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jabez

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0勋章

2021-12-16

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These were the 10 best performing IPOs of 2021 amid a record year for stock market debuts<blockquote>这些是2021年股市首次亮相创纪录的10家表现最佳的IPO</blockquote>

2021-11-19

nice

@Buy_Sell:🔥【11月19日】苹果市值再登顶！热门中概大多走低，今天买点啥呢？

2021-11-17

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U.S. stock market drifts slightly lower to start Wednesday trade<blockquote>美国股市周三开盘小幅走低</blockquote>

2021-11-12

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2021-11-09

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Lyft and Motional pick Las Vegas for commercial robotaxi launch in 2023<blockquote>Lyft和Motional选择拉斯维加斯于2023年推出商业机器人出租车</blockquote>

2021-11-09

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2021-11-05

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S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>

2021-10-15

$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$up up up

2021-09-24

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2021-09-17

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S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>

2021-09-10

$Apple(AAPL)$lesgoo

2021-09-10

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2021-09-08

$ARK Fintech Innovation ETF(ARKF)$nice

2021-09-08

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Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>

2021-09-07

$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$lesgo

2021-09-07

$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$lesgoo

2021-09-07

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2021-08-30

Niceee

2021-08-30

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2021-08-20

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Spatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</blockquote>

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like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690334190","repostId":"1170403163","repostType":4,"repost":{"id":"1170403163","kind":"news","pubTimestamp":1639631616,"share":"https://www.laohu8.com/m/news/1170403163?lang=zh_CN&edition=full","pubTime":"2021-12-16 13:13","market":"us","language":"en","title":"These were the 10 best performing IPOs of 2021 amid a record year for stock market debuts<blockquote>这些是2021年股市首次亮相创纪录的10家表现最佳的IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170403163","media":"Markets Insider","summary":"2021 was a record year for IPOs, with 2,388 new companies listing their shares around the globe.\nThe","content":"<p><ul>  <li><b>2021 was a record year for IPOs, with 2,388 new companies listing their shares around the globe.</b></li>  <li><b>The red-hot IPO market this year occurred amid a relentless grind higher in the broader stock market.</b></li>  <li><b>These are the 10 best performing US stocks that went public in 2021.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fc9bdacbbacd4a99b22407604d69e6e\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>A stock trader claps at the end of trade at the New York Stock Exchange.</span></p><p><blockquote><ul><li><b>2021年是IPO创纪录的一年，全球有2,388家新公司上市。</b></li><li><b>今年IPO市场火爆之际，大盘不断走高。</b></li><li><b>这些是2021年上市的10只表现最好的美国股票。</b></li></ul><p class=\"t-img-caption\"><span>一名股票交易员在纽约证券交易所交易结束时鼓掌。</span></p></blockquote></p><p> Record highs in the stock market&nbsp;have facilitated a boom in new company listings this year, with a record 2,388 firms going public around the globe, according to&nbsp;data from Ernst and Young.</p><p><blockquote>安永（Ernst and Young）的数据显示，股市创纪录的高点推动了今年新公司上市的热潮，全球有创纪录的2,388家公司上市。</blockquote></p><p> Helping drive a resurgence in new company listings were SPACs, which peaked in early 2021 after a surge last year. Altogether, companies have raised $453 billion in proceeds from their IPOs, representing a 67% increase relative to 2020 and a more than doubling from 2019 levels.</p><p><blockquote>SPAC帮助推动了新公司上市的复苏，在去年激增后，SPAC于2021年初达到顶峰。总的来说，公司通过IPO筹集了4530亿美元的资金，比2020年增长了67%，比2019年的水平增加了一倍多。</blockquote></p><p> Firms going public have predominately been in the technology sector, and the Nasdaq Exchange captured the most IPOs relative to other global stock exchanges.High profile IPOs&nbsp;this year include electric vehicle startups&nbsp;Rivian&nbsp;and&nbsp;Lucid Group, and direct-to-consumer brands&nbsp;Allbirds&nbsp;and&nbsp;Warby Parker.</p><p><blockquote>上市公司主要集中在科技行业，相对于其他全球证券交易所，纳斯达克交易所的IPO数量最多。今年备受瞩目的IPO包括电动汽车初创公司Rivian和Lucid Group，以及直接面向消费者的品牌Allbirds和Warby Parker。</blockquote></p><p> And with more than 900 IPOs this year on US exchanges alone, there have been plenty of big winners and losers.</p><p><blockquote>今年仅美国交易所就有900多起IPO，其中不乏大赢家和大输家。</blockquote></p><p> These are the 10 best performing US IPOs of 2021 of companies with at least a $1 billion market capitalization. All performance data is as of December 15 and was sourced from&nbsp;Koyfin.&nbsp;(However, the chart action shown below reflects performance based on the opening price of a stock on its first day of trades, not its IPO price.)</p><p><blockquote>这些是2021年美国市值至少10亿美元的10家公司中表现最好的IPO。所有业绩数据截至12月15日，均来自Koyfin。（但是，下面显示的图表操作反映的业绩基于股票首日交易的开盘价，而不是IPO价格。）</blockquote></p><p> <b>10. Prometheus Biosciences</b></p><p><blockquote><b>10.普罗米修斯生物科学公司</b></blockquote></p><p> <b>Ticker:RXDX</b></p><p><blockquote><b>股票代码：RXDX</b></blockquote></p><p> <b>Gain Since IPO Price: 72%</b></p><p><blockquote><b>自IPO价格以来的涨幅：72%</b></blockquote></p><p> <b>Market Capitalization: $1.3 billion</b></p><p><blockquote><b>市值：13亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfb6ec8f3b653138c4425868d1d79de9\" tg-width=\"647\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>9. Verve Therapeutics</b></p><p><blockquote><b>9.神韵疗法</b></blockquote></p><p> <b>Ticker:VERV</b></p><p><blockquote><b>股票代码：VERV</b></blockquote></p><p> <b>Gain Since IPO Price: 75%</b></p><p><blockquote><b>自IPO价格以来的涨幅：75%</b></blockquote></p><p> <b>Market Capitalization: $1.6 billion</b></p><p><blockquote><b>市值：16亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dc78c11f5c162a9c1e7a279f1708126\" tg-width=\"639\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>8. TaskUs</b></p><p><blockquote><b>8.我的任务</b></blockquote></p><p> <b>Ticker:TASK</b></p><p><blockquote><b>股票代码：任务</b></blockquote></p><p> <b>Gain Since IPO Price: 91%</b></p><p><blockquote><b>自IPO价格以来的涨幅：91%</b></blockquote></p><p> <b>Market Capitalization: $4.3 billion</b></p><p><blockquote><b>市值：43亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f59d1387b908b8e02697da615a3f5ba4\" tg-width=\"656\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>7. Kanzhun</b></p><p><blockquote><b>7.看准</b></blockquote></p><p> <b>Ticker:BZ</b></p><p><blockquote><b>股票代码：BZ</b></blockquote></p><p> <b>Gain Since IPO Price: 93%</b></p><p><blockquote><b>自IPO价格以来的涨幅：93%</b></blockquote></p><p> <b>Market Capitalization: $14.7 billion</b></p><p><blockquote><b>市值：147亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f04f7fc1885d88d97c1864a339e25d32\" tg-width=\"656\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>6. Dutch Bros</b></p><p><blockquote><b>6.荷兰兄弟</b></blockquote></p><p> <b>Ticker:BROS</b></p><p><blockquote><b>股票代码：兄弟</b></blockquote></p><p> <b>Gain Since IPO Price: 98%</b></p><p><blockquote><b>自IPO价格以来的涨幅：98%</b></blockquote></p><p> <b>Market Capitalization: $7.5 billion</b></p><p><blockquote><b>市值：75亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b915d62d3fdfce5ea3188beb282ab47\" tg-width=\"668\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>5. Doximity</b></p><p><blockquote><b>5.剂量</b></blockquote></p><p> <b>Ticker:DOCS</b></p><p><blockquote><b>股票代码：DOCS</b></blockquote></p><p> <b>Gain Since IPO Price: 108%</b></p><p><blockquote><b>自IPO价格以来的涨幅：108%</b></blockquote></p><p> <b>Market Capitalization: $10.1 billion</b></p><p><blockquote><b>市值：101亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d03dbe2dc83a8512105da91ac5151dc\" tg-width=\"669\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>4. Affirm</b></p><p><blockquote><b>4.确认</b></blockquote></p><p> <b>Ticker:AFRM</b></p><p><blockquote><b>股票代码：AFRM</b></blockquote></p><p> <b>Gain Since IPO Price: 111%</b></p><p><blockquote><b>自IPO价格以来的涨幅：111%</b></blockquote></p><p> <b>Market Capitalization: $29.0 billion</b></p><p><blockquote><b>市值：290亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27a04903a7c07c0ecf5edf3ddaf2d730\" tg-width=\"670\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>3. Global-e Online</b></p><p><blockquote><b>3.Global-E Online</b></blockquote></p><p> <b>Ticker:GLBE</b></p><p><blockquote><b>股票代码：GLBE</b></blockquote></p><p> <b>Gain Since IPO Price: 120%</b></p><p><blockquote><b>自IPO价格以来的涨幅：120%</b></blockquote></p><p> <b>Market Capitalization: $8.0 billion</b></p><p><blockquote><b>市值：80亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d88ded78988981e08d54b1287cbf948\" tg-width=\"664\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>2. ZIM Integrated Shipping Services</b></p><p><blockquote><b>2.以星综合航运服务</b></blockquote></p><p> <b>Ticker:ZIM</b></p><p><blockquote><b>股票代码：ZIM</b></blockquote></p><p> <b>Gain Since IPO Price: 208%</b></p><p><blockquote><b>自IPO价格以来的涨幅：208%</b></blockquote></p><p> <b>Market Capitalization: $5.8 billion</b></p><p><blockquote><b>市值：58亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f32668f19b1e8678dcd33e3bbe3b0d9c\" tg-width=\"613\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>1. Digital World Acquisition</b></p><p><blockquote><b>1.数字世界收购</b></blockquote></p><p> <b>Ticker:DWAC</b></p><p><blockquote><b>股票代码：DWAC</b></blockquote></p><p> <b>Gain Since IPO Price: 508%</b></p><p><blockquote><b>自IPO价格以来的涨幅：508%</b></blockquote></p><p> <b>Market Capitalization: $1.9 billion</b></p><p><blockquote><b>市值：19亿美元</b></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/573ffacec216fcb41798f52b67583456\" tg-width=\"615\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></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>These were the 10 best performing IPOs of 2021 amid a record year for stock market debuts<blockquote>这些是2021年股市首次亮相创纪录的10家表现最佳的IPO</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\">\nThese were the 10 best performing IPOs of 2021 amid a record year for stock market debuts<blockquote>这些是2021年股市首次亮相创纪录的10家表现最佳的IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Markets Insider</strong><span class=\"h-time small\">2021-12-16 13:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>2021 was a record year for IPOs, with 2,388 new companies listing their shares around the globe.</b></li>  <li><b>The red-hot IPO market this year occurred amid a relentless grind higher in the broader stock market.</b></li>  <li><b>These are the 10 best performing US stocks that went public in 2021.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fc9bdacbbacd4a99b22407604d69e6e\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>A stock trader claps at the end of trade at the New York Stock Exchange.</span></p><p><blockquote><ul><li><b>2021年是IPO创纪录的一年，全球有2,388家新公司上市。</b></li><li><b>今年IPO市场火爆之际，大盘不断走高。</b></li><li><b>这些是2021年上市的10只表现最好的美国股票。</b></li></ul><p class=\"t-img-caption\"><span>一名股票交易员在纽约证券交易所交易结束时鼓掌。</span></p></blockquote></p><p> Record highs in the stock market&nbsp;have facilitated a boom in new company listings this year, with a record 2,388 firms going public around the globe, according to&nbsp;data from Ernst and Young.</p><p><blockquote>安永（Ernst and Young）的数据显示，股市创纪录的高点推动了今年新公司上市的热潮，全球有创纪录的2,388家公司上市。</blockquote></p><p> Helping drive a resurgence in new company listings were SPACs, which peaked in early 2021 after a surge last year. Altogether, companies have raised $453 billion in proceeds from their IPOs, representing a 67% increase relative to 2020 and a more than doubling from 2019 levels.</p><p><blockquote>SPAC帮助推动了新公司上市的复苏，在去年激增后，SPAC于2021年初达到顶峰。总的来说，公司通过IPO筹集了4530亿美元的资金，比2020年增长了67%，比2019年的水平增加了一倍多。</blockquote></p><p> Firms going public have predominately been in the technology sector, and the Nasdaq Exchange captured the most IPOs relative to other global stock exchanges.High profile IPOs&nbsp;this year include electric vehicle startups&nbsp;Rivian&nbsp;and&nbsp;Lucid Group, and direct-to-consumer brands&nbsp;Allbirds&nbsp;and&nbsp;Warby Parker.</p><p><blockquote>上市公司主要集中在科技行业，相对于其他全球证券交易所，纳斯达克交易所的IPO数量最多。今年备受瞩目的IPO包括电动汽车初创公司Rivian和Lucid Group，以及直接面向消费者的品牌Allbirds和Warby Parker。</blockquote></p><p> And with more than 900 IPOs this year on US exchanges alone, there have been plenty of big winners and losers.</p><p><blockquote>今年仅美国交易所就有900多起IPO，其中不乏大赢家和大输家。</blockquote></p><p> These are the 10 best performing US IPOs of 2021 of companies with at least a $1 billion market capitalization. All performance data is as of December 15 and was sourced from&nbsp;Koyfin.&nbsp;(However, the chart action shown below reflects performance based on the opening price of a stock on its first day of trades, not its IPO price.)</p><p><blockquote>这些是2021年美国市值至少10亿美元的10家公司中表现最好的IPO。所有业绩数据截至12月15日，均来自Koyfin。（但是，下面显示的图表操作反映的业绩基于股票首日交易的开盘价，而不是IPO价格。）</blockquote></p><p> <b>10. Prometheus Biosciences</b></p><p><blockquote><b>10.普罗米修斯生物科学公司</b></blockquote></p><p> <b>Ticker:RXDX</b></p><p><blockquote><b>股票代码：RXDX</b></blockquote></p><p> <b>Gain Since IPO Price: 72%</b></p><p><blockquote><b>自IPO价格以来的涨幅：72%</b></blockquote></p><p> <b>Market Capitalization: $1.3 billion</b></p><p><blockquote><b>市值：13亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfb6ec8f3b653138c4425868d1d79de9\" tg-width=\"647\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>9. Verve Therapeutics</b></p><p><blockquote><b>9.神韵疗法</b></blockquote></p><p> <b>Ticker:VERV</b></p><p><blockquote><b>股票代码：VERV</b></blockquote></p><p> <b>Gain Since IPO Price: 75%</b></p><p><blockquote><b>自IPO价格以来的涨幅：75%</b></blockquote></p><p> <b>Market Capitalization: $1.6 billion</b></p><p><blockquote><b>市值：16亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dc78c11f5c162a9c1e7a279f1708126\" tg-width=\"639\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>8. TaskUs</b></p><p><blockquote><b>8.我的任务</b></blockquote></p><p> <b>Ticker:TASK</b></p><p><blockquote><b>股票代码：任务</b></blockquote></p><p> <b>Gain Since IPO Price: 91%</b></p><p><blockquote><b>自IPO价格以来的涨幅：91%</b></blockquote></p><p> <b>Market Capitalization: $4.3 billion</b></p><p><blockquote><b>市值：43亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f59d1387b908b8e02697da615a3f5ba4\" tg-width=\"656\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>7. Kanzhun</b></p><p><blockquote><b>7.看准</b></blockquote></p><p> <b>Ticker:BZ</b></p><p><blockquote><b>股票代码：BZ</b></blockquote></p><p> <b>Gain Since IPO Price: 93%</b></p><p><blockquote><b>自IPO价格以来的涨幅：93%</b></blockquote></p><p> <b>Market Capitalization: $14.7 billion</b></p><p><blockquote><b>市值：147亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f04f7fc1885d88d97c1864a339e25d32\" tg-width=\"656\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>6. Dutch Bros</b></p><p><blockquote><b>6.荷兰兄弟</b></blockquote></p><p> <b>Ticker:BROS</b></p><p><blockquote><b>股票代码：兄弟</b></blockquote></p><p> <b>Gain Since IPO Price: 98%</b></p><p><blockquote><b>自IPO价格以来的涨幅：98%</b></blockquote></p><p> <b>Market Capitalization: $7.5 billion</b></p><p><blockquote><b>市值：75亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b915d62d3fdfce5ea3188beb282ab47\" tg-width=\"668\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>5. Doximity</b></p><p><blockquote><b>5.剂量</b></blockquote></p><p> <b>Ticker:DOCS</b></p><p><blockquote><b>股票代码：DOCS</b></blockquote></p><p> <b>Gain Since IPO Price: 108%</b></p><p><blockquote><b>自IPO价格以来的涨幅：108%</b></blockquote></p><p> <b>Market Capitalization: $10.1 billion</b></p><p><blockquote><b>市值：101亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d03dbe2dc83a8512105da91ac5151dc\" tg-width=\"669\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>4. Affirm</b></p><p><blockquote><b>4.确认</b></blockquote></p><p> <b>Ticker:AFRM</b></p><p><blockquote><b>股票代码：AFRM</b></blockquote></p><p> <b>Gain Since IPO Price: 111%</b></p><p><blockquote><b>自IPO价格以来的涨幅：111%</b></blockquote></p><p> <b>Market Capitalization: $29.0 billion</b></p><p><blockquote><b>市值：290亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27a04903a7c07c0ecf5edf3ddaf2d730\" tg-width=\"670\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>3. Global-e Online</b></p><p><blockquote><b>3.Global-E Online</b></blockquote></p><p> <b>Ticker:GLBE</b></p><p><blockquote><b>股票代码：GLBE</b></blockquote></p><p> <b>Gain Since IPO Price: 120%</b></p><p><blockquote><b>自IPO价格以来的涨幅：120%</b></blockquote></p><p> <b>Market Capitalization: $8.0 billion</b></p><p><blockquote><b>市值：80亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d88ded78988981e08d54b1287cbf948\" tg-width=\"664\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>2. ZIM Integrated Shipping Services</b></p><p><blockquote><b>2.以星综合航运服务</b></blockquote></p><p> <b>Ticker:ZIM</b></p><p><blockquote><b>股票代码：ZIM</b></blockquote></p><p> <b>Gain Since IPO Price: 208%</b></p><p><blockquote><b>自IPO价格以来的涨幅：208%</b></blockquote></p><p> <b>Market Capitalization: $5.8 billion</b></p><p><blockquote><b>市值：58亿美元</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f32668f19b1e8678dcd33e3bbe3b0d9c\" tg-width=\"613\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p> <b>1. Digital World Acquisition</b></p><p><blockquote><b>1.