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Daphnn

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2021-06-21

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2021-06-17

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2021-06-17

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2021-06-16

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2021-06-15

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2021-06-11

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2021-06-04

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

2021-06-02

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2021-06-01

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2021-05-28

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2021-05-24

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2021-05-20

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Tencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</blockquote>

2021-05-19

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2021-05-10

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2021-04-30

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NIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来涨超5%，此前跌近4%</blockquote>

2021-04-28

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2021-04-25

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2021-04-24

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2021-04-23

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Intel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote>

2021-04-21

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Tesla stock dropped more than 2% in morning trading<blockquote>特斯拉股价早盘下跌逾2%</blockquote>

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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184178636","repostId":"2143738859","repostType":4,"isVote":1,"tweetType":1,"viewCount":2524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181183199,"gmtCreate":1623378465611,"gmtModify":1634033988276,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like comment","listText":"like comment","text":"like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181183199","repostId":"1184070773","repostType":4,"isVote":1,"tweetType":1,"viewCount":1429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116254241,"gmtCreate":1622806919683,"gmtModify":1634097838751,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116254241","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","kind":"news","pubTimestamp":1622793373,"share":"https://www.laohu8.com/m/news/1122373606?lang=zh_CN&edition=full","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113422865,"gmtCreate":1622635315357,"gmtModify":1634099737038,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130900455","repostId":"1199929409","repostType":4,"repost":{"id":"1199929409","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621499931,"share":"https://www.laohu8.com/m/news/1199929409?lang=zh_CN&edition=full","pubTime":"2021-05-20 16:38","market":"us","language":"en","title":"Tencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199929409","media":"Tiger Newspress","summary":"During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives ","content":"<p>Tencent Holdings Ltd&nbsp;announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mln</p><p><blockquote>腾讯控股控股有限公司公布集团截至2021年3月31日止三个月未经审计的综合业绩。季度收入为人民币1,353.03亿元，而人民币1,080.65亿元；季度应占利润人民币477.67亿元，上年同期为人民币288.96亿元；在线广告季度收入增长23%至人民币218亿元；截至3月31日，微信和微信的mau合计为12.416亿vs 12.025亿</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef747fb05541ddadd1692176ff991907\" tg-width=\"1189\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b6e7f63c7c50a15ef1ca004b51c7d38f\" tg-width=\"1187\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p>During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:</p><p><blockquote>本季度，我们的商业服务和在线广告收入流实现了显着增长，同时加大了在商业服务和企业软件、高制作价值游戏和短视频等领域的投资。我们的上市投资组合经历了有意义的价值增值，同时为我们的联营公司收入贡献了好坏参半的结果，部分被投资方由于投资于社区团购活动等新举措而带来了更大的联营公司亏损。整体而言，我们相信，在整个中国互联网行业正经历大量投资阶段的时期，我们能够维持稳健的经营及财务业绩。以下是我们本季度主要产品和业务线的一些亮点：</blockquote></p><p><b>Weixin </b></p><p><blockquote><b>维信</b></blockquote></p><p>Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.</p><p><blockquote>随着我们构建内容生态系统，微信视频号持续获得用户和内容创作者的关注。我们通过提供定制化的入职服务和持续运营支持，加大力度吸引和孵化内容创作者。小程序生态系统蓬勃发展，在中小企业中的渗透程度更深。我们的低代码开发平台使小型企业能够更经济高效地开发小程序。我们为系统集成商提供了更多工具，他们服务的活跃小程序数量同比增长了两倍以上。</blockquote></p><p><b>QQ and Digital Content </b></p><p><blockquote><b>QQ与数字内容</b></blockquote></p><p>We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.</p><p><blockquote>我们正在利用技术更好地整合QQ的社交和内容消费体验，例如即时通讯和游戏之间的无缝体验。用户可以与QQ好友组队，一键开启多人游戏对战。对于不在QQ上的游戏内好友，用户可以通过游戏中心与他们同步交流。他们还可以通过QQ小程序了解最新的游戏活动。展望未来，QQ新的领导团队将寻求升级服务的技术、运营和内容，更好地服务年轻用户的社交和娱乐需求。</blockquote></p><p>Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.</p><p><blockquote>我们的收费增值服务订阅量同比增长14%至2.26亿。视频订阅量同比增长12%至1.25亿，受益于《无双之地》等某些IP改编为动画和真人剧集。《创2021》、《烤肉第五季》等自营综艺节目热播。音乐订阅量同比增长43%至6100万，主要得益于更好的内容、有效的营销活动和留存率的提高。</blockquote></p><p>We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.</p><p><blockquote>我们正在合并腾讯控股视频和微视团队，以升级他们的算法推荐，为用户带来一体化的观看体验，并丰富改编自我们的长视频库的短视频剪辑。我们已宣布TME的领导层变动，旨在加强我们的数字内容服务以及与我们的社交社区之间的合作和协同作用。</blockquote></p><p><b>Games </b></p><p><blockquote><b>游戏</b></blockquote></p><p>Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.</p><p><blockquote>尽管2020年第一季度受居家影响导致基数较高，但我们的总用户参与度和用户支出仍同比增长。我们在一月份发布了《王者荣耀》有史以来最大的更新，以改善其图形和游戏体验，然后在中国新年期间推出了具有吸引力的顶级皮肤营销活动，这推动了游戏的DAU和付费用户在二月份的历史新高。我们减少了PUBG Mobile的应用程序文件大小，增强了我们的本地市场运营能力，提高了PUBG Mobile在EMEA国家的DAU。《英雄联盟》从PC和移动设备上发布的更大更好的月球狂欢内容以及其核心游戏模式和团队战斗战术中受益匪浅。</blockquote></p><p></p><p>We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.</p><p><blockquote>我们也在培养这些大型观众游戏之外的新兴类型。例如，我们的新游戏《小森生活》和《核桃日记》于2021年4月跻身中国DAU十大生活模拟手游。我们的游戏管道涵盖广泛的类型，包括动作、MOBA和生存。对于中国来说，许多新游戏改编自热门的现有游戏和文学IP。在国际上，我们预计我们之前对一流的PC、主机和移动工作室的大量投资将在未来几个季度开始贡献一系列类型创新的游戏。</blockquote></p><p><b>Online Advertising </b></p><p><blockquote><b>网络广告</b></blockquote></p><p>We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.</p><p><blockquote>我们通过与微信小程序的联动提升我们广告物业的交易能力，并针对游戏、零售和汽车相关垂直行业升级营销解决方案，为广告主带来更高的销售转化和投资回报率。广告商采用小程序作为登陆页面的数量大幅增加，表明微信作为交易生成环境的认可度不断提高。我们的移动广告网络继续受益于主要在游戏、在线阅读和工具应用程序中增加的视频广告库存。在2021年剩余时间里，行业不确定性包括K-12教育的潜在监管阻力以及我们视频内容发布时间表的潜在延迟。</blockquote></p><p><b>FinTech </b></p><p><blockquote><b>金融科技</b></blockquote></p><p>Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.</p><p><blockquote>由于消费增长和数字经济的扩张，我们的商业支付量受惠于中国移动支付的增加。由于春节假期期间人们出行减少，消费增加，线下支付交易环比增加，尤其是零售和餐饮服务。</blockquote></p><p>Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.</p><p><blockquote>微信支付一直在帮助中国的中小型商户发展和数字化他们的业务。我们承诺为中小商户提供大量补贴、资源及服务，以进一步降低其营运成本及提升其营运效率。</blockquote></p><p><b>Cloud and Other Business Services </b></p><p><blockquote><b>云和其他业务服务</b></blockquote></p><p>Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clients</p><p><blockquote>利用我们在安全、通信和CRM解决方案方面的优势，我们在本季度扩大了PaaS和SaaS业务。为更好地把握中国新兴SaaS市场的机遇，我们已建立SaaS生态系统计划，以培育SaaS供应商的增长及促进企业客户的数字化。我们推出企业应用连接器，提供跨不同SaaS产品的统一登录帐户和数据流，使SaaS提供商能够更高效地开发和交付其产品，同时促进企业客户更好地协调多个SaaS解决方案</blockquote></p><p><b>Investments for the Future</b></p><p><blockquote><b>未来投资</b></blockquote></p><p>We believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. </p><p><blockquote>我们认为，我们仍处于全球数字化转型的早期阶段。技术的进步将为我们的消费互联网和工业互联网活动带来充足的机遇。因此，我们正在通过投资2021年增量利润的一部分来积极提高对新机会的投资率，我们相信从长远来看，这将带来高回报。增量投资将包括以下领域——商业服务、游戏和短视频内容。</blockquote></p><p></p><p><ul><li>Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.</li></ul><ul><li>Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. </li></ul><ul><li>Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. </li></ul>As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.</p><p><blockquote><ul><li>商业服务：我们将在员工和基础设施等领域进行进一步投资，以支持我们业务的快速增长。我们将加强我们的生产力SaaS产品和安全软件，以及与SaaS提供商和独立软件供应商的合作伙伴关系和投资，支持我们客户的数字需求。通过增强我们在医疗、零售、教育和交通等关键垂直领域的追加销售和交叉销售能力，我们将为企业提供智能解决方案，为用户提供面向消费者的产品。</li></ul><ul><li>游戏：我们正在加大对游戏开发的投资，特别是专注于能够吸引全球用户的大型和高制作价值的游戏。我们还进一步投资于服务更多目标受众的新型游戏、建立IP特许经营权并跨媒体开发它们，以及投资于云游戏等下一代游戏体验的先进技术。</li></ul><ul><li>短视频内容：我们目前正在孵化视频账户的内容生态系统，将用户与现实生活中的内容联系起来，并将优质内容创作者与其客户联系起来。我们将为内容创作者提供制作和变现工具、优化社交推荐、丰富知识型内容以及增加服务器和带宽以支持视频账号的稳健增长。我们正在加强长格式和短格式视频服务之间的协同效应。通过腾讯控股视频和微视的合并，我们将利用我们的短格式能力为长格式视频赋能。我们将升级自行委托制作，以进一步扩大我们的IP内容库，并提供可由我们的创作者网络改编的视频片段。</li></ul>作为一家为广大用户和企业提供服务的科技公司，我们认识到我们的社会责任以及我们通过创新创造重大社会价值的机会。因此，我们将企业社会责任和慈善活动整合为一个新的可持续社会价值组织。