsp;的水逆，蚂蚁金服触发一系列反垄断效应，被罚了182个亿。自己的电商业务，被拼多多迎头痛击。阿里云叫好却不叫座，其他业务更是难以拿得出手。因为这些原因，被罚的阿里也迎来了上市以来首次季度亏损。有人说，监管终于落地，阿里可以再度起飞了，但也有人说，更大的危机还在后面。不管怎样，阿里受到重创是事实，但这绝不仅仅是监管的问题。真正的问题是，阿里在面对危机时似乎不够敏锐了。曾经一直引领潮头的阿里，现在却处处受制于人。阿里真的老了吗？“网络超市”在消逝“三十年河东，三十年河西”。诞生之初的阿里，是个颇具传奇色彩的公司，扛着共赢的大旗，先抗eBay，再战亚马逊，“让天下没有难做的生意”。2004年“淘宝+支付宝”的体系完善，也成功开启了网购元年。那时阿里如同刚登陆新大陆的探险者一样，开拓了一片富饶的处女地。这块蛋糕足够得大，所有的小生意人都能够共享这份繁华。2017年，马云拍了一部电影《功守道》，在电影里，马云拳打脚踢所有高手，俨然天下第一。这电影，似乎就像阿里的愿景一样，要做就得做到无人能敌。但理想很丰满，现实太骨感，阿里的各项业务早已陷入了十面埋伏之中。核心电商，京东攻其上肢，拼多多杀其下盘；信用支付上，微信支付用“红包”偷家后已经与支付宝江湖并立；饿了么自从被收购后，一蹶不振，被美团压着打；抖音，快手正在推动的“兴趣电商”更是让阿里愁眉难展。诞生于1999年的阿里已经22岁了，曾经号令天下谁敢不从，现在看着一群后起之秀，却陷入了“拔剑四顾心茫然”。截至2020年底，拼多多年活跃买家数达7.884亿，超过淘宝，成为中国用户规模最大的电商平台。2月12日，日活跃用户数为2.59亿，史上首次超过手机淘宝的2.37","listText":"过去的一年，堪称阿里<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a>&nbsp;的水逆，蚂蚁金服触发一系列反垄断效应，被罚了182个亿。自己的电商业务，被拼多多迎头痛击。阿里云叫好却不叫座，其他业务更是难以拿得出手。因为这些原因，被罚的阿里也迎来了上市以来首次季度亏损。有人说，监管终于落地，阿里可以再度起飞了，但也有人说，更大的危机还在后面。不管怎样，阿里受到重创是事实，但这绝不仅仅是监管的问题。真正的问题是，阿里在面对危机时似乎不够敏锐了。曾经一直引领潮头的阿里，现在却处处受制于人。阿里真的老了吗？“网络超市”在消逝“三十年河东，三十年河西”。诞生之初的阿里，是个颇具传奇色彩的公司，扛着共赢的大旗，先抗eBay，再战亚马逊，“让天下没有难做的生意”。2004年“淘宝+支付宝”的体系完善，也成功开启了网购元年。那时阿里如同刚登陆新大陆的探险者一样，开拓了一片富饶的处女地。这块蛋糕足够得大，所有的小生意人都能够共享这份繁华。2017年，马云拍了一部电影《功守道》，在电影里，马云拳打脚踢所有高手，俨然天下第一。这电影，似乎就像阿里的愿景一样，要做就得做到无人能敌。但理想很丰满，现实太骨感，阿里的各项业务早已陷入了十面埋伏之中。核心电商，京东攻其上肢，拼多多杀其下盘；信用支付上，微信支付用“红包”偷家后已经与支付宝江湖并立；饿了么自从被收购后，一蹶不振，被美团压着打；抖音，快手正在推动的“兴趣电商”更是让阿里愁眉难展。诞生于1999年的阿里已经22岁了，曾经号令天下谁敢不从，现在看着一群后起之秀，却陷入了“拔剑四顾心茫然”。截至2020年底，拼多多年活跃买家数达7.884亿，超过淘宝，成为中国用户规模最大的电商平台。2月12日，日活跃用户数为2.59亿，史上首次超过手机淘宝的2.37","text":"过去的一年，堪称阿里$阿里巴巴-SW(09988)$ 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“老虎周刊”精选老虎社区虎友们一周精华写作，希望对您的投资有所助力。 最好发现认识志同道合的虎友，一起投资一起成长。感谢虎友们支持，祝您投资顺利！ 下面进入一周榜单： <a href=\"https://laohu8.com/TW/https://laohu8.com/TW/180429371\" target=\"_blank\">电子烟行业是走出至暗时刻还是钝刀子割头呢？</a> 发布者：<a target=\"_blank\" href=\"https://laohu8.com/U/3455010204124761\">@李欧成</a> 很多人说电子烟行业年增速翻倍，中国现在的渗透率还不到3%，RLX和思摩尔两家超百亿营收高达50%利润率，你才给10-20倍估值有没有搞错。对不起我没搞错，你看全球新型烟草老大PM,1500亿美元市值才17倍pe，单拿HNB业务出来数据也是傲视群雄。 为啥烟草估值不高，那是因为美股市场上有个ESG概念，烟草股被列入不道德名单所以不会有ETF持有，烟草股只能以高股息吸引投资者... <a href=\"https://laohu8.com/TW/https://laohu8.com/TW/117164484\" target=\"_blank\">【科普】一文了解美股增发</a> 发布者：<a target=\"_blank\" href=\"https://laohu8.com/U/36989258284800\">@小虎老师</a> 近几个月中有不少中概股进行增发，包括：蔚来，理想，小鹏，拼多多，再鼎医药，达达等。而美股增发是怎样的过程，怎样理解增发的专业词汇？ 本文通过5个问题帮你解答。","listText":"嗨，虎友们好~这里是老虎社区每周更新的栏目“老虎周刊”。 “老虎周刊”精选老虎社区虎友们一周精华写作，希望对您的投资有所助力。 最好发现认识志同道合的虎友，一起投资一起成长。感谢虎友们支持，祝您投资顺利！ 下面进入一周榜单： <a href=\"https://laohu8.com/TW/https://laohu8.com/TW/180429371\" target=\"_blank\">电子烟行业是走出至暗时刻还是钝刀子割头呢？</a> 发布者：<a target=\"_blank\" href=\"https://laohu8.com/U/3455010204124761\">@李欧成</a> 很多人说电子烟行业年增速翻倍，中国现在的渗透率还不到3%，RLX和思摩尔两家超百亿营收高达50%利润率，你才给10-20倍估值有没有搞错。对不起我没搞错，你看全球新型烟草老大PM,1500亿美元市值才17倍pe，单拿HNB业务出来数据也是傲视群雄。 