数字世界收购</b></blockquote></p><p> <b>Ticker:DWAC</b></p><p><blockquote><b>股票代码：DWAC</b></blockquote></p><p> <b>Gain Since IPO Price: 508%</b></p><p><blockquote><b>自IPO价格以来的涨幅：508%</b></blockquote></p><p> <b>Market Capitalization: $1.9 billion</b></p><p><blockquote><b>市值：19亿美元</b></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/573ffacec216fcb41798f52b67583456\" tg-width=\"615\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>Markets Insider</span></p><p><blockquote><p class=\"t-img-caption\"><span>市场内幕</span></p></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/2021-stock-market-review-10-best-performing-ipo-dwac-afrm-2021-12\">Markets Insider</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":{"VERV":"Verve Therapeutics","AFRM":"Affirm Holdings, Inc.","ZIM":"以星航运","DOCS":"Doximity, Inc.","RXDX":"Prometheus Biosciences, Inc.",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","BZ":"BOSS直聘","GLBE":"Global-E Online Ltd.","BROS":"Dutch Bros Inc.","TASK":"TaskUs Inc."},"source_url":"https://markets.businessinsider.com/news/stocks/2021-stock-market-review-10-best-performing-ipo-dwac-afrm-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170403163","content_text":"2021 was a record year for IPOs, with 2,388 new companies listing their shares around the globe.\nThe red-hot IPO market this year occurred amid a relentless grind higher in the broader stock market.\nThese are the 10 best performing US stocks that went public in 2021.\n\nA stock trader claps at the end of trade at the New York Stock Exchange.\nRecord highs in the stock market have facilitated a boom in new company listings this year, with a record 2,388 firms going public around the globe, according to data from Ernst and Young.\nHelping drive a resurgence in new company listings were SPACs, which peaked in early 2021 after a surge last year. Altogether, companies have raised $453 billion in proceeds from their IPOs, representing a 67% increase relative to 2020 and a more than doubling from 2019 levels.\nFirms going public have predominately been in the technology sector, and the Nasdaq Exchange captured the most IPOs relative to other global stock exchanges.High profile IPOs this year include electric vehicle startups Rivian and Lucid Group, and direct-to-consumer brands Allbirds and Warby Parker.\nAnd with more than 900 IPOs this year on US exchanges alone, there have been plenty of big winners and losers.\nThese are the 10 best performing US IPOs of 2021 of companies with at least a $1 billion market capitalization. All performance data is as of December 15 and was sourced from Koyfin. (However, the chart action shown below reflects performance based on the opening price of a stock on its first day of trades, not its IPO price.)\n10. Prometheus Biosciences\nTicker:RXDX\nGain Since IPO Price: 72%\nMarket Capitalization: $1.3 billion\nMarkets Insider\n9. Verve Therapeutics\nTicker:VERV\nGain Since IPO Price: 75%\nMarket Capitalization: $1.6 billion\nMarkets Insider\n8. TaskUs\nTicker:TASK\nGain Since IPO Price: 91%\nMarket Capitalization: $4.3 billion\nMarkets Insider\n7. Kanzhun\nTicker:BZ\nGain Since IPO Price: 93%\nMarket Capitalization: $14.7 billion\nMarkets Insider\n6. Dutch Bros\nTicker:BROS\nGain Since IPO Price: 98%\nMarket Capitalization: $7.5 billion\nMarkets Insider\n5. Doximity\nTicker:DOCS\nGain Since IPO Price: 108%\nMarket Capitalization: $10.1 billion\nMarkets Insider\n4. Affirm\nTicker:AFRM\nGain Since IPO Price: 111%\nMarket Capitalization: $29.0 billion\nMarkets Insider\n3. Global-e Online\nTicker:GLBE\nGain Since IPO Price: 120%\nMarket Capitalization: $8.0 billion\nMarkets Insider\n2. ZIM Integrated Shipping Services\nTicker:ZIM\nGain Since IPO Price: 208%\nMarket Capitalization: $5.8 billion\nMarkets Insider\n1. Digital World Acquisition\nTicker:DWAC\nGain Since IPO Price: 508%\nMarket Capitalization: $1.9 billion\nMarkets Insider","news_type":1,"symbols_score_info":{"DWAC":0.9,"VERV":0.9,"BROS":0.9,".DJI":0.9,"RXDX":0.9,"AFRM":0.9,"BZ":0.9,"TASK":0.9,"GLBE":0.9,"ZIM":0.9,"DOCS":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876611208,"gmtCreate":1637303156204,"gmtModify":1637303156331,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876611208","repostId":"876816831","repostType":1,"repost":{"id":876816831,"gmtCreate":1637290242119,"gmtModify":1707367155265,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667596890271","authorIdStr":"3527667596890271"},"themes":[],"title":"🔥【11月19日】苹果市值再登顶！热门中概大多走低，今天买点啥呢？","htmlText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 11月19日讯，港股三大指数大幅低开，恒指跌1.52%报24934点，国指跌1.41%报8908点，恒生科技指数跌1.6%报6371点。 盘面上，大型科技集体下跌，<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 绩后大跌超10%，<a target=\"_blank\" href=\"https://laohu8.com/S/01024\">$快手-W(01024)$</a> 大跌5.5%，<a target=\"_blank\" href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 跌超3%，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 跌超2%，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 跌超2%，<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 逆势高开近5%；内房股、物管股继续下跌，<a target=\"_blank\" href=\"https://laohu8.com/S/06098\">$碧桂园服务(06098)$</a> 大跌超10%表现最差；食品股、教育股、餐饮等多数板块下跌。另一方面，药品股多数上涨，汽车经销商股、家电股、燃气股小幅上涨。","listText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 11月19日讯，港股三大指数大幅低开，恒指跌1.52%报24934点，国指跌1.41%报8908点，恒生科技指数跌1.6%报6371点。 盘面上，大型科技集体下跌，<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 绩后大跌超10%，<a target=\"_blank\" href=\"https://laohu8.com/S/01024\">$快手-W(01024)$</a> 大跌5.5%，<a target=\"_blank\" href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 跌超3%，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 跌超2%，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 跌超2%，<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 逆势高开近5%；内房股、物管股继续下跌，<a target=\"_blank\" href=\"https://laohu8.com/S/06098\">$碧桂园服务(06098)$</a> 大跌超10%表现最差；食品股、教育股、餐饮等多数板块下跌。另一方面，药品股多数上涨，汽车经销商股、家电股、燃气股小幅上涨。","text":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 11月19日讯，港股三大指数大幅低开，恒指跌1.52%报24934点，国指跌1.41%报8908点，恒生科技指数跌1.6%报6371点。 盘面上，大型科技集体下跌，$阿里巴巴-SW(09988)$ 绩后大跌超10%，$快手-W(01024)$ 大跌5.5%，$百度集团-SW(09888)$ 跌超3%，$腾讯控股(00700)$ 跌超2%，$美团-W(03690)$ 跌超2%，$京东集团-SW(09618)$ 逆势高开近5%；内房股、物管股继续下跌，$碧桂园服务(06098)$ 大跌超10%表现最差；食品股、教育股、餐饮等多数板块下跌。另一方面，药品股多数上涨，汽车经销商股、家电股、燃气股小幅上涨。","images":[{"img":"https://static.tigerbbs.com/8c224c9889536a14f83eca563ae0bb07","width":"666","height":"284"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876816831","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878185678,"gmtCreate":1637160016548,"gmtModify":1637160016672,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/878185678","repostId":"1158463306","repostType":4,"repost":{"id":"1158463306","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":1637159561,"share":"https://www.laohu8.com/m/news/1158463306?lang=zh_CN&edition=full","pubTime":"2021-11-17 22:32","market":"us","language":"en","title":"U.S. stock market drifts slightly lower to start Wednesday trade<blockquote>美国股市周三开盘小幅走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158463306","media":"Tiger Newspress","summary":"U.S. stock market drifts slightly lower to start Wednesday trade as investors weighed strong earning","content":"<p>U.S. stock market drifts slightly lower to start Wednesday trade&nbsp;as investors weighed strong earnings reports from big-box retailers against lingering inflation concerns and continued digesting strong retail data.</p><p><blockquote>由于投资者权衡大型零售商强劲的盈利报告与挥之不去的通胀担忧以及继续消化强劲的零售数据，美国股市周三开盘小幅走低。</blockquote></p><p> The Dow Jones Industrial Average slipped by 55 points, or 0.1%. The S&amp;P 500 and Nasdaq Composite hovered near the flat line.</p><p><blockquote>道琼斯工业平均指数下跌55点，跌幅0.1%。标普500和纳斯达克综合指数徘徊在平线附近。</blockquote></p><p> Target posted&nbsp;beats on the top and bottom lines, but its CEO noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer. Shares slid 3.3%.</p><p><blockquote>塔吉特公布了营收和利润，但其首席执行官指出，成本上升可能会对公司的未来产生影响，因为该公司计划吸收这些成本，而不是将其转嫁给客户。股价下跌3.3%。</blockquote></p><p> Home improvement giantLowe’ssaw shares rise, however, initially popping in premarket trading as the company not only topped estimates from the Street but also raised its full-year sales forecast. Shares were last higher by 1.4%.</p><p><blockquote>然而，家居装修巨头劳氏(Lowe's)的股价上涨，最初在盘前交易中大幅上涨，因为该公司不仅超出了华尔街的预期，还上调了全年销售预期。股价最后上涨1.4%。</blockquote></p><p> Shares ofTJXjumped more than 6% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.</p><p><blockquote>TJX的股价上涨超过6%，此前这家服装和家居零售商公布季度盈利超出营收和利润，同店销售额同比增长14%。</blockquote></p><p> Elsewhere, shares of Dow componentBoeingrose nearly 2% after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 5.5%.</p><p><blockquote>其他方面，道指成分股波音公司收到Akasa Air价值90亿美元的737 MAX订单后，该公司股价上涨近2%。这家航空航天公司的股价今年表现落后，仅上涨5.5%。</blockquote></p><p> Also,Teslaclimbed higher by about 1% as the stock continued its rebound from a 15.4% loss last week, when CEO Elon Musk beganhis Tesla stock sell-off.</p><p><blockquote>此外，特斯拉股价从上周首席执行官Elon Musk开始抛售特斯拉股票时15.4%的跌幅继续反弹，股价上涨约1%。</blockquote></p><p> On the downside,Visashares slumped about 2% after Amazon said it willstop accepting payments made via Visa credit cardsissued in the U.K. starting next year.</p><p><blockquote>不利的一面是，亚马逊表示将从明年开始停止接受通过在英国发行的Visa信用卡进行的付款后，Visa股价下跌约2%。</blockquote></p><p> The moves come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.</p><p><blockquote>此前，新的经济数据和企业盈利表明，尽管物价上涨，美国消费者仍在增加支出。</blockquote></p><p> On Tuesday the Dow added 54.77 points, or 0.15%. The S&amp;P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.</p><p><blockquote>周二，道琼斯指数上涨54.77点，涨幅0.15%。标普500上涨0.39%，纳斯达克综合指数上涨0.76%。</blockquote></p><p> Retail salesrose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.</p><p><blockquote>美国商务部周二报告称，10月份零售额增长1.7%，快于经济学家预期。该数字衡量消费者在多个类别的商品上花费了多少。</blockquote></p><p> Strongquarterly results from Home Depotalso boosted investor sentiment Tuesday. The home improvement retailer led gainers on the Dow after earnings topped analyst estimates.Walmart also reported better-than-expected results, though its shares declined.</p><p><blockquote>家得宝强劲的季度业绩周二提振了投资者情绪。在盈利超出分析师预期后，这家家居装修零售商领涨道琼斯指数。沃尔玛也公布了好于预期的业绩，但其股价下跌。</blockquote></p><p> “U.S. stocks rallied after an impressive retail sales report, solid industrial production data, and retail earnings showed the consumer is handling the current pricing increases. All signs are pointing to a very strong holiday season for retailers and that should help keep sending stocks higher,” Edward Moya, senior market analyst at Oanda, said in a Tuesday note.</p><p><blockquote>“在令人印象深刻的零售销售报告、稳健的工业生产数据和零售盈利显示消费者正在应对当前的价格上涨后，美国股市上涨。所有迹象都表明零售商的假期非常强劲，这应该有助于继续推高股市，”Oanda高级市场分析师爱德华·莫亚(Edward Moya)在周二的一份报告中表示。</blockquote></p><p> Investors await more retail earnings Wednesday from Bath &amp; Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.</p><p><blockquote>投资者等待Bath&amp;Body Works和Victoria's Secret周三公布更多零售财报。周三公布业绩的其他大公司包括思科系统和英伟达。</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>U.S. stock market drifts slightly lower to start Wednesday trade<blockquote>美国股市周三开盘小幅走低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock market drifts slightly lower to start Wednesday trade<blockquote>美国股市周三开盘小幅走低</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\">2021-11-17 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock market drifts slightly lower to start Wednesday trade&nbsp;as investors weighed strong earnings reports from big-box retailers against lingering inflation concerns and continued digesting strong retail data.</p><p><blockquote>由于投资者权衡大型零售商强劲的盈利报告与挥之不去的通胀担忧以及继续消化强劲的零售数据，美国股市周三开盘小幅走低。</blockquote></p><p> The Dow Jones Industrial Average slipped by 55 points, or 0.1%. The S&amp;P 500 and Nasdaq Composite hovered near the flat line.</p><p><blockquote>道琼斯工业平均指数下跌55点，跌幅0.1%。标普500和纳斯达克综合指数徘徊在平线附近。</blockquote></p><p> Target posted&nbsp;beats on the top and bottom lines, but its CEO noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer. Shares slid 3.3%.</p><p><blockquote>塔吉特公布了营收和利润，但其首席执行官指出，成本上升可能会对公司的未来产生影响，因为该公司计划吸收这些成本，而不是将其转嫁给客户。股价下跌3.3%。</blockquote></p><p> Home improvement giantLowe’ssaw shares rise, however, initially popping in premarket trading as the company not only topped estimates from the Street but also raised its full-year sales forecast. Shares were last higher by 1.4%.</p><p><blockquote>然而，家居装修巨头劳氏(Lowe's)的股价上涨，最初在盘前交易中大幅上涨，因为该公司不仅超出了华尔街的预期，还上调了全年销售预期。股价最后上涨1.4%。</blockquote></p><p> Shares ofTJXjumped more than 6% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.</p><p><blockquote>TJX的股价上涨超过6%，此前这家服装和家居零售商公布季度盈利超出营收和利润，同店销售额同比增长14%。</blockquote></p><p> Elsewhere, shares of Dow componentBoeingrose nearly 2% after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 5.5%.</p><p><blockquote>其他方面，道指成分股波音公司收到Akasa Air价值90亿美元的737 MAX订单后，该公司股价上涨近2%。这家航空航天公司的股价今年表现落后，仅上涨5.5%。</blockquote></p><p> Also,Teslaclimbed higher by about 1% as the stock continued its rebound from a 15.4% loss last week, when CEO Elon Musk beganhis Tesla stock sell-off.</p><p><blockquote>此外，特斯拉股价从上周首席执行官Elon Musk开始抛售特斯拉股票时15.4%的跌幅继续反弹，股价上涨约1%。</blockquote></p><p> On the downside,Visashares slumped about 2% after Amazon said it willstop accepting payments made via Visa credit cardsissued in the U.K. starting next year.</p><p><blockquote>不利的一面是，亚马逊表示将从明年开始停止接受通过在英国发行的Visa信用卡进行的付款后，Visa股价下跌约2%。</blockquote></p><p> The moves come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.</p><p><blockquote>此前，新的经济数据和企业盈利表明，尽管物价上涨，美国消费者仍在增加支出。</blockquote></p><p> On Tuesday the Dow added 54.77 points, or 0.15%. The S&amp;P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.</p><p><blockquote>周二，道琼斯指数上涨54.77点，涨幅0.15%。标普500上涨0.39%，纳斯达克综合指数上涨0.76%。</blockquote></p><p> Retail salesrose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.</p><p><blockquote>美国商务部周二报告称，10月份零售额增长1.7%，快于经济学家预期。该数字衡量消费者在多个类别的商品上花费了多少。</blockquote></p><p> Strongquarterly results from Home Depotalso boosted investor sentiment Tuesday. The home improvement retailer led gainers on the Dow after earnings topped analyst estimates.Walmart also reported better-than-expected results, though its shares declined.</p><p><blockquote>家得宝强劲的季度业绩周二提振了投资者情绪。在盈利超出分析师预期后，这家家居装修零售商领涨道琼斯指数。沃尔玛也公布了好于预期的业绩，但其股价下跌。</blockquote></p><p> “U.S. stocks rallied after an impressive retail sales report, solid industrial production data, and retail earnings showed the consumer is handling the current pricing increases. All signs are pointing to a very strong holiday season for retailers and that should help keep sending stocks higher,” Edward Moya, senior market analyst at Oanda, said in a Tuesday note.</p><p><blockquote>“在令人印象深刻的零售销售报告、稳健的工业生产数据和零售盈利显示消费者正在应对当前的价格上涨后，美国股市上涨。所有迹象都表明零售商的假期非常强劲，这应该有助于继续推高股市，”Oanda高级市场分析师爱德华·莫亚(Edward Moya)在周二的一份报告中表示。</blockquote></p><p> Investors await more retail earnings Wednesday from Bath &amp; Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.</p><p><blockquote>投资者等待Bath&amp;Body Works和Victoria's Secret周三公布更多零售财报。周三公布业绩的其他大公司包括思科系统和英伟达。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158463306","content_text":"U.S. stock market drifts slightly lower to start Wednesday trade as investors weighed strong earnings reports from big-box retailers against lingering inflation concerns and continued digesting strong retail data.\nThe Dow Jones Industrial Average slipped by 55 points, or 0.1%. The S&P 500 and Nasdaq Composite hovered near the flat line.\nTarget posted beats on the top and bottom lines, but its CEO noted rising costs may have an impact on the company going forward as it plans to absorb those costs rather than pass them onto the customer. Shares slid 3.3%.\nHome improvement giantLowe’ssaw shares rise, however, initially popping in premarket trading as the company not only topped estimates from the Street but also raised its full-year sales forecast. Shares were last higher by 1.4%.\nShares ofTJXjumped more than 6% after the apparel and home retailer reported a quarterly earnings beat on the top and bottom lines as well as a same-store sales increase of 14% year-over-year.\nElsewhere, shares of Dow componentBoeingrose nearly 2% after the company received an Akasa Air order for its 737 MAX worth $9 billion. The aerospace company’s stock has been a laggard this year, up just 5.5%.\nAlso,Teslaclimbed higher by about 1% as the stock continued its rebound from a 15.4% loss last week, when CEO Elon Musk beganhis Tesla stock sell-off.\nOn the downside,Visashares slumped about 2% after Amazon said it willstop accepting payments made via Visa credit cardsissued in the U.K. starting next year.\nThe moves come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.\nOn Tuesday the Dow added 54.77 points, or 0.15%. The S&P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.\nRetail salesrose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.\nStrongquarterly results from Home Depotalso boosted investor sentiment Tuesday. The home improvement retailer led gainers on the Dow after earnings topped analyst estimates.Walmart also reported better-than-expected results, though its shares declined.\n“U.S. stocks rallied after an impressive retail sales report, solid industrial production data, and retail earnings showed the consumer is handling the current pricing increases. All signs are pointing to a very strong holiday season for retailers and that should help keep sending stocks higher,” Edward Moya, senior market analyst at Oanda, said in a Tuesday note.\nInvestors await more retail earnings Wednesday from Bath & Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879880781,"gmtCreate":1636701988739,"gmtModify":1636702047050,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879880781","repostId":"1172045019","repostType":4,"isVote":1,"tweetType":1,"viewCount":2727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847032886,"gmtCreate":1636467450460,"gmtModify":1636467782505,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847032886","repostId":"1130522299","repostType":4,"repost":{"id":"1130522299","kind":"news","pubTimestamp":1636466900,"share":"https://www.laohu8.com/m/news/1130522299?lang=zh_CN&edition=full","pubTime":"2021-11-09 22:08","market":"us","language":"en","title":"Lyft and Motional pick Las Vegas for commercial robotaxi launch in 2023<blockquote>Lyft和Motional选择拉斯维加斯于2023年推出商业机器人出租车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130522299","media":"Reuters","summary":"Nov 9 (Reuters) - Driverless tech-maker Motional AD and U.S. ride-hailing firm Lyft Inc will launch ","content":"<p>Nov 9 (Reuters) - Driverless tech-maker Motional AD and U.S. ride-hailing firm Lyft Inc will launch a fully driverless public ride-hailing service in Las Vegas starting 2023, the companies said on Tuesday.