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cgtc78
2021-09-16
Good start
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cgtc78
2021-09-14
Hahaha.. damn fragile.. The other day Citi cover buy rating - upToday Morgan said otherwise - drop 5%Hey GS.. I am waiting for your call.
Electric vehicle maker Lucid Group fell nearly 5% in premarket trading<blockquote>电动汽车制造商 Lucid Group 在盘前交易中下跌近 5%</blockquote>
cgtc78
2021-09-13
Exit the position too early
Rocket Lab USA Stock Is Soaring. It’s Time to Sell Some Shares.<blockquote>Rocket Lab USA 股票飙升。是时候出售一些股票了。</blockquote>
cgtc78
2021-09-09
Get approval from your real big boss first
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cgtc78
2021-09-09
Looking good for Fed tapering
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cgtc78
2021-09-05
At this time when I re-read your post, baba crash another 20% at current price at 170.
Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票:触底过程似乎已经形成</blockquote>
cgtc78
2021-08-31
Watch out samsung
Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</blockquote>
cgtc78
2021-08-26
Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.
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cgtc78
2021-08-25
Waiting patiently
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cgtc78
2021-08-25
Wow.. looks like Mr. Jerome can make his decision as easy as you.
Central Banks Cannot Really Taper In This Slowdown<blockquote>在经济放缓的情况下,央行无法真正缩减规模</blockquote>
cgtc78
2021-08-24
Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.
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cgtc78
2021-08-19
Getting better all the time.
NVIDIA Earnings: Here's What You Need To Know<blockquote>NVIDIA 盈利:以下是您需要了解的信息</blockquote>
cgtc78
2021-08-19
China regulators power
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cgtc78
2021-08-19
Up up up
NVIDIA Q2 Adj. EPS $1.04 Beats $1.02 Estimate, Sales $6.51B Beat $6.33B Estimate<blockquote>NVIDIA 第二季度调整后每股收益为 1.04 美元,超出预期 1.02 美元,销售额为 6.51B 美元,超出预期 6.33B 美元</blockquote>
cgtc78
2021-08-11
Huh... why I sensed manipulative???
BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.<blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</blockquote>
cgtc78
2021-08-07
Walao.. comment like that also can...Who doesn't know not all restaurant are good.
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cgtc78
2021-08-06
Time to short
Airline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</blockquote>
cgtc78
2021-08-05
Sure or not.. [捂脸]
@Myhomie:
$Bionano Genomics(BNGO)$
Buy now while u can, it’s gonna skyrocket to + 80% in few hours time due to earnings. (Not financial advise)
cgtc78
2021-08-02
Premarket price drop after announcement.. why?
NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</blockquote>
cgtc78
2021-06-28
Up up to the sky
Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</blockquote>
去老虎APP查看更多动态
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start","listText":"Good start","text":"Good start","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885339606","repostId":"2167591016","repostType":4,"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886447206,"gmtCreate":1631621083005,"gmtModify":1631883944375,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Hahaha.. damn fragile.. The other day Citi cover buy rating - upToday Morgan said otherwise - drop 5%Hey GS.. I am waiting for your call.","listText":"Hahaha.. damn fragile.. The other day Citi cover buy rating - upToday Morgan said otherwise - drop 5%Hey GS.. I am waiting for your call.","text":"Hahaha.. damn fragile.. The other day Citi cover buy rating - upToday Morgan said otherwise - drop 5%Hey GS.. I am waiting for your call.