Gfree的个人主页 - 老虎社区

Gfree

Gfree

Growth all the way

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2021-06-25

$Tesla Motors(TSLA)$gogo

2021-06-25

Yes hire more

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2021-06-25

Dump soon

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2021-06-24

$Tesla Motors(TSLA)$finally

2021-06-24

Bad

Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike<blockquote>耶伦警告国会，如果不提高债务限额，美国将面临“不可想象”的违约风险</blockquote>

2021-06-24

Like and comment pls

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2021-06-23

$Tesla Motors(TSLA)$soon

2021-06-23

Like and comment

Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>

2021-06-23

Bullshit, pls comment and like if u think so

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2021-06-21

$Tesla Motors(TSLA)$ok

2021-06-21

Like and comment pls

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2021-06-21

Like and support pls

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2021-06-20

$Tesla Motors(TSLA)$share share

2021-06-20

Like and support pls

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2021-06-20

Like and support pls

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2021-06-19

$Tesla Motors(TSLA)$fast

2021-06-19

Good

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2021-06-19

Like and comment pls

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2021-06-18

$Tesla Motors(TSLA)$soon

2021-06-18

Nice

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08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike<blockquote>耶伦警告国会，如果不提高债务限额，美国将面临“不可想象”的违约风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p><p><blockquote>华盛顿（路透社）-美国。财政部长珍妮特·耶伦周三警告国会，如果立法者不能迅速采取行动暂停或提高联邦借款限额，美国将面临债务违约和新金融危机的风险，最早在8月休会后。</blockquote></p><p> In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p><p><blockquote>耶伦在参议院拨款小组委员会作证时说，美国债务违约将是 “不可想象的”，“将造成绝对灾难性的经济后果”。</blockquote></p><p> Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p><p><blockquote>耶伦表示，为了避免金融市场的不确定性，国会应在最新暂停期限于 7 月 31 日到期之前通过新的债务上限立法，允许财政部继续借款。</blockquote></p><p> An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p><p><blockquote>耶伦说，美国政府债务前所未有的违约 “将引发金融危机，在我们仍在从 COVID 大流行病中恢复过来的时候，它将威胁到美国人的工作和储蓄”。</blockquote></p><p> “I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p><p><blockquote>“我恳求国会尽快采取行动提高或暂停债务限额，以保护美国的全部信誉和信用。”</blockquote></p><p> The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p><p><blockquote>过去，财政部通过采取非常规现金流管理措施（例如暂停向政府雇员养老基金缴款），能够在几个月内避免潜在的违约。</blockquote></p><p> Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p><p><blockquote>当被问及这些措施能持续多久才能让政府继续借款时，耶伦说很难估计，因为COVID-19救济计划的支出给财政部的支付流增加了更多的不确定性。</blockquote></p><p> “We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p><p><blockquote>“我们不能容忍任何政府债务违约的可能性，而且存在很多不确定性。耶伦说：”我们有可能在8月份国会休会期间达到这一点，我真的敦促迅速采取行动，提高上限或暂停上限。</blockquote></p><p> According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p><p><blockquote>根据参议院和众议院的立法日历，参议院的8月休会时间为8月9日至9月10日，众议院的8月休会时间为7月30日至9月19日，委员会工作安排在9月初的几天。</blockquote></p><p> If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p><p><blockquote>如果债务上限阻止财政部进行新的借款，政府将不得不仅依靠税收来偿还债务，最终使部分债务无法偿还。</blockquote></p><p> SEEKING G20 ENDORSEMENT</p><p><blockquote>寻求G20背书</blockquote></p><p> Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p><p><blockquote>耶伦在财政部 2022 财年预算提案听证会上表示，拜登政府希望在下个月于威尼斯举行的会议上，二十国集团财长们对其国际企业税提案的 “核心要素 ”表示认可，其中包括全球最低企业税。</blockquote></p><p> She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p><p><blockquote>她说，财政部正在努力在二十国集团会议上达成一项协议，该协议类似于七国集团富裕民主国家对美国提出的15%的最低企业税建议以及对最大、最赚钱的跨国公司采用新的本地市场征税方法的支持。</blockquote></p><p> Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p><p><blockquote>她在 G20 会议上发表评论之前，路透社周二报道称，7 月 9 日至 10 日会议前流传的一份公报草案表明，财经领导人将支持全球最低税率，但没有提及具体税率。</blockquote></p><p> The Biden administration is seeking a global minimum tax of at least 15%.</p><p><blockquote>拜登政府正在寻求至少15%的全球最低税率。</blockquote></p><p> Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p><p><blockquote>耶伦还就通胀问题与共和党参议员发生了争执，她坚持认为最近通胀数据的飙升反映了暂时现象，包括经济中的 “供应瓶颈”。</blockquote></p><p> She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p><p><blockquote>她补充说，大多数衡量通胀预期的指标仍然稳固，超过一年的指标保持稳定，在美联储2%的目标附近。</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>Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike<blockquote>耶伦警告国会，如果不提高债务限额，美国将面临“不可想象”的违约风险</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\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike<blockquote>耶伦警告国会，如果不提高债务限额，美国将面临“不可想象”的违约风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-24 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p><p><blockquote>华盛顿（路透社）-美国。财政部长珍妮特·耶伦周三警告国会，如果立法者不能迅速采取行动暂停或提高联邦借款限额，美国将面临债务违约和新金融危机的风险，最早在8月休会后。</blockquote></p><p> In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p><p><blockquote>耶伦在参议院拨款小组委员会作证时说，美国债务违约将是 “不可想象的”，“将造成绝对灾难性的经济后果”。</blockquote></p><p> Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p><p><blockquote>耶伦表示，为了避免金融市场的不确定性，国会应在最新暂停期限于 7 月 31 日到期之前通过新的债务上限立法，允许财政部继续借款。</blockquote></p><p> An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p><p><blockquote>耶伦说，美国政府债务前所未有的违约 “将引发金融危机，在我们仍在从 COVID 大流行病中恢复过来的时候，它将威胁到美国人的工作和储蓄”。</blockquote></p><p> “I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p><p><blockquote>“我恳求国会尽快采取行动提高或暂停债务限额，以保护美国的全部信誉和信用。”</blockquote></p><p> The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p><p><blockquote>过去，财政部通过采取非常规现金流管理措施（例如暂停向政府雇员养老基金缴款），能够在几个月内避免潜在的违约。</blockquote></p><p> Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p><p><blockquote>当被问及这些措施能持续多久才能让政府继续借款时，耶伦说很难估计，因为COVID-19救济计划的支出给财政部的支付流增加了更多的不确定性。</blockquote></p><p> “We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p><p><blockquote>“我们不能容忍任何政府债务违约的可能性，而且存在很多不确定性。耶伦说：”我们有可能在8月份国会休会期间达到这一点，我真的敦促迅速采取行动，提高上限或暂停上限。</blockquote></p><p> According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p><p><blockquote>根据参议院和众议院的立法日历，参议院的8月休会时间为8月9日至9月10日，众议院的8月休会时间为7月30日至9月19日，委员会工作安排在9月初的几天。</blockquote></p><p> If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p><p><blockquote>如果债务上限阻止财政部进行新的借款，政府将不得不仅依靠税收来偿还债务，最终使部分债务无法偿还。</blockquote></p><p> SEEKING G20 ENDORSEMENT</p><p><blockquote>寻求G20背书</blockquote></p><p> Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p><p><blockquote>耶伦在财政部 2022 财年预算提案听证会上表示，拜登政府希望在下个月于威尼斯举行的会议上，二十国集团财长们对其国际企业税提案的 “核心要素 ”表示认可，其中包括全球最低企业税。</blockquote></p><p> She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p><p><blockquote>她说，财政部正在努力在二十国集团会议上达成一项协议，该协议类似于七国集团富裕民主国家对美国提出的15%的最低企业税建议以及对最大、最赚钱的跨国公司采用新的本地市场征税方法的支持。