</p><p><blockquote>路透11月9日-无人驾驶技术制造商Motional AD和美国网约车公司Lyft公司周二表示，将从2023年开始在拉斯维加斯推出完全无人驾驶的公共网约车服务。</blockquote></p><p> The driverless vehicles will be provided by Motional, a joint venture between Korean automaker Hyundai Motor Co and auto supplier Aptiv, and will be based on a Hyundai platform. The vehicles will be deployed in Lyft's ride-sharing network.</p><p><blockquote>这些无人驾驶汽车将由韩国汽车制造商现代汽车公司和汽车供应商Aptiv的合资企业Motional提供，并将基于现代平台。这些车辆将部署在Lyft的拼车网络中。</blockquote></p><p> The companies had announced last year they would launch a multi-city U.S. robotaxi service in 2023.</p><p><blockquote>两家公司去年宣布将于2023年推出美国多城市机器人出租车服务。</blockquote></p><p> While the Lyft-Motional partnership is non-exclusive, the companies have been working together for over three years on a pilot program in Las Vegas.</p><p><blockquote>虽然Lyft与Motional的合作是非排他性的，但两家公司已经在拉斯维加斯的一个试点项目上合作了三年多。</blockquote></p><p> The service would initially be made available to the wider public in the second half of 2022 for rider feedback, the companies said, before its commercial launch in 2023.</p><p><blockquote>两家公司表示，该服务最初将于2022年下半年向更广泛的公众提供，以征求乘客反馈，然后于2023年商业推出。</blockquote></p><p> Earlier in September, Motional said it was expanding its footprint in Las Vegas by tripling the size of its testing facility, doubling its operations center and hiring over 100 new employees.</p><p><blockquote>9月初，Motional表示，它正在扩大其在拉斯维加斯的业务，将其测试设施规模扩大两倍，将运营中心扩大一倍，并雇用100多名新员工。</blockquote></p><p></p>","source":"lsy1612507957220","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>Lyft and Motional pick Las Vegas for commercial robotaxi launch in 2023<blockquote>Lyft和Motional选择拉斯维加斯于2023年推出商业机器人出租车</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\">\nLyft and Motional pick Las Vegas for commercial robotaxi launch in 2023<blockquote>Lyft和Motional选择拉斯维加斯于2023年推出商业机器人出租车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-09 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nov 9 (Reuters) - Driverless tech-maker Motional AD and U.S. ride-hailing firm Lyft Inc will launch a fully driverless public ride-hailing service in Las Vegas starting 2023, the companies said on Tuesday.</p><p><blockquote>路透11月9日-无人驾驶技术制造商Motional AD和美国网约车公司Lyft公司周二表示，将从2023年开始在拉斯维加斯推出完全无人驾驶的公共网约车服务。</blockquote></p><p> The driverless vehicles will be provided by Motional, a joint venture between Korean automaker Hyundai Motor Co and auto supplier Aptiv, and will be based on a Hyundai platform. The vehicles will be deployed in Lyft's ride-sharing network.</p><p><blockquote>这些无人驾驶汽车将由韩国汽车制造商现代汽车公司和汽车供应商Aptiv的合资企业Motional提供，并将基于现代平台。这些车辆将部署在Lyft的拼车网络中。</blockquote></p><p> The companies had announced last year they would launch a multi-city U.S. robotaxi service in 2023.</p><p><blockquote>两家公司去年宣布将于2023年推出美国多城市机器人出租车服务。</blockquote></p><p> While the Lyft-Motional partnership is non-exclusive, the companies have been working together for over three years on a pilot program in Las Vegas.</p><p><blockquote>虽然Lyft与Motional的合作是非排他性的，但两家公司已经在拉斯维加斯的一个试点项目上合作了三年多。</blockquote></p><p> The service would initially be made available to the wider public in the second half of 2022 for rider feedback, the companies said, before its commercial launch in 2023.</p><p><blockquote>两家公司表示，该服务最初将于2022年下半年向更广泛的公众提供，以征求乘客反馈，然后于2023年商业推出。</blockquote></p><p> Earlier in September, Motional said it was expanding its footprint in Las Vegas by tripling the size of its testing facility, doubling its operations center and hiring over 100 new employees.</p><p><blockquote>9月初，Motional表示，它正在扩大其在拉斯维加斯的业务，将其测试设施规模扩大两倍，将运营中心扩大一倍，并雇用100多名新员工。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/lyft-motional-pick-las-vegas-140003602.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LYFT":"Lyft, Inc."},"source_url":"https://finance.yahoo.com/news/lyft-motional-pick-las-vegas-140003602.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130522299","content_text":"Nov 9 (Reuters) - Driverless tech-maker Motional AD and U.S. ride-hailing firm Lyft Inc will launch a fully driverless public ride-hailing service in Las Vegas starting 2023, the companies said on Tuesday.\nThe driverless vehicles will be provided by Motional, a joint venture between Korean automaker Hyundai Motor Co and auto supplier Aptiv, and will be based on a Hyundai platform. The vehicles will be deployed in Lyft's ride-sharing network.\nThe companies had announced last year they would launch a multi-city U.S. robotaxi service in 2023.\nWhile the Lyft-Motional partnership is non-exclusive, the companies have been working together for over three years on a pilot program in Las Vegas.\nThe service would initially be made available to the wider public in the second half of 2022 for rider feedback, the companies said, before its commercial launch in 2023.\nEarlier in September, Motional said it was expanding its footprint in Las Vegas by tripling the size of its testing facility, doubling its operations center and hiring over 100 new employees.","news_type":1,"symbols_score_info":{"LYFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847032918,"gmtCreate":1636467437327,"gmtModify":1636467781726,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847032918","repostId":"1165249613","repostType":4,"isVote":1,"tweetType":1,"viewCount":1552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846535818,"gmtCreate":1636094715195,"gmtModify":1636094715500,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and conment!","listText":"Pls like and conment!","text":"Pls like and conment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/846535818","repostId":"1128227989","repostType":4,"repost":{"id":"1128227989","kind":"news","pubTimestamp":1636067303,"share":"https://www.laohu8.com/m/news/1128227989?lang=zh_CN&edition=full","pubTime":"2021-11-05 07:08","market":"us","language":"en","title":"S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128227989","media":"Reuters","summary":" - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.Financials dropped 1","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-05 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500ETF-iShares","OEF":"标普100指数ETF-iShares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares",".DJI":"道琼斯","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SH":"做空标普500-Proshares",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128227989","content_text":"(Reuters) - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.\nThe Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.\nFinancials dropped 1.3%, most among S&P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.\n“The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.\n“The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”\nThe Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.\nThe S&P 500 growth index rose 1.2% while the S&P 500 value index fell 0.5%.\nAmong S&P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.\nQualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.\nThe Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.\nBetter-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.\n“The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.\n“The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”\nModerna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&P 500 healthcare sector, which fell 0.8%.\nData showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.\nThe S&P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.\nAbout 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SH":0.9,".SPX":0.9,"SDS":0.9,".IXIC":0.9,"ESmain":0.9,".DJI":0.9,"SPXU":0.9,"OEF":0.9,"UPRO":0.9,"SSO":0.9,"OEX":0.9,"IVV":0.9}},"isVote":1,"tweetType":1,"viewCount":3181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824973346,"gmtCreate":1634274426027,"gmtModify":1634274426120,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>up up up","listText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>up up up","text":"$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$up up up","images":[{"img":"https://static.tigerbbs.com/7d204d432fced72ef9cab07335257947","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824973346","isVote":1,"tweetType":1,"viewCount":2887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":861062803,"gmtCreate":1632443383802,"gmtModify":1632724960954,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like!","listText":"Pls like!","text":"Pls like!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861062803","repostId":"2169240695","repostType":4,"isVote":1,"tweetType":1,"viewCount":2426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885775488,"gmtCreate":1631837376744,"gmtModify":1631891549574,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885775488","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","kind":"news","pubTimestamp":1631833833,"share":"https://www.laohu8.com/m/news/1105376345?lang=zh_CN&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-17 07:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883251642,"gmtCreate":1631247186086,"gmtModify":1631891549586,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>lesgoo","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>lesgoo","text":"$Apple(AAPL)$lesgoo","images":[{"img":"https://static.tigerbbs.com/06baee0003577eba63713988417daf69","width":"1440","height":"4427"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883251642","isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883259837,"gmtCreate":1631246969029,"gmtModify":1631891549598,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883259837","repostId":"2166345008","repostType":4,"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880487602,"gmtCreate":1631072518506,"gmtModify":1631888444568,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>nice","listText":"<a href=\"https://laohu8.com/S/ARKF\">$ARK Fintech Innovation ETF(ARKF)$</a>nice","text":"$ARK Fintech Innovation ETF(ARKF)$nice","images":[{"img":"https://static.tigerbbs.com/69c6926e872d2603803a8440392e0076","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880487602","isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":880484925,"gmtCreate":1631072387067,"gmtModify":1631891549613,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880484925","repostId":"1143120804","repostType":4,"repost":{"id":"1143120804","kind":"news","pubTimestamp":1631072080,"share":"https://www.laohu8.com/m/news/1143120804?lang=zh_CN&edition=full","pubTime":"2021-09-08 11:34","market":"us","language":"en","title":"Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143120804","media":"Seeking Alpha","summary":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth ra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年收入增长超出我们预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍有望从电子商务转变中受益，预计零售渗透率为22%。</li><li>在可预见的未来，AWS预计仍将是第一大市场领导者。</li><li>我们使用DCF分析修改了估值，从3,358.73美元获得了4,303.18美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock未通过Getty Images发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们上次报道以来，亚马逊公司(AMZN)的股价已上涨26%，超出了我们24.5%的收入增长预期，并在2020年底上涨了37.6%，其在线零售业务增长了40%，达到近2000亿美元，第三方服务800亿美元。在本次分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度网上商店销售额增长疲软13%，第三季度同比指引中点疲软13%，表明增长正常化的迹象，但电子商务市场的长期增长前景仍然具有吸引力。亚马逊已确立市场地位的在线零售。随着越来越多的消费者将购买行为转移到网上，预计到2023年，电子商务的份额将从2020年的18%达到22%。我们相信，亚马逊稳固的市场地位、作为忠实客户的庞大Prime会员基础以及坚实的物流和运输网络为其提供了优势，正如其与第三方卖家的电子商务市场的崛起所证明的那样。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，持续致力于增长并以不断增长的数据量为基础。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，加速了向电子商务的采用。然而，尽管2021年第二季度在线商店增长同比放缓13%，而第一季度为41%，但我们相信该公司将继续受益于电子商务采用率不断上升的长期推动力。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向在线购买，电子商务销售额的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将反弹7.2%。因此，2021年电子商务销售额预测为10.2%，较2019年的27.6%实现正常化增长，渗透率从去年的14%飙升至18%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>*B=C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争优势。更具体地说，很难在价格、选择和便利性等关键标准上赢得公司的支持。显然，该公司的Prime会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司具有强大的吸引力，为其提供了庞大的安装基础。通过Prime会员，也推动消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员之外，该公司还能够持续吸引卖家到其平台，自2017年以来新增卖家330万人，即每天3,718人。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已确立了自己作为市场主导者的地位，并在电子商务销售方面远远领先于第二接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其在不同产品类别和市场中的市场领导地位相当广泛。例如，其消费品和消费电子产品销售额是最大的产品类别，占美国电子商务总销售额的50.2%，占零售总额的26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌(GOOG)和苹果(AAPL)，并继续通过新一代产品和软件更新来开发该产品。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据Echo产品系列103美元的平均价格，我们估计其智能扬声器销售收入约为39.4亿美元，约占其在线商店收入的2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的不断增长，我们预计这一产品广度将继续扩大，并通过产品多样性为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有成熟的客户群和忠诚的Prime会员生态系统，以及在各种关键产品类别中拥有广泛的市场领导地位和广泛的产品广度的庞大卖家基础，以支持其长期增长。我们预测其在线商店增长是基于我们对其市场份额的预期（基于全球电子商务销售额的5年平均值）为4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售销售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入('d')</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额('e')</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>*B=A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D=B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen投资</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和运输业务，这已成为一条难以逾越的护城河，很少有其他公司拥有资源或能力与之匹敌，亚马逊与该国大多数主要送货提供商合作。通过利用其强大的网络，它提供的计划使卖家能够通过其市场销售产品并通过公司履行订单。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊物流（“FBA”），第三方卖家在亚马逊的运营中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金以及相关的履行和运输费用，包括库存管理、支付处理、货件跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更大的灵活性和控制力、更强大的品牌影响力和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的比例不断上升，达到总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FourWeekMBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和运输网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和UPS竞争，并且一直在加大力度推出其交付网络以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国运送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，即将于2021年在密苏里州开设一个100万平方英尺的履行中心，员工将在那里包装和运输大型客户物品，如庭院家具、户外设备或地毯。2020年，该公司宣布了7个新履行中心的计划，包括佛罗里达州一个600,000平方英尺的设施、田纳西州一个855,000平方英尺的设施和德克萨斯州一个625,000平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是该公司凭借其广泛的物流网络在运输速度方面的优势的因素之一。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数人或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，公司的计划扩张将继续增强其物流网络并保持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了该公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，亚马逊的第三方商品销售总额预计将在过去5年的平均增长率为9%。此外，我们还预测，随着亚马逊继续扩大其履行能力以迎合第三方卖家，亚马逊的收入份额将从两年平均水平的27.3%增长1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的60%至75%之间，低于AWS的80%，但仍高于公司的整体毛利率37%由于与占总销售额60%的销售成本相关的高成本。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“a”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额('b')</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊商城）GMV('c')</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>佔收入百分比（“d”）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（“e”）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C=A × B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E=C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS按数据量增长增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有Netflix(NFLX)、Verizon(VZ)、Capital One(COF)、麦当劳(MCD)等著名大客户。2020年AWS收入强劲增长29.5%，占据云基础设施市场31.8%的市场份额。自近20年前推出以来，它多年来已发展成为市场领导者，尽管竞争日益激烈，尤其是来自微软(MSFT)和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>到2025年，全球数据量将增长23%，这支撑了云基础设施市场的快速增长，因为随着数据分析、5G和物联网的兴起，世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen投资</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长基于到2025年数据量以23%的CAGR增长，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>*A=B x C资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS，AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司通过新的客户关系强调了其对AWS的承诺，例如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，以构建基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用区，并计划再推出15个可用区来支持其云增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Canalys、Khaveen投资</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们基于市场份额预测假设来预测AWS的收入增长，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢削弱，但在利用AWS的稳固大客户关系的支持下仍保持其市场领先地位。根据到2023年30.7%的市场份额预测，我们预计AWS收入将增长至815亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然AWS仅占其总收入的11%，但与其他公司部门的2.8%相比，其29%的高利润率使AWS在2020年占营业收入的59%，这凸显了AWS对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断和数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党的报告称，亚马逊一直被指控不公平地从第三方卖家那里获取数据和信息，该公司在美国的电子商务市场份额约为40%。由于卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取额外费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，由众议院议员组成的两党小组正在推动包括亚马逊在内的大型科技公司在一系列广泛的反垄断改革下对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊遭受了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临8.88亿美元的罚款。亚马逊被指控违反了欧盟的通用数据保护条例（GDPR）。GDPR允许罚款高达亚马逊收入的4%，公布的数字显示，这约占亚马逊2020年213亿美元收入的4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其利润率不断上升，因为由于其利润率更高的云业务的卓越增长，其净利润率也有所上升。AWS部门的营业利润率高达29.6%，而其余业务部门的营业利润率为2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有良好且强大的现金产生能力，过去5年的平均自由现金流利润率为3.01%。2017年，由于以137亿美元收购Whole Foods，其自由现金流利润率下降。其现金流的优势在于利润率的上升，因为其利润更高的AWS业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其偿还债务的强大能力。2020年其净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着AWS的卓越增长，其盈利能力不断提高，其比率在过去5年中从32倍稳步上升。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了DCF估值，因为该公司过去拥有正的自由现金流。基于可比公司，我们得到的行业平均EV/EBITDA为27.64倍，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（父亲）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46 x</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52 x</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS和其他的收入细分总结如下。