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886447206","repostId":"1156414484","repostType":4,"repost":{"id":"1156414484","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":1631620263,"share":"https://www.laohunote.com/m/news/1156414484?lang=zh_CN&edition=full","pubTime":"2021-09-14 19:51","market":"us","language":"en","title":"Electric vehicle maker Lucid Group fell nearly 5% in premarket trading<blockquote>电动汽车制造商 Lucid Group 在盘前交易中下跌近 5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156414484","media":"Tiger Newspress","summary":"Electric vehicle maker Lucid Group fell nearly 5% in premarket trading. An equity research analyst a","content":"<p>Electric vehicle maker Lucid Group fell nearly 5% in premarket trading. An equity research analyst at Morgan Stanley initiated coverage of the company at underweight.</p><p><blockquote>电动汽车制造商Lucid Group在盘前交易中下跌近5%。摩根士丹利的一名股票研究分析师在跑输大盘发起了对该公司的报道。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b2a8b2c3d98c4a44e76c44e6944e604\" tg-width=\"891\" tg-height=\"638\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Electric vehicle maker Lucid Group fell nearly 5% in premarket trading<blockquote>电动汽车制造商 Lucid Group 在盘前交易中下跌近 5%</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\">\nElectric vehicle maker Lucid Group fell nearly 5% in premarket trading<blockquote>电动汽车制造商 Lucid Group 在盘前交易中下跌近 5%</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\">2021-09-14 19:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Electric vehicle maker Lucid Group fell nearly 5% in premarket trading. An equity research analyst at Morgan Stanley initiated coverage of the company at underweight.</p><p><blockquote>电动汽车制造商Lucid Group在盘前交易中下跌近5%。摩根士丹利的一名股票研究分析师在跑输大盘发起了对该公司的报道。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9b2a8b2c3d98c4a44e76c44e6944e604\" tg-width=\"891\" tg-height=\"638\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156414484","content_text":"Electric vehicle maker Lucid Group fell nearly 5% in premarket trading. An equity research analyst at Morgan Stanley initiated coverage of the company at underweight.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888710294,"gmtCreate":1631528298218,"gmtModify":1632807817744,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Exit the position too early ","listText":"Exit the position too early ","text":"Exit the position too early","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888710294","repostId":"1160543450","repostType":4,"repost":{"id":"1160543450","kind":"news","pubTimestamp":1631517980,"share":"https://www.laohunote.com/m/news/1160543450?lang=zh_CN&edition=full","pubTime":"2021-09-13 15:26","market":"us","language":"en","title":"Rocket Lab USA Stock Is Soaring. It’s Time to Sell Some Shares.<blockquote>Rocket Lab USA 股票飙升。是时候出售一些股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160543450","media":"Barrons","summary":"Everything is coming up aces for Rocket Lab USA. It’s time to think about taking some profits.\nThe s","content":"<p>Everything is coming up aces for Rocket Lab USA. It’s time to think about taking some profits.</p><p><blockquote>美国火箭实验室的一切都是王牌。是时候考虑止盈了。</blockquote></p><p> The space-launch and satellite-services company reported strong first-half 2021 sales this past Wednesday, its first quarterly report as a publicly traded company. It announced a big new business award too. The next day, Rocket Lab (ticker: RKLB) picked up its first Buy rating from Wall Street.</p><p><blockquote>这家太空发射和卫星服务公司上周三公布了 2021 年上半年强劲的销售额,这是其作为上市公司的第一份季度报告。它还宣布了一个大型新商业奖。第二天,Rocket Lab(股票代码:RKLB)从华尔街获得了第一个买入评级。