</blockquote></p><p> Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p><p><blockquote>她在 G20 会议上发表评论之前，路透社周二报道称，7 月 9 日至 10 日会议前流传的一份公报草案表明，财经领导人将支持全球最低税率，但没有提及具体税率。</blockquote></p><p> The Biden administration is seeking a global minimum tax of at least 15%.</p><p><blockquote>拜登政府正在寻求至少15%的全球最低税率。</blockquote></p><p> Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p><p><blockquote>耶伦还就通胀问题与共和党参议员发生了争执，她坚持认为最近通胀数据的飙升反映了暂时现象，包括经济中的 “供应瓶颈”。</blockquote></p><p> She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p><p><blockquote>她补充说，大多数衡量通胀预期的指标仍然稳固，超过一年的指标保持稳定，在美联储2%的目标附近。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128902002,"gmtCreate":1624497110006,"gmtModify":1634005285336,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576156004857448","authorIdStr":"3576156004857448"},"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":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128902002","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":4370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121804266,"gmtCreate":1624457856155,"gmtModify":1634005842013,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576156004857448","authorIdStr":"3576156004857448"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>soon","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>soon","text":"$Tesla Motors(TSLA)$soon","images":[{"img":"https://static.tigerbbs.com/7748558f4ac9d094d3c425001b985922","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121804266","isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":121802999,"gmtCreate":1624457812811,"gmtModify":1634005844350,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576156004857448","authorIdStr":"3576156004857448"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121802999","repostId":"1170395888","repostType":4,"repost":{"id":"1170395888","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":1624457324,"share":"https://www.laohunote.com/m/news/1170395888?lang=zh_CN&edition=full","pubTime":"2021-06-23 22:08","market":"us","language":"en","title":"Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170395888","media":"Tiger Newspress","summary":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Thin","content":"<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）中国教育股周三早盘多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为 EDU 是现在值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>第一季度末，Insider Monkey 追踪的对冲基金中共有 45 家看好该股，较一季度前变化了 5%。下面，您可以查看过去 23 个季度对冲基金对 EDU 情绪的变化。随着聪明资金的头寸经历通常的起伏，存在一个值得注意的对冲基金经理的“上层”，他们正在大幅增加持仓（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由比亚迪1资本合伙公司持有，该公司报告称截至12月底持有价值3.505亿美元的股票。紧随其后的是 GQG Partners，头寸为 3.198 亿美元。其他看好该公司的投资者包括 Tiger Global Management LLC、Farallon Capital 和 Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital 将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其 13F 投资组合的 42.13%。麒麟管理公司也相对非常看好该股，将其 13F 股票投资组合的 18.73% 指定给 EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣飙升，一些大牌公司自己也在破土动工。由 David Fear 管理的 Thunderbird Partners 在新东方教育科技集团公司（纽约证券交易所股票代码：EDU）中确立了最有价值的职位。截至本季度末，Thunderbird Partners 已向该公司投资 1670 万美元。Eduardo Costa’sCalixto Global Investors在本季度还对该股进行了1470万美元的投资。其他拥有全新EDU头寸的基金有Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的sOld Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括堪萨斯城南方航空 (NYSE:KSU)、纽柯公司 (NYSE:NUE)、佛朗哥-内华达公司 (NYSE:FNV)、Fortive Corporation (NYSE:FTV)、哈特福德金融服务集团公司 (NYSE:HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和 Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都与 EDU 的市值最接近。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有 32.1 家对冲基金持有看涨头寸，投资于这些股票的平均金额为 12.39 亿美元。在EDU的案例中，这个数字是21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是该表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的，只有 12 个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对 EDU 的总体对冲基金情绪得分为 70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票会获得更高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在囤积的股票。我们的计算显示，对冲基金中最受欢迎的 5 只股票在 2019 年和 2020 年的回报率为 95.8%，比标普500 ETF（SPDR标普500指数ETF）高出 40 个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU 远不如这 5 只股票受欢迎，押注 EDU 的对冲基金感到失望，因为该股自 3 月底（截至 6/18）以来的回报率为 -45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021 财年第二季度收入和 XRS online 增长低于普遍预期。</li><li>2020年，中国K12在线教育市场规模达890亿元，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资额自2016年以来持续下降。</li><li>随着新冠肺炎重塑市场，科技巨头开始大举进军数字教育行业。</li><li>我们并不认为该公司能够应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又称明日高级学习）（TAL）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务部门。该公司以优质教育和课外辅导为载体体系，在全球范围内提供服务。成立于2003年，2010年在纽约证券交易所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方（EDU）竞争。可以说，两家公司都引领着中国的教育行业；首先，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在国内共有98个城市和1个国外城市（多伦多）都有活跃的业务。好未来在中国总共90个城市开展业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着快速增长国家的家长们越来越重视孩子的基础教育，以及电子学习日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>良好的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来 2021 年第二季度的财务业绩并不令人印象深刻，该公司盈利 11 亿美元（同比增长 20.8%），而分析师预期该季度为 11.2 亿美元。不过，该公司公布本季度每股收益为 0.08 美元，比分析师普遍预期的 0.05 美元高出 0.03 美元。由于小学教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成巨轮投资的猿辅导和作业帮等本地纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非 GAAP 营业利润率从 2020 年第二季度的 9.8% 降至 -1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新市场机遇</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>近五六年来，随着国家的支持、技术的发展、资本的涌入，中国的在线K12教育行业得到了快速发展。二零二零年，中国K12在线教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育的渗透率约为15%。随着2020年初新冠肺炎的袭击，在线教育的优势非常明显。在线K12教育的渗透率在2020年3月达到顶峰。虽然行业在国内仍处于消费普及阶段，但有明显的趋势。作为获取教育信息和服务的新兴方式，这一领域一直表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871个学习中心（线下辅导中心）、648个培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情证明的原因。为了控制 COVID-19 的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下降。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用，但它们无法与 VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用的收入贡献从 2020 财年第二季度的 17% 增加到 2021 财年第二季度的 26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务构成阻力。虽然疫苗已经出现，但18岁以下的儿童是不允许接种的。当大多数投资者意识到该公司仍然专注于正式或基于课堂的辅导和培训时，TAL 的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>好未来自大约九年前上市以来一直保持稳定增长。此后，收入增长了约 30 倍，复合年增长率为 45.7%，平均毛利率高达 50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至 2 月份的上一财年的业绩受到 COVID-19 引发的限制措施的重大影响，这些限制措施在中国很早就开始了。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。结果，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而上年同期为44.1%。学生入学总数仍在上升，同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资较少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量一直在减少。与好未来相比，新东方自2018年以来更加激进。好未来的融资从2016年的24笔大幅下降到2020年的只有两笔。