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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>在股市首次亮相创纪录的一年中，这些是 2021 年表现最好的 10 家 IPO</blockquote>

2021-11-19

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@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

Nice

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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 年推出商用机器人出租车</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>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</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>空间音频即将登陆 iPhone 和 iPad 上的 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.laohunote.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>在股市首次亮相创纪录的一年中，这些是 2021 年表现最好的 10 家 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>今年火热的IPO市场是在大盘持续上涨的背景下发生的。</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>纽约证券交易所交易结束时，一名股票交易员鼓掌。</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>安永会计师事务所的数据显示，股市创下历史新高促进了今年新公司上市的繁荣，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，继去年激增后，SPAC在2021年初达到顶峰。总的来说，公司从IPO中筹集了4530亿美元的收益，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>上市的公司主要集中在科技行业，相对于其他全球证券交易所，纳斯达克交易所获得了最多的IPO。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>仅今年美国交易所就有 900 多家 IPO，有很多大赢家和输家。</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10家表现最好的IPO公司，市值至少为10亿美元。所有业绩数据截至 12 月 15 日，来源自 Koyfin。(但是，下面显示的图表操作反映的是基于股票首日开盘价的业绩，而不是其 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</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价格以来的收益：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价格以来的收益：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、口袋</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价格以来的收益：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价格以来的收益：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价格以来的收益：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.粘性</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价格以来的收益：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. 肯定</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价格以来的收益：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. 全球电子在线</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价格以来的收益：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价格以来的收益：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价格以来的收益：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>在股市首次亮相创纪录的一年中，这些是 2021 年表现最好的 10 家 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>在股市首次亮相创纪录的一年中，这些是 2021 年表现最好的 10 家 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>今年火热的IPO市场是在大盘持续上涨的背景下发生的。</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>纽约证券交易所交易结束时，一名股票交易员鼓掌。</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>安永会计师事务所的数据显示，股市创下历史新高促进了今年新公司上市的繁荣，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，继去年激增后，SPAC在2021年初达到顶峰。总的来说，公司从IPO中筹集了4530亿美元的收益，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>上市的公司主要集中在科技行业，相对于其他全球证券交易所，纳斯达克交易所获得了最多的IPO。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>仅今年美国交易所就有 900 多家 IPO，有很多大赢家和输家。</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10家表现最好的IPO公司，市值至少为10亿美元。所有业绩数据截至 12 月 15 日，来源自 Koyfin。(但是，下面显示的图表操作反映的是基于股票首日开盘价的业绩，而不是其 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</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价格以来的收益：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价格以来的收益：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、口袋</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价格以来的收益：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价格以来的收益：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价格以来的收益：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.粘性</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价格以来的收益：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. 肯定</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价格以来的收益：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. 全球电子在线</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价格以来的收益：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价格以来的收益：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价格以来的收益：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":{"AFRM":"Affirm Holdings, Inc.",".DJI":"道琼斯","RXDX":"Prometheus Biosciences, Inc.","BROS":"Dutch Bros Inc.",".SPX":"S&P 500 Index","TASK":"TaskUs Inc.",".IXIC":"NASDAQ Composite","GLBE":"Global-E Online Ltd.","BZ":"BOSS直聘","ZIM":"以星航运","DOCS":"Doximity, 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: $1.9 billion\nMarkets Insider","news_type":1,"symbols_score_info":{"BROS":0.9,"TASK":0.9,".SPX":0.9,"AFRM":0.9,"VERV":0.9,"DOCS":0.9,".IXIC":0.9,"DWAC":0.9,"GLBE":0.9,"RXDX":0.9,"ZIM":0.9,"BZ":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876611208,"gmtCreate":1637303156204,"gmtModify":1637303156331,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876611208","repostId":"876816831","repostType":1,"repost":{"id":876816831,"gmtCreate":1637290242119,"gmtModify":1707367155265,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667596890271","idStr":"3527667596890271"},"themes":[],"title":"🔥【11月19日】苹果市值再登顶！热门中概大多走低，今天买点啥呢？","htmlText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 11月19日讯，港股三大指数大幅低开，恒指跌1.52%报24934点，国指跌1.41%报8908点，恒生科技指数跌1.6%报6371点。 盘面上，大型科技集体下跌，<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$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":3065,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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.laohunote.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>美国股市周三开盘小幅走低，投资者权衡大型零售商的强劲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。</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的增长情况，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>不过，家装巨头 Lowe's ssaw 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。股价最近上涨了 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>服装和家居零售商 FTJX 公布季度盈利收入和利润均超出预期，同店销售额同比增长 14%，股价上涨超过 6%。</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>在其他方面，道琼斯成分股波音公司收到赤坂航空价值 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不佳，仅上涨了 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，特斯拉股价上涨约 1%，上周首席执行官埃隆·马斯克开始抛售特斯拉股票时，该股继续从 15.4% 的跌幅中反弹。</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，在亚马逊表示将从明年开始停止接受通过英国发行的 Visa 信用卡付款后，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商品上的花费。</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>周二，家得宝强劲的季度业绩也提振了投资者情绪。这家家装零售商在盈利超出分析师预期后领涨道琼斯指数。沃尔玛也公布了好于预期的业绩，尽管其股价下跌。