为啥烟草估值不高，那是因为美股市场上有个ESG概念，烟草股被列入不道德名单所以不会有ETF持有，烟草股只能以高股息吸引投资者... <a href=\"https://laohu8.com/TW/https://laohu8.com/TW/117164484\" target=\"_blank\">【科普】一文了解美股增发</a> 发布者：<a target=\"_blank\" href=\"https://laohu8.com/U/36989258284800\">@小虎老师</a> 近几个月中有不少中概股进行增发，包括：蔚来，理想，小鹏，拼多多，再鼎医药，达达等。而美股增发是怎样的过程，怎样理解增发的专业词汇？ 本文通过5个问题帮你解答。","text":"嗨，虎友们好~这里是老虎社区每周更新的栏目“老虎周刊”。 “老虎周刊”精选老虎社区虎友们一周精华写作，希望对您的投资有所助力。 最好发现认识志同道合的虎友，一起投资一起成长。感谢虎友们支持，祝您投资顺利！ 下面进入一周榜单： 电子烟行业是走出至暗时刻还是钝刀子割头呢？ 发布者：@李欧成 很多人说电子烟行业年增速翻倍，中国现在的渗透率还不到3%，RLX和思摩尔两家超百亿营收高达50%利润率，你才给10-20倍估值有没有搞错。对不起我没搞错，你看全球新型烟草老大PM,1500亿美元市值才17倍pe，单拿HNB业务出来数据也是傲视群雄。 为啥烟草估值不高，那是因为美股市场上有个ESG概念，烟草股被列入不道德名单所以不会有ETF持有，烟草股只能以高股息吸引投资者... 【科普】一文了解美股增发 发布者：@小虎老师 近几个月中有不少中概股进行增发，包括：蔚来，理想，小鹏，拼多多，再鼎医药，达达等。而美股增发是怎样的过程，怎样理解增发的专业词汇？ 本文通过5个问题帮你解答。","images":[{"img":"https://static.tigerbbs.com/54ca34bfa770fe9408e18ec6fb45bf9a","width":"722","height":"434"},{"img":"https://static.tigerbbs.com/79609576aefe428d0e88056c76065892","width":"1280","height":"2533"},{"img":"https://static.tigerbbs.com/33e6ec56502a446b963dda883b4613b9","width":"1080","height":"633"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186027414","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181407356,"gmtCreate":1623405187375,"gmtModify":1634033685227,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/181407356","repostId":"1127823989","repostType":2,"isVote":1,"tweetType":1,"viewCount":1076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181369199,"gmtCreate":1623374447511,"gmtModify":1634034049742,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181369199","repostId":"2142787662","repostType":2,"isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181369039,"gmtCreate":1623374433521,"gmtModify":1634034050104,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575091991798366","idStr":"3575091991798366"},"themes":[],"htmlText":"Wah... like n comment pls","listText":"Wah... like n comment pls","text":"Wah... like n comment 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183971299","repostId":"183041969","repostType":1,"repost":{"id":183041969,"gmtCreate":1623296535147,"gmtModify":1623302464311,"author":{"id":"3514329116425907","authorId":"3514329116425907","name":"小虎AV","avatar":"https://static.tigerbbs.com/162e12f8dcec770ec19f66f2abb0d5db","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3514329116425907","idStr":"3514329116425907"},"themes":[],"title":"王传福谈雷军造车：50亿不算钱，时间比钱更重要，浪费了买不到","htmlText":"\n \n \n  比亚迪董事长兼总裁王传福在亚布力论坛上表示，很多大咖进来造车，50亿不算钱。比如说像雷军准备投资1000个亿。关键是浪费你三年的时间，这三年时间要值多少钱？拿钱是买不到的。[哟哟]<a href=\"https://laohu8.com/S/01211\">$比亚迪股份(01211)$</a> <a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>\n \n","listText":"比亚迪董事长兼总裁王传福在亚布力论坛上表示，很多大咖进来造车，50亿不算钱。比如说像雷军准备投资1000个亿。关键是浪费你三年的时间，这三年时间要值多少钱？拿钱是买不到的。[哟哟]<a href=\"https://laohu8.com/S/01211\">$比亚迪股份(01211)$</a> <a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>","text":"比亚迪董事长兼总裁王传福在亚布力论坛上表示，很多大咖进来造车，50亿不算钱。