这两项投资是在互动学习SaaS平台UMU和在线儿童数学辅导应用上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的进入</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比激增 64%，占总收入的 22%，同比增长 4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为越来越多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也涉足在线教育业务。好未来需要升级其在线教育业务才能维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，公司的核心竞争力在于大数据、直播智能等技术在中国在线教育行业的深度应用。就专有的基于学费的技术而言，该公司没有在研发上投入太多资金。现有的进入壁垒很少。理论上，新进入者可以购买师资和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020 年 4 月，好未来承认员工不当行为导致销售数据虚增，瑞幸咖啡 (OTCPK:LKNCY) 3.1 亿美元欺诈后进一步阻碍了市场信心，成为丑闻缠身的在美上市中国公司之一。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>两年前，浑水公司发布了一份报告，称该公司是“一家拥有虚假财务数据的真实企业”。报告称，“好未来在其核心培优业务的财务报表中存在欺诈行为。培优欺诈更难量化，但我们的研究表明，欺诈性多报了公司约 25% 至 30% 的收入”。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资TAL教育的合适时机。我们给予该股中性评级，因为我们认为该公司无法应对即将到来的行业内激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强线上业务，与新来者和老牌企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬而未决保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（前身为跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利能力。</li><li>替代学生获取渠道和成人教育贡献增加等增长动力也应该有所帮助。</li><li>尽管电动汽车/销量倍数有折扣，但我会推迟启动头寸，因为目前正在等待政策悬而未决的清除。</li></ul>刚刚更名的高途集团（GOTU/跟谁学）最近举办的投资者活动对其运营和高层管理人员的战略进行了有趣的介绍，及时了解了长期前景。特别是，跟谁学强调其持续关注卓越的教学、服务质量和技术投资是关键的差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期的更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，它也可能带来更健康的行业动态，这也应该会推动亏损缩小。虽然政策改革的悬而未决使其难以转为看涨，但跟谁学的贴现 c.3 倍电动汽车/销售倍数看起来也要求不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益增长的重要性</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，跟谁学在2020年第四季度和2021年第一季度的流量获取有所减少，大幅下降。2021 年 1 月至 2 月的销售线索成本降低 20%（低于 2020 年 11 月至 12 月期间）。最近的下降可能是由于今年早些时候教育部（MOE）最近的一次采访引发了在线流量获取的监管不确定性。21年第一季度新入学增长的巨大压力可能也是营收指导低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道以抵消压力，这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低 50% 以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，在这方面，跟谁学并不孤单——其他在线AST玩家也发起了类似的举措，从在线一对一和小班玩家，如51talk（COE）、VIPKID和新东方子公司Koolearn，其大班覆盖范围已达到约100个城市。同样，在线大班课外辅导企业也开始通过合作伙伴关系扩展到线下收购，好未来教育（TAL）子公司学而思最近几个月还与联想（OTCPK：LNVGY）合作。随着作业帮等私营企业也在组建线下流量获取团队，竞争压力可能会对近期前景造成负面影响。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个主要增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，随着人们越来越多地寻求在不确定的就业市场中提升技能，成人教育也成为一个潜在的增长机会。随着收入水平的提高，人们也在教育上花费更多，以便更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>资料来源：跟谁学上市招股说明书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务有望成为收入同比增长+100%的关键增长动力。考虑到成人教育在 2020 财年占跟谁学收入的 10% 以上，我预计随着时间的推移，这一贡献将继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课外辅导，因为入学/导师比例更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线法规仍然是关键问题</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线法规令人担忧，可能的措施包括禁止虚假广告、加强对教育营销支出的控制，以及对机构和教师提出更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整个行业的发展，让在线课外辅导玩家能够将更多的资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏明确性，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也会有利于利润率。反过来，这应该会改善企业的长期经济效益，并推动下一季度亏损缩小。增长放缓的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量，并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，跟谁学有一个c。人民币82亿元现金头寸（包括流动性投资），应能抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。随着跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。虽然跟谁学的股价因Archegos资本事件和政策担忧而受到影响，但其远期电动汽车/销售倍数已大幅下降至c。3 倍，以及与 TAL 和 EDU 等同行相比不断扩大的相对折扣可能意味着负面影响已被定价。然而，在政策悬而未决的问题被解除之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</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>Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</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\">\nChinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</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\">2021-06-23 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）中国教育股周三早盘多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为 EDU 是现在值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>第一季度末，Insider Monkey 追踪的对冲基金中共有 45 家看好该股，较一季度前变化了 5%。下面，您可以查看过去 23 个季度对冲基金对 EDU 情绪的变化。随着聪明资金的头寸经历通常的起伏，存在一个值得注意的对冲基金经理的“上层”，他们正在大幅增加持仓（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由比亚迪1资本合伙公司持有，该公司报告称截至12月底持有价值3.505亿美元的股票。紧随其后的是 GQG Partners，头寸为 3.198 亿美元。其他看好该公司的投资者包括 Tiger Global Management LLC、Farallon Capital 和 Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital 将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其 13F 投资组合的 42.13%。麒麟管理公司也相对非常看好该股，将其 13F 股票投资组合的 18.73% 指定给 EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣飙升，一些大牌公司自己也在破土动工。由 David Fear 管理的 Thunderbird Partners 在新东方教育科技集团公司（纽约证券交易所股票代码：EDU）中确立了最有价值的职位。截至本季度末，Thunderbird Partners 已向该公司投资 1670 万美元。Eduardo Costa’sCalixto Global Investors在本季度还对该股进行了1470万美元的投资。其他拥有全新EDU头寸的基金有Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的sOld Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括堪萨斯城南方航空 (NYSE:KSU)、纽柯公司 (NYSE:NUE)、佛朗哥-内华达公司 (NYSE:FNV)、Fortive Corporation (NYSE:FTV)、哈特福德金融服务集团公司 (NYSE:HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和 Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都与 EDU 的市值最接近。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有 32.1 家对冲基金持有看涨头寸，投资于这些股票的平均金额为 12.39 亿美元。在EDU的案例中，这个数字是21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是该表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的，只有 12 个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对 EDU 的总体对冲基金情绪得分为 70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票会获得更高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在囤积的股票。我们的计算显示，对冲基金中最受欢迎的 5 只股票在 2019 年和 2020 年的回报率为 95.8%，比标普500 ETF（SPDR标普500指数ETF）高出 40 个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU 远不如这 5 只股票受欢迎，押注 EDU 的对冲基金感到失望，因为该股自 3 月底（截至 6/18）以来的回报率为 -45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021 财年第二季度收入和 XRS online 增长低于普遍预期。</li><li>2020年，中国K12在线教育市场规模达890亿元，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资额自2016年以来持续下降。</li><li>随着新冠肺炎重塑市场，科技巨头开始大举进军数字教育行业。</li><li>我们并不认为该公司能够应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又称明日高级学习）（TAL）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务部门。该公司以优质教育和课外辅导为载体体系，在全球范围内提供服务。成立于2003年，2010年在纽约证券交易所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方（EDU）竞争。可以说，两家公司都引领着中国的教育行业；首先，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在国内共有98个城市和1个国外城市（多伦多）都有活跃的业务。好未来在中国总共90个城市开展业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着快速增长国家的家长们越来越重视孩子的基础教育，以及电子学习日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>良好的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来 2021 年第二季度的财务业绩并不令人印象深刻，该公司盈利 11 亿美元（同比增长 20.8%），而分析师预期该季度为 11.2 亿美元。不过，该公司公布本季度每股收益为 0.08 美元，比分析师普遍预期的 0.05 美元高出 0.03 美元。