网上商店预测源自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售额增长率预测。零售第三方卖家服务来自其在整个电子商务市场中的第三方卖家GMV份额，并假设其从佣金和相关费用中获得%的收入。基于不断增长的数据量预测，AWS收入来自云市场增长。其他细分市场基于其平均3年增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，并从2027年的12.3%逐步下调，到2030年每年下降2%，因为我们预计电子商务和云计算市场将更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>在线商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>资料来源：亚马逊、Khaveen投资</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于12.7%的贴现率（公司的WACC），我们的模型显示上涨空间为36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了该公司的主要增长动力，即在线零售、第三方卖家服务和AWS。虽然加速增长最终结束，但作为电子商务领域成熟且占主导地位的市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为转向电子商务，电子商务销售额占零售总额的百分比预计将继续上升，预计到2023年将达到22%。该公司的Prime会员为其提供了大约占美国人口一半的忠实客户群。此外，另一个关键优势是其庞大的物流和运输网络，亚马逊FBA在其在线市场上看到第三方卖家的持续增长。最后，在可预见的未来，AWS仍然是明显的市场领导者，与大型企业客户有着密切的关系，管理层也不断致力于满足该细分市场不断增长的基础设施需求。因此，尽管预计2021年增长正常化，但我们认为其前景继续受到电子商务和云计算市场不断增长的提振，并将我们的增长率预测修正为2021年的15.8%，随后修正为2020年的22%。总体而言，我们将该股评级为<i>购买</i>目标价格为<i>$4,363.96.</i></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>Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-08 11:34</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>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年收入增长超出我们预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍有望从电子商务转变中受益，预计零售渗透率为22%。</li><li>在可预见的未来，AWS预计仍将是第一大市场领导者。</li><li>我们使用DCF分析修改了估值，从3,358.73美元获得了4,303.18美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock未通过Getty Images发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们上次报道以来，亚马逊公司(AMZN)的股价已上涨26%，超出了我们24.5%的收入增长预期，并在2020年底上涨了37.6%，其在线零售业务增长了40%，达到近2000亿美元，第三方服务800亿美元。在本次分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度网上商店销售额增长疲软13%，第三季度同比指引中点疲软13%，表明增长正常化的迹象，但电子商务市场的长期增长前景仍然具有吸引力。亚马逊已确立市场地位的在线零售。随着越来越多的消费者将购买行为转移到网上，预计到2023年，电子商务的份额将从2020年的18%达到22%。我们相信，亚马逊稳固的市场地位、作为忠实客户的庞大Prime会员基础以及坚实的物流和运输网络为其提供了优势，正如其与第三方卖家的电子商务市场的崛起所证明的那样。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，持续致力于增长并以不断增长的数据量为基础。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，加速了向电子商务的采用。然而，尽管2021年第二季度在线商店增长同比放缓13%，而第一季度为41%，但我们相信该公司将继续受益于电子商务采用率不断上升的长期推动力。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向在线购买，电子商务销售额的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将反弹7.2%。因此，2021年电子商务销售额预测为10.2%，较2019年的27.6%实现正常化增长，渗透率从去年的14%飙升至18%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>*B=C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争优势。更具体地说，很难在价格、选择和便利性等关键标准上赢得公司的支持。显然，该公司的Prime会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司具有强大的吸引力，为其提供了庞大的安装基础。通过Prime会员，也推动消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员之外，该公司还能够持续吸引卖家到其平台，自2017年以来新增卖家330万人，即每天3,718人。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已确立了自己作为市场主导者的地位，并在电子商务销售方面远远领先于第二接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其在不同产品类别和市场中的市场领导地位相当广泛。例如，其消费品和消费电子产品销售额是最大的产品类别，占美国电子商务总销售额的50.2%，占零售总额的26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌(GOOG)和苹果(AAPL)，并继续通过新一代产品和软件更新来开发该产品。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据Echo产品系列103美元的平均价格，我们估计其智能扬声器销售收入约为39.4亿美元，约占其在线商店收入的2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的不断增长，我们预计这一产品广度将继续扩大，并通过产品多样性为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有成熟的客户群和忠诚的Prime会员生态系统，以及在各种关键产品类别中拥有广泛的市场领导地位和广泛的产品广度的庞大卖家基础，以支持其长期增长。我们预测其在线商店增长是基于我们对其市场份额的预期（基于全球电子商务销售额的5年平均值）为4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售销售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入('d')</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额('e')</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>*B=A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D=B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen投资</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和运输业务，这已成为一条难以逾越的护城河，很少有其他公司拥有资源或能力与之匹敌，亚马逊与该国大多数主要送货提供商合作。通过利用其强大的网络，它提供的计划使卖家能够通过其市场销售产品并通过公司履行订单。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊物流（“FBA”），第三方卖家在亚马逊的运营中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金以及相关的履行和运输费用，包括库存管理、支付处理、货件跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更大的灵活性和控制力、更强大的品牌影响力和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的比例不断上升，达到总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FourWeekMBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和运输网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和UPS竞争，并且一直在加大力度推出其交付网络以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国运送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，即将于2021年在密苏里州开设一个100万平方英尺的履行中心，员工将在那里包装和运输大型客户物品，如庭院家具、户外设备或地毯。2020年，该公司宣布了7个新履行中心的计划，包括佛罗里达州一个600,000平方英尺的设施、田纳西州一个855,000平方英尺的设施和德克萨斯州一个625,000平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是该公司凭借其广泛的物流网络在运输速度方面的优势的因素之一。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数人或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，公司的计划扩张将继续增强其物流网络并保持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了该公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，亚马逊的第三方商品销售总额预计将在过去5年的平均增长率为9%。此外，我们还预测，随着亚马逊继续扩大其履行能力以迎合第三方卖家，亚马逊的收入份额将从两年平均水平的27.3%增长1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的60%至75%之间，低于AWS的80%，但仍高于公司的整体毛利率37%由于与占总销售额60%的销售成本相关的高成本。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“a”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额('b')</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊商城）GMV('c')</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>佔收入百分比（“d”）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（“e”）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C=A × B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E=C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS按数据量增长增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有Netflix(NFLX)、Verizon(VZ)、Capital One(COF)、麦当劳(MCD)等著名大客户。2020年AWS收入强劲增长29.5%，占据云基础设施市场31.8%的市场份额。自近20年前推出以来，它多年来已发展成为市场领导者，尽管竞争日益激烈，尤其是来自微软(MSFT)和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>到2025年，全球数据量将增长23%，这支撑了云基础设施市场的快速增长，因为随着数据分析、5G和物联网的兴起，世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen投资</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长基于到2025年数据量以23%的CAGR增长，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>*A=B x C资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS，AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司通过新的客户关系强调了其对AWS的承诺，例如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，以构建基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用区，并计划再推出15个可用区来支持其云增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Canalys、Khaveen投资</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们基于市场份额预测假设来预测AWS的收入增长，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢削弱，但在利用AWS的稳固大客户关系的支持下仍保持其市场领先地位。根据到2023年30.7%的市场份额预测，我们预计AWS收入将增长至815亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然AWS仅占其总收入的11%，但与其他公司部门的2.8%相比，其29%的高利润率使AWS在2020年占营业收入的59%，这凸显了AWS对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断和数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党的报告称，亚马逊一直被指控不公平地从第三方卖家那里获取数据和信息，该公司在美国的电子商务市场份额约为40%。由于卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取额外费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，由众议院议员组成的两党小组正在推动包括亚马逊在内的大型科技公司在一系列广泛的反垄断改革下对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊遭受了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临8.88亿美元的罚款。亚马逊被指控违反了欧盟的通用数据保护条例（GDPR）。GDPR允许罚款高达亚马逊收入的4%，公布的数字显示，这约占亚马逊2020年213亿美元收入的4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其利润率不断上升，因为由于其利润率更高的云业务的卓越增长，其净利润率也有所上升。AWS部门的营业利润率高达29.6%，而其余业务部门的营业利润率为2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有良好且强大的现金产生能力，过去5年的平均自由现金流利润率为3.01%。2017年，由于以137亿美元收购Whole Foods，其自由现金流利润率下降。其现金流的优势在于利润率的上升，因为其利润更高的AWS业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其偿还债务的强大能力。2020年其净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着AWS的卓越增长，其盈利能力不断提高，其比率在过去5年中从32倍稳步上升。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了DCF估值，因为该公司过去拥有正的自由现金流。基于可比公司，我们得到的行业平均EV/EBITDA为27.64倍，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（父亲）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46 x</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52 x</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS和其他的收入细分总结如下。网上商店预测源自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售额增长率预测。零售第三方卖家服务来自其在整个电子商务市场中的第三方卖家GMV份额，并假设其从佣金和相关费用中获得%的收入。基于不断增长的数据量预测，AWS收入来自云市场增长。其他细分市场基于其平均3年增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，并从2027年的12.3%逐步下调，到2030年每年下降2%，因为我们预计电子商务和云计算市场将更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>在线商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>资料来源：亚马逊、Khaveen投资</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于12.7%的贴现率（公司的WACC），我们的模型显示上涨空间为36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了该公司的主要增长动力，即在线零售、第三方卖家服务和AWS。虽然加速增长最终结束，但作为电子商务领域成熟且占主导地位的市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为转向电子商务，电子商务销售额占零售总额的百分比预计将继续上升，预计到2023年将达到22%。该公司的Prime会员为其提供了大约占美国人口一半的忠实客户群。此外，另一个关键优势是其庞大的物流和运输网络，亚马逊FBA在其在线市场上看到第三方卖家的持续增长。最后，在可预见的未来，AWS仍然是明显的市场领导者，与大型企业客户有着密切的关系，管理层也不断致力于满足该细分市场不断增长的基础设施需求。因此，尽管预计2021年增长正常化，但我们认为其前景继续受到电子商务和云计算市场不断增长的提振，并将我们的增长率预测修正为2021年的15.8%，随后修正为2020年的22%。总体而言，我们将该股评级为<i>购买</i>目标价格为<i>$4,363.96.</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143120804","content_text":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.\nAWS is expected to remain as the number 1 market leader for the foreseeable future.\nWe revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.\n\n4kodiak/iStock Unreleased via Getty Images\nSince our previous coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.\nDespite the softness in Q2 of its online store sales growth of 13% and soft Q3 guidance of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.\nSource: Amazon\nE-commerce Sales Outlook Still Attractive Despite Normalizing Growth\nAmazon's online store sales have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.\nAccording to eMarketer, the share of e-commerce sales is forecasted to reach 22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.\n\n\n\nGlobal E-Commerce Market ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Global Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\n\n* B = C x A\nSource: Statista, eMarketer, Khaveen Investments\nAmazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.\nSource: Backlinko\nIn addition to Prime members, the company has been able to consistently attract sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.\nSource: Marketing Charts\nIts market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer & consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel & accessories, books music & video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.\nSource: eMarketer\nAmong the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having purchased electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software updates. In 2020, the company shipped over 38 mln smart speaker units and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average price of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.\nAll in all, the company has a massive product breadth of 12 mln products excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.\nThus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.\n\n\n\nAmazon Online Stores ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\nGrowth %\n16.2%\n20.9%\n17.3%\n11.5%\n32.4%\n2.8%\n8.1%\n10.0%\n\n\nAmazon Online Stores Revenues ('d')\n91.43\n108.35\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n18.5%\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nAmazon Online Stores Market Share ('e')\n5.0%\n4.5%\n4.1%\n4.2%\n4.6%\n4.5%\n4.5%\n4.5%\n\n\n\n* B = A x C\n*D = B x E\nSource: Statista, Khaveen Investments\nThe Rise of Third-party Seller Services\nAnother major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.\nWith Fulfillment by Amazon ('FBA'), third party sellersstore products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.\nSelling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately provides more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising share of third-party sales as a % of its gross merchandise sales at 62% of total sales.\nSource: FourWeekMBA\nThe chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it enhances its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business delivered 1.9 bln packages in the US.\nSource: WebFX\nMoreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming opening of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it announced plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.\nSource: CNBC\nOverall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has free Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.\nSource: Statista\nWe forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which represents 60% of its total sales.\n\n\n\nThird-Party Seller Services Revenues ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nGlobal Retail E-commerce Sales ('a')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nAmazon Third Party Market Share ('b')\n5.6%\n5.5%\n5.4%\n6.0%\n6.9%\n7.5%\n8.1%\n8.9%\n\n\nGrowth %\n21%\n-2%\n-2%\n11%\n16%\n9%\n9%\n9%\n\n\nThird-party (Amazon marketplace) GMV ('c')\n103\n130\n160\n200\n295\n353\n443\n553\n\n\nGrowth %\n26.2%\n23.1%\n25.0%\n47.5%\n19.8%\n25.3%\n25.0%\n\n\n% Of Revenues ('d')\n22.3%\n24.5%\n26.7%\n26.9%\n27.3%\n27.6%\n27.8%\n28.1%\n\n\nGrowth %\n9.9%\n9.0%\n0.6%\n1.5%\n1.0%\n1.0%\n1.0%\n\n\nRetail third-party seller services revenues ('e')\n22.99\n31.88\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n38.7%\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\n\n*C = A x B\n*E = C x D\nSource: Amazon, Statista, Khaveen Investments\nAWS Growth by Data Volume Growth\nAnother key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.\nThe rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.\nSource: Statista, Khaveen Investments\nWe projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23% CAGR through 2025 at an average cloud infrastructure/data growth factor of 1.72.\n* A = B x C Source: Statista, Khaveen Investments\nThus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently announced a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.\nSource: Canalys, Khaveen Investments\nAll in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.\n\n\n\nAWS Forecasts\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nAWS Market Share\n32.6%\n32.3%\n31.8%\n31.2%\n31.0%\n30.7%\n\n\nAWS Revenues ($ bln)\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\n\nSource: Amazon, Canalys, Khaveen Investments\nWhile AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.\nSource: Amazon\nAntimonopoly and Data Privacy Fine Risk\nAmazon has been involved in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.\nWhereas in the European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.\nValuation\nThe company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.\nSource: Amazon, Khaveen Investments\nMore importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the acquisition of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.\nSource: Amazon, Khaveen Investments\nThe company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.\nTo value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nAmazon\n28.57x\n\n\nAlibaba (BABA)\n21.14x\n\n\nMicrosoft\n25.89x\n\n\nGoogle\n22.46x\n\n\nAverage\n24.52x\n\n\n\nSource: SeekingAlpha\nThe revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.\n\n\n\nAmazon Revenue Projections ($ bln)\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nOnline stores\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nPhysical stores\n17.22\n17.19\n16.23\n17.40\n18.55\n19.38\n\n\nGrowth %\n196.9%\n-0.2%\n-5.6%\n7.20%\n6.60%\n4.50%\n\n\nRetail third-party seller services\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\nSubscription services\n14.17\n19.21\n25.21\n34.67\n47.68\n65.58\n\n\nGrowth %\n45.8%\n35.6%\n31.2%\n37.5%\n37.5%\n37.5%\n\n\nAWS\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\nOther\n10.11\n14.09\n21.45\n31.27\n45.60\n66.48\n\n\nGrowth %\n117.4%\n39.4%\n52.2%\n45.8%\n45.8%\n45.8%\n\n\nTotal\n232.9\n280.53\n386.07\n447.0\n545.9\n669.1\n\n\nTotal Growth %\n30.9%\n20.5%\n37.6%\n15.8%\n22.1%\n22.6%\n\n\n\nSource: Amazon, Khaveen Investments\nBased on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.\nSource: Khaveen Investments\nVerdict\nIn conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as aBuywith a price target of$4,363.96.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817783245,"gmtCreate":1630988558387,"gmtModify":1631884681977,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>lesgo","listText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>lesgo","text":"$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$lesgo","images":[{"img":"https://static.tigerbbs.com/b296d71038cda0da139af25794b17441","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817783245","isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":817783095,"gmtCreate":1630988506917,"gmtModify":1631884681983,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>lesgoo","listText":"<a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>lesgoo","text":"$Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$lesgoo","images":[{"img":"https://static.tigerbbs.com/79d2a61934f918ed2db1f726602c0771","width":"1440","height":"4303"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817783095","isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":817789949,"gmtCreate":1630988449681,"gmtModify":1631891549625,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment back!","listText":"Pls like and comment back!","text":"Pls like and comment back!