比如说像雷军准备投资1000个亿。关键是浪费你三年的时间，这三年时间要值多少钱？拿钱是买不到的。[哟哟]$比亚迪股份(01211)$ 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like.&nbsp;","listText":"Like like.&nbsp;","text":"Like like.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/115957862","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","LFST":"LifeStance Health Group, Inc.","TASK":"TaskUs Inc.","BZ":"BOSS直聘",".SPX":"S&P 500 Index",".DJI":"道琼斯","MQ":"Marqeta, Inc.","DIBS":"1stdibs.com Inc.","MNDY":"Monday.com Ltd.","ZME":"掌门教育","ZETA":"Zeta Global Holdings Corp."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".SPX":0.9,"ZME":0.9,".DJI":0.9,".IXIC":0.9,"LFST":0.9,"MQ":0.9,"TASK":0.9,"BZ":0.9,"DIBS":0.9,"ZETA":0.9,"MNDY":0.9}},"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156075958,"gmtCreate":1625188622174,"gmtModify":1633942756268,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575091991798366","authorIdStr":"3575091991798366"},"themes":[],"htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184460981","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814256126,"gmtCreate":1630830780165,"gmtModify":1632905649526,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575091991798366","authorIdStr":"3575091991798366"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814256126","repostId":"2164805312","repostType":2,"repost":{"id":"2164805312","kind":"news","pubTimestamp":1630803670,"share":"https://www.laohu8.com/m/news/2164805312?lang=zh_CN&edition=full","pubTime":"2021-09-05 09:01","market":"sh","language":"zh","title":"富士康造车版图浮出","url":"https://stock-news.laohu8.com/highlight/detail?id=2164805312","media":"汽车商业评论","summary":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹","content":"<p>“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。</p>\n<p>富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。</p>\n<p>2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。</p>\n<p>一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。</p>\n<p>可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。</p>\n<p>但富士康那颗造车的心从未改变。</p>\n<p>如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。</p>\n<p>这一次它会更成功吗？</p>\n<p><b>电动车是有四个轮子的iPhone</b></p>\n<p>两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。</p>\n<p>但该公司的野心不止于此。</p>\n<p>它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。</p>\n<p>同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。</p>\n<p>一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。</p>\n<p>2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。</p>\n<p>市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。</p>\n<p>如果这一次它的电动车行动又折戟了，那风险就很大了。</p>\n<p><img src=\"https://static.tigerbbs.com/1169239b354b79e8ad7b1dfb02d52502\" tg-width=\"480\" tg-height=\"691\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<h2></h2>\n<p>富士康的子公司已经在为<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。