由于小学教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成巨轮投资的猿辅导和作业帮等本地纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非 GAAP 营业利润率从 2020 年第二季度的 9.8% 降至 -1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新市场机遇</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>近五六年来，随着国家的支持、技术的发展、资本的涌入，中国的在线K12教育行业得到了快速发展。二零二零年，中国K12在线教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育的渗透率约为15%。随着2020年初新冠肺炎的袭击，在线教育的优势非常明显。在线K12教育的渗透率在2020年3月达到顶峰。虽然行业在国内仍处于消费普及阶段，但有明显的趋势。作为获取教育信息和服务的新兴方式，这一领域一直表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871个学习中心（线下辅导中心）、648个培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情证明的原因。为了控制 COVID-19 的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下降。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用，但它们无法与 VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用的收入贡献从 2020 财年第二季度的 17% 增加到 2021 财年第二季度的 26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务构成阻力。虽然疫苗已经出现，但18岁以下的儿童是不允许接种的。当大多数投资者意识到该公司仍然专注于正式或基于课堂的辅导和培训时，TAL 的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>好未来自大约九年前上市以来一直保持稳定增长。此后，收入增长了约 30 倍，复合年增长率为 45.7%，平均毛利率高达 50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至 2 月份的上一财年的业绩受到 COVID-19 引发的限制措施的重大影响，这些限制措施在中国很早就开始了。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。结果，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而上年同期为44.1%。学生入学总数仍在上升，同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资较少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量一直在减少。与好未来相比，新东方自2018年以来更加激进。好未来的融资从2016年的24笔大幅下降到2020年的只有两笔。这两项投资是在互动学习SaaS平台UMU和在线儿童数学辅导应用上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的进入</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比激增 64%，占总收入的 22%，同比增长 4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为越来越多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也涉足在线教育业务。好未来需要升级其在线教育业务才能维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，公司的核心竞争力在于大数据、直播智能等技术在中国在线教育行业的深度应用。就专有的基于学费的技术而言，该公司没有在研发上投入太多资金。现有的进入壁垒很少。理论上，新进入者可以购买师资和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020 年 4 月，好未来承认员工不当行为导致销售数据虚增，瑞幸咖啡 (OTCPK:LKNCY) 3.1 亿美元欺诈后进一步阻碍了市场信心，成为丑闻缠身的在美上市中国公司之一。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>两年前，浑水公司发布了一份报告，称该公司是“一家拥有虚假财务数据的真实企业”。报告称，“好未来在其核心培优业务的财务报表中存在欺诈行为。培优欺诈更难量化，但我们的研究表明，欺诈性多报了公司约 25% 至 30% 的收入”。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资TAL教育的合适时机。我们给予该股中性评级，因为我们认为该公司无法应对即将到来的行业内激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强线上业务，与新来者和老牌企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬而未决保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（前身为跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利能力。</li><li>替代学生获取渠道和成人教育贡献增加等增长动力也应该有所帮助。</li><li>尽管电动汽车/销量倍数有折扣，但我会推迟启动头寸，因为目前正在等待政策悬而未决的清除。</li></ul>刚刚更名的高途集团（GOTU/跟谁学）最近举办的投资者活动对其运营和高层管理人员的战略进行了有趣的介绍，及时了解了长期前景。特别是，跟谁学强调其持续关注卓越的教学、服务质量和技术投资是关键的差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期的更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，它也可能带来更健康的行业动态，这也应该会推动亏损缩小。虽然政策改革的悬而未决使其难以转为看涨，但跟谁学的贴现 c.3 倍电动汽车/销售倍数看起来也要求不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益增长的重要性</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，跟谁学在2020年第四季度和2021年第一季度的流量获取有所减少，大幅下降。2021 年 1 月至 2 月的销售线索成本降低 20%（低于 2020 年 11 月至 12 月期间）。最近的下降可能是由于今年早些时候教育部（MOE）最近的一次采访引发了在线流量获取的监管不确定性。21年第一季度新入学增长的巨大压力可能也是营收指导低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道以抵消压力，这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低 50% 以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，在这方面，跟谁学并不孤单——其他在线AST玩家也发起了类似的举措，从在线一对一和小班玩家，如51talk（COE）、VIPKID和新东方子公司Koolearn，其大班覆盖范围已达到约100个城市。同样，在线大班课外辅导企业也开始通过合作伙伴关系扩展到线下收购，好未来教育（TAL）子公司学而思最近几个月还与联想（OTCPK：LNVGY）合作。随着作业帮等私营企业也在组建线下流量获取团队，竞争压力可能会对近期前景造成负面影响。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个主要增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，随着人们越来越多地寻求在不确定的就业市场中提升技能，成人教育也成为一个潜在的增长机会。随着收入水平的提高，人们也在教育上花费更多，以便更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>资料来源：跟谁学上市招股说明书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务有望成为收入同比增长+100%的关键增长动力。考虑到成人教育在 2020 财年占跟谁学收入的 10% 以上，我预计随着时间的推移，这一贡献将继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课外辅导，因为入学/导师比例更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线法规仍然是关键问题</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线法规令人担忧，可能的措施包括禁止虚假广告、加强对教育营销支出的控制，以及对机构和教师提出更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整个行业的发展，让在线课外辅导玩家能够将更多的资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏明确性，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也会有利于利润率。反过来，这应该会改善企业的长期经济效益，并推动下一季度亏损缩小。增长放缓的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量，并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，跟谁学有一个c。人民币82亿元现金头寸（包括流动性投资），应能抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。随着跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。虽然跟谁学的股价因Archegos资本事件和政策担忧而受到影响，但其远期电动汽车/销售倍数已大幅下降至c。3 倍，以及与 TAL 和 EDU 等同行相比不断扩大的相对折扣可能意味着负面影响已被定价。然而，在政策悬而未决的问题被解除之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TAL":"好未来","GOTU":"高途","EDU":"新东方"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170395888","content_text":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Think EDU Is A Good Stock To Buy Now?\nAt first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).\nThe largest stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education & Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.\nAs industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education & Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.\nLet's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education & Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.\nAs you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education & Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.\nTAL Education: Not Ready To Handle A New Wave Of Market Rivalry\nSummary\n\nFY2Q2021 revenue and XRS online growth fell below consensus expectations.\nIn 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.\nUnlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.\nWith COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.\nWe do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.\n\nTAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education & parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.\nIn China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.\nAs parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.\nDecent financial results\nTAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.\nNew market opportunities\nIn the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.\nIn 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.