我们将在基础科学、教育创新、乡村振兴、碳中和、食品╱能源╱水供应、突发公共事件援助、老年科技及公益等领域投入500亿元的初始资本，以我们的投资收益提供资金。此次升级旨在践行我们“科技向善”的使命，标志着公司进入了新的发展阶段。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nTencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-20 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Holdings Ltd&nbsp;announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mln</p><p><blockquote>腾讯控股控股有限公司公布集团截至2021年3月31日止三个月未经审计的综合业绩。季度收入为人民币1,353.03亿元，而人民币1,080.65亿元；季度应占利润人民币477.67亿元，上年同期为人民币288.96亿元；在线广告季度收入增长23%至人民币218亿元；截至3月31日，微信和微信的mau合计为12.416亿vs 12.025亿</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef747fb05541ddadd1692176ff991907\" tg-width=\"1189\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b6e7f63c7c50a15ef1ca004b51c7d38f\" tg-width=\"1187\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p>During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:</p><p><blockquote>本季度，我们的商业服务和在线广告收入流实现了显着增长，同时加大了在商业服务和企业软件、高制作价值游戏和短视频等领域的投资。我们的上市投资组合经历了有意义的价值增值，同时为我们的联营公司收入贡献了好坏参半的结果，部分被投资方由于投资于社区团购活动等新举措而带来了更大的联营公司亏损。整体而言，我们相信，在整个中国互联网行业正经历大量投资阶段的时期，我们能够维持稳健的经营及财务业绩。以下是我们本季度主要产品和业务线的一些亮点：</blockquote></p><p><b>Weixin </b></p><p><blockquote><b>维信</b></blockquote></p><p>Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.</p><p><blockquote>随着我们构建内容生态系统，微信视频号持续获得用户和内容创作者的关注。我们通过提供定制化的入职服务和持续运营支持，加大力度吸引和孵化内容创作者。小程序生态系统蓬勃发展，在中小企业中的渗透程度更深。我们的低代码开发平台使小型企业能够更经济高效地开发小程序。我们为系统集成商提供了更多工具，他们服务的活跃小程序数量同比增长了两倍以上。</blockquote></p><p><b>QQ and Digital Content </b></p><p><blockquote><b>QQ与数字内容</b></blockquote></p><p>We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.</p><p><blockquote>我们正在利用技术更好地整合QQ的社交和内容消费体验，例如即时通讯和游戏之间的无缝体验。用户可以与QQ好友组队，一键开启多人游戏对战。对于不在QQ上的游戏内好友，用户可以通过游戏中心与他们同步交流。他们还可以通过QQ小程序了解最新的游戏活动。展望未来，QQ新的领导团队将寻求升级服务的技术、运营和内容，更好地服务年轻用户的社交和娱乐需求。</blockquote></p><p>Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.</p><p><blockquote>我们的收费增值服务订阅量同比增长14%至2.26亿。视频订阅量同比增长12%至1.25亿，受益于《无双之地》等某些IP改编为动画和真人剧集。《创2021》、《烤肉第五季》等自营综艺节目热播。音乐订阅量同比增长43%至6100万，主要得益于更好的内容、有效的营销活动和留存率的提高。</blockquote></p><p>We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.</p><p><blockquote>我们正在合并腾讯控股视频和微视团队，以升级他们的算法推荐，为用户带来一体化的观看体验，并丰富改编自我们的长视频库的短视频剪辑。我们已宣布TME的领导层变动，旨在加强我们的数字内容服务以及与我们的社交社区之间的合作和协同作用。</blockquote></p><p><b>Games </b></p><p><blockquote><b>游戏</b></blockquote></p><p>Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.</p><p><blockquote>尽管2020年第一季度受居家影响导致基数较高，但我们的总用户参与度和用户支出仍同比增长。我们在一月份发布了《王者荣耀》有史以来最大的更新，以改善其图形和游戏体验，然后在中国新年期间推出了具有吸引力的顶级皮肤营销活动，这推动了游戏的DAU和付费用户在二月份的历史新高。我们减少了PUBG Mobile的应用程序文件大小，增强了我们的本地市场运营能力，提高了PUBG Mobile在EMEA国家的DAU。《英雄联盟》从PC和移动设备上发布的更大更好的月球狂欢内容以及其核心游戏模式和团队战斗战术中受益匪浅。</blockquote></p><p></p><p>We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.</p><p><blockquote>我们也在培养这些大型观众游戏之外的新兴类型。例如，我们的新游戏《小森生活》和《核桃日记》于2021年4月跻身中国DAU十大生活模拟手游。我们的游戏管道涵盖广泛的类型，包括动作、MOBA和生存。对于中国来说，许多新游戏改编自热门的现有游戏和文学IP。在国际上，我们预计我们之前对一流的PC、主机和移动工作室的大量投资将在未来几个季度开始贡献一系列类型创新的游戏。</blockquote></p><p><b>Online Advertising </b></p><p><blockquote><b>网络广告</b></blockquote></p><p>We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.</p><p><blockquote>我们通过与微信小程序的联动提升我们广告物业的交易能力，并针对游戏、零售和汽车相关垂直行业升级营销解决方案，为广告主带来更高的销售转化和投资回报率。广告商采用小程序作为登陆页面的数量大幅增加，表明微信作为交易生成环境的认可度不断提高。我们的移动广告网络继续受益于主要在游戏、在线阅读和工具应用程序中增加的视频广告库存。在2021年剩余时间里，行业不确定性包括K-12教育的潜在监管阻力以及我们视频内容发布时间表的潜在延迟。</blockquote></p><p><b>FinTech </b></p><p><blockquote><b>金融科技</b></blockquote></p><p>Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.</p><p><blockquote>由于消费增长和数字经济的扩张，我们的商业支付量受惠于中国移动支付的增加。由于春节假期期间人们出行减少，消费增加，线下支付交易环比增加，尤其是零售和餐饮服务。</blockquote></p><p>Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.</p><p><blockquote>微信支付一直在帮助中国的中小型商户发展和数字化他们的业务。我们承诺为中小商户提供大量补贴、资源及服务，以进一步降低其营运成本及提升其营运效率。</blockquote></p><p><b>Cloud and Other Business Services </b></p><p><blockquote><b>云和其他业务服务</b></blockquote></p><p>Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clients</p><p><blockquote>利用我们在安全、通信和CRM解决方案方面的优势，我们在本季度扩大了PaaS和SaaS业务。为更好地把握中国新兴SaaS市场的机遇，我们已建立SaaS生态系统计划，以培育SaaS供应商的增长及促进企业客户的数字化。我们推出企业应用连接器，提供跨不同SaaS产品的统一登录帐户和数据流，使SaaS提供商能够更高效地开发和交付其产品，同时促进企业客户更好地协调多个SaaS解决方案</blockquote></p><p><b>Investments for the Future</b></p><p><blockquote><b>未来投资</b></blockquote></p><p>We believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. </p><p><blockquote>我们认为，我们仍处于全球数字化转型的早期阶段。技术的进步将为我们的消费互联网和工业互联网活动带来充足的机遇。因此，我们正在通过投资2021年增量利润的一部分来积极提高对新机会的投资率，我们相信从长远来看，这将带来高回报。增量投资将包括以下领域——商业服务、游戏和短视频内容。</blockquote></p><p></p><p><ul><li>Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.</li></ul><ul><li>Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. </li></ul><ul><li>Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. </li></ul>As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.</p><p><blockquote><ul><li>商业服务：我们将在员工和基础设施等领域进行进一步投资，以支持我们业务的快速增长。我们将加强我们的生产力SaaS产品和安全软件，以及与SaaS提供商和独立软件供应商的合作伙伴关系和投资，支持我们客户的数字需求。通过增强我们在医疗、零售、教育和交通等关键垂直领域的追加销售和交叉销售能力，我们将为企业提供智能解决方案，为用户提供面向消费者的产品。</li></ul><ul><li>游戏：我们正在加大对游戏开发的投资，特别是专注于能够吸引全球用户的大型和高制作价值的游戏。我们还进一步投资于服务更多目标受众的新型游戏、建立IP特许经营权并跨媒体开发它们，以及投资于云游戏等下一代游戏体验的先进技术。</li></ul><ul><li>短视频内容：我们目前正在孵化视频账户的内容生态系统，将用户与现实生活中的内容联系起来，并将优质内容创作者与其客户联系起来。我们将为内容创作者提供制作和变现工具、优化社交推荐、丰富知识型内容以及增加服务器和带宽以支持视频账号的稳健增长。我们正在加强长格式和短格式视频服务之间的协同效应。通过腾讯控股视频和微视的合并，我们将利用我们的短格式能力为长格式视频赋能。我们将升级自行委托制作，以进一步扩大我们的IP内容库，并提供可由我们的创作者网络改编的视频片段。</li></ul>作为一家为广大用户和企业提供服务的科技公司，我们认识到我们的社会责任以及我们通过创新创造重大社会价值的机会。因此，我们将企业社会责任和慈善活动整合为一个新的可持续社会价值组织。我们将在基础科学、教育创新、乡村振兴、碳中和、食品╱能源╱水供应、突发公共事件援助、老年科技及公益等领域投入500亿元的初始资本，以我们的投资收益提供资金。此次升级旨在践行我们“科技向善”的使命，标志着公司进入了新的发展阶段。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199929409","content_text":"Tencent Holdings Ltd announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mlnBUSINESS REVIEW AND OUTLOOK During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:Weixin Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.QQ and Digital Content We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.Games Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.Online Advertising We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.FinTech Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.Cloud and Other Business Services Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clientsInvestments for the FutureWe believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194851027,"gmtCreate":1621357153169,"gmtModify":1634192161849,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194851027","repostId":"2136785993","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190672370,"gmtCreate":1620620165190,"gmtModify":1634197629717,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190672370","repostId":"2134686276","repostType":4,"isVote":1,"tweetType":1,"viewCount":511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103565243,"gmtCreate":1619794183182,"gmtModify":1634209869345,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103565243","repostId":"1142070002","repostType":4,"repost":{"id":"1142070002","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619792975,"share":"https://www.laohu8.com/m/news/1142070002?lang=zh_CN&edition=full","pubTime":"2021-04-30 22:29","market":"us","language":"en","title":"NIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来涨超5%，此前跌近4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142070002","media":"Tiger Newspress","summary":"NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO  is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales.","content":"<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><blockquote>蔚来涨超5%，此前跌近4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p><blockquote><b>蔚来的盈利看起来很像福特。知道什么。</b></blockquote></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p><blockquote>中国电动汽车制造商蔚来公布的第一季度业绩好于预期。但全球汽车微芯片短缺将在未来几个月影响生产。</blockquote></p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p><blockquote>蔚来（股票代码：蔚来）是一只高估值、高增长的股票。现在，看多蔚来的人必须决定稳健的盈利是否会战胜增长问题，或者芯片短缺是否会从长远来看损害该公司。</blockquote></p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p><blockquote>按调整后的非公认会计准则计算，蔚来的销售额为12亿美元，每股亏损23美分。华尔街预计11亿美元的销售额将损失84美分。蔚来的企业毛利率为19.5%，比分析师预期高出约3个百分点，高于一年前的负12%。第一季度业绩看起来很稳健。</blockquote></p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p><blockquote>但该股没有变动。蔚来于下午5:30公布了数据。东部时间，盘后交易的股票并不多。蔚来股价周四收盘下跌5.3%。标准普尔500指数和道琼斯工业平均指数上涨约0.7%。</blockquote></p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p><blockquote>首席执行官William Bin Li在公司新闻稿中表示：“蔚来以第一季度20,060辆汽车的新季度交付记录开启了2021年。”“对我们产品的整体需求仍然相当强劲，但由于半导体短缺，供应链仍然面临重大挑战。”