</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之后，美国股市反弹。Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在周二的一份报告中说：”所有迹象都表明，零售商的假日季将非常强劲，这将有助于推动股市继续走高。</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>投资者正在等待 Bath &amp; Body Works 和维多利亚的秘密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公司和英伟达。</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>美国股市周三开盘小幅走低，投资者权衡大型零售商的强劲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。</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的增长情况，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>不过，家装巨头 Lowe's ssaw 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。股价最近上涨了 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>服装和家居零售商 FTJX 公布季度盈利收入和利润均超出预期，同店销售额同比增长 14%，股价上涨超过 6%。</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>在其他方面，道琼斯成分股波音公司收到赤坂航空价值 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不佳，仅上涨了 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，特斯拉股价上涨约 1%，上周首席执行官埃隆·马斯克开始抛售特斯拉股票时，该股继续从 15.4% 的跌幅中反弹。</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，在亚马逊表示将从明年开始停止接受通过英国发行的 Visa 信用卡付款后，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商品上的花费。</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>周二，家得宝强劲的季度业绩也提振了投资者情绪。这家家装零售商在盈利超出分析师预期后领涨道琼斯指数。沃尔玛也公布了好于预期的业绩，尽管其股价下跌。</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之后，美国股市反弹。Oanda 高级市场分析师爱德华-莫亚（Edward Moya）在周二的一份报告中说：”所有迹象都表明，零售商的假日季将非常强劲，这将有助于推动股市继续走高。</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>投资者正在等待 Bath &amp; Body Works 和维多利亚的秘密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公司和英伟达。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".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":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2985,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":3548,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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.laohunote.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 年推出商用机器人出租车</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>路透社 11 月 9 日 - 无人驾驶技术制造商 Motional AD 和美国打车公司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打车服务。</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安波福的合资企业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 年在美国推出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和Motional的合作伙伴关系是非排他性的，但两家公司已经在拉斯维加斯合作了三年多的试点项目。</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，以获得乘客反馈，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足迹，将其测试设施的规模扩大两倍，将其运营中心扩大一倍，并雇佣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 年推出商用机器人出租车</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\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 年推出商用机器人出租车</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>路透社 11 月 9 日 - 无人驾驶技术制造商 Motional AD 和美国打车公司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打车服务。</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安波福的合资企业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 年在美国推出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和Motional的合作伙伴关系是非排他性的，但两家公司已经在拉斯维加斯合作了三年多的试点项目。</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，以获得乘客反馈，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足迹，将其测试设施的规模扩大两倍，将其运营中心扩大一倍，并雇佣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":2869,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":2236,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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.laohunote.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>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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，将连续六个交易日的历史新高收盘纪录延长，原因是高通（Qualcomm）强劲的财务预测以及投资者消化了美联储开始减少每月债券购买量的决定后，芯片制造商股价大涨。</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，结束了连续四点收盘的纪录。摩根大通和高盛集团银行股的下跌给蓝筹股指数带来压力。</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>由于美国国债收益率下降，金融股下跌 1.3%，其中大部分是标普500板块，在美联储表示不急于加息的第二天，市场放松了对美联储加快加息的预期。</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>“约翰-汉考克投资管理公司（John Hancock Investment Management）联席首席投资策略师马修-米斯金（Matthew Miskin）说：”今天，市场的增长端看到了更多积极的结果，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收益率，市场总体上一直在为更高的收益率做好准备。当我们今天走进去时，这种情况发生了逆转”。</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，或 0.09%，至 36,124.23 点；标普500指数上涨 19.49 点，或 0.42%，至 4,680.06 点；纳斯达克综合指数上涨 128.72 点，或 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>在标普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将好于预期，原因是手机、汽车和其他互联网连接设备中使用的芯片需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城东南半导体指数上涨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盈利有助于提振股市情绪。据 Refinitiv IBES 称，由于约有 420 家公司提交了报告，标普500第三季度盈利预计将比去年同期增长 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（Edward Jones）投资策略师克雷格-费尔（Craig Fehr）说：”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未能达到本季度预期的公司，更重要的是，也许是预示着前景更加黯淡的公司。”</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 2021 年 COVID-19 疫苗的销售预测削减了多达 50 亿美元，努力填充小瓶并进行分销，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，表明经济正在重获动力。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发行量与上涨发行量的比例为 1.12 比 1；在纳斯达克，1.24 比 1 的比率有利于下跌者。</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；纳斯达克综合指数创下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 亿股股票易手，高于过去 20 个交易日的日均 104 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 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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，将连续六个交易日的历史新高收盘纪录延长，原因是高通（Qualcomm）强劲的财务预测以及投资者消化了美联储开始减少每月债券购买量的决定后，芯片制造商股价大涨。</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，结束了连续四点收盘的纪录。摩根大通和高盛集团银行股的下跌给蓝筹股指数带来压力。</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>由于美国国债收益率下降，金融股下跌 1.3%，其中大部分是标普500板块，在美联储表示不急于加息的第二天，市场放松了对美联储加快加息的预期。</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>“约翰-汉考克投资管理公司（John Hancock Investment Management）联席首席投资策略师马修-米斯金（Matthew Miskin）说：”今天，市场的增长端看到了更多积极的结果，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收益率，市场总体上一直在为更高的收益率做好准备。当我们今天走进去时，这种情况发生了逆转”。</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，或 0.09%，至 36,124.23 点；标普500指数上涨 19.49 点，或 0.42%，至 4,680.06 点；纳斯达克综合指数上涨 128.72 点，或 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>在标普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将好于预期，原因是手机、汽车和其他互联网连接设备中使用的芯片需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城东南半导体指数上涨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盈利有助于提振股市情绪。