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817789949","repostId":"2165880909","repostType":4,"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811419055,"gmtCreate":1630335674877,"gmtModify":1704958743305,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Niceee","listText":"Niceee","text":"Niceee","images":[{"img":"https://static.tigerbbs.com/68adf0ea1f9b5251d60b4cd44aa4d516","width":"1440","height":"4449"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811419055","isVote":1,"tweetType":1,"viewCount":718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":811437602,"gmtCreate":1630335550506,"gmtModify":1704958741401,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811437602","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836058187,"gmtCreate":1629440574249,"gmtModify":1631891549659,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575621155891186","authorIdStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/836058187","repostId":"1106197942","repostType":4,"repost":{"id":"1106197942","kind":"news","pubTimestamp":1629440381,"share":"https://www.laohu8.com/m/news/1106197942?lang=zh_CN&edition=full","pubTime":"2021-08-20 14:19","market":"us","language":"en","title":"Spatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106197942","media":"TechCrunch","summary":"If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immer","content":"<p>If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed&nbsp;that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was&nbsp;spotted&nbsp;by a Reddit user.</p><p><blockquote>如果你使用AirPods Pro或AirPods Max，你的移动网飞观看将会变得更加身临其境。网飞证实，在Reddit用户发现该功能后，它已经开始在iOS 14上的iPhone和iPad上推出空间音频支持。</blockquote></p><p> Netflix joins&nbsp;streaming competitor&nbsp;slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said&nbsp;the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.</p><p><blockquote>Netflix加入了HBO Max、Disney+和Peacock等流媒体竞争对手的行列，启用了这一功能，而亚马逊Prime Video和YouTube等其他流行应用程序仍然没有这一功能。尽管如此，Netflix表示不会立即推出——拥有更新的用户应该能够在控制中心打开或关闭它。</blockquote></p><p> Recently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring&nbsp;spatial audio to AirPods Pro&nbsp;during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would&nbsp;gain access&nbsp;to spatial audio and lossless audio streaming at no extra charge. This even supports&nbsp;dynamic head tracking, which adjusts the sound when you move your head. The&nbsp;Android version&nbsp;of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.</p><p><blockquote>最近，苹果一直在强调它的空间音频特性。该公司在2020年的WWDC大会期间首次宣布将为AirPods Pro带来空间音频——在今年的大会期间，苹果补充说，苹果音乐订户将免费获得空间音频和无损音频流。这甚至支持动态头部跟踪，当你移动头部时，它会调整声音。安卓版苹果音乐应用也支持空间和无损音频。今年2月，Spotify表示将推出一项高端订阅服务Spotify HiFi，该服务将实现无损音频，但此后一直没有任何消息。</blockquote></p><p> Last month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its&nbsp;“Stranger Things” games.</p><p><blockquote>上个月，Netflix透露，除了原创电影和电视剧之外，它还开始关注手机游戏。该公司已经通过《黑镜：Bandersnatch》及其《奇异事物》游戏等项目尝试了互动娱乐。</blockquote></p><p> “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its&nbsp;quarterly earnings report.</p><p><blockquote>该公司在季度财报中表示：“我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。”</blockquote></p><p> Spatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.</p><p><blockquote>空间音频在视频游戏玩家中很受欢迎——因此，虽然这次更新将增强iPhone和iPad上的流媒体视频体验，但也许我们也会在最终的网飞手机游戏中看到这一功能。</blockquote></p><p></p>","source":"lsy1602557183277","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>Spatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</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\">\nSpatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TechCrunch</strong><span class=\"h-time small\">2021-08-20 14:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed&nbsp;that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was&nbsp;spotted&nbsp;by a Reddit user.</p><p><blockquote>如果你使用AirPods Pro或AirPods Max，你的移动网飞观看将会变得更加身临其境。网飞证实，在Reddit用户发现该功能后，它已经开始在iOS 14上的iPhone和iPad上推出空间音频支持。</blockquote></p><p> Netflix joins&nbsp;streaming competitor&nbsp;slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said&nbsp;the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.</p><p><blockquote>Netflix加入了HBO Max、Disney+和Peacock等流媒体竞争对手的行列，启用了这一功能，而亚马逊Prime Video和YouTube等其他流行应用程序仍然没有这一功能。尽管如此，Netflix表示不会立即推出——拥有更新的用户应该能够在控制中心打开或关闭它。</blockquote></p><p> Recently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring&nbsp;spatial audio to AirPods Pro&nbsp;during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would&nbsp;gain access&nbsp;to spatial audio and lossless audio streaming at no extra charge. This even supports&nbsp;dynamic head tracking, which adjusts the sound when you move your head. The&nbsp;Android version&nbsp;of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.</p><p><blockquote>最近，苹果一直在强调它的空间音频特性。该公司在2020年的WWDC大会期间首次宣布将为AirPods Pro带来空间音频——在今年的大会期间，苹果补充说，苹果音乐订户将免费获得空间音频和无损音频流。这甚至支持动态头部跟踪，当你移动头部时，它会调整声音。安卓版苹果音乐应用也支持空间和无损音频。今年2月，Spotify表示将推出一项高端订阅服务Spotify HiFi，该服务将实现无损音频，但此后一直没有任何消息。</blockquote></p><p> Last month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its&nbsp;“Stranger Things” games.</p><p><blockquote>上个月，Netflix透露，除了原创电影和电视剧之外，它还开始关注手机游戏。该公司已经通过《黑镜：Bandersnatch》及其《奇异事物》游戏等项目尝试了互动娱乐。</blockquote></p><p> “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its&nbsp;quarterly earnings report.</p><p><blockquote>该公司在季度财报中表示：“我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。”</blockquote></p><p> Spatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.</p><p><blockquote>空间音频在视频游戏玩家中很受欢迎——因此，虽然这次更新将增强iPhone和iPad上的流媒体视频体验，但也许我们也会在最终的网飞手机游戏中看到这一功能。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://techcrunch.com/2021/08/19/spatial-audio-is-coming-to-netflix-on-iphone-and-ipad/\">TechCrunch</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":{"NFLX":"奈飞"},"source_url":"https://techcrunch.com/2021/08/19/spatial-audio-is-coming-to-netflix-on-iphone-and-ipad/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106197942","content_text":"If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was spotted by a Reddit user.\nNetflix joins streaming competitor slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.\nRecently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring spatial audio to AirPods Pro during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would gain access to spatial audio and lossless audio streaming at no extra charge. This even supports dynamic head tracking, which adjusts the sound when you move your head. The Android version of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.\nLast month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its “Stranger Things” games.\n“We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its quarterly earnings report.\nSpatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":811437602,"gmtCreate":1630335550506,"gmtModify":1704958741401,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811437602","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172011942,"gmtCreate":1626920243686,"gmtModify":1633769722383,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172011942","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186057744,"gmtCreate":1623466675588,"gmtModify":1634032783411,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/186057744","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836058187,"gmtCreate":1629440574249,"gmtModify":1631891549659,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/836058187","repostId":"1106197942","repostType":4,"repost":{"id":"1106197942","kind":"news","pubTimestamp":1629440381,"share":"https://www.laohu8.com/m/news/1106197942?lang=zh_CN&edition=full","pubTime":"2021-08-20 14:19","market":"us","language":"en","title":"Spatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106197942","media":"TechCrunch","summary":"If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immer","content":"<p>If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed&nbsp;that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was&nbsp;spotted&nbsp;by a Reddit user.</p><p><blockquote>如果你使用AirPods Pro或AirPods Max，你的移动网飞观看将会变得更加身临其境。网飞证实，在Reddit用户发现该功能后，它已经开始在iOS 14上的iPhone和iPad上推出空间音频支持。</blockquote></p><p> Netflix joins&nbsp;streaming competitor&nbsp;slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said&nbsp;the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.</p><p><blockquote>Netflix加入了HBO Max、Disney+和Peacock等流媒体竞争对手的行列，启用了这一功能，而亚马逊Prime Video和YouTube等其他流行应用程序仍然没有这一功能。尽管如此，Netflix表示不会立即推出——拥有更新的用户应该能够在控制中心打开或关闭它。</blockquote></p><p> Recently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring&nbsp;spatial audio to AirPods Pro&nbsp;during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would&nbsp;gain access&nbsp;to spatial audio and lossless audio streaming at no extra charge. This even supports&nbsp;dynamic head tracking, which adjusts the sound when you move your head. The&nbsp;Android version&nbsp;of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.</p><p><blockquote>最近，苹果一直在强调它的空间音频特性。该公司在2020年的WWDC大会期间首次宣布将为AirPods Pro带来空间音频——在今年的大会期间，苹果补充说，苹果音乐订户将免费获得空间音频和无损音频流。这甚至支持动态头部跟踪，当你移动头部时，它会调整声音。安卓版苹果音乐应用也支持空间和无损音频。今年2月，Spotify表示将推出一项高端订阅服务Spotify HiFi，该服务将实现无损音频，但此后一直没有任何消息。</blockquote></p><p> Last month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its&nbsp;“Stranger Things” games.</p><p><blockquote>上个月，Netflix透露，除了原创电影和电视剧之外，它还开始关注手机游戏。该公司已经通过《黑镜：Bandersnatch》及其《奇异事物》游戏等项目尝试了互动娱乐。</blockquote></p><p> “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its&nbsp;quarterly earnings report.</p><p><blockquote>该公司在季度财报中表示：“我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。”</blockquote></p><p> Spatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.</p><p><blockquote>空间音频在视频游戏玩家中很受欢迎——因此，虽然这次更新将增强iPhone和iPad上的流媒体视频体验，但也许我们也会在最终的网飞手机游戏中看到这一功能。</blockquote></p><p></p>","source":"lsy1602557183277","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>Spatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</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\">\nSpatial audio is coming to Netflix on iPhone and iPad<blockquote>iPhone和iPad上的空间音频即将登陆Netflix</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TechCrunch</strong><span class=\"h-time small\">2021-08-20 14:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed&nbsp;that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was&nbsp;spotted&nbsp;by a Reddit user.</p><p><blockquote>如果你使用AirPods Pro或AirPods Max，你的移动网飞观看将会变得更加身临其境。网飞证实，在Reddit用户发现该功能后，它已经开始在iOS 14上的iPhone和iPad上推出空间音频支持。</blockquote></p><p> Netflix joins&nbsp;streaming competitor&nbsp;slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said&nbsp;the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.</p><p><blockquote>Netflix加入了HBO Max、Disney+和Peacock等流媒体竞争对手的行列，启用了这一功能，而亚马逊Prime Video和YouTube等其他流行应用程序仍然没有这一功能。尽管如此，Netflix表示不会立即推出——拥有更新的用户应该能够在控制中心打开或关闭它。</blockquote></p><p> Recently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring&nbsp;spatial audio to AirPods Pro&nbsp;during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would&nbsp;gain access&nbsp;to spatial audio and lossless audio streaming at no extra charge. This even supports&nbsp;dynamic head tracking, which adjusts the sound when you move your head. The&nbsp;Android version&nbsp;of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.</p><p><blockquote>最近，苹果一直在强调它的空间音频特性。该公司在2020年的WWDC大会期间首次宣布将为AirPods Pro带来空间音频——在今年的大会期间，苹果补充说，苹果音乐订户将免费获得空间音频和无损音频流。这甚至支持动态头部跟踪，当你移动头部时，它会调整声音。安卓版苹果音乐应用也支持空间和无损音频。今年2月，Spotify表示将推出一项高端订阅服务Spotify HiFi，该服务将实现无损音频，但此后一直没有任何消息。</blockquote></p><p> Last month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its&nbsp;“Stranger Things” games.</p><p><blockquote>上个月，Netflix透露，除了原创电影和电视剧之外，它还开始关注手机游戏。该公司已经通过《黑镜：Bandersnatch》及其《奇异事物》游戏等项目尝试了互动娱乐。</blockquote></p><p> “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its&nbsp;quarterly earnings report.</p><p><blockquote>该公司在季度财报中表示：“我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。”</blockquote></p><p> Spatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.</p><p><blockquote>空间音频在视频游戏玩家中很受欢迎——因此，虽然这次更新将增强iPhone和iPad上的流媒体视频体验，但也许我们也会在最终的网飞手机游戏中看到这一功能。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://techcrunch.com/2021/08/19/spatial-audio-is-coming-to-netflix-on-iphone-and-ipad/\">TechCrunch</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":{"NFLX":"奈飞"},"source_url":"https://techcrunch.com/2021/08/19/spatial-audio-is-coming-to-netflix-on-iphone-and-ipad/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106197942","content_text":"If you use AirPods Pro or AirPods Max, your mobile Netflix watching is about to get a bit more immersive. Netflix confirmed that it has begun rolling out spatial audio support on iPhone and iPad on iOS 14 after the feature was spotted by a Reddit user.\nNetflix joins streaming competitor slike HBO Max, Disney+ and Peacock in enabling this feature, while other popular apps like Amazon Prime Video and YouTube still don’t have this functionality. Still,Netflix said the rollout won’t be immediate — users who have the update should be able to toggle it on or off in the Control Center.\nRecently, Apple has been emphasizing its spatial audio features. The company first announced that it would bring spatial audio to AirPods Pro during the WWDC conference in 2020 — during this year’s conference, Apple added that Apple Music subscribers would gain access to spatial audio and lossless audio streaming at no extra charge. This even supports dynamic head tracking, which adjusts the sound when you move your head. The Android version of the Apple Music app also supports spatial and lossless audio. In February, Spotify said it would roll out a high-end subscription service,Spotify HiFi, which would enable lossless audio, though there’s been no news since.\nLast month, Netflix revealed that it started looking toward mobile gaming in addition to its original movies and television series. The company has already experimented with interactive entertainment with projects like “Black Mirror: Bandersnatch” and its “Stranger Things” games.\n“We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” the company said in its quarterly earnings report.\nSpatial audio is popular among video game players — so while this update will enhance the streaming video experience on iPhone and iPad, perhaps we’ll see this feature at play in eventual Netflix mobile games, too.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154755693,"gmtCreate":1625547995812,"gmtModify":1633939747592,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154755693","repostId":"2149761358","repostType":4,"isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113824845,"gmtCreate":1622604781787,"gmtModify":1634099997602,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/113824845","repostId":"1106176005","repostType":4,"repost":{"id":"1106176005","kind":"news","pubTimestamp":1622588821,"share":"https://www.laohu8.com/m/news/1106176005?lang=zh_CN&edition=full","pubTime":"2021-06-02 07:07","market":"us","language":"en","title":"S&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106176005","media":"Reuters","summary":"The S&P 500dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sectorhit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector3.9%, its biggest $one$-day gain in nearly four months. The heavyweight tech sectorfell while the healthcare sectorwas dragged down by a weak profit forec","content":"<p>The S&amp;P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.</p><p><blockquote>标普500(.SPX)周二下跌，医疗保健和科技股的下跌被能源和金融股的上涨所抵消，投资者权衡最新的美国经济数据是否有反弹和通胀上升的迹象。</blockquote></p><p>The S&amp;P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest <a href=\"https://laohu8.com/S/AONE\">one</a>-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>Holdings Inc(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-02 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.</p><p><blockquote>标普500(.SPX)周二下跌，医疗保健和科技股的下跌被能源和金融股的上涨所抵消，投资者权衡最新的美国经济数据是否有反弹和通胀上升的迹象。</blockquote></p><p>The S&amp;P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest <a href=\"https://laohu8.com/S/AONE\">one</a>-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>Holdings Inc(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPY":"标普500ETF","IVV":"标普500ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","SPXU":"三倍做空标普500ETF-ProShares",".SPX":"S&P 500 Index","SH":"做空标普500-Proshares","OEX":"标普100"},"source_url":"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106176005","content_text":"The S&P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest one-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from Abbott Laboratories(ABT.N).Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the Nasdaq Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.While the S&P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at Invesco in New York.\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"A Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File PhotoStock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR & Co(KKR.N)and Clayton Dubilier & Rice LLCagreed to take the data analytics firm private.A group of“meme stocks” extended gainsfrom the previous week, with shares of AMC Entertainment Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored advancers.The S&P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.Here are company's financial statements：Zoom reports blowout earnings but warns of a coming slowdown","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SH":0.9,"SPXU":0.9,"SSO":0.9,".SPX":0.9,".IXIC":0.9,"OEF":0.9,"ESmain":0.9,"OEX":0.9,"UPRO":0.9,"SPY":0.9,"IVV":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370987156,"gmtCreate":1618544056675,"gmtModify":1634292186663,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/370987156","repostId":"1184470866","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":846535818,"gmtCreate":1636094715195,"gmtModify":1636094715500,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and conment!","listText":"Pls like and conment!","text":"Pls like and conment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/846535818","repostId":"1128227989","repostType":4,"repost":{"id":"1128227989","kind":"news","pubTimestamp":1636067303,"share":"https://www.laohu8.com/m/news/1128227989?lang=zh_CN&edition=full","pubTime":"2021-11-05 07:08","market":"us","language":"en","title":"S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128227989","media":"Reuters","summary":" - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.Financials dropped 1","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-05 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500ETF-iShares","OEF":"标普100指数ETF-iShares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares",".DJI":"道琼斯","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SH":"做空标普500-Proshares",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128227989","content_text":"(Reuters) - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.