</blockquote></p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p><blockquote>管理层称其电话会议上的芯片形势“非常严峻”，并预计第二季度汽车交付量为21,000至22,000辆，销售额约为13亿美元。华尔街预计销售额为12亿美元。但单位交付指引略低于德意志银行分析师Edison Yu的预期。</blockquote></p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p><blockquote>Yu全年的交付量为95,000辆。2021年上半年的交付量可能约为42,000辆，全球芯片短缺的解决将在很大程度上决定蔚来能否达到俞的数字。</blockquote></p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p><blockquote>Yu将蔚来股票评级为买入，并将该股目标价定为60美元。</blockquote></p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p><blockquote>整个季度感觉有点像周三公布的福特汽车(F)季度。福特公布的销售额和盈利远好于华尔街的预期。销量低于公司内部预测，但车辆组合的改善推动了销量超出了街头预测。在芯片供应有限的情况下，福特优先生产高端汽车。展望未来，福特表示，芯片短缺的影响将处于该公司最初10亿至25亿美元成本指导的高端。</blockquote></p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p><blockquote>周三晚间报告发布后的第二天，福特股价周四收盘下跌9.4%。蔚来第二季度的指引并不像福特那样令人惊讶。蔚来也没有全年指引。但蔚来的股价反应很难预测。</blockquote></p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p><blockquote>福特的市盈率不到2022年预期市盈率的7倍。蔚来预计将在2022年实现全年盈利。更重要的是，蔚来的价值比福特高出50%左右。</blockquote></p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p><p><blockquote>蔚来的电话会议在东部时间晚上10点左右结束。芯片短缺后，分析师将问题集中在国内电动汽车竞争和蔚来的扩产上。蔚来正在建立未来几年生产数十万辆汽车的能力。</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>NIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来涨超5%，此前跌近4%</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\">\nNIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来涨超5%，此前跌近4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-30 22:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><blockquote>蔚来涨超5%，此前跌近4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p><blockquote><b>蔚来的盈利看起来很像福特。知道什么。</b></blockquote></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p><blockquote>中国电动汽车制造商蔚来公布的第一季度业绩好于预期。但全球汽车微芯片短缺将在未来几个月影响生产。</blockquote></p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p><blockquote>蔚来（股票代码：蔚来）是一只高估值、高增长的股票。现在，看多蔚来的人必须决定稳健的盈利是否会战胜增长问题，或者芯片短缺是否会从长远来看损害该公司。</blockquote></p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p><blockquote>按调整后的非公认会计准则计算，蔚来的销售额为12亿美元，每股亏损23美分。华尔街预计11亿美元的销售额将损失84美分。蔚来的企业毛利率为19.5%，比分析师预期高出约3个百分点，高于一年前的负12%。第一季度业绩看起来很稳健。</blockquote></p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p><blockquote>但该股没有变动。蔚来于下午5:30公布了数据。东部时间，盘后交易的股票并不多。蔚来股价周四收盘下跌5.3%。标准普尔500指数和道琼斯工业平均指数上涨约0.7%。</blockquote></p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p><blockquote>首席执行官William Bin Li在公司新闻稿中表示：“蔚来以第一季度20,060辆汽车的新季度交付记录开启了2021年。”“对我们产品的整体需求仍然相当强劲，但由于半导体短缺，供应链仍然面临重大挑战。”</blockquote></p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p><blockquote>管理层称其电话会议上的芯片形势“非常严峻”，并预计第二季度汽车交付量为21,000至22,000辆，销售额约为13亿美元。华尔街预计销售额为12亿美元。但单位交付指引略低于德意志银行分析师Edison Yu的预期。</blockquote></p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p><blockquote>Yu全年的交付量为95,000辆。2021年上半年的交付量可能约为42,000辆，全球芯片短缺的解决将在很大程度上决定蔚来能否达到俞的数字。</blockquote></p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p><blockquote>Yu将蔚来股票评级为买入，并将该股目标价定为60美元。</blockquote></p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p><blockquote>整个季度感觉有点像周三公布的福特汽车(F)季度。福特公布的销售额和盈利远好于华尔街的预期。销量低于公司内部预测，但车辆组合的改善推动了销量超出了街头预测。在芯片供应有限的情况下，福特优先生产高端汽车。展望未来，福特表示，芯片短缺的影响将处于该公司最初10亿至25亿美元成本指导的高端。</blockquote></p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p><blockquote>周三晚间报告发布后的第二天，福特股价周四收盘下跌9.4%。蔚来第二季度的指引并不像福特那样令人惊讶。蔚来也没有全年指引。但蔚来的股价反应很难预测。</blockquote></p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p><blockquote>福特的市盈率不到2022年预期市盈率的7倍。蔚来预计将在2022年实现全年盈利。更重要的是，蔚来的价值比福特高出50%左右。</blockquote></p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p><p><blockquote>蔚来的电话会议在东部时间晚上10点左右结束。芯片短缺后，分析师将问题集中在国内电动汽车竞争和蔚来的扩产上。蔚来正在建立未来几年生产数十万辆汽车的能力。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142070002","content_text":"NIO rose more than 5%, after falling nearly 4% before.NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&P 500 and Dow Jones Industrial Average rose about  0.7%.“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.Yu rates NIO shares Buy and has a $60 price target for the stock.The overall quarter feels a little like Ford Motor‘s (F) quarter, which was reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place capacity to produce hundreds of thousands of vehicles in coming years.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100539118,"gmtCreate":1619620311834,"gmtModify":1634211267659,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/100539118","repostId":"1123821662","repostType":4,"isVote":1,"tweetType":1,"viewCount":908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375692870,"gmtCreate":1619329830390,"gmtModify":1634274177586,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/375692870","repostId":"1184404050","repostType":4,"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372282513,"gmtCreate":1619221348232,"gmtModify":1634287718236,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/372282513","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376680848,"gmtCreate":1619109197584,"gmtModify":1634288469225,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376680848","repostId":"1147263213","repostType":4,"repost":{"id":"1147263213","kind":"news","pubTimestamp":1619075516,"share":"https://www.laohu8.com/m/news/1147263213?lang=zh_CN&edition=full","pubTime":"2021-04-22 15:11","market":"us","language":"en","title":"Intel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147263213","media":"Barrons","summary":"Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.Intel didn’t issue precise new financial guidance for the first quarter, but said it exp","content":"<p>Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.</p><p><blockquote>在英特尔任命首席执行官帕特·基辛格(Pat Gelsinger)并推出200亿美元扩大制造业务的计划几周后，该公司将公布财报。</blockquote></p><p> Investors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.</p><p><blockquote>投资者已经清楚地知道这份将于周四收盘后发布的报告将带来什么。当基辛格在3月底公布公司未来计划时，英特尔（股票代码：INTC）表示，预计全年营收为765亿美元，每股收益为4美元。该公司表示，包括各种调整，例如与英特尔在2020年出售闪存业务相关的调整，每股收益可能为4.55美元，而营收预计为720亿美元。</blockquote></p><p> As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.</p><p><blockquote>作为该计划的一部分，英特尔表示将再次将其x86芯片设计授权给其他公司，并创建一个代工服务部门，为有兴趣向英特尔支付制造半导体费用的第三方生产芯片。</blockquote></p><p> Intel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.</p><p><blockquote>英特尔没有发布准确的第一季度新财务指引，但表示预计业绩好于之前的预测。此前，英特尔表示，预计第一季度调整后每股收益为1.10美元，营收为175亿美元。市场普遍预测调整后每股收益为1.15美元，营收为177.4亿美元。</blockquote></p><p> Susquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.</p><p><blockquote>萨斯奎哈纳金融集团分析师克里斯托弗·罗兰称该公司的全年指引“平淡无奇”，他表示，他预计投资者将关注基辛格对该公司的长期计划，并寻找有关英特尔下一代芯片制造技术的更多细节。根据分析师的数据来源，第一季度笔记本电脑销售强劲，但不太清楚今年剩余时间会发生什么。</blockquote></p><p> Analysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.</p><p><blockquote>分析师预测，包括笔记本销售在内的英特尔客户端计算部门第一季度营收将达到100.2亿美元。这是该公司最大的部门，其次是数据中心业务，预计收入为58.4亿美元。</blockquote></p><p> Despite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.</p><p><blockquote>尽管英特尔决定加倍提高其制造能力，但BMO资本市场分析师Ambrish Srivastava周一在一份客户报告中写道，他预计高管们不会提供有关其目标及其对英特尔财务业绩影响的详细信息。</blockquote></p><p> Still, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.</p><p><blockquote>不过，斯里瓦斯塔瓦表示，投资者应密切关注有关对公司资本支出、利润和自由现金流等影响的评论。</blockquote></p><p> Intel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told&nbsp;<i>Barron’s</i> that he expects the chip shortage to last two years.</p><p><blockquote>英特尔的报告发布之际，全球半导体短缺正在损害从电器到汽车和视频游戏机等商品的生产。基辛格此前曾表示<i>巴伦周刊</i>他预计芯片短缺将持续两年。</blockquote></p><p> Of the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.</p><p><blockquote>在关注英特尔的分析师中，43%的分析师将该股评级为买入，34%的分析师将该股评级为持有，23%的分析师将该股评级为卖出。股价的平均目标为68.71美元，这意味着回报率为8.6%。</blockquote></p><p> Intel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.</p><p><blockquote>周三交易中，英特尔股价上涨1.6%，至63.70美元。这家芯片制造商的股价在过去一年上涨了12%，而PHLX半导体指数(Sox)则翻了一番。</blockquote></p><p> Rolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.</p><p><blockquote>Rolland指出，自英特尔发布最新季度报告以来，其股价已上涨14%，而Sox指数上涨5.8%。该分析师表示，优异的表现可能表明对盈利的预期很高，这对该股来说可能是负面的。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</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\">\nIntel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-22 15:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.</p><p><blockquote>在英特尔任命首席执行官帕特·基辛格(Pat Gelsinger)并推出200亿美元扩大制造业务的计划几周后，该公司将公布财报。</blockquote></p><p> Investors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.</p><p><blockquote>投资者已经清楚地知道这份将于周四收盘后发布的报告将带来什么。当基辛格在3月底公布公司未来计划时，英特尔（股票代码：INTC）表示，预计全年营收为765亿美元，每股收益为4美元。该公司表示，包括各种调整，例如与英特尔在2020年出售闪存业务相关的调整，每股收益可能为4.55美元，而营收预计为720亿美元。</blockquote></p><p> As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.