据 Refinitiv IBES 称，由于约有 420 家公司提交了报告，标普500第三季度盈利预计将比去年同期增长 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（Edward Jones）投资策略师克雷格-费尔（Craig Fehr）说：”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未能达到本季度预期的公司，更重要的是，也许是预示着前景更加黯淡的公司。”</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 2021 年 COVID-19 疫苗的销售预测削减了多达 50 亿美元，努力填充小瓶并进行分销，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，表明经济正在重获动力。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发行量与上涨发行量的比例为 1.12 比 1；在纳斯达克，1.24 比 1 的比率有利于下跌者。</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；纳斯达克综合指数创下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 亿股股票易手，高于过去 20 个交易日的日均 104 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-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博时",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","SSO":"2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 $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&P 500 healthcare sector, which fell 0.8%.\nData showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.\nThe S&P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.\nAbout 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEF":0.9,".SPX":0.9,".IXIC":0.9,"IVV":0.9,"SPXU":0.9,"UPRO":0.9,"SH":0.9,"ESmain":0.9,"SSO":0.9,"OEX":0.9,"SDS":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824973346,"gmtCreate":1634274426027,"gmtModify":1634274426120,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$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":3750,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":3156,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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.laohunote.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>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</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5月28日 - 标普500周四小幅收低，在意外强劲的零售销售数据凸显美国经济复苏的强劲势头后，尾盘收窄跌幅。</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，以及美元升值给出口商带来压力，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>亚马逊公司在商务部报告中稳健的在线销售提振下，帮助纳斯达克进入正值。</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市 LPL Financial 高级市场策略师 Ryan Detrick 说：”从今天的情况来看，我们显然收到了零售销售方面的积极消息，而且经济的大幅放缓似乎并没有像许多人预期的那样实现。</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>“德特里克补充说：”这很好地提醒我们，即使在 COVID 担忧的情况下，经济仍在每后退一步前进两步。</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表现优异。</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病毒德尔塔变异毒株的考验，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>“德特里克说：”这再次表明美国消费者继续消费，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>道琼斯工业平均指数下跌63.07点，跌幅0.18%，至34,751.32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个主要板块中有8个板块收盘走低，其中材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出行业涨幅最大，其中亚马逊承担了重任。</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>福特汽车公司宣布计划提高 F-150 电动皮卡车型的产量，股价上涨 1.4%。</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发行量与上涨发行量的比例为 1.27 比 1；在纳斯达克，1.06比1的比率有利于进步人士。</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周新高和一个新低；纳斯达克综合指数创下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>美国交易所的成交量为 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>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</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5月28日 - 标普500周四小幅收低，在意外强劲的零售销售数据凸显美国经济复苏的强劲势头后，尾盘收窄跌幅。</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，以及美元升值给出口商带来压力，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>亚马逊公司在商务部报告中稳健的在线销售提振下，帮助纳斯达克进入正值。</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市 LPL Financial 高级市场策略师 Ryan Detrick 说：”从今天的情况来看，我们显然收到了零售销售方面的积极消息，而且经济的大幅放缓似乎并没有像许多人预期的那样实现。</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>“德特里克补充说：”这很好地提醒我们，即使在 COVID 担忧的情况下，经济仍在每后退一步前进两步。</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表现优异。</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病毒德尔塔变异毒株的考验，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>“德特里克说：”这再次表明美国消费者继续消费，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>道琼斯工业平均指数下跌63.07点，跌幅0.18%，至34,751.32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个主要板块中有8个板块收盘走低，其中材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出行业涨幅最大，其中亚马逊承担了重任。</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>福特汽车公司宣布计划提高 F-150 电动皮卡车型的产量，股价上涨 1.4%。</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发行量与上涨发行量的比例为 1.27 比 1；在纳斯达克，1.06比1的比率有利于进步人士。</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周新高和一个新低；纳斯达克综合指数创下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>美国交易所的成交量为 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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"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":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2989,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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)$lesgoo","images":[{"img":"https://static.tigerbbs.com/06baee0003577eba63713988417daf69","width":"1440","height":"4427"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883251642","isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883259837,"gmtCreate":1631246969029,"gmtModify":1631891549598,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"Pls like and comment!","listText":"Pls like and comment!","text":"Pls like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883259837","repostId":"2166345008","repostType":4,"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880487602,"gmtCreate":1631072518506,"gmtModify":1631888444568,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ARKF\">$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":492,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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.laohunote.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年的收入增长超出了我们的预期，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，但该公司仍准备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>自我们之前的报道以来，亚马逊公司 (AMZN) 的股价已上涨 26%，超过了我们 24.5% 的收入增长预期，并在 2020 年底上涨了 37.6%，原因是其在线零售业务增长了 40%，达到近 2000 亿美元，第三方服务为 800 亿美元。在本分析中，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>尽管第二季度在线商店销售额增长 13%，第三季度中点同比增长 13%，表明增长正常化的迹象，但由于亚马逊继续转向在线零售，电子商务市场的长期增长前景仍然具有吸引力，亚马逊在在线零售方面拥有既定的市场地位。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、庞大的 Prime 会员基础（作为忠实客户）以及稳固的物流和运输网络为其提供了优势，这一点从其电子商务市场与第三方卖家的崛起中可见一斑。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，并将继续致力于增长，并以不断增长的数据量为支撑。</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，这加速了向电子商务的转变。然而，尽管 2021 年第二季度其在线商店增长同比放缓 13%，而第一季度为 41%，但我们相信该公司已准备好继续收获电子商务采用率上升的长期顺风。