</blockquote></p><p> All the good news has sent shares, well, skyrocketing, with the stock gaining 37% in one day. It’s now gained 77% over the past month, closing Friday at $18.69, while the S&P 500 is up about 0.5% and the Dow Jones Industrial Average is down about 2% over the same span. That has left even the most bullish investors wondering what to do next. Should they sell and risk losing their position in an exciting new business they believe in, or hang on for the long run? Fortunately, investors can do both. </p><p><blockquote>所有的好消息都让股价飙升,该股一天之内上涨了 37%。在过去的一个月里,该指数上涨了 77%,周五收于 18.69 美元,而标普500指数同期上涨了约 0.5%,道琼斯工业平均指数下跌了约 2%。这让即使是最乐观的投资者也不知道下一步该做什么。他们应该出售并冒着失去他们相信的令人兴奋的新业务的风险,还是长期坚持下去?幸运的是,投资者可以两者兼得。</blockquote></p><p> Selling the stock might seem rash. Rocket Lab recently announced new contract wins from companies targeting internet connectivity, earth observation, and space-junk collection, among others. Most of those aren’t included in the company’s $141.4 million backlog as of June 30 reported Wednesday, which was up 136% year over year.</p><p><blockquote>出售股票可能看起来很草率。火箭实验室最近宣布赢得了针对互联网连接、地球观测和太空垃圾收集等领域的公司的新合同。截至周三报告的 6 月 30 日,该公司积压的 1.414 亿美元订单中,其中大部分不包括在内,该订单同比增长 136%。</blockquote></p><p> It’s that business momentum that has Canaccord Genuity’s Austin Moeller, the first analyst to pick up coverage, excited about Rocket Lab stock. He sees the launch-services industry generating $11 billion in sales by 2030—up from a few hundred million dollars in 2021. The entire satellite manufacturing industry could be generating $22 billion in sales by then, up almost 100%.</p><p><blockquote>正是这种商业势头让 Canaccord Genuity 的奥斯汀-莫勒(Austin Moeller)是第一位接受报道的分析师,他对 Rocket Lab 的股票感到兴奋。他预计到 2030 年,发射服务行业的销售额将从 2021 年的几亿美元增加到 110 亿美元。届时,整个卫星制造业的销售额可能达到 220 亿美元,增长近 100%。</blockquote></p><p> “Rocket Lab’s core markets—commercial launch and small sat manufacturing—have an extremely favorable growth outlook over the next decade and beyond,” writes Moeller, who rates the stock a Buy. “The company’s competitive advantage over new market entrants and production scale justify significant upside in the stock price.”</p><p><blockquote>“穆勒写道:”火箭实验室的核心市场--商业发射和小型卫星制造--在未来十年及以后有着极其有利的增长前景。“公司相对于新市场进入者的竞争优势和生产规模证明了股价的大幅上涨空间。”</blockquote></p><p> Moeller’s target price for Rocket Lab stock is $30 a share, up more than 60% from Friday’s close. By 2030, he projects $2.7 billion in annual sales and $850 million in annual free cash flow, with positive free cash flow by 2024.</p><p><blockquote>Moeller 对 Rocket Lab 股票的目标价为每股 30 美元,比周五收盘价上涨 60% 以上。到 2030 年,他预计年销售额将达到 27 亿美元,年自由现金流将达到 8.5 亿美元,到 2024 年自由现金流将为正。</blockquote></p><p> Still, early investors are sitting with big gains—accumulated rapidly—which might make them a little antsy. There is, after all, a saying among traders on Wall Street: No one ever went bankrupt taking profits.</p><p><blockquote>尽管如此,早期投资者仍然坐拥巨额利润——快速积累——这可能会让他们有点不安。毕竟,华尔街的交易员中有一句话:从来没有人因为获利而破产。</blockquote></p><p> It can be a good idea to sell a little stock when things look overheated.</p><p><blockquote>当事情看起来过热时,卖出一点股票可能是个好主意。</blockquote></p><p> <i>Barron’s</i> recommended something similar after another small-cap stock—commercial electric-vehicle maker Workhorse Group (WHKS)—rocketed higher. We wrote positively about the stock in July 2020, when shares were about $15. They hit $42.96 in February, based in part on hopes the company would win the contract to replace the U.S. Postal Service’s right-hand-drive delivery vehicles. It was too far, too fast, and we advised readers to sell some of their shares around A Stock Market Selloff Needs a Trigger. Here’s What Could Cause the Next One. that time.