</p><p><blockquote>作为该计划的一部分，英特尔表示将再次将其x86芯片设计授权给其他公司，并创建一个代工服务部门，为有兴趣向英特尔支付制造半导体费用的第三方生产芯片。</blockquote></p><p> Intel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.</p><p><blockquote>英特尔没有发布准确的第一季度新财务指引，但表示预计业绩好于之前的预测。此前，英特尔表示，预计第一季度调整后每股收益为1.10美元，营收为175亿美元。市场普遍预测调整后每股收益为1.15美元，营收为177.4亿美元。</blockquote></p><p> Susquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.</p><p><blockquote>萨斯奎哈纳金融集团分析师克里斯托弗·罗兰称该公司的全年指引“平淡无奇”，他表示，他预计投资者将关注基辛格对该公司的长期计划，并寻找有关英特尔下一代芯片制造技术的更多细节。根据分析师的数据来源，第一季度笔记本电脑销售强劲，但不太清楚今年剩余时间会发生什么。</blockquote></p><p> Analysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.</p><p><blockquote>分析师预测，包括笔记本销售在内的英特尔客户端计算部门第一季度营收将达到100.2亿美元。这是该公司最大的部门，其次是数据中心业务，预计收入为58.4亿美元。</blockquote></p><p> Despite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.</p><p><blockquote>尽管英特尔决定加倍提高其制造能力，但BMO资本市场分析师Ambrish Srivastava周一在一份客户报告中写道，他预计高管们不会提供有关其目标及其对英特尔财务业绩影响的详细信息。</blockquote></p><p> Still, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.</p><p><blockquote>不过，斯里瓦斯塔瓦表示，投资者应密切关注有关对公司资本支出、利润和自由现金流等影响的评论。</blockquote></p><p> Intel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told&nbsp;<i>Barron’s</i> that he expects the chip shortage to last two years.</p><p><blockquote>英特尔的报告发布之际，全球半导体短缺正在损害从电器到汽车和视频游戏机等商品的生产。基辛格此前曾表示<i>巴伦周刊</i>他预计芯片短缺将持续两年。</blockquote></p><p> Of the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.</p><p><blockquote>在关注英特尔的分析师中，43%的分析师将该股评级为买入，34%的分析师将该股评级为持有，23%的分析师将该股评级为卖出。股价的平均目标为68.71美元，这意味着回报率为8.6%。</blockquote></p><p> Intel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.</p><p><blockquote>周三交易中，英特尔股价上涨1.6%，至63.70美元。这家芯片制造商的股价在过去一年上涨了12%，而PHLX半导体指数(Sox)则翻了一番。</blockquote></p><p> Rolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.</p><p><blockquote>Rolland指出，自英特尔发布最新季度报告以来，其股价已上涨14%，而Sox指数上涨5.8%。该分析师表示，优异的表现可能表明对盈利的预期很高，这对该股来说可能是负面的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/intel-reports-earnings-thursday-heres-what-to-know-51619037330?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.barrons.com/articles/intel-reports-earnings-thursday-heres-what-to-know-51619037330?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147263213","content_text":"Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.\nInvestors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.\nAs part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.\nIntel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.\nSusquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.\nAnalysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.\nDespite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.\nStill, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.\nIntel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told Barron’s that he expects the chip shortage to last two years.\nOf the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.\nIntel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.\nRolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378157013,"gmtCreate":1619012737832,"gmtModify":1634289231566,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378157013","repostId":"1114709501","repostType":4,"repost":{"id":"1114709501","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619012348,"share":"https://www.laohu8.com/m/news/1114709501?lang=zh_CN&edition=full","pubTime":"2021-04-21 21:39","market":"us","language":"en","title":"Tesla stock dropped more than 2% in morning trading<blockquote>特斯拉股价早盘下跌逾2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114709501","media":"Tiger Newspress","summary":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in B","content":"<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><blockquote>特斯拉股价周三早盘下跌超过2%。据德国商报报道，特斯拉在柏林的超级工厂的启动可能会被大幅推迟。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p><p><blockquote>此前，郑州市郑东新区市监局责令特斯拉无条件提供事故发生前半小时的完整行驶数据；此外，一季度model 3在加州的注册量同比下降54%至8060辆。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla stock dropped more than 2% in morning trading<blockquote>特斯拉股价早盘下跌逾2%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock dropped more than 2% in morning trading<blockquote>特斯拉股价早盘下跌逾2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-21 21:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><blockquote>特斯拉股价周三早盘下跌超过2%。据德国商报报道，特斯拉在柏林的超级工厂的启动可能会被大幅推迟。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p><p><blockquote>此前，郑州市郑东新区市监局责令特斯拉无条件提供事故发生前半小时的完整行驶数据；此外，一季度model 3在加州的注册量同比下降54%至8060辆。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114709501","content_text":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to German business daily.Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":372282513,"gmtCreate":1619221348232,"gmtModify":1634287718236,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/372282513","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352698308,"gmtCreate":1616942925804,"gmtModify":1634523458300,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/352698308","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130900455,"gmtCreate":1621500069777,"gmtModify":1634188635765,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130900455","repostId":"1199929409","repostType":4,"repost":{"id":"1199929409","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621499931,"share":"https://www.laohu8.com/m/news/1199929409?lang=zh_CN&edition=full","pubTime":"2021-05-20 16:38","market":"us","language":"en","title":"Tencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199929409","media":"Tiger Newspress","summary":"During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives ","content":"<p>Tencent Holdings Ltd&nbsp;announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mln</p><p><blockquote>腾讯控股控股有限公司公布集团截至2021年3月31日止三个月未经审计的综合业绩。季度收入为人民币1,353.03亿元，而人民币1,080.65亿元；季度应占利润人民币477.67亿元，上年同期为人民币288.96亿元；在线广告季度收入增长23%至人民币218亿元；截至3月31日，微信和微信的mau合计为12.416亿vs 12.025亿</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef747fb05541ddadd1692176ff991907\" tg-width=\"1189\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b6e7f63c7c50a15ef1ca004b51c7d38f\" tg-width=\"1187\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p>During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:</p><p><blockquote>本季度，我们的商业服务和在线广告收入流实现了显着增长，同时加大了在商业服务和企业软件、高制作价值游戏和短视频等领域的投资。我们的上市投资组合经历了有意义的价值增值，同时为我们的联营公司收入贡献了好坏参半的结果，部分被投资方由于投资于社区团购活动等新举措而带来了更大的联营公司亏损。整体而言，我们相信，在整个中国互联网行业正经历大量投资阶段的时期，我们能够维持稳健的经营及财务业绩。以下是我们本季度主要产品和业务线的一些亮点：</blockquote></p><p><b>Weixin </b></p><p><blockquote><b>维信</b></blockquote></p><p>Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.</p><p><blockquote>随着我们构建内容生态系统，微信视频号持续获得用户和内容创作者的关注。我们通过提供定制化的入职服务和持续运营支持，加大力度吸引和孵化内容创作者。小程序生态系统蓬勃发展，在中小企业中的渗透程度更深。我们的低代码开发平台使小型企业能够更经济高效地开发小程序。我们为系统集成商提供了更多工具，他们服务的活跃小程序数量同比增长了两倍以上。</blockquote></p><p><b>QQ and Digital Content </b></p><p><blockquote><b>QQ与数字内容</b></blockquote></p><p>We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.</p><p><blockquote>我们正在利用技术更好地整合QQ的社交和内容消费体验，例如即时通讯和游戏之间的无缝体验。用户可以与QQ好友组队，一键开启多人游戏对战。对于不在QQ上的游戏内好友，用户可以通过游戏中心与他们同步交流。他们还可以通过QQ小程序了解最新的游戏活动。展望未来，QQ新的领导团队将寻求升级服务的技术、运营和内容，更好地服务年轻用户的社交和娱乐需求。</blockquote></p><p>Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.</p><p><blockquote>我们的收费增值服务订阅量同比增长14%至2.26亿。视频订阅量同比增长12%至1.25亿，受益于《无双之地》等某些IP改编为动画和真人剧集。《创2021》、《烤肉第五季》等自营综艺节目热播。音乐订阅量同比增长43%至6100万，主要得益于更好的内容、有效的营销活动和留存率的提高。</blockquote></p><p>We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.</p><p><blockquote>我们正在合并腾讯控股视频和微视团队，以升级他们的算法推荐，为用户带来一体化的观看体验，并丰富改编自我们的长视频库的短视频剪辑。我们已宣布TME的领导层变动，旨在加强我们的数字内容服务以及与我们的社交社区之间的合作和协同作用。</blockquote></p><p><b>Games </b></p><p><blockquote><b>游戏</b></blockquote></p><p>Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.</p><p><blockquote>尽管2020年第一季度受居家影响导致基数较高，但我们的总用户参与度和用户支出仍同比增长。我们在一月份发布了《王者荣耀》有史以来最大的更新，以改善其图形和游戏体验，然后在中国新年期间推出了具有吸引力的顶级皮肤营销活动，这推动了游戏的DAU和付费用户在二月份的历史新高。我们减少了PUBG Mobile的应用程序文件大小，增强了我们的本地市场运营能力，提高了PUBG Mobile在EMEA国家的DAU。《英雄联盟》从PC和移动设备上发布的更大更好的月球狂欢内容以及其核心游戏模式和团队战斗战术中受益匪浅。</blockquote></p><p></p><p>We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.</p><p><blockquote>我们也在培养这些大型观众游戏之外的新兴类型。例如，我们的新游戏《小森生活》和《核桃日记》于2021年4月跻身中国DAU十大生活模拟手游。我们的游戏管道涵盖广泛的类型，包括动作、MOBA和生存。对于中国来说，许多新游戏改编自热门的现有游戏和文学IP。在国际上，我们预计我们之前对一流的PC、主机和移动工作室的大量投资将在未来几个季度开始贡献一系列类型创新的游戏。</blockquote></p><p><b>Online Advertising </b></p><p><blockquote><b>网络广告</b></blockquote></p><p>We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.