\n\nThe fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.\nTAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.\nThe re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.\nTAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.\nResults from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.\nLess venture investment presence\nSince 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.\n\nThe entrance of tech giants\nSales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.\nWith upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.\nThe education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.\nAllegation probe\nIn April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.\nTwo years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"\nBottom line\nThis might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.\nGaotu Group: Policy Overhang Keeps The Risk-Reward Balanced\nSummary\n\nThe longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).\nAdverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.\nGrowth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.\nDespite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.\n\nNewly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.\nGrowing Importance of Alternative Student Acquisition Channels\nWorryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).\n\nSource:GSX Investor Presentation Slides\nHowever, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.\nAdult Education Set to be Another Top-Line Growth Driver\nWithin the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.\n\nSource:GSX Listing Prospectus Filing\nNotably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.\nOnline Regulations Remain the Key Concern\nLooking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.\nAny restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. 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and like for free money","listText":"Comment and like for free money","text":"Comment and like for free money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/192408065","repostId":"2135984182","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126702857,"gmtCreate":1624583604279,"gmtModify":1633950965071,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>gogo","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>gogo","text":"$Tesla 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comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":1,"link":"https://laohu8.com/post/196133665","repostId":"1163454382","repostType":4,"repost":{"id":"1163454382","kind":"news","pubTimestamp":1621004581,"share":"https://www.laohunote.com/m/news/1163454382?lang=zh_CN&edition=full","pubTime":"2021-05-14 23:03","market":"us","language":"en","title":"Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163454382","media":"Motley Fool","summary":"AMC investors have reason for more optimism on the heels of another capital raise.Yesterday's jump came after the company announcedit raised $428 million. First, the Centers for Disease Control and Prevention  issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.This should allow theaters to open back up at full capacity and be a desirable destination for vaccinat","content":"<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</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>Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</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\">\nWhy AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-05-14 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/\">Motley Fool</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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163454382","content_text":"AMC investors have reason for more optimism on the heels of another capital raise.\n\nWhat happened\nA day afterAMC Entertainment Holdings(NYSE:AMC)\nSo what\nYesterday's jump came after the company announcedit raised $428 million\nFirst, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.\nThis should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,Walt Disney(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.\nNow what\nLower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.\nVaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105960500,"gmtCreate":1620264333100,"gmtModify":1634206548205,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"Like and comment first!","listText":"Like and comment first!","text":"Like and comment first!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/105960500","repostId":"1144806506","repostType":4,"repost":{"id":"1144806506","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":1620264264,"share":"https://www.laohunote.com/m/news/1144806506?lang=zh_CN&edition=full","pubTime":"2021-05-06 09:24","market":"us","language":"en","title":"Etsy slides more than 10% after it warns of slowing growth<blockquote>Etsy 警告增长放缓后股价下跌超过 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144806506","media":"Tiger Newspress","summary":"Etsystock dropped more than 10% in after-hours trading on Wednesdayafter the company reportedfirst-q","content":"<p>Etsystock dropped more than 10% in after-hours trading on Wednesdayafter the company reportedfirst-quarter earnings results that surpassed analysts’ estimates, but warned that it expects the total sale of goods on its platform to slow in the second quarter as it faces tough comparisons to last year’s pandemic-boosted results.<img src=\"https://static.tigerbbs.com/f0b10015e6e4ac3d9851afebd05c69de\" tg-width=\"706\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Here’s how the company did vs. expectations:</p><p><blockquote>Etsystock 在周三盘后交易中下跌超过 10%，此前该公司公布的第一季度财报超出了分析师的预期，但该公司警告称，由于与去年大流行病提振的业绩相比，预计第二季度其平台上的商品总销售额将放缓。以下是该公司的表现与预期：</blockquote></p><p><ul><li><b>Earnings:</b>$1.00 per share, adjusted, vs $0.88 expected</li><li><b>Revenue:</b>$551 million, vs $530 million expected</li></ul>The online marketplace forecast second-quarter gross merchandise sales between $2.8 billion and $3.1 billion, representing growth of 5% to 15% from last year’s quarter. Analysts surveyed by Refinitiv were looking for gross merchandise sales of $2.95 billion. Gross merchandise sales is a closely-watched metric in the industry that measures the total value of goods sold on the site.</p><p><blockquote><ul><li><b>收益：</b>调整后每股 1.00 美元，预期为 0.88 美元</li><li><b>收入：</b>5.51亿美元，而预期为5.3亿美元</li></ul>该在线市场预测第二季度商品销售总额将在 28 亿至 31 亿美元之间，比去年同期增长 5% 至 15%。路孚特调查的分析师预计商品销售总额为 29.5 亿美元。