</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网上购物，电子商务销售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，全球零售额预计将回升7.2%。因此，由于渗透率从去年的14%飙升至18%，2021年的电子商务销售额预测为10.2%，较2019年的27.6%正常增长。</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>增长率%</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（“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>增长率%</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实力。更具体地说，在价格、选择和便利性等关键标准上，很难赢得该公司的青睐。显然，该公司的主要会员在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的强大吸引力，为其提供了庞大的安装基础。通过Prime会员，也促使消费者购买更多，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，该公司自2017年以来一直能够持续吸引卖家到其平台，有330万新卖家，即每天3718家。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已成为占主导地位的市场领导者，并在电子商务销售方面远远领先于其次最接近的竞争对手。</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，其市场领导地位在不同的产品类别和市场中相当广泛。例如，其消费电子产品销售额是最大的产品类别，占美国电子商务产品总销售额的 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>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 $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌（GOOG）和苹果（AAPL），并继续开发新一代产品和软件更新。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据 Echo 产品系列 103 美元的平均价格，我们估计其智能扬声器销售收入约为 39.4 亿美元，约占其在线商店收入的 2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的增长，我们预计这一产品范围将继续扩大，并通过产品种类为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有由已建立的客户群和忠诚的 Prime 会员组成的生态系统，以及在各种关键产品类别中拥有广泛市场领导地位的大型卖家基础，产品范围广泛，以支持其长期增长。我们预测其在线商店的增长基于我们对其市场份额的预期，基于全球电子商务销售额的 5 年平均水平，为 4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ 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>增长率%</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（“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>增长率%</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>增长率%</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>增长率%</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 Investments</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航运业务，这已经成为一条坚不可摧的护城河，很少有其他公司有资源或能力与之匹敌，亚马逊与该国大多数主要的送货提供商都有合作。通过利用其强大的网络，它提供了使卖家能够通过其市场销售产品并通过公司履行订单的计划。</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>通过亚马逊履行（“FBA”），第三方卖家在亚马逊的履行中心存储产品，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和相关的履行和运输费用，包括库存管理、支付处理、运输跟踪和报告。</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。它最终提供了更多的灵活性和控制、更强的品牌形象和更好的数据访问。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百分比不断上升，占总销售额的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：四周MBA</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航运网络。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送货网络，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递送了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>资料来源：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，密苏里州即将于2021年开设一个100万平方英尺的履行中心，员工将在那里包装和运输较大尺寸的客户物品，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 600,000 平方英尺的设施、田纳西州 855,000 平方英尺的设施和德克萨斯州 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，这些都是导致该公司凭借其广泛的物流网络在运输速度方面实力的因素。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，本公司的扩张计划将继续加强其物流网络，并维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：Statista</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，基于过去5年的平均水平，亚马逊的第三方商品总销售额预计将以9%的增长率增加其在零售电子商务总销售额中的份额。此外，随着亚马逊继续扩大其履行能力以迎合第三方卖家，我们还预测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% 由于高成本与占总销售额 60% 的销售成本相关。</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>增长率%</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>增长率%</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（亚马逊市场）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>增长率%</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>占收入百分比（'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>增长率%</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>增长率%</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 x 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 通过数据量增长实现增长</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%，在云基础设施市场的市场份额为31.8%。自近20年前推出以来，它多年来已成长为市场领导者，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>云基础设施市场的快速增长是由aCAGRof全球数据量创建量的增长支撑的，到2025年将增长23%，因为随着数据分析的兴起，随着世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上，5G和物联网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 Investments</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是基于到2025年数据量的预测复合年增长率为23%，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，该公司还通过新的客户关系强调了其对AWS的承诺，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，建立基于云的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个可用性区域，并计划再推出15个可用性区域，以支持其云的增长。</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>来源：Canalys、Khaveen Investments</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 $81.5 bln.</p><p><blockquote>总而言之，我们预测 AWS 的收入增长是基于我们的市场份额预测假设，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢蚕食，但在利用 AWS 的稳固大客户关系的支持下，仍保持其市场领先地位。基于到 2023 年 30.7% 的市场份额预测，我们预计 AWS 收入将增长至 815 亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS 市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ 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>增长率%</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%，但其 29% 的利润率（而其他公司部门仅为 2.8%）使 AWS 在 2020 年占据了 59% 的经营利润，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>反垄断与数据隐私罚款风险</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>民主党报告称，亚马逊一直被指控不公平地从第三方卖家获取数据和信息，该公司在美国的电子商务市场份额约为 40%。随着卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取特殊费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，一个由两党众议院议员组成的小组正在推动包括亚马逊在内的大型科技公司根据一系列广泛的反垄断改革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，亚马逊受到了迄今为止最大的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。亚马逊被指控违反欧盟通用数据保护条例（GDPR）。GDPR 允许对亚马逊收入处以高达 4% 的罚款，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不断上升的利润率，因为其云业务的出色增长导致其净利润率上升，而云业务的利润率更高。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>来源：亚马逊、Khaveen Investments</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，该公司拥有不错且令人信服的现金产生能力，过去 5 年平均自由现金流利润率为 3.01%。2017年，由于以137亿美元收购全食超市，其自由现金流利润率下降。其现金流的优势在于不断上升的利润率，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>来源：亚马逊、Khaveen Investments</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履行债务义务的强大能力。该公司2020年的净债务为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 倍稳步增长。</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，因为该公司过去有正的自由现金流。基于可比公司，我们得到了27.64倍的行业平均EV/EBITDA，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倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（巴巴）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14倍</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倍</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倍</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倍</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>资料来源：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 等的收入明细总结如下。