</p><p><blockquote>我们通过与微信小程序的联动提升我们广告物业的交易能力，并针对游戏、零售和汽车相关垂直行业升级营销解决方案，为广告主带来更高的销售转化和投资回报率。广告商采用小程序作为登陆页面的数量大幅增加，表明微信作为交易生成环境的认可度不断提高。我们的移动广告网络继续受益于主要在游戏、在线阅读和工具应用程序中增加的视频广告库存。在2021年剩余时间里，行业不确定性包括K-12教育的潜在监管阻力以及我们视频内容发布时间表的潜在延迟。</blockquote></p><p><b>FinTech </b></p><p><blockquote><b>金融科技</b></blockquote></p><p>Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.</p><p><blockquote>由于消费增长和数字经济的扩张，我们的商业支付量受惠于中国移动支付的增加。由于春节假期期间人们出行减少，消费增加，线下支付交易环比增加，尤其是零售和餐饮服务。</blockquote></p><p>Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.</p><p><blockquote>微信支付一直在帮助中国的中小型商户发展和数字化他们的业务。我们承诺为中小商户提供大量补贴、资源及服务，以进一步降低其营运成本及提升其营运效率。</blockquote></p><p><b>Cloud and Other Business Services </b></p><p><blockquote><b>云和其他业务服务</b></blockquote></p><p>Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clients</p><p><blockquote>利用我们在安全、通信和CRM解决方案方面的优势，我们在本季度扩大了PaaS和SaaS业务。为更好地把握中国新兴SaaS市场的机遇，我们已建立SaaS生态系统计划，以培育SaaS供应商的增长及促进企业客户的数字化。我们推出企业应用连接器，提供跨不同SaaS产品的统一登录帐户和数据流，使SaaS提供商能够更高效地开发和交付其产品，同时促进企业客户更好地协调多个SaaS解决方案</blockquote></p><p><b>Investments for the Future</b></p><p><blockquote><b>未来投资</b></blockquote></p><p>We believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. </p><p><blockquote>我们认为，我们仍处于全球数字化转型的早期阶段。技术的进步将为我们的消费互联网和工业互联网活动带来充足的机遇。因此，我们正在通过投资2021年增量利润的一部分来积极提高对新机会的投资率，我们相信从长远来看，这将带来高回报。增量投资将包括以下领域——商业服务、游戏和短视频内容。</blockquote></p><p></p><p><ul><li>Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.</li></ul><ul><li>Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. </li></ul><ul><li>Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. </li></ul>As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.</p><p><blockquote><ul><li>商业服务：我们将在员工和基础设施等领域进行进一步投资，以支持我们业务的快速增长。我们将加强我们的生产力SaaS产品和安全软件，以及与SaaS提供商和独立软件供应商的合作伙伴关系和投资，支持我们客户的数字需求。通过增强我们在医疗、零售、教育和交通等关键垂直领域的追加销售和交叉销售能力，我们将为企业提供智能解决方案，为用户提供面向消费者的产品。</li></ul><ul><li>游戏：我们正在加大对游戏开发的投资，特别是专注于能够吸引全球用户的大型和高制作价值的游戏。我们还进一步投资于服务更多目标受众的新型游戏、建立IP特许经营权并跨媒体开发它们，以及投资于云游戏等下一代游戏体验的先进技术。</li></ul><ul><li>短视频内容：我们目前正在孵化视频账户的内容生态系统，将用户与现实生活中的内容联系起来，并将优质内容创作者与其客户联系起来。我们将为内容创作者提供制作和变现工具、优化社交推荐、丰富知识型内容以及增加服务器和带宽以支持视频账号的稳健增长。我们正在加强长格式和短格式视频服务之间的协同效应。通过腾讯控股视频和微视的合并，我们将利用我们的短格式能力为长格式视频赋能。我们将升级自行委托制作，以进一步扩大我们的IP内容库，并提供可由我们的创作者网络改编的视频片段。</li></ul>作为一家为广大用户和企业提供服务的科技公司，我们认识到我们的社会责任以及我们通过创新创造重大社会价值的机会。因此，我们将企业社会责任和慈善活动整合为一个新的可持续社会价值组织。我们将在基础科学、教育创新、乡村振兴、碳中和、食品╱能源╱水供应、突发公共事件援助、老年科技及公益等领域投入500亿元的初始资本，以我们的投资收益提供资金。此次升级旨在践行我们“科技向善”的使命，标志着公司进入了新的发展阶段。</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>Tencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</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\">\nTencent's revenue in Q1 was RMB 135.303 billion, up 25% YOY<blockquote>腾讯控股Q1营收1353.03亿元同比增长25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-20 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Holdings Ltd&nbsp;announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mln</p><p><blockquote>腾讯控股控股有限公司公布集团截至2021年3月31日止三个月未经审计的综合业绩。季度收入为人民币1,353.03亿元，而人民币1,080.65亿元；季度应占利润人民币477.67亿元，上年同期为人民币288.96亿元；在线广告季度收入增长23%至人民币218亿元；截至3月31日，微信和微信的mau合计为12.416亿vs 12.025亿</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef747fb05541ddadd1692176ff991907\" tg-width=\"1189\" tg-height=\"730\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b6e7f63c7c50a15ef1ca004b51c7d38f\" tg-width=\"1187\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p>During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:</p><p><blockquote>本季度，我们的商业服务和在线广告收入流实现了显着增长，同时加大了在商业服务和企业软件、高制作价值游戏和短视频等领域的投资。我们的上市投资组合经历了有意义的价值增值，同时为我们的联营公司收入贡献了好坏参半的结果，部分被投资方由于投资于社区团购活动等新举措而带来了更大的联营公司亏损。整体而言，我们相信，在整个中国互联网行业正经历大量投资阶段的时期，我们能够维持稳健的经营及财务业绩。以下是我们本季度主要产品和业务线的一些亮点：</blockquote></p><p><b>Weixin </b></p><p><blockquote><b>维信</b></blockquote></p><p>Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.</p><p><blockquote>随着我们构建内容生态系统，微信视频号持续获得用户和内容创作者的关注。我们通过提供定制化的入职服务和持续运营支持，加大力度吸引和孵化内容创作者。小程序生态系统蓬勃发展，在中小企业中的渗透程度更深。我们的低代码开发平台使小型企业能够更经济高效地开发小程序。我们为系统集成商提供了更多工具，他们服务的活跃小程序数量同比增长了两倍以上。</blockquote></p><p><b>QQ and Digital Content </b></p><p><blockquote><b>QQ与数字内容</b></blockquote></p><p>We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.</p><p><blockquote>我们正在利用技术更好地整合QQ的社交和内容消费体验，例如即时通讯和游戏之间的无缝体验。用户可以与QQ好友组队，一键开启多人游戏对战。对于不在QQ上的游戏内好友，用户可以通过游戏中心与他们同步交流。他们还可以通过QQ小程序了解最新的游戏活动。展望未来，QQ新的领导团队将寻求升级服务的技术、运营和内容，更好地服务年轻用户的社交和娱乐需求。</blockquote></p><p>Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.</p><p><blockquote>我们的收费增值服务订阅量同比增长14%至2.26亿。视频订阅量同比增长12%至1.25亿，受益于《无双之地》等某些IP改编为动画和真人剧集。《创2021》、《烤肉第五季》等自营综艺节目热播。音乐订阅量同比增长43%至6100万，主要得益于更好的内容、有效的营销活动和留存率的提高。</blockquote></p><p>We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.</p><p><blockquote>我们正在合并腾讯控股视频和微视团队，以升级他们的算法推荐，为用户带来一体化的观看体验，并丰富改编自我们的长视频库的短视频剪辑。我们已宣布TME的领导层变动，旨在加强我们的数字内容服务以及与我们的社交社区之间的合作和协同作用。</blockquote></p><p><b>Games </b></p><p><blockquote><b>游戏</b></blockquote></p><p>Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.</p><p><blockquote>尽管2020年第一季度受居家影响导致基数较高，但我们的总用户参与度和用户支出仍同比增长。我们在一月份发布了《王者荣耀》有史以来最大的更新，以改善其图形和游戏体验，然后在中国新年期间推出了具有吸引力的顶级皮肤营销活动，这推动了游戏的DAU和付费用户在二月份的历史新高。我们减少了PUBG Mobile的应用程序文件大小，增强了我们的本地市场运营能力，提高了PUBG Mobile在EMEA国家的DAU。《英雄联盟》从PC和移动设备上发布的更大更好的月球狂欢内容以及其核心游戏模式和团队战斗战术中受益匪浅。</blockquote></p><p></p><p>We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.</p><p><blockquote>我们也在培养这些大型观众游戏之外的新兴类型。例如，我们的新游戏《小森生活》和《核桃日记》于2021年4月跻身中国DAU十大生活模拟手游。我们的游戏管道涵盖广泛的类型，包括动作、MOBA和生存。对于中国来说，许多新游戏改编自热门的现有游戏和文学IP。在国际上，我们预计我们之前对一流的PC、主机和移动工作室的大量投资将在未来几个季度开始贡献一系列类型创新的游戏。</blockquote></p><p><b>Online Advertising </b></p><p><blockquote><b>网络广告</b></blockquote></p><p>We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.</p><p><blockquote>我们通过与微信小程序的联动提升我们广告物业的交易能力，并针对游戏、零售和汽车相关垂直行业升级营销解决方案，为广告主带来更高的销售转化和投资回报率。广告商采用小程序作为登陆页面的数量大幅增加，表明微信作为交易生成环境的认可度不断提高。我们的移动广告网络继续受益于主要在游戏、在线阅读和工具应用程序中增加的视频广告库存。在2021年剩余时间里，行业不确定性包括K-12教育的潜在监管阻力以及我们视频内容发布时间表的潜在延迟。</blockquote></p><p><b>FinTech </b></p><p><blockquote><b>金融科技</b></blockquote></p><p>Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.</p><p><blockquote>由于消费增长和数字经济的扩张，我们的商业支付量受惠于中国移动支付的增加。由于春节假期期间人们出行减少，消费增加，线下支付交易环比增加，尤其是零售和餐饮服务。</blockquote></p><p>Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.</p><p><blockquote>微信支付一直在帮助中国的中小型商户发展和数字化他们的业务。我们承诺为中小商户提供大量补贴、资源及服务，以进一步降低其营运成本及提升其营运效率。</blockquote></p><p><b>Cloud and Other Business Services </b></p><p><blockquote><b>云和其他业务服务</b></blockquote></p><p>Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clients</p><p><blockquote>利用我们在安全、通信和CRM解决方案方面的优势，我们在本季度扩大了PaaS和SaaS业务。为更好地把握中国新兴SaaS市场的机遇，我们已建立SaaS生态系统计划，以培育SaaS供应商的增长及促进企业客户的数字化。我们推出企业应用连接器，提供跨不同SaaS产品的统一登录帐户和数据流，使SaaS提供商能够更高效地开发和交付其产品，同时促进企业客户更好地协调多个SaaS解决方案</blockquote></p><p><b>Investments for the Future</b></p><p><blockquote><b>未来投资</b></blockquote></p><p>We believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. </p><p><blockquote>我们认为，我们仍处于全球数字化转型的早期阶段。技术的进步将为我们的消费互联网和工业互联网活动带来充足的机遇。因此，我们正在通过投资2021年增量利润的一部分来积极提高对新机会的投资率，我们相信从长远来看，这将带来高回报。增量投资将包括以下领域——商业服务、游戏和短视频内容。</blockquote></p><p></p><p><ul><li>Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.</li></ul><ul><li>Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. </li></ul><ul><li>Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. </li></ul>As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.</p><p><blockquote><ul><li>商业服务：我们将在员工和基础设施等领域进行进一步投资，以支持我们业务的快速增长。我们将加强我们的生产力SaaS产品和安全软件，以及与SaaS提供商和独立软件供应商的合作伙伴关系和投资，支持我们客户的数字需求。通过增强我们在医疗、零售、教育和交通等关键垂直领域的追加销售和交叉销售能力，我们将为企业提供智能解决方案，为用户提供面向消费者的产品。</li></ul><ul><li>游戏：我们正在加大对游戏开发的投资，特别是专注于能够吸引全球用户的大型和高制作价值的游戏。我们还进一步投资于服务更多目标受众的新型游戏、建立IP特许经营权并跨媒体开发它们，以及投资于云游戏等下一代游戏体验的先进技术。</li></ul><ul><li>短视频内容：我们目前正在孵化视频账户的内容生态系统，将用户与现实生活中的内容联系起来，并将优质内容创作者与其客户联系起来。我们将为内容创作者提供制作和变现工具、优化社交推荐、丰富知识型内容以及增加服务器和带宽以支持视频账号的稳健增长。我们正在加强长格式和短格式视频服务之间的协同效应。通过腾讯控股视频和微视的合并，我们将利用我们的短格式能力为长格式视频赋能。我们将升级自行委托制作，以进一步扩大我们的IP内容库，并提供可由我们的创作者网络改编的视频片段。</li></ul>作为一家为广大用户和企业提供服务的科技公司，我们认识到我们的社会责任以及我们通过创新创造重大社会价值的机会。因此，我们将企业社会责任和慈善活动整合为一个新的可持续社会价值组织。我们将在基础科学、教育创新、乡村振兴、碳中和、食品╱能源╱水供应、突发公共事件援助、老年科技及公益等领域投入500亿元的初始资本，以我们的投资收益提供资金。此次升级旨在践行我们“科技向善”的使命，标志着公司进入了新的发展阶段。