</p><p><blockquote><i>巴伦</i>在另一只小盘股——商用电动汽车制造商 Workhorse Group (WHKS)——飙升后,也推荐了类似的股票。我们在 2020 年 7 月对该股进行了积极报道,当时股价约为 15 美元。二月份的价格达到了 42.96 美元,部分原因是人们希望该公司能够赢得更换美国邮政局右舵快递车的合同。这太远、太快了,我们建议读者在股市抛售需要触发因素时出售部分股票。以下是可能导致下一个问题的原因。那次。</blockquote></p><p> That turned out to be a reasonable call. The company didn’t win the USPS business. Shares are about $9 now after a series of delays and missteps. Sometimes it can be a good idea to lock in profits.</p><p><blockquote>事实证明,这是一个合理的看涨期权。该公司没有赢得美国邮政业务。经过一系列延迟和失误后,股价目前约为 9 美元。有时候锁定利润是个好主意。</blockquote></p><p> We also wrote positively about Rocket Lab in March, when shares were $11.60. We didn’t have a price target. Part of our logic was that if Elon Musk’s SpaceX was worth $74 billion in private markets, then Rocket Lab was worth more than $5.5 billion. The comparison seemed fair: Rocket Lab and SpaceX are the only two space start-ups generating significant sales from launch services. But Rocket Lab’s market capitalization is up to about $9 billion. We still like the company—and the opportunity.</p><p><blockquote>我们还在 3 月份对 Rocket Lab 进行了积极的报道,当时股价为 11.60 美元。我们没有价格目标。我们的部分逻辑是,如果埃隆-马斯克(Elon Musk)的 SpaceX 在私人市场的价值为 740 亿美元,那么火箭实验室的价值就超过了 55 亿美元。这种比较似乎很公平:Rocket Lab 和 SpaceX 是仅有的两家从发射服务中获得可观销售额的太空初创公司。但 Rocket Lab 的市值高达约 90 亿美元。我们仍然喜欢这家公司,也喜欢这个机会。</blockquote></p><p> We’re just not afraid to recognize that even space stocks can fly a little too high.</p><p><blockquote>我们只是不怕承认,即使是太空股也会飞得有点高。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rocket Lab USA Stock Is Soaring. It’s Time to Sell Some Shares.<blockquote>Rocket Lab USA 股票飙升。是时候出售一些股票了。</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\">\nRocket Lab USA Stock Is Soaring. It’s Time to Sell Some Shares.<blockquote>Rocket Lab USA 股票飙升。是时候出售一些股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-13 15:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Everything is coming up aces for Rocket Lab USA. It’s time to think about taking some profits.</p><p><blockquote>美国火箭实验室的一切都是王牌。是时候考虑止盈了。</blockquote></p><p> The space-launch and satellite-services company reported strong first-half 2021 sales this past Wednesday, its first quarterly report as a publicly traded company. It announced a big new business award too. The next day, Rocket Lab (ticker: RKLB) picked up its first Buy rating from Wall Street.</p><p><blockquote>这家太空发射和卫星服务公司上周三公布了 2021 年上半年强劲的销售额,这是其作为上市公司的第一份季度报告。它还宣布了一个大型新商业奖。第二天,Rocket Lab(股票代码:RKLB)从华尔街获得了第一个买入评级。</blockquote></p><p> All the good news has sent shares, well, skyrocketing, with the stock gaining 37% in one day. It’s now gained 77% over the past month, closing Friday at $18.69, while the S&P 500 is up about 0.5% and the Dow Jones Industrial Average is down about 2% over the same span. That has left even the most bullish investors wondering what to do next. Should they sell and risk losing their position in an exciting new business they believe in, or hang on for the long run? Fortunately, investors can do both. </p><p><blockquote>所有的好消息都让股价飙升,该股一天之内上涨了 37%。在过去的一个月里,该指数上涨了 77%,周五收于 18.69 美元,而标普500指数同期上涨了约 0.5%,道琼斯工业平均指数下跌了约 2%。这让即使是最乐观的投资者也不知道下一步该做什么。他们应该出售并冒着失去他们相信的令人兴奋的新业务的风险,还是长期坚持下去?幸运的是,投资者可以两者兼得。</blockquote></p><p> Selling the stock might seem rash. Rocket Lab recently announced new contract wins from companies targeting internet connectivity, earth observation, and space-junk collection, among others. Most of those aren’t included in the company’s $141.4 million backlog as of June 30 reported Wednesday, which was up 136% year over year.</p><p><blockquote>出售股票可能看起来很草率。火箭实验室最近宣布赢得了针对互联网连接、地球观测和太空垃圾收集等领域的公司的新合同。截至周三报告的 6 月 30 日,该公司积压的 1.414 亿美元订单中,其中大部分不包括在内,该订单同比增长 136%。