</p>\n<p>为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。</p>\n<p>比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>座舱软件，</p>\n<p>又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。<img src=\"https://static.tigerbbs.com/f56022d0d49f0e245f73086c7f7fe979\" tg-width=\"480\" tg-height=\"894\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。</p>\n<p>8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。</p>\n<p><b>推倒供应金字塔</b></p>\n<p>富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。</p>\n<p>该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。</p>\n<p>“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。<img src=\"https://static.tigerbbs.com/e4036fce5a3fbbe501b41c7612b3e7d8\" tg-width=\"550\" tg-height=\"321\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。</p>\n<p>富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。</p>\n<p>与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。</p>\n<p>电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头<a href=\"https://laohu8.com/S/BIDU\">百度</a>与吉利有一家合资企业，也计划做同样的事。</p>\n<p>全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。</p>\n<p>目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。</p>\n<p>2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼</p>\n<p><img src=\"https://static.tigerbbs.com/b113d47c48d4ef2184c2b18fec0ddefa\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">富士康带头要击垮传统汽车供应链的金字塔。</p>\n<p>2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表&nbsp;“Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。</p>\n<p>该联盟已经吸引了1800多家公司，包括<a href=\"https://laohu8.com/S/QCOM\">高通</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>和世界上最大的电池制造商<a href=\"https://laohu8.com/S/300750\">宁德时代</a>。</p>\n<p>富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。</p>\n<p>日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。</p>\n<p>他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”</p>\n<p>在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。</p>\n<p>这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。</p>\n<p>“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”</p>\n<p>日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼</p>\n<p><img src=\"https://static.tigerbbs.com/7fb5debe80f21ca6381a4c745b80e576\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。</p>\n<p>“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”</p>\n<p>长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”</p>\n<p>MIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。</p>\n<p><b>亦敌亦友</b></p>\n<p>随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。</p>\n<p>富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。</p>\n<p>日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。</p>\n<p>该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。</p>\n<p>广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。