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199929409","content_text":"Tencent Holdings Ltd announce the unaudited consolidated results of the Group for the three months ended 31 March 2021.Qtrly revenues rmb135,303 million versus rmb108,065 million;Qtrly profit attributable rmb47,767 million versus rmb28,896 million;Qtrly revenues from online advertising increased by 23% to rmb21.8 billion;At march 31, combined mau of Weixin and Wechat 1,241.6 mln vs 1,202.5 mlnBUSINESS REVIEW AND OUTLOOK During the quarter, we achieved notable growth for our business services as well as online advertising revenue streams, while stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Overall, we believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Here are some highlights of our key products and business lines for the quarter:Weixin Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs’ ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.QQ and Digital Content We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ’s new leadership team will seek to upgrade the service’s technology, operations and content, and better serve the social and entertainment needs of young users.Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in TME, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.Games Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings’ biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game’s DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile’s DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China’s top ten life simulation mobile games by DAU in April 2021. Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China, many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.Online Advertising We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers’ adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.FinTech Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.Cloud and Other Business Services Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China’s nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clientsInvestments for the FutureWe believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas – business services, games and short-form video content. Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients’ digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games. Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts’ solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network. As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB50 billion, to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of “Tech for Good” and marks a new phase of development for the Company.","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190672370,"gmtCreate":1620620165190,"gmtModify":1634197629717,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190672370","repostId":"2134686276","repostType":4,"isVote":1,"tweetType":1,"viewCount":511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167506216,"gmtCreate":1624274853835,"gmtModify":1634008582019,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/167506216","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":2738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371237084,"gmtCreate":1618938149248,"gmtModify":1634289741978,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"liek and comment pls","listText":"liek and comment pls","text":"liek and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/371237084","repostId":"1121126533","repostType":4,"isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184178636,"gmtCreate":1623693792525,"gmtModify":1634029968999,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/184178636","repostId":"2143738859","repostType":4,"isVote":1,"tweetType":1,"viewCount":2524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168052860,"gmtCreate":1623945138950,"gmtModify":1634025455954,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"feature, like &amp; comment&nbsp;my post","listText":"feature, like &amp; comment&nbsp;my post","text":"feature, like & comment my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/168052860","repostId":"2144742672","repostType":4,"isVote":1,"tweetType":1,"viewCount":1976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356120602,"gmtCreate":1616765634806,"gmtModify":1634524122981,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comments pls","listText":"like and comments pls","text":"like and comments pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/356120602","repostId":"1192588043","repostType":4,"repost":{"id":"1192588043","kind":"news","pubTimestamp":1616765117,"share":"https://www.laohu8.com/m/news/1192588043?lang=zh_CN&edition=full","pubTime":"2021-03-26 21:25","market":"us","language":"en","title":"Here's why Cathie Wood and Kevin O'Leary are still bullish on growth stocks<blockquote>这就是凯西·伍德和凯文·奥利里仍然看好成长型股票的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192588043","media":"CNN Business","summary":"New York (CNN Business) - Tech stocks have taken a hit lately as investors continue to seek comfort ","content":"<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>Tech stocks have&nbsp;taken a hit lately&nbsp;as investors continue to seek comfort in banks, big oil and other value sectors. But some fans of trendy momentum stocks aren't giving up on them just yet.</p><p><blockquote><b>纽约（CNN商业）——</b>随着投资者继续在银行、大型石油和其他价值行业寻求安慰，科技股最近遭受了打击。但一些时尚动量股的粉丝还没有放弃它们。</blockquote></p><p> That's the message from Cathie Wood of Ark Invest — who has become one of the&nbsp;more influential voices on Wall Street&nbsp;and is a major backer of&nbsp;Tesla&nbsp;(TSLA)— and two other titans of growth investing, who shared their investment insights Thursday.</p><p><blockquote>这是Ark Invest的凯西·伍德(Cathie Wood)和另外两位成长型投资巨头传达的信息，她已成为华尔街最具影响力的声音之一，也是特斯拉(TSLA)的主要支持者，他们周四分享了他们的投资见解。</blockquote></p><p> \"We've seen higher valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said during a webcast hosted by&nbsp;Cboe&nbsp;(CBOE)&nbsp;Global Markets.</p><p><blockquote>伍德在芝加哥期权交易所(CBOE)Global Markets主办的网络直播中表示：“今年我们看到估值较高的股票遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待。”</blockquote></p><p> Wood joined Kevin O'Leary of \"Shark Tank\" fame (he also runs a family of&nbsp;O'Shares ETFs) and Jan van Eck, whose firm recently launched the&nbsp;BUZZ ETF&nbsp;that tracks&nbsp;stocks popular on social media, for the Cboe chat.</p><p><blockquote>伍德加入了因《创智赢家》而出名的凯文·奥利里（Kevin O'Leary）（他还经营着O'Shares ETF家族）和扬·范·埃克（Jan van Eck）的行列，后者的公司最近推出了追踪社交媒体上流行股票的BUZZ ETF，参加了Cboe chat。</blockquote></p><p> Wood noted that investors are shifting their money into more so-called cyclical areas — those dependent on the success of the economy, like retailers and airlines — and said that's a good thing. She's encouraged to see that the broader market rally is broadening even further.</p><p><blockquote>伍德指出，投资者正在将资金转移到更多所谓的周期性领域——那些依赖于经济成功的领域，如零售商和航空公司——并表示这是一件好事。看到更广泛的市场涨势进一步扩大，她感到鼓舞。</blockquote></p><p> <b>The bullish case for growth stocks still exists</b></p><p><blockquote><b>成长股看涨理由依然存在</b></blockquote></p><p> As the economy continues its fragile recovery, fears about bond yields and inflation have been high. But all three of the fund managers said they are not too worried about these trends hurting growth stocks.</p><p><blockquote>随着经济继续脆弱的复苏，人们对债券收益率和通胀的担忧一直很高。但三位基金经理都表示，他们并不太担心这些趋势会损害成长型股票。</blockquote></p><p> They also stressed that younger individual investors will continue to play a big role in the market thanks to the rise of zero commission brokerage firms: \"There are a lot of retail investors playing in the market thanks to Robinhood and Coinbase. Individual investors are more engaged,\" van Eck said.</p><p><blockquote>他们还强调，由于零佣金经纪公司的兴起，年轻的个人投资者将继续在市场中发挥重要作用：“由于Robinhood和Coinbase，市场上有很多散户投资者。个人投资者更加投入，”van Eck说。</blockquote></p><p> He says investors should flock more to companies that have a big competitive advantage, such as those in his firm'sWide Moat ETF(MOAT)— which invests in stocks that are dominant in their respective fields, like its key holdings including&nbsp;Charles Schwab&nbsp;(SCHW),Intel&nbsp;(INTC),Microsoft&nbsp;(MSFT)&nbsp;and&nbsp;Amazon(AMZN).</p><p><blockquote>他表示，投资者应该更多地涌向具有巨大竞争优势的公司，例如他公司的宽护城河ETF(MOAT)中的公司，该ETF投资于在各自领域占据主导地位的股票，例如其主要持股包括嘉信理财(SCHW)、英特尔(INTC)、微软(MSFT)和亚马逊(AMZN)。</blockquote></p><p> O'Leary, too, believes the stock market boom can last, saying he $1.9 trillion in new stimulus is \"free money\" for many investors. But he's not buying into the notion that cyclical stocks can continue to outperform tech for much longer.</p><p><blockquote>奥利里也相信股市繁荣可以持续，他表示1.9万亿美元的新刺激计划对许多投资者来说是“免费资金”。但他并不相信周期性股票可以在更长时间内继续跑赢科技股的观点。