\nThe Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.\nFinancials dropped 1.3%, most among S&P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.\n“The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.\n“The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”\nThe Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.\nThe S&P 500 growth index rose 1.2% while the S&P 500 value index fell 0.5%.\nAmong S&P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.\nQualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.\nThe Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.\nBetter-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.\n“The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.\n“The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”\nModerna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&P 500 healthcare sector, which fell 0.8%.\nData showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.\nThe S&P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.\nAbout 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SH":0.9,".SPX":0.9,"SDS":0.9,".IXIC":0.9,"ESmain":0.9,".DJI":0.9,"SPXU":0.9,"OEF":0.9,"UPRO":0.9,"SSO":0.9,"OEX":0.9,"IVV":0.9}},"isVote":1,"tweetType":1,"viewCount":3181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":133528068,"gmtCreate":1621772258854,"gmtModify":1634186665723,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"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":3,"repostSize":0,"link":"https://laohu8.com/post/133528068","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124550517,"gmtCreate":1624774022939,"gmtModify":1633948730197,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124550517","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185210727,"gmtCreate":1623652015269,"gmtModify":1634030613185,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/185210727","repostId":"1105297799","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194002267,"gmtCreate":1621322875659,"gmtModify":1634192452723,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194002267","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","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":1621318800,"share":"https://www.laohu8.com/m/news/2136738931?lang=zh_CN&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始向散户投资者推销其在香港的首次公开募股（IPO），价格范围为每股39.36港元至43.36港元，如果交易定价在最高端，该公司可能会筹集高达264亿港元（34亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开发行将从周一持续到周五。其股票预计将于5月28日在香港交易所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大后股本的10%。如果需求强劲，则有超额配股权可再出售最多9140万股。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，并按下表所列其中一个数目认购。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的发行预计将是今年港交所第二笔数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手的发行是今年迄今为止全球最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八名基石投资者已承诺购买总价值15亿美元的京东物流股票，如果交易定价为最高端，这将占其全球发行的约39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美银证券、高盛和海通国际担任此次交易的联席保荐人，瑞银则担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为最高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通去年9月通过二次上市在港上市时，市值为1807亿港元，阿里巴巴-SW集团是其股东之一。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，预计今年的净亏损将更大，此前2018年亏损28亿元人民币（4.35亿美元），2019年亏损22亿元人民币，2020年亏损40亿元人民币。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利能力之上，因此我们的盈利状况在中短期内可能会出现重大波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求与中通和韵达控股等其他参与者区分开来，将自己标榜为一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶汽车来提高配送速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票销售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务来抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师查理·陈(Charlie Chen)表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰本月震惊市场，此前该公司预测第一季度亏损11亿元人民币，引发了对其股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎腰斩。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰快递和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>就支出而言，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司灼识咨询的数据显示，预计到2025年，这一数字将增至19.3万亿元。</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>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</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\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流启动香港IPO募资至多34亿美元</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\">2021-05-18 14:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始向散户投资者推销其在香港的首次公开募股（IPO），价格范围为每股39.36港元至43.36港元，如果交易定价在最高端，该公司可能会筹集高达264亿港元（34亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开发行将从周一持续到周五。其股票预计将于5月28日在香港交易所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大后股本的10%。如果需求强劲，则有超额配股权可再出售最多9140万股。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，并按下表所列其中一个数目认购。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的发行预计将是今年港交所第二笔数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手的发行是今年迄今为止全球最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八名基石投资者已承诺购买总价值15亿美元的京东物流股票，如果交易定价为最高端，这将占其全球发行的约39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美银证券、高盛和海通国际担任此次交易的联席保荐人，瑞银则担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为最高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通去年9月通过二次上市在港上市时，市值为1807亿港元，阿里巴巴-SW集团是其股东之一。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，预计今年的净亏损将更大，此前2018年亏损28亿元人民币（4.35亿美元），2019年亏损22亿元人民币，2020年亏损40亿元人民币。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利能力之上，因此我们的盈利状况在中短期内可能会出现重大波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求与中通和韵达控股等其他参与者区分开来，将自己标榜为一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶汽车来提高配送速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票销售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务来抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师查理·陈(Charlie Chen)表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰本月震惊市场，此前该公司预测第一季度亏损11亿元人民币，引发了对其股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎腰斩。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰快递和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>就支出而言，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司灼识咨询的数据显示，预计到2025年，这一数字将增至19.3万亿元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199147741,"gmtCreate":1620693001483,"gmtModify":1634197108335,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"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":3,"repostSize":0,"link":"https://laohu8.com/post/199147741","repostId":"2134551566","repostType":4,"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880484925,"gmtCreate":1631072387067,"gmtModify":1631891549613,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880484925","repostId":"1143120804","repostType":4,"repost":{"id":"1143120804","kind":"news","pubTimestamp":1631072080,"share":"https://www.laohu8.com/m/news/1143120804?lang=zh_CN&edition=full","pubTime":"2021-09-08 11:34","market":"us","language":"en","title":"Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143120804","media":"Seeking Alpha","summary":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth ra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年收入增长超出我们预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍有望从电子商务转变中受益，预计零售渗透率为22%。</li><li>在可预见的未来，AWS预计仍将是第一大市场领导者。</li><li>我们使用DCF分析修改了估值，从3,358.73美元获得了4,303.18美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock未通过Getty Images发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们上次报道以来，亚马逊公司(AMZN)的股价已上涨26%，超出了我们24.5%的收入增长预期，并在2020年底上涨了37.6%，其在线零售业务增长了40%，达到近2000亿美元，第三方服务800亿美元。在本次分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度网上商店销售额增长疲软13%，第三季度同比指引中点疲软13%，表明增长正常化的迹象，但电子商务市场的长期增长前景仍然具有吸引力。亚马逊已确立市场地位的在线零售。随着越来越多的消费者将购买行为转移到网上，预计到2023年，电子商务的份额将从2020年的18%达到22%。我们相信，亚马逊稳固的市场地位、作为忠实客户的庞大Prime会员基础以及坚实的物流和运输网络为其提供了优势，正如其与第三方卖家的电子商务市场的崛起所证明的那样。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，持续致力于增长并以不断增长的数据量为基础。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，加速了向电子商务的采用。然而，尽管2021年第二季度在线商店增长同比放缓13%，而第一季度为41%，但我们相信该公司将继续受益于电子商务采用率不断上升的长期推动力。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向在线购买，电子商务销售额的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将反弹7.2%。因此，2021年电子商务销售额预测为10.2%，较2019年的27.6%实现正常化增长，渗透率从去年的14%飙升至18%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>*B=C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争优势。更具体地说，很难在价格、选择和便利性等关键标准上赢得公司的支持。显然，该公司的Prime会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司具有强大的吸引力，为其提供了庞大的安装基础。通过Prime会员，也推动消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员之外，该公司还能够持续吸引卖家到其平台，自2017年以来新增卖家330万人，即每天3,718人。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已确立了自己作为市场主导者的地位，并在电子商务销售方面远远领先于第二接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其在不同产品类别和市场中的市场领导地位相当广泛。例如，其消费品和消费电子产品销售额是最大的产品类别，占美国电子商务总销售额的50.2%，占零售总额的26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌(GOOG)和苹果(AAPL)，并继续通过新一代产品和软件更新来开发该产品。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据Echo产品系列103美元的平均价格，我们估计其智能扬声器销售收入约为39.4亿美元，约占其在线商店收入的2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的不断增长，我们预计这一产品广度将继续扩大，并通过产品多样性为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有成熟的客户群和忠诚的Prime会员生态系统，以及在各种关键产品类别中拥有广泛的市场领导地位和广泛的产品广度的庞大卖家基础，以支持其长期增长。我们预测其在线商店增长是基于我们对其市场份额的预期（基于全球电子商务销售额的5年平均值）为4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售销售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入('d')</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额('e')</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>*B=A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D=B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen投资</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和运输业务，这已成为一条难以逾越的护城河，很少有其他公司拥有资源或能力与之匹敌，亚马逊与该国大多数主要送货提供商合作。通过利用其强大的网络，它提供的计划使卖家能够通过其市场销售产品并通过公司履行订单。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊物流（“FBA”），第三方卖家在亚马逊的运营中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金以及相关的履行和运输费用，包括库存管理、支付处理、货件跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更大的灵活性和控制力、更强大的品牌影响力和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的比例不断上升，达到总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FourWeekMBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和运输网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和UPS竞争，并且一直在加大力度推出其交付网络以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国运送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，即将于2021年在密苏里州开设一个100万平方英尺的履行中心，员工将在那里包装和运输大型客户物品，如庭院家具、户外设备或地毯。2020年，该公司宣布了7个新履行中心的计划，包括佛罗里达州一个600,000平方英尺的设施、田纳西州一个855,000平方英尺的设施和德克萨斯州一个625,000平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是该公司凭借其广泛的物流网络在运输速度方面的优势的因素之一。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数人或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，公司的计划扩张将继续增强其物流网络并保持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了该公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，亚马逊的第三方商品销售总额预计将在过去5年的平均增长率为9%。此外，我们还预测，随着亚马逊继续扩大其履行能力以迎合第三方卖家，亚马逊的收入份额将从两年平均水平的27.3%增长1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的60%至75%之间，低于AWS的80%，但仍高于公司的整体毛利率37%由于与占总销售额60%的销售成本相关的高成本。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“a”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额('b')</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊商城）GMV('c')</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>佔收入百分比（“d”）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（“e”）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C=A × B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E=C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS按数据量增长增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有Netflix(NFLX)、Verizon(VZ)、Capital One(COF)、麦当劳(MCD)等著名大客户。2020年AWS收入强劲增长29.5%，占据云基础设施市场31.8%的市场份额。自近20年前推出以来，它多年来已发展成为市场领导者，尽管竞争日益激烈，尤其是来自微软(MSFT)和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>到2025年，全球数据量将增长23%，这支撑了云基础设施市场的快速增长，因为随着数据分析、5G和物联网的兴起，世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen投资</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长基于到2025年数据量以23%的CAGR增长，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>*A=B x C资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS，AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司通过新的客户关系强调了其对AWS的承诺，例如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，以构建基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用区，并计划再推出15个可用区来支持其云增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Canalys、Khaveen投资</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们基于市场份额预测假设来预测AWS的收入增长，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢削弱，但在利用AWS的稳固大客户关系的支持下仍保持其市场领先地位。根据到2023年30.7%的市场份额预测，我们预计AWS收入将增长至815亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然AWS仅占其总收入的11%，但与其他公司部门的2.8%相比，其29%的高利润率使AWS在2020年占营业收入的59%，这凸显了AWS对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断和数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党的报告称，亚马逊一直被指控不公平地从第三方卖家那里获取数据和信息，该公司在美国的电子商务市场份额约为40%。由于卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取额外费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，由众议院议员组成的两党小组正在推动包括亚马逊在内的大型科技公司在一系列广泛的反垄断改革下对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊遭受了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临8.88亿美元的罚款。亚马逊被指控违反了欧盟的通用数据保护条例（GDPR）。GDPR允许罚款高达亚马逊收入的4%，公布的数字显示，这约占亚马逊2020年213亿美元收入的4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其利润率不断上升，因为由于其利润率更高的云业务的卓越增长，其净利润率也有所上升。AWS部门的营业利润率高达29.6%，而其余业务部门的营业利润率为2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有良好且强大的现金产生能力，过去5年的平均自由现金流利润率为3.01%。2017年，由于以137亿美元收购Whole Foods，其自由现金流利润率下降。其现金流的优势在于利润率的上升，因为其利润更高的AWS业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其偿还债务的强大能力。2020年其净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着AWS的卓越增长，其盈利能力不断提高，其比率在过去5年中从32倍稳步上升。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了DCF估值，因为该公司过去拥有正的自由现金流。基于可比公司，我们得到的行业平均EV/EBITDA为27.64倍，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（父亲）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46 x</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52 x</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS和其他的收入细分总结如下。网上商店预测源自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售额增长率预测。零售第三方卖家服务来自其在整个电子商务市场中的第三方卖家GMV份额，并假设其从佣金和相关费用中获得%的收入。基于不断增长的数据量预测，AWS收入来自云市场增长。其他细分市场基于其平均3年增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，并从2027年的12.3%逐步下调，到2030年每年下降2%，因为我们预计电子商务和云计算市场将更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>在线商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>资料来源：亚马逊、Khaveen投资</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于12.7%的贴现率（公司的WACC），我们的模型显示上涨空间为36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了该公司的主要增长动力，即在线零售、第三方卖家服务和AWS。虽然加速增长最终结束，但作为电子商务领域成熟且占主导地位的市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为转向电子商务，电子商务销售额占零售总额的百分比预计将继续上升，预计到2023年将达到22%。该公司的Prime会员为其提供了大约占美国人口一半的忠实客户群。此外，另一个关键优势是其庞大的物流和运输网络，亚马逊FBA在其在线市场上看到第三方卖家的持续增长。最后，在可预见的未来，AWS仍然是明显的市场领导者，与大型企业客户有着密切的关系，管理层也不断致力于满足该细分市场不断增长的基础设施需求。因此，尽管预计2021年增长正常化，但我们认为其前景继续受到电子商务和云计算市场不断增长的提振，并将我们的增长率预测修正为2021年的15.8%，随后修正为2020年的22%。总体而言，我们将该股评级为<i>购买</i>目标价格为<i>$4,363.96.</i></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>Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth<blockquote>亚马逊：随着转向电子商务和云增长，股票仍然具有吸引力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-08 11:34</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>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>  <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>  <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>  <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>公司2020年收入增长超出我们预期，我们将其增长率预测修正为15.8%。</li><li>尽管在经历了强劲活动的辉煌一年后，增长正在放缓，但该公司仍有望从电子商务转变中受益，预计零售渗透率为22%。</li><li>在可预见的未来，AWS预计仍将是第一大市场领导者。</li><li>我们使用DCF分析修改了估值，从3,358.73美元获得了4,303.18美元的新目标价。</li></ul><p class=\"t-img-caption\"><span>4kodiak/iStock未通过Getty Images发布</span></p></blockquote></p><p> Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p><p><blockquote>自我们上次报道以来，亚马逊公司(AMZN)的股价已上涨26%，超出了我们24.5%的收入增长预期，并在2020年底上涨了37.6%，其在线零售业务增长了40%，达到近2000亿美元，第三方服务800亿美元。在本次分析中，我们重新审视了其主要增长动力，即在线零售、第三方服务和AWS。</blockquote></p><p> Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p><p><blockquote>尽管第二季度网上商店销售额增长疲软13%，第三季度同比指引中点疲软13%，表明增长正常化的迹象，但电子商务市场的长期增长前景仍然具有吸引力。亚马逊已确立市场地位的在线零售。随着越来越多的消费者将购买行为转移到网上，预计到2023年，电子商务的份额将从2020年的18%达到22%。我们相信，亚马逊稳固的市场地位、作为忠实客户的庞大Prime会员基础以及坚实的物流和运输网络为其提供了优势，正如其与第三方卖家的电子商务市场的崛起所证明的那样。此外，在可预见的未来，其云业务预计仍将是云基础设施市场的市场领导者，持续致力于增长并以不断增长的数据量为基础。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p><p><blockquote><b>尽管增长正常化，电子商务销售前景仍然有吸引力</b></blockquote></p><p> Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p><p><blockquote>亚马逊的在线商店销售额在2020年从上一年的14.8%飙升了40%，因为它受益于对实体零售商的长期封锁和限制，加速了向电子商务的采用。然而，尽管2021年第二季度在线商店增长同比放缓13%，而第一季度为41%，但我们相信该公司将继续受益于电子商务采用率不断上升的长期推动力。</blockquote></p><p> According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p><p><blockquote>根据eMarketer的数据，随着消费者继续转向在线购买，电子商务销售额的份额预计将达到全球零售额的22%。随着全球疫苗接种运动和商业限制的放松，全球零售额预计将反弹7.2%。