</p>\n<p>而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。</p>\n<p>虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。</p>\n<p>电动车开放平台框架▼</p>\n<p><img src=\"https://static.tigerbbs.com/787d5198bb81a344b2709acac6f645ae\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。</p>\n<p>制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。</p>\n<p>“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。</p>\n<p>他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”</p>\n<p>富士康：能造iPhone就能造电动车▼<img src=\"https://static.tigerbbs.com/827b8eae1b9907a0abdbca563973d5f7\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。</p>\n<p>咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。</p>\n<p>TIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。</p>\n<p>她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”</p>\n<p>Counterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”</p>\n<p>他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”</p>","source":"sina_tech","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n富士康造车版图浮出\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-05 09:01 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4><strong>汽车商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该...</p>\n\n<a href=\"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68c0d089cb9044afdb542c4739789af1","relate_stocks":{"601138":"工业富联","AAPL":"苹果"},"source_url":"https://tech.sina.cn/it/2021-09-04/detail-iktzscyx2191509.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164805312","content_text":"“苹果汽车就是带了四个轮子的iPhone，既然我们可以生产iPhone，自然也能生产电动车。”这是富士康创始人、前董事长郭台铭不止一次在公司的内部会议上说的话。\n富士康是世界上最大的消费电子代工商、苹果的最大供应商，长期以来一直梦想着能制造汽车。\n2014年，郭台铭发起了一个代号为“A-Fu Initiative”的电动车项目。该项目彼时未向外界公布，由富士康的一个精密仪器团队负责。\n一位熟悉该计划的人士说，郭台铭承诺，如果项目成功，将给每一位项目成员发放股份作为奖励。\n可惜A-Fu Initiative只是昙花一现，造车还是比预期的要复杂得多。\n但富士康那颗造车的心从未改变。\n如今，汽车行业处于改头换面的关键节点。汽车制造商在最上层，下面是一层一层供应商的金字塔供应链模式已经僵化不堪。该公司又在重新推动电动汽车的发展。\n这一次它会更成功吗？\n电动车是有四个轮子的iPhone\n两年前接替郭台铭的刘扬伟承诺，到2025年，全球5%的电动汽车将采用富士康的设计、部件、机械零件或软件。\n但该公司的野心不止于此。\n它已宣布计划在美国和泰国建造工厂，进行整车组装，并正在欧洲选址用于汽车制造。\n同时，富士康已将自己的角色转换为电动车的倡导者，为电动车开发新技术、制定新标准，以挑战传统汽车制造商。\n一边富士康的电动车进度条在加快，另一边消费电子产品的利润在下降。\n2020年，富士康的销售额仅增长了0.3%，自2017年以来，净利润一直在萎缩。如果该公司要将其毛利率从目前的6%提高到目标的10%，电动车是至关重要的一环。\n市场对电动车的狂热让富士康的股价在2021年3月份创下四年来的新高，自年初以来，股价上涨超过15%。\n如果这一次它的电动车行动又折戟了，那风险就很大了。\n\n\n富士康的子公司已经在为特斯拉、宝马等传统和电动汽车制造商提供电子产品，产品包括仪表盘显示器、印刷电路板以及一系列的机械和塑料部件。\n为了扩大其产品阵容和网罗更多技术，刘扬伟在过去一年半的时间里签署了一系列供应协议和技术开发伙伴关系。\n比如，与菲亚特克莱斯勒的母公司、世界第四大汽车制造商Stellantis建立合资企业，为车联网开发智能座舱软件，\n又比如与吉利成立合资企业，销售与智能驱动系统、软件平台甚至整车制造和咨询服务。富士康一直在努力提高自己在软件方面的专业技能，对于一家以硬件能力闻名于世的公司来说，软件方面它不占优势。\n8月初，该公司在台湾收购了一家半导体工厂，以获得对电动汽车芯片供应的更多控制权。\n推倒供应金字塔\n富士康预计，除开用于汽车远程信息处理的显示面板，2021年该公司来自汽车零部件的收入可能超过100亿新台币（3.61亿美元）。\n该公司称，这对于一个年收入超过5万亿新台币的制造帝国来说微不足道，但它同比增长了40%。\n“目前的收入主要来自机械和塑料部件，但我们将扩大到系统和模块层面，并在不久的将来开始整车制造。”刘扬伟在8月份的投资者会议上说。几十年来，传统汽车公司在发动机、变速箱和复杂的动力传动系统方面进行了大量投资，如今反而成了进入电动车市场的阻碍，给了电动汽车初创企业遍地开花的机会。