</blockquote></p><p> \"Yes, people are seeking quality. But some sectors are permanently damaged and airlines are one of them due to technology,\" he said. \"I don't need to fly to Dubai as much anymore for meetings when were doing Zoom calls every week.\"</p><p><blockquote>“是的，人们追求质量。但由于技术的原因，一些行业受到了永久性的损害，航空公司就是其中之一，”他说。“当我们每周都在评级举办Zoom时，我不再需要飞往迪拜参加会议了。”</blockquote></p><p> O'Leary said he is also willing to make some speculative bets on emerging industries that aren't getting a lot of attention. For example, O'Leary's firm owns shares of&nbsp;MindMed&nbsp;(MMEDF), which is working on developing legal psychedelic medications that can be used to help treat depression, anxiety and other mental health disorders.</p><p><blockquote>奥利里表示，他也愿意对没有受到太多关注的新兴行业进行一些投机性押注。例如，奥利里的公司拥有MindMed(MMEDF)的股份，该公司正致力于开发合法的迷幻药物，可用于帮助治疗抑郁症、焦虑症和其他心理健康障碍。</blockquote></p><p> Wood is also investing in innovative health care companies, with oneArk ETF devoted to genomics&nbsp;(ARKG). And she thinks younger investors, many of whom are inheriting money from baby boomers, will continue to gravitate toward more dynamic fields like robotics and alternative energy. So she's not too concerned that the recent rebound in value stocks spells an end to the tech renaissance.</p><p><blockquote>Wood还投资创新型医疗保健公司，oneArk ETF专门投资基因组学(ARKG)。她认为，年轻投资者（其中许多人继承了婴儿潮一代的资金）将继续被机器人和替代能源等更具活力的领域所吸引。因此，她并不太担心最近价值股的反弹意味着科技复兴的结束。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now invested more in stock buybacks and dividends over innovation,\" Wood said. \"That puts them in harm's way.\"</p><p><blockquote>伍德表示：“许多迎合想要利润的短期投资者的公司现在更多地投资于股票回购和股息，而不是创新。”“这让他们处于危险之中。”</blockquote></p><p> <b>'Prime time' for bitcoin coming?</b></p><p><blockquote><b>比特币的“黄金时间”即将到来？</b></blockquote></p><p> Wood also thinks bitcoin is ready for \"prime time\" and that prices will continue climbing over the long haul as more companies will adopt crypto-friendly strategies like Tesla andSquar(SQ)have done. In fact, Wood said she thinks it makes sense for investors to have between 2.5% and 6.5% of their assets in bitcoin, adding that her funds are betting on crypto primarily through the publicly traded Grayscale Bitcoin Trus.(GBTC)</p><p><blockquote>伍德还认为，比特币已经为“黄金时间”做好了准备，随着越来越多的公司采用像特斯拉和Squar(SQ)那样的加密货币友好策略，价格将长期继续攀升。事实上，伍德表示，她认为投资者将2.5%至6.5%的资产投资于比特币是有意义的，并补充说她的基金主要通过公开交易的灰度比特币Trus押注加密货币。(GBTC)</blockquote></p><p> O'Leary, meanwhile, had been somewhat skeptical of bitcoin a few years ago. But he said Thursday that he is growing more convinced that bitcoin will gain traction, and he believes it makes to have about 3% of a portfolio in bitcoin as well as crypto miner stocks.</p><p><blockquote>与此同时，奥利里几年前对比特币有些怀疑。但他周四表示，他越来越相信比特币将获得关注，他相信比特币以及加密货币矿商股票的投资组合中约3%的份额将会增加。</blockquote></p><p> And van Eck noted that the upcoming&nbsp;market debut of Coinbase&nbsp;will be one to watch — at a potential valuation of $100 billion following its direct listing, the stock would dwarf the roughly $24 billion market value of&nbsp;Nasda.(NDAQ)</p><p><blockquote>van Eck指出，Coinbase即将在市场上首次亮相将值得关注——其直接上市后的潜在估值为1000亿美元，该股将使Nasda约240亿美元的市值相形见绌。(NDAQ)</blockquote></p><p> With that in mind, van Eck expects more big investment firms to try to cash in on bitcoin or risk being left out.Fidelit,(EFIPX)&nbsp;for example, just jointed a growing list of firms filing to launch a crypto ETF with the SEC.</p><p><blockquote>考虑到这一点，van Eck预计更多大型投资公司将尝试从比特币中获利，否则将面临被排除在外的风险。例如，Fidelit(EFIPX)刚刚加入了越来越多向SEC申请推出加密货币ETF的公司名单。</blockquote></p><p> \"Crypto Wall Street will be a disruptive threat to traditional banks and institutions,\" van Eck said.</p><p><blockquote>“加密华尔街将对传统银行和机构构成颠覆性威胁，”范埃克说。</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>Here's why Cathie Wood and Kevin O'Leary are still bullish on growth stocks<blockquote>这就是凯西·伍德和凯文·奥利里仍然看好成长型股票的原因</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\">\nHere's why Cathie Wood and Kevin O'Leary are still bullish on growth stocks<blockquote>这就是凯西·伍德和凯文·奥利里仍然看好成长型股票的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-03-26 21:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>Tech stocks have&nbsp;taken a hit lately&nbsp;as investors continue to seek comfort in banks, big oil and other value sectors. But some fans of trendy momentum stocks aren't giving up on them just yet.</p><p><blockquote><b>纽约（CNN商业）——</b>随着投资者继续在银行、大型石油和其他价值行业寻求安慰，科技股最近遭受了打击。但一些时尚动量股的粉丝还没有放弃它们。</blockquote></p><p> That's the message from Cathie Wood of Ark Invest — who has become one of the&nbsp;more influential voices on Wall Street&nbsp;and is a major backer of&nbsp;Tesla&nbsp;(TSLA)— and two other titans of growth investing, who shared their investment insights Thursday.</p><p><blockquote>这是Ark Invest的凯西·伍德(Cathie Wood)和另外两位成长型投资巨头传达的信息，她已成为华尔街最具影响力的声音之一，也是特斯拉(TSLA)的主要支持者，他们周四分享了他们的投资见解。</blockquote></p><p> \"We've seen higher valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said during a webcast hosted by&nbsp;Cboe&nbsp;(CBOE)&nbsp;Global Markets.</p><p><blockquote>伍德在芝加哥期权交易所(CBOE)Global Markets主办的网络直播中表示：“今年我们看到估值较高的股票遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待。”</blockquote></p><p> Wood joined Kevin O'Leary of \"Shark Tank\" fame (he also runs a family of&nbsp;O'Shares ETFs) and Jan van Eck, whose firm recently launched the&nbsp;BUZZ ETF&nbsp;that tracks&nbsp;stocks popular on social media, for the Cboe chat.</p><p><blockquote>伍德加入了因《创智赢家》而出名的凯文·奥利里（Kevin O'Leary）（他还经营着O'Shares ETF家族）和扬·范·埃克（Jan van Eck）的行列，后者的公司最近推出了追踪社交媒体上流行股票的BUZZ ETF，参加了Cboe chat。</blockquote></p><p> Wood noted that investors are shifting their money into more so-called cyclical areas — those dependent on the success of the economy, like retailers and airlines — and said that's a good thing. She's encouraged to see that the broader market rally is broadening even further.</p><p><blockquote>伍德指出，投资者正在将资金转移到更多所谓的周期性领域——那些依赖于经济成功的领域，如零售商和航空公司——并表示这是一件好事。看到更广泛的市场涨势进一步扩大，她感到鼓舞。</blockquote></p><p> <b>The bullish case for growth stocks still exists</b></p><p><blockquote><b>成长股看涨理由依然存在</b></blockquote></p><p> As the economy continues its fragile recovery, fears about bond yields and inflation have been high. But all three of the fund managers said they are not too worried about these trends hurting growth stocks.</p><p><blockquote>随着经济继续脆弱的复苏，人们对债券收益率和通胀的担忧一直很高。但三位基金经理都表示，他们并不太担心这些趋势会损害成长型股票。</blockquote></p><p> They also stressed that younger individual investors will continue to play a big role in the market thanks to the rise of zero commission brokerage firms: \"There are a lot of retail investors playing in the market thanks to Robinhood and Coinbase. Individual investors are more engaged,\" van Eck said.</p><p><blockquote>他们还强调，由于零佣金经纪公司的兴起，年轻的个人投资者将继续在市场中发挥重要作用：“由于Robinhood和Coinbase，市场上有很多散户投资者。个人投资者更加投入，”van Eck说。</blockquote></p><p> He says investors should flock more to companies that have a big competitive advantage, such as those in his firm'sWide Moat ETF(MOAT)— which invests in stocks that are dominant in their respective fields, like its key holdings including&nbsp;Charles Schwab&nbsp;(SCHW),Intel&nbsp;(INTC),Microsoft&nbsp;(MSFT)&nbsp;and&nbsp;Amazon(AMZN).</p><p><blockquote>他表示，投资者应该更多地涌向具有巨大竞争优势的公司，例如他公司的宽护城河ETF(MOAT)中的公司，该ETF投资于在各自领域占据主导地位的股票，例如其主要持股包括嘉信理财(SCHW)、英特尔(INTC)、微软(MSFT)和亚马逊(AMZN)。</blockquote></p><p> O'Leary, too, believes the stock market boom can last, saying he $1.9 trillion in new stimulus is \"free money\" for many investors. But he's not buying into the notion that cyclical stocks can continue to outperform tech for much longer.</p><p><blockquote>奥利里也相信股市繁荣可以持续，他表示1.9万亿美元的新刺激计划对许多投资者来说是“免费资金”。但他并不相信周期性股票可以在更长时间内继续跑赢科技股的观点。</blockquote></p><p> \"Yes, people are seeking quality. But some sectors are permanently damaged and airlines are one of them due to technology,\" he said. \"I don't need to fly to Dubai as much anymore for meetings when were doing Zoom calls every week.\"</p><p><blockquote>“是的，人们追求质量。但由于技术的原因，一些行业受到了永久性的损害，航空公司就是其中之一，”他说。“当我们每周都在评级举办Zoom时，我不再需要飞往迪拜参加会议了。”</blockquote></p><p> O'Leary said he is also willing to make some speculative bets on emerging industries that aren't getting a lot of attention. For example, O'Leary's firm owns shares of&nbsp;MindMed&nbsp;(MMEDF), which is working on developing legal psychedelic medications that can be used to help treat depression, anxiety and other mental health disorders.</p><p><blockquote>奥利里表示，他也愿意对没有受到太多关注的新兴行业进行一些投机性押注。例如，奥利里的公司拥有MindMed(MMEDF)的股份，该公司正致力于开发合法的迷幻药物，可用于帮助治疗抑郁症、焦虑症和其他心理健康障碍。