</blockquote></p><p> It’s that business momentum that has Canaccord Genuity’s Austin Moeller, the first analyst to pick up coverage, excited about Rocket Lab stock. He sees the launch-services industry generating $11 billion in sales by 2030—up from a few hundred million dollars in 2021. The entire satellite manufacturing industry could be generating $22 billion in sales by then, up almost 100%.</p><p><blockquote>正是这种商业势头让 Canaccord Genuity 的奥斯汀-莫勒(Austin Moeller)是第一位接受报道的分析师,他对 Rocket Lab 的股票感到兴奋。他预计到 2030 年,发射服务行业的销售额将从 2021 年的几亿美元增加到 110 亿美元。届时,整个卫星制造业的销售额可能达到 220 亿美元,增长近 100%。</blockquote></p><p> “Rocket Lab’s core markets—commercial launch and small sat manufacturing—have an extremely favorable growth outlook over the next decade and beyond,” writes Moeller, who rates the stock a Buy. “The company’s competitive advantage over new market entrants and production scale justify significant upside in the stock price.”</p><p><blockquote>“穆勒写道:”火箭实验室的核心市场--商业发射和小型卫星制造--在未来十年及以后有着极其有利的增长前景。“公司相对于新市场进入者的竞争优势和生产规模证明了股价的大幅上涨空间。”</blockquote></p><p> Moeller’s target price for Rocket Lab stock is $30 a share, up more than 60% from Friday’s close. By 2030, he projects $2.7 billion in annual sales and $850 million in annual free cash flow, with positive free cash flow by 2024.</p><p><blockquote>Moeller 对 Rocket Lab 股票的目标价为每股 30 美元,比周五收盘价上涨 60% 以上。到 2030 年,他预计年销售额将达到 27 亿美元,年自由现金流将达到 8.5 亿美元,到 2024 年自由现金流将为正。</blockquote></p><p> Still, early investors are sitting with big gains—accumulated rapidly—which might make them a little antsy. There is, after all, a saying among traders on Wall Street: No one ever went bankrupt taking profits.</p><p><blockquote>尽管如此,早期投资者仍然坐拥巨额利润——快速积累——这可能会让他们有点不安。毕竟,华尔街的交易员中有一句话:从来没有人因为获利而破产。</blockquote></p><p> It can be a good idea to sell a little stock when things look overheated.</p><p><blockquote>当事情看起来过热时,卖出一点股票可能是个好主意。</blockquote></p><p> <i>Barron’s</i> recommended something similar after another small-cap stock—commercial electric-vehicle maker Workhorse Group (WHKS)—rocketed higher. We wrote positively about the stock in July 2020, when shares were about $15. They hit $42.96 in February, based in part on hopes the company would win the contract to replace the U.S. Postal Service’s right-hand-drive delivery vehicles. It was too far, too fast, and we advised readers to sell some of their shares around A Stock Market Selloff Needs a Trigger. Here’s What Could Cause the Next One. that time.</p><p><blockquote><i>巴伦</i>在另一只小盘股——商用电动汽车制造商 Workhorse Group (WHKS)——飙升后,也推荐了类似的股票。我们在 2020 年 7 月对该股进行了积极报道,当时股价约为 15 美元。二月份的价格达到了 42.96 美元,部分原因是人们希望该公司能够赢得更换美国邮政局右舵快递车的合同。这太远、太快了,我们建议读者在股市抛售需要触发因素时出售部分股票。以下是可能导致下一个问题的原因。那次。</blockquote></p><p> That turned out to be a reasonable call. The company didn’t win the USPS business. Shares are about $9 now after a series of delays and missteps. Sometimes it can be a good idea to lock in profits.</p><p><blockquote>事实证明,这是一个合理的看涨期权。该公司没有赢得美国邮政业务。经过一系列延迟和失误后,股价目前约为 9 美元。有时候锁定利润是个好主意。</blockquote></p><p> We also wrote positively about Rocket Lab in March, when shares were $11.60. We didn’t have a price target. Part of our logic was that if Elon Musk’s SpaceX was worth $74 billion in private markets, then Rocket Lab was worth more than $5.5 billion. The comparison seemed fair: Rocket Lab and SpaceX are the only two space start-ups generating significant sales from launch services. But Rocket Lab’s market capitalization is up to about $9 billion. We still like the company—and the opportunity.</p><p><blockquote>我们还在 3 月份对 Rocket Lab 进行了积极的报道,当时股价为 11.60 美元。我们没有价格目标。我们的部分逻辑是,如果埃隆-马斯克(Elon Musk)的 SpaceX 在私人市场的价值为 740 亿美元,那么火箭实验室的价值就超过了 55 亿美元。