\n富士康计划取代传统的一级供应商，为菲斯克、拜腾等新品牌，台湾裕隆等希望转型老品牌提供整车制造服务。\n与固化的传统汽车市场不同，电动汽车市场不断有新人涌入。\n电子产品制造商小米计划在2024年前推出智能电动车。互联网巨头百度与吉利有一家合资企业，也计划做同样的事。\n全球60%以上的iPhone都是富士康组装的，人们普遍认为，富士康才是生产苹果汽车的最佳候选企业。\n目前，它的命运与几家初创企业紧密相连，与老牌企业相比，新兴汽车制造商更愿意与新兴的供应商合作。\n2020年10月16日，富士康在台北的HHTD论坛上展示了电动车开放平台框架的互动仪表板▼\n富士康带头要击垮传统汽车供应链的金字塔。\n2020年10月，刘扬伟发起了由汽车行业的软件和硬件公司组成的“开放电动车联盟”。MIH联盟，MIH代表 “Mobility in Harmony”（和谐出行），旨在制定行业标准，并开发硬件和软件相结合的“套件”，供电动车制造商使用，从而减少新车的开发时间和成本。\n该联盟已经吸引了1800多家公司，包括高通、微软和世界上最大的电池制造商宁德时代。\n富士康和裕隆汽车的合资公司鸿华已经使用MIH平台为台湾一家交通运营商设计了一个电动巴士原型，并将于明年上路。\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培（Shinpei Kato）说：“MIH要做的是建立一个类似的合作伙伴链，就像传统汽车制造商建立他们的供应链一样。” Tier IV是该联盟的一个重要成员。\n他补充说：“在传统的供应链中，只有处于金字塔顶端的汽车制造商才具有决策权。现在情况不一样了。”\n在电动车中，电机和电池等关键部件是由软件控制的，与金字塔顶端以机械为主的发动机是两码事。\n这表明零部件可以打包成更大的模块，并作为子系统集成，使它们更容易组装，就像今天的智能手机开发和生产一样，可能会供应商更多的话语权。\n“参与的公司可以一起做出决定。” 信培说，“我们可能不再需要传统汽车巨头来生产电动汽车。”\n日本自动驾驶软件初创公司Tier IV的创始人兼首席技术官加藤·信培▼\n\n有人质疑MIH将如何发展，最终它将如何让富士康受益，以及受益多少。\n“零部件供应商可以通过MIH联盟更快地进入电动车供应链，而富士康也可以获得更多供应商，加强在电动车行业的竞争力。”\n长期跟踪富士康的台湾经济研究所（TIER）汽车电子分析师邱世方（Chiu Shih-fang）说，“MIH是否能发挥作用，仍取决于供应商的真正技术能力。”\nMIH在8月份注册成为非营利性基金会，这意味着它不再属于富士康，其成员也不从属于该公司。\n亦敌亦友\n随着汽车供应链金字塔的瓦解，富士康的合作伙伴和对手会是谁，还有待观察。\n富士康不是唯一想抓住汽车行业电气化风口的科技公司，每家科技企业在电动车供应链中都有自己专有的位置。\n日本电产在7月宣布，它正在与富士康谈判在2022年组建合资企业的事宜。\n该公司是世界上最大的电机制造商，它的产品应用于电脑、智能手机、冰箱等大部分领域。它的目标是到2030年供应45%的电动车电机。\n广达电脑和和硕公司一直在为传统汽车和电动汽车制造商提供电子控制单元。\n而世界领先的电源管理解决方案供应商台达电子，十几年来一直专注于为电动汽车提供电源、充电、散热和电机管理系统。\n虽然这些公司都没有表现出富士康般整车制造的野心。但是韩国巨头LG电子一直在深化与麦格纳的关系。他们的合资企业也是制造苹果汽车的热门人选。\n电动车开放平台框架▼\n与此同时，位于旧金字塔顶端的传统汽车制造商仍保持着不可动摇的地位，这不仅仅是因为他们的品牌知名度。它们还拥有他人难以复制的技能和经验。\n制造电动车可能比制造传统汽车更简单，但它一定比制造iPhone复杂。零部件至少多了10倍，而且它的安全性能要求比手机高得多，毕竟汽车安全是关乎生死的。\n“多少双眼睛都在盯着富士康的电动车进程，他们可能认为富士康并不了解这个行业的运作方式。”伊藤忠商事研究所高级研究员深尾三四郎（Sanshiro Fukao）说。\n他说：“一个汽车制造商有能力把零部件组装到一起，并保证它的安全。而富士康可能认为，把二级供应商们都网罗到自己这边来，就可以获得这一能力，这样想是不对的。”\n富士康：能造iPhone就能造电动车▼其他对富士康造成持保守意见的分析人士认为，汽车的开发周期比消费电子产品长得多，而且建设汽车生产线也不一样。\n咨询公司贝恩驻上海的合伙人曾伟民（Raymond Tsang）指出，汽车的个性化定制选择更多一些。客户可以订购特定的颜色、内饰、选装包等，因此与标准化的智能手机组装相比，生产线上制造出来的汽车要符合许多特有规格。\nTIER的邱世方说，汽车行业经历了从旧技术到新技术的转变，赢的空间还有很多。\n她说：“电动车的时代创造了新的可能性。制造汽车的方式是不同的，有各种商业模式。无论是老牌子还是新牌子都将找到自己的位置。市场将大到足以容纳所有的参与者。”\nCounterpoint Research负责汽车和新兴技术的研究分析师苏门·曼达尔（Soumen Mandal）说，“合作协议，尤其是与Stellantis、吉利和菲斯克的合作，将帮助富士康获得汽车生产经验，获得规模经济效益，并确保电池等部件的安全性。”\n他说：“凭借这些财富，富士康要推出的产品必须是一流的，才能树立良好的信誉，以及取得大客户的信任，包括苹果。”","news_type":1,"symbols_score_info":{"601138":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117950463,"gmtCreate":1623114425852,"gmtModify":1634036820164,"author":{"id":"3575091991798366","authorId":"3575091991798366","name":"ongkianlee","avatar":"https://static.tigerbbs.com/af4ea72d329c61f3a8ed9226ee44cf3c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575091991798366","authorIdStr":"3575091991798366"},"themes":[],"htmlText":"Like n commemt","listText":"Like n 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