</blockquote></p><p> Wood is also investing in innovative health care companies, with oneArk ETF devoted to genomics&nbsp;(ARKG). And she thinks younger investors, many of whom are inheriting money from baby boomers, will continue to gravitate toward more dynamic fields like robotics and alternative energy. So she's not too concerned that the recent rebound in value stocks spells an end to the tech renaissance.</p><p><blockquote>Wood还投资创新型医疗保健公司，oneArk ETF专门投资基因组学(ARKG)。她认为，年轻投资者（其中许多人继承了婴儿潮一代的资金）将继续被机器人和替代能源等更具活力的领域所吸引。因此，她并不太担心最近价值股的反弹意味着科技复兴的结束。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now invested more in stock buybacks and dividends over innovation,\" Wood said. \"That puts them in harm's way.\"</p><p><blockquote>伍德表示：“许多迎合想要利润的短期投资者的公司现在更多地投资于股票回购和股息，而不是创新。”“这让他们处于危险之中。”</blockquote></p><p> <b>'Prime time' for bitcoin coming?</b></p><p><blockquote><b>比特币的“黄金时间”即将到来？</b></blockquote></p><p> Wood also thinks bitcoin is ready for \"prime time\" and that prices will continue climbing over the long haul as more companies will adopt crypto-friendly strategies like Tesla andSquar(SQ)have done. In fact, Wood said she thinks it makes sense for investors to have between 2.5% and 6.5% of their assets in bitcoin, adding that her funds are betting on crypto primarily through the publicly traded Grayscale Bitcoin Trus.(GBTC)</p><p><blockquote>伍德还认为，比特币已经为“黄金时间”做好了准备，随着越来越多的公司采用像特斯拉和Squar(SQ)那样的加密货币友好策略，价格将长期继续攀升。事实上，伍德表示，她认为投资者将2.5%至6.5%的资产投资于比特币是有意义的，并补充说她的基金主要通过公开交易的灰度比特币Trus押注加密货币。(GBTC)</blockquote></p><p> O'Leary, meanwhile, had been somewhat skeptical of bitcoin a few years ago. But he said Thursday that he is growing more convinced that bitcoin will gain traction, and he believes it makes to have about 3% of a portfolio in bitcoin as well as crypto miner stocks.</p><p><blockquote>与此同时，奥利里几年前对比特币有些怀疑。但他周四表示，他越来越相信比特币将获得关注，他相信比特币以及加密货币矿商股票的投资组合中约3%的份额将会增加。</blockquote></p><p> And van Eck noted that the upcoming&nbsp;market debut of Coinbase&nbsp;will be one to watch — at a potential valuation of $100 billion following its direct listing, the stock would dwarf the roughly $24 billion market value of&nbsp;Nasda.(NDAQ)</p><p><blockquote>van Eck指出，Coinbase即将在市场上首次亮相将值得关注——其直接上市后的潜在估值为1000亿美元，该股将使Nasda约240亿美元的市值相形见绌。(NDAQ)</blockquote></p><p> With that in mind, van Eck expects more big investment firms to try to cash in on bitcoin or risk being left out.Fidelit,(EFIPX)&nbsp;for example, just jointed a growing list of firms filing to launch a crypto ETF with the SEC.</p><p><blockquote>考虑到这一点，van Eck预计更多大型投资公司将尝试从比特币中获利，否则将面临被排除在外的风险。例如，Fidelit(EFIPX)刚刚加入了越来越多向SEC申请推出加密货币ETF的公司名单。</blockquote></p><p> \"Crypto Wall Street will be a disruptive threat to traditional banks and institutions,\" van Eck said.</p><p><blockquote>“加密华尔街将对传统银行和机构构成颠覆性威胁，”范埃克说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/25/investing/cathie-wood-kevin-oleary-vaneck-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","ARKG":"ARK Genomic Revolution ETF",".DJI":"道琼斯","GBTC":"比特币ETF-Grayscale"},"source_url":"https://edition.cnn.com/2021/03/25/investing/cathie-wood-kevin-oleary-vaneck-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192588043","content_text":"New York (CNN Business) - Tech stocks have taken a hit lately as investors continue to seek comfort in banks, big oil and other value sectors. But some fans of trendy momentum stocks aren't giving up on them just yet.\nThat's the message from Cathie Wood of Ark Invest — who has become one of the more influential voices on Wall Street and is a major backer of Tesla (TSLA)— and two other titans of growth investing, who shared their investment insights Thursday.\n\"We've seen higher valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said during a webcast hosted by Cboe (CBOE) Global Markets.\nWood joined Kevin O'Leary of \"Shark Tank\" fame (he also runs a family of O'Shares ETFs) and Jan van Eck, whose firm recently launched the BUZZ ETF that tracks stocks popular on social media, for the Cboe chat.\nWood noted that investors are shifting their money into more so-called cyclical areas — those dependent on the success of the economy, like retailers and airlines — and said that's a good thing. She's encouraged to see that the broader market rally is broadening even further.\nThe bullish case for growth stocks still exists\nAs the economy continues its fragile recovery, fears about bond yields and inflation have been high. But all three of the fund managers said they are not too worried about these trends hurting growth stocks.\nThey also stressed that younger individual investors will continue to play a big role in the market thanks to the rise of zero commission brokerage firms: \"There are a lot of retail investors playing in the market thanks to Robinhood and Coinbase. Individual investors are more engaged,\" van Eck said.\nHe says investors should flock more to companies that have a big competitive advantage, such as those in his firm'sWide Moat ETF(MOAT)— which invests in stocks that are dominant in their respective fields, like its key holdings including Charles Schwab (SCHW),Intel (INTC),Microsoft (MSFT) and Amazon(AMZN).\nO'Leary, too, believes the stock market boom can last, saying he $1.9 trillion in new stimulus is \"free money\" for many investors. But he's not buying into the notion that cyclical stocks can continue to outperform tech for much longer.\n\"Yes, people are seeking quality. But some sectors are permanently damaged and airlines are one of them due to technology,\" he said. \"I don't need to fly to Dubai as much anymore for meetings when were doing Zoom calls every week.\"\nO'Leary said he is also willing to make some speculative bets on emerging industries that aren't getting a lot of attention. For example, O'Leary's firm owns shares of MindMed (MMEDF), which is working on developing legal psychedelic medications that can be used to help treat depression, anxiety and other mental health disorders.\nWood is also investing in innovative health care companies, with oneArk ETF devoted to genomics (ARKG). And she thinks younger investors, many of whom are inheriting money from baby boomers, will continue to gravitate toward more dynamic fields like robotics and alternative energy. So she's not too concerned that the recent rebound in value stocks spells an end to the tech renaissance.\n\"A lot of companies catering to short-term investors who wanted profits now invested more in stock buybacks and dividends over innovation,\" Wood said. \"That puts them in harm's way.\"\n'Prime time' for bitcoin coming?\nWood also thinks bitcoin is ready for \"prime time\" and that prices will continue climbing over the long haul as more companies will adopt crypto-friendly strategies like Tesla andSquar(SQ)have done. In fact, Wood said she thinks it makes sense for investors to have between 2.5% and 6.5% of their assets in bitcoin, adding that her funds are betting on crypto primarily through the publicly traded Grayscale Bitcoin Trus.(GBTC)\nO'Leary, meanwhile, had been somewhat skeptical of bitcoin a few years ago. But he said Thursday that he is growing more convinced that bitcoin will gain traction, and he believes it makes to have about 3% of a portfolio in bitcoin as well as crypto miner stocks.\nAnd van Eck noted that the upcoming market debut of Coinbase will be one to watch — at a potential valuation of $100 billion following its direct listing, the stock would dwarf the roughly $24 billion market value of Nasda.(NDAQ)\nWith that in mind, van Eck expects more big investment firms to try to cash in on bitcoin or risk being left out.Fidelit,(EFIPX) for example, just jointed a growing list of firms filing to launch a crypto ETF with the SEC.\n\"Crypto Wall Street will be a disruptive threat to traditional banks and institutions,\" van Eck said.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"BTCmain":0.9,"GBTC":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194851027,"gmtCreate":1621357153169,"gmtModify":1634192161849,"author":{"id":"3575586004613838","authorId":"3575586004613838","name":"Daphnn","avatar":"https://static.tigerbbs.com/767106a5b7ba04f5abc423141d6f1673","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575586004613838","idStr":"3575586004613838"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194851027","repostId":"2136785993","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}