这种比较似乎很公平:Rocket Lab 和 SpaceX 是仅有的两家从发射服务中获得可观销售额的太空初创公司。但 Rocket Lab 的市值高达约 90 亿美元。我们仍然喜欢这家公司,也喜欢这个机会。</blockquote></p><p> We’re just not afraid to recognize that even space stocks can fly a little too high.</p><p><blockquote>我们只是不怕承认,即使是太空股也会飞得有点高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.barrons.com/articles/rocket-lab-stock-sell-51631321955?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RKLB":"Rocket Lab USA, Inc."},"source_url":"https://www.barrons.com/articles/rocket-lab-stock-sell-51631321955?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160543450","content_text":"Everything is coming up aces for Rocket Lab USA. It’s time to think about taking some profits.\nThe space-launch and satellite-services company reported strong first-half 2021 sales this past Wednesday, its first quarterly report as a publicly traded company. It announced a big new business award too. The next day, Rocket Lab (ticker: RKLB) picked up its first Buy rating from Wall Street.\n\nAll the good news has sent shares, well, skyrocketing, with the stock gaining 37% in one day. It’s now gained 77% over the past month, closing Friday at $18.69, while the S&P 500 is up about 0.5% and the Dow Jones Industrial Average is down about 2% over the same span. That has left even the most bullish investors wondering what to do next. Should they sell and risk losing their position in an exciting new business they believe in, or hang on for the long run? Fortunately, investors can do both. \n\nSelling the stock might seem rash. Rocket Lab recently announced new contract wins from companies targeting internet connectivity, earth observation, and space-junk collection, among others. Most of those aren’t included in the company’s $141.4 million backlog as of June 30 reported Wednesday, which was up 136% year over year.\nIt’s that business momentum that has Canaccord Genuity’s Austin Moeller, the first analyst to pick up coverage, excited about Rocket Lab stock. He sees the launch-services industry generating $11 billion in sales by 2030—up from a few hundred million dollars in 2021. The entire satellite manufacturing industry could be generating $22 billion in sales by then, up almost 100%.\n\n“Rocket Lab’s core markets—commercial launch and small sat manufacturing—have an extremely favorable growth outlook over the next decade and beyond,” writes Moeller, who rates the stock a Buy. “The company’s competitive advantage over new market entrants and production scale justify significant upside in the stock price.”\nMoeller’s target price for Rocket Lab stock is $30 a share, up more than 60% from Friday’s close. By 2030, he projects $2.7 billion in annual sales and $850 million in annual free cash flow, with positive free cash flow by 2024.\nStill, early investors are sitting with big gains—accumulated rapidly—which might make them a little antsy. There is, after all, a saying among traders on Wall Street: No one ever went bankrupt taking profits.\nIt can be a good idea to sell a little stock when things look overheated.\nBarron’s recommended something similar after another small-cap stock—commercial electric-vehicle maker Workhorse Group (WHKS)—rocketed higher. We wrote positively about the stock in July 2020, when shares were about $15. They hit $42.96 in February, based in part on hopes the company would win the contract to replace the U.S. Postal Service’s right-hand-drive delivery vehicles. It was too far, too fast, and we advised readers to sell some of their shares around A Stock Market Selloff Needs a Trigger. Here’s What Could Cause the Next One. that time.