因此，2021年电子商务销售额预测为10.2%，较2019年的27.6%实现正常化增长，渗透率从去年的14%飙升至18%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Global E-Commerce Market ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>全球电子商务市场（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Global Retail Sales ('a')</p><p><blockquote><tr><td>全球零售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = C x A</i></p><p><blockquote><i>*B=C x A</i></blockquote></p><p> <i>Source: Statista, eMarketer, Khaveen Investments</i></p><p><blockquote><i>来源：Statista、eMarketer、Khaveen Investments</i></blockquote></p><p></p><p> Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p><p><blockquote>亚马逊既定的市场定位是其利用市场增长的额外竞争优势。更具体地说，很难在价格、选择和便利性等关键标准上赢得公司的支持。显然，该公司的Prime会员在2020年继续增长15%，达到1.425亿会员，约占美国人口的43%。这表明忠实客户对该公司具有强大的吸引力，为其提供了庞大的安装基础。通过Prime会员，也推动消费者购买更多，以获得各种福利。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Backlinko</span></p></blockquote></p><p> In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p><p><blockquote>除了Prime会员之外，该公司还能够持续吸引卖家到其平台，自2017年以来新增卖家330万人，即每天3,718人。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已确立了自己作为市场主导者的地位，并在电子商务销售方面远远领先于第二接近的竞争对手。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：营销图表</span></p></blockquote></p><p> Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p><p><blockquote>如下表所示，其在不同产品类别和市场中的市场领导地位相当广泛。例如，其消费品和消费电子产品销售额是最大的产品类别，占美国电子商务总销售额的50.2%，占零售总额的26.7%。其次是服装和配饰、书籍、音乐和视频以及家具和家居用品，分别占电子商务销售额的32%、83.2%和34.2%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：eMarketer</span></p></blockquote></p><p> Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌(GOOG)和苹果(AAPL)，并继续通过新一代产品和软件更新来开发该产品。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据Echo产品系列103美元的平均价格，我们估计其智能扬声器销售收入约为39.4亿美元，约占其在线商店收入的2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的不断增长，我们预计这一产品广度将继续扩大，并通过产品多样性为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有成熟的客户群和忠诚的Prime会员生态系统，以及在各种关键产品类别中拥有广泛的市场领导地位和广泛的产品广度的庞大卖家基础，以支持其长期增长。我们预测其在线商店增长是基于我们对其市场份额的预期（基于全球电子商务销售额的5年平均值）为4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊在线商店（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Total Retail Sales ('a')</p><p><blockquote><tr><td>零售销售总额（“a”）</td></tr></blockquote></p><p></td>    <td>21,453</p><p><blockquote><td>21,453</td></blockquote></p><p></td>    <td>22,904</p><p><blockquote><td>22,904</td></blockquote></p><p></td>    <td>23,560</p><p><blockquote><td>23,560</td></blockquote></p><p></td>    <td>24,780</p><p><blockquote><td>24,780</td></blockquote></p><p></td>    <td>23,778</p><p><blockquote><td>23,778</td></blockquote></p><p></td>    <td>25,490</p><p><blockquote><td>25,490</td></blockquote></p><p></td>    <td>27,172</p><p><blockquote><td>27,172</td></blockquote></p><p></td>    <td>28,395</p><p><blockquote><td>28,395</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>2.6%</p><p><blockquote><td>2.6%</td></blockquote></p><p></td>    <td>6.8%</p><p><blockquote><td>6.8%</td></blockquote></p><p></td>    <td>2.9%</p><p><blockquote><td>2.9%</td></blockquote></p><p></td>    <td>5.2%</p><p><blockquote><td>5.2%</td></blockquote></p><p></td>    <td>-4.0%</p><p><blockquote><td>-4.0%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail E-commerce Sales ('b')</p><p><blockquote><tr><td>零售电子商务销售额（“b”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Penetration Rate ('c')</b></p><p><blockquote><tr><td><b>渗透率（“c”）</b></td></tr></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12%</p><p><blockquote><td>12%</td></blockquote></p><p></td>    <td>14%</p><p><blockquote><td>14%</td></blockquote></p><p></td>    <td>18%</p><p><blockquote><td>18%</td></blockquote></p><p></td>    <td>19%</p><p><blockquote><td>19%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>    <td>22%</p><p><blockquote><td>22%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>16.2%</p><p><blockquote><td>16.2%</td></blockquote></p><p></td>    <td>20.9%</p><p><blockquote><td>20.9%</td></blockquote></p><p></td>    <td>17.3%</p><p><blockquote><td>17.3%</td></blockquote></p><p></td>    <td>11.5%</p><p><blockquote><td>11.5%</td></blockquote></p><p></td>    <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td>    <td>2.8%</p><p><blockquote><td>2.8%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>10.0%</p><p><blockquote><td>10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Revenues ('d')</p><p><blockquote><tr><td>亚马逊在线商店收入('d')</td></tr></blockquote></p><p></td>    <td>91.43</p><p><blockquote><td>91.43</td></blockquote></p><p></td>    <td>108.35</p><p><blockquote><td>108.35</td></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>18.5%</p><p><blockquote><td>18.5%</td></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Online Stores Market Share ('e')</p><p><blockquote><tr><td>亚马逊在线商店市场份额('e')</td></tr></blockquote></p><p></td>    <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.1%</p><p><blockquote><td>4.1%</td></blockquote></p><p></td>    <td>4.2%</p><p><blockquote><td>4.2%</td></blockquote></p><p></td>    <td>4.6%</p><p><blockquote><td>4.6%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>    <td>4.5%</p><p><blockquote><td>4.5%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>* B = A x C</i></p><p><blockquote><i>*B=A x C</i></blockquote></p><p> <i>*D = B x E</i></p><p><blockquote><i>*D=B x E</i></blockquote></p><p> <i>Source: Statista, Khaveen Investments</i></p><p><blockquote><i>资料来源：Statista、Khaveen投资</i></blockquote></p><p> <b>The Rise of Third-party Seller Services</b></p><p><blockquote><b>第三方卖家服务的兴起</b></blockquote></p><p> Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p><p><blockquote>该公司的另一个主要优势是其物流和运输业务，这已成为一条难以逾越的护城河，很少有其他公司拥有资源或能力与之匹敌，亚马逊与该国大多数主要送货提供商合作。通过利用其强大的网络，它提供的计划使卖家能够通过其市场销售产品并通过公司履行订单。</blockquote></p><p> With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p><p><blockquote>通过亚马逊物流（“FBA”），第三方卖家在亚马逊的运营中心存储产品，并为这些产品挑选、包装、运输和提供客户服务。亚马逊不是卖家，但从主要由中小型企业组成的第三方卖家的安排中赚取佣金以及相关的履行和运输费用，包括库存管理、支付处理、货件跟踪和报告。</blockquote></p><p> Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p><p><blockquote>作为第三方卖家在亚马逊上销售是卖家越来越受欢迎的选择。它最终提供了更大的灵活性和控制力、更强大的品牌影响力和更好的数据访问。在过去的几年里，亚马逊上第三方卖家的崛起，第三方销售额占其商品总销售额的比例不断上升，达到总销售额的62%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：FourWeekMBA</span></p></blockquote></p><p> The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p><p><blockquote>下图进一步说明了亚马逊庞大的物流和运输网络。其履行中心网络是其增强物流和运输流程的几种方式之一，与联邦快递和UPS竞争，并且一直在加大力度推出其交付网络以及不断增长的飞机、无人机和货车机队。亚马逊自己的物流业务在美国运送了19亿个包裹。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：WebFX</span></p></blockquote></p><p> Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p><p><blockquote>此外，其广泛的物流和运输覆盖范围在美国拥有100多个活跃仓库，其中加利福尼亚州、德克萨斯州和新泽西州的设施数量最多。此外，它正在南部大力扩张，规划仓库数量最多。例如，即将于2021年在密苏里州开设一个100万平方英尺的履行中心，员工将在那里包装和运输大型客户物品，如庭院家具、户外设备或地毯。2020年，该公司宣布了7个新履行中心的计划，包括佛罗里达州一个600,000平方英尺的设施、田纳西州一个855,000平方英尺的设施和德克萨斯州一个625,000平方英尺的履行中心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CNBC</span></p></blockquote></p><p> Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p><p><blockquote>总体而言，这些都是该公司凭借其广泛的物流网络在运输速度方面的优势的因素之一。该公司因其快速运输而非常受欢迎，甚至为Prime会员提供免费的两天甚至当天运输计划。根据下面的调查，大多数人或80%的人认为快速和免费送货是选择亚马逊的主要原因。我们相信，公司的计划扩张将继续增强其物流网络并保持其在客户中的受欢迎程度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p></p><p> We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p><p><blockquote>我们预测了该公司的零售第三方卖家服务收入，其中包括来自第三方卖家销售的履行服务相关收入。随着第三方销售在其市场上越来越受欢迎，亚马逊的第三方商品销售总额预计将在过去5年的平均增长率为9%。此外，我们还预测，随着亚马逊继续扩大其履行能力以迎合第三方卖家，亚马逊的收入份额将从两年平均水平的27.3%增长1%。这一趋势也被认为对公司的利润率扩张具有重要意义，因为第三方卖家服务的毛利率估计在销售额的60%至75%之间，低于AWS的80%，但仍高于公司的整体毛利率37%由于与占总销售额60%的销售成本相关的高成本。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Third-Party Seller Services Revenues ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>第三方卖家服务收入（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2016</b></p><p><blockquote><td><b>2016</b></td></blockquote></p><p></td>    <td><b>2017</b></p><p><blockquote><td><b>2017</b></td></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Global Retail E-commerce Sales ('a')</p><p><blockquote><tr><td>全球零售电子商务销售额（“a”）</td></tr></blockquote></p><p></td>    <td>1,845</p><p><blockquote><td>1,845</td></blockquote></p><p></td>    <td>2,382</p><p><blockquote><td>2,382</td></blockquote></p><p></td>    <td>2,982</p><p><blockquote><td>2,982</td></blockquote></p><p></td>    <td>3,354</p><p><blockquote><td>3,354</td></blockquote></p><p></td>    <td>4,280</p><p><blockquote><td>4,280</td></blockquote></p><p></td>    <td>4,716</p><p><blockquote><td>4,716</td></blockquote></p><p></td>    <td>5,434</p><p><blockquote><td>5,434</td></blockquote></p><p></td>    <td>6,247</p><p><blockquote><td>6,247</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>29.1%</p><p><blockquote><td>29.1%</td></blockquote></p><p></td>    <td>25.2%</p><p><blockquote><td>25.2%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>10.2%</p><p><blockquote><td>10.2%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon Third Party Market Share ('b')</p><p><blockquote><tr><td>亚马逊第三方市场份额('b')</td></tr></blockquote></p><p></td>    <td>5.6%</p><p><blockquote><td>5.6%</td></blockquote></p><p></td>    <td>5.5%</p><p><blockquote><td>5.5%</td></blockquote></p><p></td>    <td>5.4%</p><p><blockquote><td>5.4%</td></blockquote></p><p></td>    <td>6.0%</p><p><blockquote><td>6.0%</td></blockquote></p><p></td>    <td>6.9%</p><p><blockquote><td>6.9%</td></blockquote></p><p></td>    <td>7.5%</p><p><blockquote><td>7.5%</td></blockquote></p><p></td>    <td>8.1%</p><p><blockquote><td>8.1%</td></blockquote></p><p></td>    <td>8.9%</p><p><blockquote><td>8.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>21%</p><p><blockquote><td>21%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>-2%</p><p><blockquote><td>-2%</td></blockquote></p><p></td>    <td>11%</p><p><blockquote><td>11%</td></blockquote></p><p></td>    <td>16%</p><p><blockquote><td>16%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>    <td>9%</p><p><blockquote><td>9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Third-party (Amazon marketplace) GMV ('c')</p><p><blockquote><tr><td>第三方（亚马逊商城）GMV('c')</td></tr></blockquote></p><p></td>    <td>103</p><p><blockquote><td>103</td></blockquote></p><p></td>    <td>130</p><p><blockquote><td>130</td></blockquote></p><p></td>    <td>160</p><p><blockquote><td>160</td></blockquote></p><p></td>    <td>200</p><p><blockquote><td>200</td></blockquote></p><p></td>    <td>295</p><p><blockquote><td>295</td></blockquote></p><p></td>    <td>353</p><p><blockquote><td>353</td></blockquote></p><p></td>    <td>443</p><p><blockquote><td>443</td></blockquote></p><p></td>    <td>553</p><p><blockquote><td>553</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>26.2%</p><p><blockquote><td>26.2%</td></blockquote></p><p></td>    <td>23.1%</p><p><blockquote><td>23.1%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>    <td>47.5%</p><p><blockquote><td>47.5%</td></blockquote></p><p></td>    <td>19.8%</p><p><blockquote><td>19.8%</td></blockquote></p><p></td>    <td>25.3%</p><p><blockquote><td>25.3%</td></blockquote></p><p></td>    <td>25.0%</p><p><blockquote><td>25.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>% Of Revenues ('d')</p><p><blockquote><tr><td>佔收入百分比（“d”）</td></tr></blockquote></p><p></td>    <td>22.3%</p><p><blockquote><td>22.3%</td></blockquote></p><p></td>    <td>24.5%</p><p><blockquote><td>24.5%</td></blockquote></p><p></td>    <td>26.7%</p><p><blockquote><td>26.7%</td></blockquote></p><p></td>    <td>26.9%</p><p><blockquote><td>26.9%</td></blockquote></p><p></td>    <td>27.3%</p><p><blockquote><td>27.3%</td></blockquote></p><p></td>    <td>27.6%</p><p><blockquote><td>27.6%</td></blockquote></p><p></td>    <td>27.8%</p><p><blockquote><td>27.8%</td></blockquote></p><p></td>    <td>28.1%</p><p><blockquote><td>28.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>9.9%</p><p><blockquote><td>9.9%</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>    <td>0.6%</p><p><blockquote><td>0.6%</td></blockquote></p><p></td>    <td>1.5%</p><p><blockquote><td>1.5%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>    <td>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services revenues ('e')</p><p><blockquote><tr><td>零售第三方卖家服务收入（“e”）</td></tr></blockquote></p><p></td>    <td>22.99</p><p><blockquote><td>22.99</td></blockquote></p><p></td>    <td>31.88</p><p><blockquote><td>31.88</td></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>38.7%</p><p><blockquote><td>38.7%</td></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>*C = A x B</i></p><p><blockquote><i>*C=A × B</i></blockquote></p><p> <i>*E = C x D</i></p><p><blockquote><i>*E=C x D</i></blockquote></p><p> <i>Source: Amazon, Statista, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Statista、Khaveen Investments</i></blockquote></p><p> <b>AWS Growth by Data Volume Growth</b></p><p><blockquote><b>AWS按数据量增长增长</b></blockquote></p><p> Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p><p><blockquote>该公司的另一个关键增长领域是云计算，拥有Netflix(NFLX)、Verizon(VZ)、Capital One(COF)、麦当劳(MCD)等著名大客户。2020年AWS收入强劲增长29.5%，占据云基础设施市场31.8%的市场份额。自近20年前推出以来，它多年来已发展成为市场领导者，尽管竞争日益激烈，尤其是来自微软(MSFT)和谷歌的市场份额超过了亚马逊的增长，但它似乎将在可预见的未来维持现状。</blockquote></p><p> The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p><p><blockquote>到2025年，全球数据量将增长23%，这支撑了云基础设施市场的快速增长，因为随着数据分析、5G和物联网的兴起，世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上刺激了数据创建的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista、Khaveen投资</span></p></blockquote></p><p> We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p><p><blockquote>我们预测云基础设施市场的增长基于到2025年数据量以23%的CAGR增长，平均云基础设施/数据增长系数为1.72。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>*A=B x C资料来源：Statista、Khaveen Investments</span></p></blockquote></p><p> Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p><p><blockquote>因此，尽管随着微软等竞争对手的增长速度超过AWS，AWS的市场份额趋于稳定，但我们仍然相信随着数据量的增长，云基础设施市场存在巨大机遇。更不用说，该公司通过新的客户关系强调了其对AWS的承诺，例如世界各地的主要体育联盟，包括国家曲棍球联盟、PGA巡回赛、一级方程式赛车和德国德甲联赛。此外，它最近还宣布与Dish Network建立合作关系，以构建基于云的5G基础设施，并将扩大其在以色列和阿拉伯联合酋长国的数据中心足迹。它目前在25个地理区域提供80个可用区，并计划再推出15个可用区来支持其云增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Canalys、Khaveen投资</span></p></blockquote></p><p> All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p><p><blockquote>总而言之，我们基于市场份额预测假设来预测AWS的收入增长，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢削弱，但在利用AWS的稳固大客户关系的支持下仍保持其市场领先地位。根据到2023年30.7%的市场份额预测，我们预计AWS收入将增长至815亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ bln)</p><p><blockquote><tr><td>AWS收入（十亿美元）</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Canalys, Khaveen Investments</i></p><p><blockquote><i>来源：亚马逊、Canalys、Khaveen Investments</i></blockquote></p><p> While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p><p><blockquote>虽然AWS仅占其总收入的11%，但与其他公司部门的2.8%相比，其29%的高利润率使AWS在2020年占营业收入的59%，这凸显了AWS对其利润的重要性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：亚马逊</span></p></blockquote></p><p> <b>Antimonopoly and Data Privacy Fine Risk</b></p><p><blockquote><b>反垄断和数据隐私罚款风险</b></blockquote></p><p> Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p><p><blockquote>民主党的报告称，亚马逊一直被指控不公平地从第三方卖家那里获取数据和信息，该公司在美国的电子商务市场份额约为40%。由于卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取额外费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，由众议院议员组成的两党小组正在推动包括亚马逊在内的大型科技公司在一系列广泛的反垄断改革下对其商业行为进行彻底改革，这将使占主导地位的平台更难完成合并，并禁止它们拥有存在明显利益冲突的业务。</blockquote></p><p> Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p><p><blockquote>而在欧盟，亚马逊遭受了迄今为止最大的GDPR罚款。欧盟正在超越数据泄露，专注于数据实践。亚马逊因违反欧盟数据保护规则而面临8.88亿美元的罚款。亚马逊被指控违反了欧盟的通用数据保护条例（GDPR）。GDPR允许罚款高达亚马逊收入的4%，公布的数字显示，这约占亚马逊2020年213亿美元收入的4.2%。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p><p><blockquote>该公司过去5年的平均收入增长率为29.4%，平均毛利率和净利润率分别为38.6%和3.5%。该公司的优势在于其利润率不断上升，因为由于其利润率更高的云业务的卓越增长，其净利润率也有所上升。AWS部门的营业利润率高达29.6%，而其余业务部门的营业利润率为2.8%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p></p><p> More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p><p><blockquote>更重要的是，该公司拥有良好且强大的现金产生能力，过去5年的平均自由现金流利润率为3.01%。2017年，由于以137亿美元收购Whole Foods，其自由现金流利润率下降。其现金流的优势在于利润率的上升，因为其利润更高的AWS业务比其他部门表现出更高的增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚马逊、Khaveen投资</span></p></blockquote></p><p> The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p><p><blockquote>该公司的资产负债表实力在于其偿还债务的强大能力。2020年其净债务为1130亿美元，2020年EBITDA/利息覆盖率为44倍。随着AWS的卓越增长，其盈利能力不断提高，其比率在过去5年中从32倍稳步上升。</blockquote></p><p> To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p><p><blockquote>为了对亚马逊进行估值，我们使用了DCF估值，因为该公司过去拥有正的自由现金流。基于可比公司，我们得到的行业平均EV/EBITDA为27.64倍，如下表所示。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></p><p><blockquote><table><tbody><tr><td><b>公司</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>EV/EBITDA</b></p><p><blockquote><td><b>EV/EBITDA</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Amazon</p><p><blockquote><tr><td>亚马逊</td></tr></blockquote></p><p></td>    <td>28.57x</p><p><blockquote><td>28.57 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（父亲）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Microsoft</p><p><blockquote><tr><td>微软</td></tr></blockquote></p><p></td>    <td>25.89x</p><p><blockquote><td>25.89 x</td></blockquote></p><p></td>   </tr>   <tr>    <td>Google</p><p><blockquote><tr><td>谷歌</td></tr></blockquote></p><p></td>    <td>22.46x</p><p><blockquote><td>22.46 x</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Average</b></p><p><blockquote><tr><td><b>均值</b></td></tr></blockquote></p><p></td>    <td><b>24.52x</b></p><p><blockquote><td><b>24.52 x</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>来源：SeekingAlpha</i></blockquote></p><p> The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p><p><blockquote>收入增长预测根据其在线商店、实体店、零售第三方卖家服务、订阅服务、AWS和其他的收入细分总结如下。网上商店预测源自其对电子商务市场预测增长的市场份额假设，而实体店销售则基于2021年7.2%的零售额增长率预测。零售第三方卖家服务来自其在整个电子商务市场中的第三方卖家GMV份额，并假设其从佣金和相关费用中获得%的收入。基于不断增长的数据量预测，AWS收入来自云市场增长。其他细分市场基于其平均3年增长率。2023年之后，我们下调了增长预测，到2027年，电子商务和云计算市场的加权复合年增长率为14.2%，并从2027年的12.3%逐步下调，到2030年每年下降2%，因为我们预计电子商务和云计算市场将更加成熟。