商品总销售额是业内一个备受关注的指标，它衡量网站上销售的商品总价值。</blockquote></p><p>“We currently expect Q2 2021 GMS to decelerate along with the rest of e-commerce as we lap the tremendous 2020 growth rates,” Etsy CEO Josh Silverman said in a statement. “That said, we’ll keep the pedal to the metal in 2021 to continue to improve our customer experiences, make Etsy top-of-mind for the millions of buyers who have found Etsy for the first time or are relying on us now more than ever, and further invest in our very large market opportunity.”</p><p><blockquote>“Etsy 首席执行官乔希-西尔弗曼（Josh Silverman）在一份声明中说：”我们目前预计，随着 2020 年的巨大增长率，2021 年第二季度通用汽车将与其他电子商务行业一起减速。“尽管如此，我们将在 2021 年全力以赴，继续改善客户体验，让 Etsy 成为数百万第一次找到 Etsy 或现在比以往任何时候都更加依赖我们的买家的首选，并进一步投资于我们巨大的市场机会。”</blockquote></p><p>Etsy didn’t provide guidance for the full year, citing uncertainty around the coronavirus pandemic.</p><p><blockquote>Etsy 没有提供全年的指导，理由是冠状病毒大流行存在不确定性。</blockquote></p><p>Etsysaw its business boomearly on in the pandemic, as shoppers turned to it and other online retailers for goods amid physical store closures and the coronavirus raged, pushing many to stay indoors. Etsy, which sells an array of handmade and vintage items, experienced“overwhelming demand”for face masks.</p><p><blockquote>在实体店关闭和冠状病毒肆虐的情况下，购物者转向 Etsys 和其他在线零售商购买商品，迫使许多人呆在室内，Etsys 的业务在疫情很早就蓬勃发展。Etsy 出售一系列手工制品和复古商品，口罩的需求 “势不可挡”。</blockquote></p><p>That demand appears to be tapering off, now that the economy continues to reopen and vaccine rollout accelerates. During the first quarter, Etsy said it sold $72 million worth of face masks, down from a peak of $346 million in the second quarter of 2020.</p><p><blockquote>随着经济继续重新开放和疫苗推广加速，这种需求似乎正在逐渐减少。Etsy表示，第一季度售出了价值7200万美元的口罩，低于2020年第二季度3.46亿美元的峰值。</blockquote></p><p>E-commerce companies boosted by the pandemic, including, Etsy, eBay and Wayfair, continue to face intense pressure from investors to prove their businesses can continue to grow steadily in a post-pandemic world.</p><p><blockquote>受疫情提振的电子商务公司，包括Etsy、eBay和Wayfair，继续面临来自投资者的巨大压力，要求他们证明自己的业务可以在后疫情时代继续稳步增长。</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>Etsy slides more than 10% after it warns of slowing growth<blockquote>Etsy 警告增长放缓后股价下跌超过 10%</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\">\nEtsy slides more than 10% after it warns of slowing growth<blockquote>Etsy 警告增长放缓后股价下跌超过 10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-06 09:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Etsystock dropped more than 10% in after-hours trading on Wednesdayafter the company reportedfirst-quarter earnings results that surpassed analysts’ estimates, but warned that it expects the total sale of goods on its platform to slow in the second quarter as it faces tough comparisons to last year’s pandemic-boosted results.<img src=\"https://static.tigerbbs.com/f0b10015e6e4ac3d9851afebd05c69de\" tg-width=\"706\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Here’s how the company did vs. expectations:</p><p><blockquote>Etsystock 在周三盘后交易中下跌超过 10%，此前该公司公布的第一季度财报超出了分析师的预期，但该公司警告称，由于与去年大流行病提振的业绩相比，预计第二季度其平台上的商品总销售额将放缓。以下是该公司的表现与预期：</blockquote></p><p><ul><li><b>Earnings:</b>$1.00 per share, adjusted, vs $0.88 expected</li><li><b>Revenue:</b>$551 million, vs $530 million expected</li></ul>The online marketplace forecast second-quarter gross merchandise sales between $2.8 billion and $3.1 billion, representing growth of 5% to 15% from last year’s quarter. Analysts surveyed by Refinitiv were looking for gross merchandise sales of $2.95 billion. Gross merchandise sales is a closely-watched metric in the industry that measures the total value of goods sold on the site.</p><p><blockquote><ul><li><b>收益：</b>调整后每股 1.00 美元，预期为 0.88 美元</li><li><b>收入：</b>5.51亿美元，而预期为5.3亿美元</li></ul>该在线市场预测第二季度商品销售总额将在 28 亿至 31 亿美元之间，比去年同期增长 5% 至 15%。路孚特调查的分析师预计商品销售总额为 29.5 亿美元。商品总销售额是业内一个备受关注的指标，它衡量网站上销售的商品总价值。</blockquote></p><p>“We currently expect Q2 2021 GMS to decelerate along with the rest of e-commerce as we lap the tremendous 2020 growth rates,” Etsy CEO Josh Silverman said in a statement. “That said, we’ll keep the pedal to the metal in 2021 to continue to improve our customer experiences, make Etsy top-of-mind for the millions of buyers who have found Etsy for the first time or are relying on us now more than ever, and further invest in our very large market opportunity.”</p><p><blockquote>“Etsy 首席执行官乔希-西尔弗曼（Josh Silverman）在一份声明中说：”我们目前预计，随着 2020 年的巨大增长率，2021 年第二季度通用汽车将与其他电子商务行业一起减速。“尽管如此，我们将在 2021 年全力以赴，继续改善客户体验，让 Etsy 成为数百万第一次找到 Etsy 或现在比以往任何时候都更加依赖我们的买家的首选，并进一步投资于我们巨大的市场机会。”</blockquote></p><p>Etsy didn’t provide guidance for the full year, citing uncertainty around the coronavirus pandemic.</p><p><blockquote>Etsy 没有提供全年的指导，理由是冠状病毒大流行存在不确定性。</blockquote></p><p>Etsysaw its business boomearly on in the pandemic, as shoppers turned to it and other online retailers for goods amid physical store closures and the coronavirus raged, pushing many to stay indoors. Etsy, which sells an array of handmade and vintage items, experienced“overwhelming demand”for face masks.</p><p><blockquote>在实体店关闭和冠状病毒肆虐的情况下，购物者转向 Etsys 和其他在线零售商购买商品，迫使许多人呆在室内，Etsys 的业务在疫情很早就蓬勃发展。Etsy 出售一系列手工制品和复古商品，口罩的需求 “势不可挡”。</blockquote></p><p>That demand appears to be tapering off, now that the economy continues to reopen and vaccine rollout accelerates. During the first quarter, Etsy said it sold $72 million worth of face masks, down from a peak of $346 million in the second quarter of 2020.</p><p><blockquote>随着经济继续重新开放和疫苗推广加速，这种需求似乎正在逐渐减少。Etsy表示，第一季度售出了价值7200万美元的口罩，低于2020年第二季度3.46亿美元的峰值。</blockquote></p><p>E-commerce companies boosted by the pandemic, including, Etsy, eBay and Wayfair, continue to face intense pressure from investors to prove their businesses can continue to grow steadily in a post-pandemic world.</p><p><blockquote>受疫情提振的电子商务公司，包括Etsy、eBay和Wayfair，继续面临来自投资者的巨大压力，要求他们证明自己的业务可以在后疫情时代继续稳步增长。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ETSY":"Etsy, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144806506","content_text":"Etsystock dropped more than 10% in after-hours trading on Wednesdayafter the company reportedfirst-quarter earnings results that surpassed analysts’ estimates, but warned that it expects the total sale of goods on its platform to slow in the second quarter as it faces tough comparisons to last year’s pandemic-boosted results.Here’s how the company did vs. expectations:Earnings:$1.00 per share, adjusted, vs $0.88 expectedRevenue:$551 million, vs $530 million expectedThe online marketplace forecast second-quarter gross merchandise sales between $2.8 billion and $3.1 billion, representing growth of 5% to 15% from last year’s quarter. Analysts surveyed by Refinitiv were looking for gross merchandise sales of $2.95 billion. Gross merchandise sales is a closely-watched metric in the industry that measures the total value of goods sold on the site.