网上商店的预测来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%的零售销售增长率预测。零售第三方卖家服务来自其在整个电子商务市场的第三方卖家GMV中的份额，以及其从佣金和相关费用中获得的1%的收入的假设。根据不断增长的数据量预测，AWS 收入来自云市场的增长。其他分部基于其三年平均增长率。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%，从2027年的12.3%下调，直到2030年每年下降2%，因为我们预计电子商务市场将变得更加成熟。</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>网上商店</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>来源：亚马逊、Khaveen Investments</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。虽然加速增长最终会结束，但作为电子商务领域的老牌市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为向电子商务的转变，预计到 2023 年，电子商务销售额占零售总额的百分比将继续上升，预计这一比例将达到 22%。该公司的主要会员为其提供了大约一半美国人口的忠实客户群。此外，另一个关键优势是其庞大的物流和航运网络，亚马逊FBA看到其在线市场上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，与大型企业客户保持着密切的关系，并且管理层不断致力于满足该领域不断增长的基础设施需求。因此，尽管预期2021年增长将恢复正常，但我们相信其前景将继续受到不断增长的电子商务和云计算市场的提振，并将2021年的增长率预测修订为15.8%，2020年为22%。总体而言，我们将该股评级为<i>购买</i>目标价为<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年的收入增长超出了我们的预期，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，但该公司仍准备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>自我们之前的报道以来，亚马逊公司 (AMZN) 的股价已上涨 26%，超过了我们 24.5% 的收入增长预期，并在 2020 年底上涨了 37.6%，原因是其在线零售业务增长了 40%，达到近 2000 亿美元，第三方服务为 800 亿美元。在本分析中，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>尽管第二季度在线商店销售额增长 13%，第三季度中点同比增长 13%，表明增长正常化的迹象，但由于亚马逊继续转向在线零售，电子商务市场的长期增长前景仍然具有吸引力，亚马逊在在线零售方面拥有既定的市场地位。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、庞大的 Prime 会员基础（作为忠实客户）以及稳固的物流和运输网络为其提供了优势，这一点从其电子商务市场与第三方卖家的崛起中可见一斑。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，并将继续致力于增长，并以不断增长的数据量为支撑。</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，这加速了向电子商务的转变。然而，尽管 2021 年第二季度其在线商店增长同比放缓 13%，而第一季度为 41%，但我们相信该公司已准备好继续收获电子商务采用率上升的长期顺风。</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网上购物，电子商务销售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，全球零售额预计将回升7.2%。因此，由于渗透率从去年的14%飙升至18%，2021年的电子商务销售额预测为10.2%，较2019年的27.6%正常增长。</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>增长率%</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（“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>增长率%</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实力。更具体地说，在价格、选择和便利性等关键标准上，很难赢得该公司的青睐。显然，该公司的主要会员在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的强大吸引力，为其提供了庞大的安装基础。通过Prime会员，也促使消费者购买更多，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，该公司自2017年以来一直能够持续吸引卖家到其平台，有330万新卖家，即每天3718家。目前，它在美国、英国、德国、日本等地拥有970万卖家。因此，该公司已成为占主导地位的市场领导者，并在电子商务销售方面远远领先于其次最接近的竞争对手。</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，其市场领导地位在不同的产品类别和市场中相当广泛。例如，其消费电子产品销售额是最大的产品类别，占美国电子商务产品总销售额的 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>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 $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p><p><blockquote>在产品类别中，电子产品类别最受美国购物者欢迎，44%的美国购物者在亚马逊上购买过电子产品。它还销售自己的电子设备，包括Echo智能扬声器，占美国市场份额的70%，其次是谷歌（GOOG）和苹果（AAPL），并继续开发新一代产品和软件更新。2020年，该公司智能音箱出货量超过3800万台，占全球出货量市场份额的28.3%。根据 Echo 产品系列 103 美元的平均价格，我们估计其智能扬声器销售收入约为 39.4 亿美元，约占其在线商店收入的 2%。然而，它也面临着日益激烈的竞争，尤其是来自主导中国市场的百度（BIDU）和小米（OTCPK：XIACF）等中国制造商的竞争。</blockquote></p><p> All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p><p><blockquote>总而言之，该公司拥有1200万种产品，不包括书籍、媒体、葡萄酒和服务，随着卖家基础的增长，我们预计这一产品范围将继续扩大，并通过产品种类为客户提供独特的价值主张。</blockquote></p><p> Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p><p><blockquote>因此，我们预计其拥有稳固的市场主导地位，拥有由已建立的客户群和忠诚的 Prime 会员组成的生态系统，以及在各种关键产品类别中拥有广泛市场领导地位的大型卖家基础，产品范围广泛，以支持其长期增长。我们预测其在线商店的增长基于我们对其市场份额的预期，基于全球电子商务销售额的 5 年平均水平，为 4.5%。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Amazon Online Stores ($ 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>增长率%</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（“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>增长率%</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>增长率%</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>增长率%</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 Investments</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航运业务，这已经成为一条坚不可摧的护城河，很少有其他公司有资源或能力与之匹敌，亚马逊与该国大多数主要的送货提供商都有合作。通过利用其强大的网络，它提供了使卖家能够通过其市场销售产品并通过公司履行订单的计划。</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>通过亚马逊履行（“FBA”），第三方卖家在亚马逊的履行中心存储产品，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和相关的履行和运输费用，包括库存管理、支付处理、运输跟踪和报告。</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。它最终提供了更多的灵活性和控制、更强的品牌形象和更好的数据访问。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百分比不断上升，占总销售额的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：四周MBA</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航运网络。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送货网络，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递送了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>资料来源：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，密苏里州即将于2021年开设一个100万平方英尺的履行中心，员工将在那里包装和运输较大尺寸的客户物品，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 600,000 平方英尺的设施、田纳西州 855,000 平方英尺的设施和德克萨斯州 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，这些都是导致该公司凭借其广泛的物流网络在运输速度方面实力的因素。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，本公司的扩张计划将继续加强其物流网络，并维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：Statista</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，基于过去5年的平均水平，亚马逊的第三方商品总销售额预计将以9%的增长率增加其在零售电子商务总销售额中的份额。此外，随着亚马逊继续扩大其履行能力以迎合第三方卖家，我们还预测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% 由于高成本与占总销售额 60% 的销售成本相关。</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>增长率%</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>增长率%</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（亚马逊市场）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>增长率%</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>占收入百分比（'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>增长率%</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>增长率%</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 x 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 通过数据量增长实现增长</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%，在云基础设施市场的市场份额为31.8%。自近20年前推出以来，它多年来已成长为市场领导者，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>云基础设施市场的快速增长是由aCAGRof全球数据量创建量的增长支撑的，到2025年将增长23%，因为随着数据分析的兴起，随着世界变得更加数据驱动，数据量预计将增长到180 zettabytes以上，5G和物联网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 Investments</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是基于到2025年数据量的预测复合年增长率为23%，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，该公司还通过新的客户关系强调了其对AWS的承诺，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，建立基于云的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个可用性区域，并计划再推出15个可用性区域，以支持其云的增长。