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Revenue Projections ($ bln)</b></p><p><blockquote><table><tbody><tr><td><b>亚马逊收入预测（十亿美元）</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>Online stores</p><p><blockquote><tr><td>在线商店</td></tr></blockquote></p><p></td>    <td>122.99</p><p><blockquote><td>122.99</td></blockquote></p><p></td>    <td>141.25</p><p><blockquote><td>141.25</td></blockquote></p><p></td>    <td>197.35</p><p><blockquote><td>197.35</td></blockquote></p><p></td>    <td>211.74</p><p><blockquote><td>211.74</td></blockquote></p><p></td>    <td>244.02</p><p><blockquote><td>244.02</td></blockquote></p><p></td>    <td>280.50</p><p><blockquote><td>280.50</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>13.5%</p><p><blockquote><td>13.5%</td></blockquote></p><p></td>    <td>14.8%</p><p><blockquote><td>14.8%</td></blockquote></p><p></td>    <td>39.7%</p><p><blockquote><td>39.7%</td></blockquote></p><p></td>    <td>7.3%</p><p><blockquote><td>7.3%</td></blockquote></p><p></td>    <td>15.2%</p><p><blockquote><td>15.2%</td></blockquote></p><p></td>    <td>15.0%</p><p><blockquote><td>15.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Physical stores</p><p><blockquote><tr><td>实体店</td></tr></blockquote></p><p></td>    <td>17.22</p><p><blockquote><td>17.22</td></blockquote></p><p></td>    <td>17.19</p><p><blockquote><td>17.19</td></blockquote></p><p></td>    <td>16.23</p><p><blockquote><td>16.23</td></blockquote></p><p></td>    <td>17.40</p><p><blockquote><td>17.40</td></blockquote></p><p></td>    <td>18.55</p><p><blockquote><td>18.55</td></blockquote></p><p></td>    <td>19.38</p><p><blockquote><td>19.38</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>196.9%</p><p><blockquote><td>196.9%</td></blockquote></p><p></td>    <td>-0.2%</p><p><blockquote><td>-0.2%</td></blockquote></p><p></td>    <td>-5.6%</p><p><blockquote><td>-5.6%</td></blockquote></p><p></td>    <td>7.20%</p><p><blockquote><td>7.20%</td></blockquote></p><p></td>    <td>6.60%</p><p><blockquote><td>6.60%</td></blockquote></p><p></td>    <td>4.50%</p><p><blockquote><td>4.50%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Retail third-party seller services</p><p><blockquote><tr><td>零售第三方卖家服务</td></tr></blockquote></p><p></td>    <td>42.75</p><p><blockquote><td>42.75</td></blockquote></p><p></td>    <td>53.76</p><p><blockquote><td>53.76</td></blockquote></p><p></td>    <td>80.46</p><p><blockquote><td>80.46</td></blockquote></p><p></td>    <td>97.37</p><p><blockquote><td>97.37</td></blockquote></p><p></td>    <td>123.25</p><p><blockquote><td>123.25</td></blockquote></p><p></td>    <td>155.61</p><p><blockquote><td>155.61</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>34.1%</p><p><blockquote><td>34.1%</td></blockquote></p><p></td>    <td>25.8%</p><p><blockquote><td>25.8%</td></blockquote></p><p></td>    <td>49.7%</p><p><blockquote><td>49.7%</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>    <td>26.6%</p><p><blockquote><td>26.6%</td></blockquote></p><p></td>    <td>26.3%</p><p><blockquote><td>26.3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Subscription services</p><p><blockquote><tr><td>订阅服务</td></tr></blockquote></p><p></td>    <td>14.17</p><p><blockquote><td>14.17</td></blockquote></p><p></td>    <td>19.21</p><p><blockquote><td>19.21</td></blockquote></p><p></td>    <td>25.21</p><p><blockquote><td>25.21</td></blockquote></p><p></td>    <td>34.67</p><p><blockquote><td>34.67</td></blockquote></p><p></td>    <td>47.68</p><p><blockquote><td>47.68</td></blockquote></p><p></td>    <td>65.58</p><p><blockquote><td>65.58</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>35.6%</p><p><blockquote><td>35.6%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>    <td>37.5%</p><p><blockquote><td>37.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS</p><p><blockquote><tr><td>AWS</td></tr></blockquote></p><p></td>    <td>25.66</p><p><blockquote><td>25.66</td></blockquote></p><p></td>    <td>35.03</p><p><blockquote><td>35.03</td></blockquote></p><p></td>    <td>45.37</p><p><blockquote><td>45.37</td></blockquote></p><p></td>    <td>54.58</p><p><blockquote><td>54.58</td></blockquote></p><p></td>    <td>66.81</p><p><blockquote><td>66.81</td></blockquote></p><p></td>    <td>81.52</p><p><blockquote><td>81.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>47.0%</p><p><blockquote><td>47.0%</td></blockquote></p><p></td>    <td>36.5%</p><p><blockquote><td>36.5%</td></blockquote></p><p></td>    <td>29.5%</p><p><blockquote><td>29.5%</td></blockquote></p><p></td>    <td>20.3%</p><p><blockquote><td>20.3%</td></blockquote></p><p></td>    <td>22.4%</p><p><blockquote><td>22.4%</td></blockquote></p><p></td>    <td>22.0%</p><p><blockquote><td>22.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Other</p><p><blockquote><tr><td>其他的</td></tr></blockquote></p><p></td>    <td>10.11</p><p><blockquote><td>10.11</td></blockquote></p><p></td>    <td>14.09</p><p><blockquote><td>14.09</td></blockquote></p><p></td>    <td>21.45</p><p><blockquote><td>21.45</td></blockquote></p><p></td>    <td>31.27</p><p><blockquote><td>31.27</td></blockquote></p><p></td>    <td>45.60</p><p><blockquote><td>45.60</td></blockquote></p><p></td>    <td>66.48</p><p><blockquote><td>66.48</td></blockquote></p><p></td>   </tr>   <tr>    <td>Growth %</p><p><blockquote><tr><td>增长%</td></tr></blockquote></p><p></td>    <td>117.4%</p><p><blockquote><td>117.4%</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>    <td>52.2%</p><p><blockquote><td>52.2%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>    <td>45.8%</p><p><blockquote><td>45.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total</b></p><p><blockquote><tr><td><b>总的</b></td></tr></blockquote></p><p></td>    <td><b>232.9</b></p><p><blockquote><td><b>232.9</b></td></blockquote></p><p></td>    <td><b>280.53</b></p><p><blockquote><td><b>280.53</b></td></blockquote></p><p></td>    <td><b>386.07</b></p><p><blockquote><td><b>386.07</b></td></blockquote></p><p></td>    <td><b>447.0</b></p><p><blockquote><td><b>447.0</b></td></blockquote></p><p></td>    <td><b>545.9</b></p><p><blockquote><td><b>545.9</b></td></blockquote></p><p></td>    <td><b>669.1</b></p><p><blockquote><td><b>669.1</b></td></blockquote></p><p></td>   </tr>   <tr>    <td><b>Total Growth %</b></p><p><blockquote><tr><td><b>总增长%</b></td></tr></blockquote></p><p></td>    <td><b>30.9%</b></p><p><blockquote><td><b>30.9%</b></td></blockquote></p><p></td>    <td><b>20.5%</b></p><p><blockquote><td><b>20.5%</b></td></blockquote></p><p></td>    <td><b>37.6%</b></p><p><blockquote><td><b>37.6%</b></td></blockquote></p><p></td>    <td><b>15.8%</b></p><p><blockquote><td><b>15.8%</b></td></blockquote></p><p></td>    <td><b>22.1%</b></p><p><blockquote><td><b>22.1%</b></td></blockquote></p><p></td>    <td><b>22.6%</b></p><p><blockquote><td><b>22.6%</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: Amazon, Khaveen Investments</i></p><p><blockquote><i>资料来源：亚马逊、Khaveen投资</i></blockquote></p><p> Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p><p><blockquote>基于12.7%的贴现率（公司的WACC），我们的模型显示上涨空间为36.9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：卡文投资</span></p></blockquote></p><p> <b>Verdict</b></p><p><blockquote><b>裁决</b></blockquote></p><p> In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></p><p><blockquote>总之，我们分析了该公司的主要增长动力，即在线零售、第三方卖家服务和AWS。虽然加速增长最终结束，但作为电子商务领域成熟且占主导地位的市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为转向电子商务，电子商务销售额占零售总额的百分比预计将继续上升，预计到2023年将达到22%。该公司的Prime会员为其提供了大约占美国人口一半的忠实客户群。此外，另一个关键优势是其庞大的物流和运输网络，亚马逊FBA在其在线市场上看到第三方卖家的持续增长。最后，在可预见的未来，AWS仍然是明显的市场领导者，与大型企业客户有着密切的关系，管理层也不断致力于满足该细分市场不断增长的基础设施需求。因此，尽管预计2021年增长正常化，但我们认为其前景继续受到电子商务和云计算市场不断增长的提振，并将我们的增长率预测修正为2021年的15.8%，随后修正为2020年的22%。总体而言，我们将该股评级为<i>购买</i>目标价格为<i>$4,363.96.</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143120804","content_text":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.\nAWS is expected to remain as the number 1 market leader for the foreseeable future.\nWe revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.\n\n4kodiak/iStock Unreleased via Getty Images\nSince our previous coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.\nDespite the softness in Q2 of its online store sales growth of 13% and soft Q3 guidance of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.\nSource: Amazon\nE-commerce Sales Outlook Still Attractive Despite Normalizing Growth\nAmazon's online store sales have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.\nAccording to eMarketer, the share of e-commerce sales is forecasted to reach 22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.\n\n\n\nGlobal E-Commerce Market ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Global Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\n\n* B = C x A\nSource: Statista, eMarketer, Khaveen Investments\nAmazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.\nSource: Backlinko\nIn addition to Prime members, the company has been able to consistently attract sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.\nSource: Marketing Charts\nIts market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer & consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel & accessories, books music & video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.\nSource: eMarketer\nAmong the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having purchased electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software updates. In 2020, the company shipped over 38 mln smart speaker units and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average price of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.\nAll in all, the company has a massive product breadth of 12 mln products excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.\nThus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.\n\n\n\nAmazon Online Stores ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\nGrowth %\n16.2%\n20.9%\n17.3%\n11.5%\n32.4%\n2.8%\n8.1%\n10.0%\n\n\nAmazon Online Stores Revenues ('d')\n91.43\n108.35\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n18.5%\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nAmazon Online Stores Market Share ('e')\n5.0%\n4.5%\n4.1%\n4.2%\n4.6%\n4.5%\n4.5%\n4.5%\n\n\n\n* B = A x C\n*D = B x E\nSource: Statista, Khaveen Investments\nThe Rise of Third-party Seller Services\nAnother major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.\nWith Fulfillment by Amazon ('FBA'), third party sellersstore products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.\nSelling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately provides more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising share of third-party sales as a % of its gross merchandise sales at 62% of total sales.\nSource: FourWeekMBA\nThe chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it enhances its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business delivered 1.9 bln packages in the US.\nSource: WebFX\nMoreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming opening of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it announced plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.\nSource: CNBC\nOverall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has free Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.\nSource: Statista\nWe forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which represents 60% of its total sales.\n\n\n\nThird-Party Seller Services Revenues ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nGlobal Retail E-commerce Sales ('a')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nAmazon Third Party Market Share ('b')\n5.6%\n5.5%\n5.4%\n6.0%\n6.9%\n7.5%\n8.1%\n8.9%\n\n\nGrowth %\n21%\n-2%\n-2%\n11%\n16%\n9%\n9%\n9%\n\n\nThird-party (Amazon marketplace) GMV ('c')\n103\n130\n160\n200\n295\n353\n443\n553\n\n\nGrowth %\n26.2%\n23.1%\n25.0%\n47.5%\n19.8%\n25.3%\n25.0%\n\n\n% Of Revenues ('d')\n22.3%\n24.5%\n26.7%\n26.9%\n27.3%\n27.6%\n27.8%\n28.1%\n\n\nGrowth %\n9.9%\n9.0%\n0.6%\n1.5%\n1.0%\n1.0%\n1.0%\n\n\nRetail third-party seller services revenues ('e')\n22.99\n31.88\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n38.7%\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\n\n*C = A x B\n*E = C x D\nSource: Amazon, Statista, Khaveen Investments\nAWS Growth by Data Volume Growth\nAnother key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.\nThe rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.\nSource: Statista, Khaveen Investments\nWe projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23% CAGR through 2025 at an average cloud infrastructure/data growth factor of 1.72.\n* A = B x C Source: Statista, Khaveen Investments\nThus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently announced a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.\nSource: Canalys, Khaveen Investments\nAll in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.\n\n\n\nAWS Forecasts\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nAWS Market Share\n32.6%\n32.3%\n31.8%\n31.2%\n31.0%\n30.7%\n\n\nAWS Revenues ($ bln)\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\n\nSource: Amazon, Canalys, Khaveen Investments\nWhile AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.\nSource: Amazon\nAntimonopoly and Data Privacy Fine Risk\nAmazon has been involved in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.\nWhereas in the European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.\nValuation\nThe company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.\nSource: Amazon, Khaveen Investments\nMore importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the acquisition of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.\nSource: Amazon, Khaveen Investments\nThe company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.\nTo value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nAmazon\n28.57x\n\n\nAlibaba (BABA)\n21.14x\n\n\nMicrosoft\n25.89x\n\n\nGoogle\n22.46x\n\n\nAverage\n24.52x\n\n\n\nSource: SeekingAlpha\nThe revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.\n\n\n\nAmazon Revenue Projections ($ bln)\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nOnline stores\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nPhysical stores\n17.22\n17.19\n16.23\n17.40\n18.55\n19.38\n\n\nGrowth %\n196.9%\n-0.2%\n-5.6%\n7.20%\n6.60%\n4.50%\n\n\nRetail third-party seller services\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\nSubscription services\n14.17\n19.21\n25.21\n34.67\n47.68\n65.58\n\n\nGrowth %\n45.8%\n35.6%\n31.2%\n37.5%\n37.5%\n37.5%\n\n\nAWS\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\nOther\n10.11\n14.09\n21.45\n31.27\n45.60\n66.48\n\n\nGrowth %\n117.4%\n39.4%\n52.2%\n45.8%\n45.8%\n45.8%\n\n\nTotal\n232.9\n280.53\n386.07\n447.0\n545.9\n669.1\n\n\nTotal Growth %\n30.9%\n20.5%\n37.6%\n15.8%\n22.1%\n22.6%\n\n\n\nSource: Amazon, Khaveen Investments\nBased on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.\nSource: Khaveen Investments\nVerdict\nIn conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as aBuywith a price target of$4,363.96.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893145994,"gmtCreate":1628250559018,"gmtModify":1631891549682,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893145994","repostId":"1164404696","repostType":4,"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158943984,"gmtCreate":1625126194948,"gmtModify":1633944520951,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158943984","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=zh_CN&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></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>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</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\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500取得了自互联网泡沫以来第二好的上半年成绩。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500上半年涨幅达到或超过10%已有14次。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500的上半年表现是自互联网泡沫以来第二好的。如果股市继续上涨，不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月接近尾声，标普500以14.4%的涨幅结束了2021年上半年。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>Covid-19疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济增长的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和美联储更加鹰派的结合引发了市场过于自满的担忧。如果通胀持续持续足够长的时间，央行可能会被迫以比市场预期更快的速度采取行动，并导致股市暴跌。其他人担心美国。经济增长放缓的速度可能快于投资者的预期，导致经济增长放缓。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年涨幅达到或超过10%的有14次，下半年该指数平均涨幅为6.3%。更重要的是，该指数在下半年有11次（即79%的时间）走高。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失，当它们发生时，也没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>一个例外是1987年的最后六个月，该指数在下半年下跌了19%。那段时间包括黑色星期一，当时标普500在一天内下跌了20%，仍然是创纪录的跌幅。虽然与所谓投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得想要走高，而不是走低。回调是牛市中的正常事件，在2021年表现温和，最大跌幅不到4%。Instinet首席市场技术员Frank Cappelleri写道：“[标普500]在2021年所做的就是在需要的时间和地点回升，始终保持上升趋势。”</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年6.3%的平均涨幅将使标普500的全年涨幅达到23%左右。Fundstrat的汤姆·李(Tom Lee)表示，这将代表着从衰退中“教科书式的[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少就目前而言，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182399888,"gmtCreate":1623552833644,"gmtModify":1634031836545,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182399888","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110226756,"gmtCreate":1622462430675,"gmtModify":1634101321175,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment thanks!","listText":"Pls like and comment thanks!","text":"Pls like and comment thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/110226756","repostId":"1190963228","repostType":4,"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137618000,"gmtCreate":1622342521300,"gmtModify":1634102202238,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/137618000","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138967981,"gmtCreate":1621905683243,"gmtModify":1634185632501,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"htmlText":"Pls like and comment!!","listText":"Pls like and comment!!","text":"Pls like and comment!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/138967981","repostId":"2138159407","repostType":4,"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}