“We currently expect Q2 2021 GMS to decelerate along with the rest of e-commerce as we lap the tremendous 2020 growth rates,” Etsy CEO Josh Silverman said in a statement. “That said, we’ll keep the pedal to the metal in 2021 to continue to improve our customer experiences, make Etsy top-of-mind for the millions of buyers who have found Etsy for the first time or are relying on us now more than ever, and further invest in our very large market opportunity.”Etsy didn’t provide guidance for the full year, citing uncertainty around the coronavirus pandemic.Etsysaw its business boomearly on in the pandemic, as shoppers turned to it and other online retailers for goods amid physical store closures and the coronavirus raged, pushing many to stay indoors. Etsy, which sells an array of handmade and vintage items, experienced“overwhelming demand”for face masks.That demand appears to be tapering off, now that the economy continues to reopen and vaccine rollout accelerates. During the first quarter, Etsy said it sold $72 million worth of face masks, down from a peak of $346 million in the second quarter of 2020.E-commerce companies boosted by the pandemic, including, Etsy, eBay and Wayfair, continue to face intense pressure from investors to prove their businesses can continue to grow steadily in a post-pandemic world.","news_type":1,"symbols_score_info":{"ETSY":0.9}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131925058,"gmtCreate":1621822480174,"gmtModify":1634186335305,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"Like comment","listText":"Like comment","text":"Like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/131925058","repostId":"1142753520","repostType":4,"repost":{"id":"1142753520","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1621816950,"share":"https://www.laohunote.com/m/news/1142753520?lang=zh_CN&edition=full","pubTime":"2021-05-24 08:42","market":"us","language":"en","title":"IPO Previews For The Week<blockquote>本周 IPO 预览</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142753520","media":"Benzinga Earnings","summary":"With the start of a new week comes the excitement surrounding a new set of companies looking to make","content":"<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，令人兴奋。据 Benzinga Pro 报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所股票代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在 16.0 美元至 19.0 美元之间，内部锁定期为 180 天。FIGS, Inc 将以每股 17.5 美元的价格发行 22,500,000 股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>飞线公司</b>（纳斯达克股票代码：FLYW）将于2021年5月26日上午06:32开始公开上市。该公司的价格范围为 22.0 美元至 24.0 美元，锁定期为 180 天。FLYWIRE CORPORATION 将以每股 22.99 美元的价格发行 8,700,000 股股票。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>支付控股公司。</b>（纽约证券交易所股票代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在 19.0 美元至 21.0 美元之间，内部锁定期为 180 天。Paymentus Holdings, Inc. 将以每股 20.0 美元的价格发行 10,000,000 股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻居药房公司</b>（TSX:NBLY）将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc 将以每股 17.0 美元的价格发行 10,295,000 股股票，内部人士锁定期为 180 天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私营公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。一家公司在公开上市之前，必须满足SEC的要求，并通过审计与投资银行合作，以确定定价、发行日期和发行前的其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定股票预计出售的价格范围。这被称为产品范围。一旦一家公司上市，其股票就会有一个开盘价。内部人士锁定期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO Previews For The Week<blockquote>本周 IPO 预览</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\">\nIPO Previews For The Week<blockquote>本周 IPO 预览</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-05-24 08:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，令人兴奋。据 Benzinga Pro 报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所股票代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在 16.0 美元至 19.0 美元之间，内部锁定期为 180 天。FIGS, Inc 将以每股 17.5 美元的价格发行 22,500,000 股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>飞线公司</b>（纳斯达克股票代码：FLYW）将于2021年5月26日上午06:32开始公开上市。该公司的价格范围为 22.0 美元至 24.0 美元，锁定期为 180 天。FLYWIRE CORPORATION 将以每股 22.99 美元的价格发行 8,700,000 股股票。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>支付控股公司。</b>（纽约证券交易所股票代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在 19.0 美元至 21.0 美元之间，内部锁定期为 180 天。Paymentus Holdings, Inc. 将以每股 20.0 美元的价格发行 10,000,000 股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻居药房公司</b>（TSX:NBLY）将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc 将以每股 17.0 美元的价格发行 10,295,000 股股票，内部人士锁定期为 180 天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私营公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。一家公司在公开上市之前，必须满足SEC的要求，并通过审计与投资银行合作，以确定定价、发行日期和发行前的其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定股票预计出售的价格范围。这被称为产品范围。一旦一家公司上市，其股票就会有一个开盘价。内部人士锁定期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FLYW":"Flywire Corp.","PAY":"Paymentus Holdings, Inc.","FIGS":"FIGS, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142753520","content_text":"With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.FIGS, Inc(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.FLYWIRE CORPORATION(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.Paymentus Holdings, Inc.(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.Neighbourly Pharmacy Inc(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.What Are IPOs?An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.","news_type":1,"symbols_score_info":{"FIGS":0.9,"PAY":0.9,"FLYW":0.9}},"isVote":1,"tweetType":1,"viewCount":939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133171000,"gmtCreate":1621731731600,"gmtModify":1634186964593,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>zz","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>zz","text":"$Palantir Technologies Inc.(PLTR)$zz","images":[{"img":"https://static.tigerbbs.com/a6a0356d846c74e42466e3737e013267","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/133171000","isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348350367,"gmtCreate":1617890167359,"gmtModify":1634295936096,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a> idk why you guys are whining, demo day next week, just wait..","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a> idk why you guys are whining, demo day next week, just wait..","text":"$Palantir Technologies Inc.