</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>来源：Canalys、Khaveen Investments</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 $81.5 bln.</p><p><blockquote>总而言之，我们预测 AWS 的收入增长是基于我们的市场份额预测假设，即其市场份额领先地位正在被快速增长的竞争对手（尤其是微软）慢慢蚕食，但在利用 AWS 的稳固大客户关系的支持下，仍保持其市场领先地位。基于到 2023 年 30.7% 的市场份额预测，我们预计 AWS 收入将增长至 815 亿美元。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>AWS Forecasts</b></p><p><blockquote><table><tbody><tr><td><b>AWS预测</b></td></tr></tbody></table></blockquote></p><p></td>    <td><b>2018</b></p><p><blockquote><td><b>2018</b></td></blockquote></p><p></td>    <td><b>2019</b></p><p><blockquote><td><b>2019</b></td></blockquote></p><p></td>    <td><b>2020</b></p><p><blockquote><td><b>2020</b></td></blockquote></p><p></td>    <td><b>2021F</b></p><p><blockquote><td><b>2021F</b></td></blockquote></p><p></td>    <td><b>2022F</b></p><p><blockquote><td><b>2022F</b></td></blockquote></p><p></td>    <td><b>2023F</b></p><p><blockquote><td><b>2023F</b></td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Market Share</p><p><blockquote><tr><td>AWS 市场份额</td></tr></blockquote></p><p></td>    <td>32.6%</p><p><blockquote><td>32.6%</td></blockquote></p><p></td>    <td>32.3%</p><p><blockquote><td>32.3%</td></blockquote></p><p></td>    <td>31.8%</p><p><blockquote><td>31.8%</td></blockquote></p><p></td>    <td>31.2%</p><p><blockquote><td>31.2%</td></blockquote></p><p></td>    <td>31.0%</p><p><blockquote><td>31.0%</td></blockquote></p><p></td>    <td>30.7%</p><p><blockquote><td>30.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>AWS Revenues ($ 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>增长率%</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%，但其 29% 的利润率（而其他公司部门仅为 2.8%）使 AWS 在 2020 年占据了 59% 的经营利润，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>反垄断与数据隐私罚款风险</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>民主党报告称，亚马逊一直被指控不公平地从第三方卖家获取数据和信息，该公司在美国的电子商务市场份额约为 40%。随着卖家对亚马逊销售渠道的依赖，亚马逊可以向卖家收取特殊费用，并进一步惩罚卖家在其他网站上降低价格的行为。此外，一个由两党众议院议员组成的小组正在推动包括亚马逊在内的大型科技公司根据一系列广泛的反垄断改革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，亚马逊受到了迄今为止最大的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。亚马逊被指控违反欧盟通用数据保护条例（GDPR）。GDPR 允许对亚马逊收入处以高达 4% 的罚款，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不断上升的利润率，因为其云业务的出色增长导致其净利润率上升，而云业务的利润率更高。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>来源：亚马逊、Khaveen Investments</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，该公司拥有不错且令人信服的现金产生能力，过去 5 年平均自由现金流利润率为 3.01%。2017年，由于以137亿美元收购全食超市，其自由现金流利润率下降。其现金流的优势在于不断上升的利润率，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>来源：亚马逊、Khaveen Investments</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履行债务义务的强大能力。该公司2020年的净债务为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 倍稳步增长。</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，因为该公司过去有正的自由现金流。基于可比公司，我们得到了27.64倍的行业平均EV/EBITDA，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倍</td></blockquote></p><p></td>   </tr>   <tr>    <td>Alibaba (BABA)</p><p><blockquote><tr><td>阿里巴巴-SW（巴巴）</td></tr></blockquote></p><p></td>    <td>21.14x</p><p><blockquote><td>21.14倍</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倍</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倍</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倍</b></td></blockquote></p><p></td>   </tr>  </tbody> </table> <i>Source: SeekingAlpha</i></p><p><blockquote><i>资料来源：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 等的收入明细总结如下。网上商店的预测来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%的零售销售增长率预测。零售第三方卖家服务来自其在整个电子商务市场的第三方卖家GMV中的份额，以及其从佣金和相关费用中获得的1%的收入的假设。根据不断增长的数据量预测，AWS 收入来自云市场的增长。其他分部基于其三年平均增长率。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%，从2027年的12.3%下调，直到2030年每年下降2%，因为我们预计电子商务市场将变得更加成熟。</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>网上商店</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>增长率%</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>来源：亚马逊、Khaveen Investments</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。虽然加速增长最终会结束，但作为电子商务领域的老牌市场领导者，其增长前景仍然极具吸引力。随着消费者购买行为向电子商务的转变，预计到 2023 年，电子商务销售额占零售总额的百分比将继续上升，预计这一比例将达到 22%。该公司的主要会员为其提供了大约一半美国人口的忠实客户群。此外，另一个关键优势是其庞大的物流和航运网络，亚马逊FBA看到其在线市场上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，与大型企业客户保持着密切的关系，并且管理层不断致力于满足该领域不断增长的基础设施需求。因此，尽管预期2021年增长将恢复正常，但我们相信其前景将继续受到不断增长的电子商务和云计算市场的提振，并将2021年的增长率预测修订为15.8%，2020年为22%。总体而言，我们将该股评级为<i>购买</i>目标价为<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$4,363.96.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817783245,"gmtCreate":1630988558387,"gmtModify":1631884681977,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$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)$lesgo","images":[{"img":"https://static.tigerbbs.com/b296d71038cda0da139af25794b17441","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817783245","isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":817783095,"gmtCreate":1630988506917,"gmtModify":1631884681983,"author":{"id":"3575621155891186","authorId":"3575621155891186","name":"jabez","avatar":"https://static.tigerbbs.com/3061d2faa61b2a02a2e2e4f24a53518a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/QC7.SI\">$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":882,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":737,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":920,"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,"authorIdStr":"3575621155891186","idStr":"3575621155891186"},"themes":[],"title":"","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":1154,"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":[],"title":"","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.laohunote.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>空间音频即将登陆 iPhone 和 iPad 上的 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，你的手机网飞观看将会变得更加身临其境。网飞证实，在一名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 与 HBO Max、Disney+ 和 Peacock 等流媒体竞争对手一起启用了这一功能，而亚马逊 Prime Video 和 YouTube 等其他热门应用仍然没有这一功能。不过，Netflix 表示不会立即推出--拥有更新的用户应该可以在控制中心打开或关闭更新。</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，苹果一直在强调其空间音频功能。该公司首次宣布将在 2020 年的 WWDC 大会上为 AirPods Pro 带来空间音频--在今年的大会上，苹果补充说，苹果音乐用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。苹果音乐应用程序的Android版本也支持空间和无损音频。今年 2 月，Spotify 表示将推出高端订阅服务 Spotify HiFi，该服务将支持无损音频，但此后一直没有消息。</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，它还开始关注移动游戏。该公司已经通过《黑镜： Bandersnatch》和《怪奇物语》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说：”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、动画和无剧本电视的扩张。</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 Netflix 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>空间音频即将登陆 iPhone 和 iPad 上的 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>空间音频即将登陆 iPhone 和 iPad 上的 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，你的手机网飞观看将会变得更加身临其境。网飞证实，在一名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 与 HBO Max、Disney+ 和 Peacock 等流媒体竞争对手一起启用了这一功能，而亚马逊 Prime Video 和 YouTube 等其他热门应用仍然没有这一功能。不过，Netflix 表示不会立即推出--拥有更新的用户应该可以在控制中心打开或关闭更新。</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，苹果一直在强调其空间音频功能。该公司首次宣布将在 2020 年的 WWDC 大会上为 AirPods Pro 带来空间音频--在今年的大会上，苹果补充说，苹果音乐用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。苹果音乐应用程序的Android版本也支持空间和无损音频。今年 2 月，Spotify 表示将推出高端订阅服务 Spotify HiFi，该服务将支持无损音频，但此后一直没有消息。</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，它还开始关注移动游戏。该公司已经通过《黑镜： Bandersnatch》和《怪奇物语》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说：”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、动画和无剧本电视的扩张。</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 Netflix 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":601,"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":[],"title":"","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":1154,"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":[],"title":"","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":906,"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":[],"title":"","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":614,"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":[],"title":"","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.laohunote.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>空间音频即将登陆 iPhone 和 iPad 上的 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，你的手机网飞观看将会变得更加身临其境。网飞证实，在一名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 与 HBO Max、Disney+ 和 Peacock 等流媒体竞争对手一起启用了这一功能，而亚马逊 Prime Video 和 YouTube 等其他热门应用仍然没有这一功能。不过，Netflix 表示不会立即推出--拥有更新的用户应该可以在控制中心打开或关闭更新。</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，苹果一直在强调其空间音频功能。该公司首次宣布将在 2020 年的 WWDC 大会上为 AirPods Pro 带来空间音频--在今年的大会上，苹果补充说，苹果音乐用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。苹果音乐应用程序的Android版本也支持空间和无损音频。今年 2 月，Spotify 表示将推出高端订阅服务 Spotify HiFi，该服务将支持无损音频，但此后一直没有消息。</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，它还开始关注移动游戏。该公司已经通过《黑镜： Bandersnatch》和《怪奇物语》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说：”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、动画和无剧本电视的扩张。</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 Netflix 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>空间音频即将登陆 iPhone 和 iPad 上的 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>空间音频即将登陆 iPhone 和 iPad 上的 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，你的手机网飞观看将会变得更加身临其境。网飞证实，在一名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 与 HBO Max、Disney+ 和 Peacock 等流媒体竞争对手一起启用了这一功能，而亚马逊 Prime Video 和 YouTube 等其他热门应用仍然没有这一功能。不过，Netflix 表示不会立即推出--拥有更新的用户应该可以在控制中心打开或关闭更新。</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，苹果一直在强调其空间音频功能。该公司首次宣布将在 2020 年的 WWDC 大会上为 AirPods Pro 带来空间音频--在今年的大会上，苹果补充说，苹果音乐用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。苹果音乐应用程序的Android版本也支持空间和无损音频。今年 2 月，Spotify 表示将推出高端订阅服务 Spotify HiFi，该服务将支持无损音频，但此后一直没有消息。</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，它还开始关注移动游戏。该公司已经通过《黑镜： Bandersnatch》和《怪奇物语》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说：”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、动画和无剧本电视的扩张。</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 Netflix 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":601,"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":[],"title":"","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":460,"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":[],"title":"","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.laohunote.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；道琼斯指数收高</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金融业 (.SPSY) 创下历史新高，而燃料需求的预期增长提振了油价，并帮助能源业 (.SPNY) 上涨 3.9%，成为其最大的<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月的日增。重量级科技板块 (.SPLRCT) 下跌，而医疗保健板块 (.SPXHC) 则受到利润预测疲软的拖累<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（ABT.N）。</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，未完成的工作堆积如山。</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>“人们从周末假期回来后确信经济复苏良好，我们可能在劳动力和其他成本方面看到的任何通货膨胀都是暂时的，”公司总裁彼得·图兹 (Peter Tuz)<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>道琼斯工业平均指数(.DJI)上涨45.86点，涨幅0.13%，至34,575.31点；标普500 (.SPX) 下跌 2.07 点，或 0.05%，至 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，跌幅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%，凸显了预计在经济扩张中表现尤为出色的股市板块的走强。</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、普遍定价压力，雇主表示他们在寻找劳动力方面遇到困难。”<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一个缩影，它只是提醒人们通货膨胀仍然是一个令人担忧的问题。”</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/布伦丹·麦克德米德/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>在美联储官员保证美联储将继续实施超宽松货币政策后，周五股市与 4 月份关键通胀数据的飙升擦肩而过。</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·卡什卡里和美联储负责监管的副主席兰德尔·夸尔斯周二重申，价格上涨将是暂时的。</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>本周的焦点将是一系列经济数据，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>雅培实验室下调了 2021 年全年利润预测，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>在私募股权公司 KKR &amp; Co (KKR.N) 和 Clayton Dubilier &amp; Rice LLC 同意将数据分析公司私有化后，Cloudera Inc (CLDR.N) 股价上涨 23.9%。</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票的数量比下跌股票的数量多 2.54 比 1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于进步人士。</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，没有新低；纳斯达克综合指数创下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 亿股股票易手，而过去 20 个交易日的日均成交量为 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；道琼斯指数收高</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；道琼斯指数收高</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金融业 (.SPSY) 创下历史新高，而燃料需求的预期增长提振了油价，并帮助能源业 (.SPNY) 上涨 3.9%，成为其最大的<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月的日增。重量级科技板块 (.SPLRCT) 下跌，而医疗保健板块 (.SPXHC) 则受到利润预测疲软的拖累<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（ABT.N）。</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，未完成的工作堆积如山。