(PLTR)$ idk why you guys are whining, demo day next week, just wait..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/348350367","isVote":1,"tweetType":1,"viewCount":1801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322636793,"gmtCreate":1615801038112,"gmtModify":1703493153976,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a> Just keep buying and holding, the shorts will never win if we just keep hold","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a> Just keep buying and holding, the shorts will never win if we just keep hold","text":"$AMC Entertainment(AMC)$ $GameStop(GME)$ $AMC Entertainment(AMC)$ Just keep buying and holding, the shorts will never win if we just keep hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322636793","isVote":1,"tweetType":1,"viewCount":1116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184549834,"gmtCreate":1623719832028,"gmtModify":1634029638271,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"themes":[],"title":"","htmlText":"Like and comment for good luck","listText":"Like and comment for good luck","text":"Like and comment for good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/184549834","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180886726,"gmtCreate":1623198526265,"gmtModify":1634035957367,"author":{"id":"3576156004857448","authorId":"3576156004857448","name":"Gfree","avatar":"https://static.tigerbbs.com/2bad494c1eb68de3655386130ab22aae","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576156004857448","idStr":"3576156004857448"},"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":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/180886726","repostId":"1128909306","repostType":4,"repost":{"id":"1128909306","kind":"news","pubTimestamp":1623193560,"share":"https://www.laohunote.com/m/news/1128909306?lang=zh_CN&edition=full","pubTime":"2021-06-09 07:06","market":"us","language":"en","title":"S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>“模因股票”延续涨势，标普500收盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128909306","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of c","content":"<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社） - 华尔街股市周二难以维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者观望，而散户交易员则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均以接近持平或更高的区间收盘，标普500和道琼斯工业平均指数收盘较历史高点约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>科技含量最高的纳斯达克综合指数表现最好，亚马逊和苹果提供了最大的提振。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 投资组合经理保罗-诺尔特（Paul Nolte）说：”我们在等待通胀数据，等待（美联储）的更多数据，等待财报季。“目前市场没有太多动力”。</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>“诺尔特补充说：”我们将处于这种阴暗地带，直到国庆节刚过，我们才会看到财报季的到来。</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小盘股再次受到持续的模因股票零售狂潮的提振，其表现优于大型同行。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments 在 meme 股票中名列前茅，飙升 85.8%，是纳斯达克最大的百分比赢家。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath &amp; Beyond Inc、Workhorse Group 等，收盘上涨 7% 至 12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>“诺尔特说：”（备忘录股票）是活跃的地方，但你把它翻过来，看看加密货币，那就一团糟了。“现在，迷因股正在取代加密货币成为主流，这一切都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求正在复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者期待着周四的消费者价格指数数据，以获取有关通胀的进一步线索，以及它将如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼斯工业平均指数下跌30.42点，跌幅0.09%，报34,599.82点；标普500上涨 0.74 点，或 0.02%，至 4,227.26 点；纳斯达克综合指数上涨 43.19 点，即 0.31%，至 13,924.91 点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>在标普500的11个主要行业中，非必需消费品的百分比涨幅最大，公用事业的跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车联会的数据，特斯拉公司5月份中国产电动汽车的销量猛增29%，同比增长177%。消息传出后，该股抹去了最初的涨幅，收盘下跌 0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空公司宣布订购了 34 架新的 737 MAX 飞机，提振了波音公司的股价，但该飞机制造商的股价收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与 Reddit 驱动的空头挤压现象关系密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-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 1.74 比 1；在纳斯达克，1.66比1的比率有利于进步人士。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和一个新低；纳斯达克综合指数创下172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 118.2 亿股，而过去 20 个交易日的平均成交量为 107.5 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>“模因股票”延续涨势，标普500收盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社） - 华尔街股市周二难以维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者观望，而散户交易员则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均以接近持平或更高的区间收盘，标普500和道琼斯工业平均指数收盘较历史高点约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>科技含量最高的纳斯达克综合指数表现最好，亚马逊和苹果提供了最大的提振。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 投资组合经理保罗-诺尔特（Paul Nolte）说：”我们在等待通胀数据，等待（美联储）的更多数据，等待财报季。“目前市场没有太多动力”。</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>“诺尔特补充说：”我们将处于这种阴暗地带，直到国庆节刚过，我们才会看到财报季的到来。</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小盘股再次受到持续的模因股票零售狂潮的提振，其表现优于大型同行。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments 在 meme 股票中名列前茅，飙升 85.8%，是纳斯达克最大的百分比赢家。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath &amp; Beyond Inc、Workhorse Group 等，收盘上涨 7% 至 12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>“诺尔特说：”（备忘录股票）是活跃的地方，但你把它翻过来，看看加密货币，那就一团糟了。“现在，迷因股正在取代加密货币成为主流，这一切都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求正在复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者期待着周四的消费者价格指数数据，以获取有关通胀的进一步线索，以及它将如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼斯工业平均指数下跌30.42点，跌幅0.09%，报34,599.82点；标普500上涨 0.74 点，或 0.02%，至 4,227.26 点；纳斯达克综合指数上涨 43.19 点，即 0.31%，至 13,924.91 点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>在标普500的11个主要行业中，非必需消费品的百分比涨幅最大，公用事业的跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车联会的数据，特斯拉公司5月份中国产电动汽车的销量猛增29%，同比增长177%。消息传出后，该股抹去了最初的涨幅，收盘下跌 0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空公司宣布订购了 34 架新的 737 MAX 飞机，提振了波音公司的股价，但该飞机制造商的股价收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与 Reddit 驱动的空头挤压现象关系密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-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 1.74 比 1；在纳斯达克，1.66比1的比率有利于进步人士。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和一个新低；纳斯达克综合指数创下172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 118.2 亿股，而过去 20 个交易日的平均成交量为 107.5 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-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX\">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",".SPX":"S&P 500 Index","CLOV":"Clover Health Corp",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128909306","content_text":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath & Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"CLOV":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}