</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>“人们从周末假期回来后确信经济复苏良好，我们可能在劳动力和其他成本方面看到的任何通货膨胀都是暂时的，”公司总裁彼得·图兹 (Peter Tuz)<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>道琼斯工业平均指数(.DJI)上涨45.86点，涨幅0.13%，至34,575.31点；标普500 (.SPX) 下跌 2.07 点，或 0.05%，至 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，跌幅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%，凸显了预计在经济扩张中表现尤为出色的股市板块的走强。</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、普遍定价压力，雇主表示他们在寻找劳动力方面遇到困难。”<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一个缩影，它只是提醒人们通货膨胀仍然是一个令人担忧的问题。”</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/布伦丹·麦克德米德/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>在美联储官员保证美联储将继续实施超宽松货币政策后，周五股市与 4 月份关键通胀数据的飙升擦肩而过。</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·卡什卡里和美联储负责监管的副主席兰德尔·夸尔斯周二重申，价格上涨将是暂时的。</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>本周的焦点将是一系列经济数据，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>雅培实验室下调了 2021 年全年利润预测，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>在私募股权公司 KKR &amp; Co (KKR.N) 和 Clayton Dubilier &amp; Rice LLC 同意将数据分析公司私有化后，Cloudera Inc (CLDR.N) 股价上涨 23.9%。</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票的数量比下跌股票的数量多 2.54 比 1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于进步人士。</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，没有新低；纳斯达克综合指数创下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 亿股股票易手，而过去 20 个交易日的日均成交量为 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博时","SPY":"标普500ETF","OEX":"标普100",".IXIC":"NASDAQ Composite","SPXU":"三倍做空标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares",".SPX":"S&P 500 Index","SSO":"2倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares"},"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,"SPY":0.9,"OEX":0.9,"SDS":0.9,"UPRO":0.9,"IVV":0.9,"ESmain":0.9,"OEF":0.9,"SSO":0.9,"SPXU":0.9,"SH":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":438,"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":[],"title":"","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":496,"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":[],"title":"","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.laohunote.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>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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，将连续六个交易日的历史新高收盘纪录延长，原因是高通（Qualcomm）强劲的财务预测以及投资者消化了美联储开始减少每月债券购买量的决定后，芯片制造商股价大涨。</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，结束了连续四点收盘的纪录。摩根大通和高盛集团银行股的下跌给蓝筹股指数带来压力。</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>由于美国国债收益率下降，金融股下跌 1.3%，其中大部分是标普500板块，在美联储表示不急于加息的第二天，市场放松了对美联储加快加息的预期。</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>“约翰-汉考克投资管理公司（John Hancock Investment Management）联席首席投资策略师马修-米斯金（Matthew Miskin）说：”今天，市场的增长端看到了更多积极的结果，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收益率，市场总体上一直在为更高的收益率做好准备。当我们今天走进去时，这种情况发生了逆转”。</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，或 0.09%，至 36,124.23 点；标普500指数上涨 19.49 点，或 0.42%，至 4,680.06 点；纳斯达克综合指数上涨 128.72 点，或 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>在标普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将好于预期，原因是手机、汽车和其他互联网连接设备中使用的芯片需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城东南半导体指数上涨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盈利有助于提振股市情绪。据 Refinitiv IBES 称，由于约有 420 家公司提交了报告，标普500第三季度盈利预计将比去年同期增长 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（Edward Jones）投资策略师克雷格-费尔（Craig Fehr）说：”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未能达到本季度预期的公司，更重要的是，也许是预示着前景更加黯淡的公司。”</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 2021 年 COVID-19 疫苗的销售预测削减了多达 50 亿美元，努力填充小瓶并进行分销，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，表明经济正在重获动力。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发行量与上涨发行量的比例为 1.12 比 1；在纳斯达克，1.24 比 1 的比率有利于下跌者。</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；纳斯达克综合指数创下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 亿股股票易手，高于过去 20 个交易日的日均 104 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 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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>在芯片和成长型股票的推动下，标普500和纳斯达克延续创纪录的连胜纪录</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，将连续六个交易日的历史新高收盘纪录延长，原因是高通（Qualcomm）强劲的财务预测以及投资者消化了美联储开始减少每月债券购买量的决定后，芯片制造商股价大涨。</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，结束了连续四点收盘的纪录。摩根大通和高盛集团银行股的下跌给蓝筹股指数带来压力。</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>由于美国国债收益率下降，金融股下跌 1.3%，其中大部分是标普500板块，在美联储表示不急于加息的第二天，市场放松了对美联储加快加息的预期。</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>“约翰-汉考克投资管理公司（John Hancock Investment Management）联席首席投资策略师马修-米斯金（Matthew Miskin）说：”今天，市场的增长端看到了更多积极的结果，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收益率，市场总体上一直在为更高的收益率做好准备。当我们今天走进去时，这种情况发生了逆转”。</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，或 0.09%，至 36,124.23 点；标普500指数上涨 19.49 点，或 0.42%，至 4,680.06 点；纳斯达克综合指数上涨 128.72 点，或 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>在标普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将好于预期，原因是手机、汽车和其他互联网连接设备中使用的芯片需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城东南半导体指数上涨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盈利有助于提振股市情绪。据 Refinitiv IBES 称，由于约有 420 家公司提交了报告，标普500第三季度盈利预计将比去年同期增长 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（Edward Jones）投资策略师克雷格-费尔（Craig Fehr）说：”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未能达到本季度预期的公司，更重要的是，也许是预示着前景更加黯淡的公司。”</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 2021 年 COVID-19 疫苗的销售预测削减了多达 50 亿美元，努力填充小瓶并进行分销，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，表明经济正在重获动力。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发行量与上涨发行量的比例为 1.12 比 1；在纳斯达克，1.24 比 1 的比率有利于下跌者。</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；纳斯达克综合指数创下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 亿股股票易手，高于过去 20 个交易日的日均 104 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-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博时",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","SSO":"2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,"OEF":0.9,".SPX":0.9,".IXIC":0.9,"IVV":0.9,"SPXU":0.9,"UPRO":0.9,"SH":0.9,"ESmain":0.9,"SSO":0.9,"OEX":0.9,"SDS":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4083,"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":[],"title":"","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":480,"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":[],"title":"","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":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}