\n\nThat turned out to be a reasonable call. The company didn’t win the USPS business. Shares are about $9 now after a series of delays and missteps. Sometimes it can be a good idea to lock in profits.\nWe also wrote positively about Rocket Lab in March, when shares were $11.60. We didn’t have a price target. Part of our logic was that if Elon Musk’s SpaceX was worth $74 billion in private markets, then Rocket Lab was worth more than $5.5 billion. The comparison seemed fair: Rocket Lab and SpaceX are the only two space start-ups generating significant sales from launch services. But Rocket Lab’s market capitalization is up to about $9 billion. We still like the company—and the opportunity.\n\nWe’re just not afraid to recognize that even space stocks can fly a little too high.","news_type":1,"symbols_score_info":{"RKLB":0.9}},"isVote":1,"tweetType":1,"viewCount":2372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883029942,"gmtCreate":1631190984486,"gmtModify":1631887209564,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Get approval from your real big boss first","listText":"Get approval from your real big boss first","text":"Get approval from your real big boss first","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883029942","repostId":"2166348780","repostType":4,"isVote":1,"tweetType":1,"viewCount":3452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883067418,"gmtCreate":1631190886934,"gmtModify":1632884069583,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Looking good for Fed tapering","listText":"Looking good for Fed tapering","text":"Looking good for Fed tapering","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883067418","repostId":"1146701240","repostType":4,"isVote":1,"tweetType":1,"viewCount":3581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814227972,"gmtCreate":1630829212096,"gmtModify":1632905653999,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"At this time when I re-read your post, baba crash another 20% at current price at 170.","listText":"At this time when I re-read your post, baba crash another 20% at current price at 170.","text":"At this time when I re-read your post, baba crash another 20% at current price at 170.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814227972","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohunote.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票:触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Alibaba is probably the most undervalued growth stock right now.</li> <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li> <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li> <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中拥有多种增长动力,这使得其估值看起来更加令人困惑。</li><li>短期技术面可能会随着潜在的双底价格行动信号而转向看涨。</li><li>我们将讨论公司的多重增长动力,让投资者自己判断。</li></ul><p class=\"t-img-caption\"><span>戴永元/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:TradingView</span></p></blockquote></p><p> Alibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自 11 月 20 日初蚂蚁金服 IPO 被撤销以来,阿里巴巴-SW的股价经历了可怕的 8 个月,该股在低迷中萎靡不振,较高点下跌了 34%。在考虑其长期上升趋势的健康状况时,很明显,阿里巴巴具有相对较强的上升趋势偏差,并且在其关键的 50W 均线上总体上得到了良好的支撑。在过去 4 年中,它唯一一次失去关键的 50W MA 支撑位是在 2018 年熊市期间,当时阿里巴巴下跌了约 40%,但仍在重要的 200W MA 上方得到良好支撑,我们通常认为这是 “最后一道防线”。现在阿里巴巴再次面临类似的情况:下跌34%,失去了50W MA,但看起来在200W MA以上得到了很好的支撑。除此之外,价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨:潜在的双底形成。阿里巴巴的价格似乎正在经历双底,就像 2018 年熊市期间一样,随后强劲反弹。因此,阿里巴巴目前的水平可能是一个可能的技术性买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点:快速扩张的增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源:公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度电子商务收入。数据来源:公司文件</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV从1.68吨人民币增长到7.49吨人民币,仅用了7年时间,复合年增长率达到了23.8%,增长率着实惊人。我们还看到其 GMV 增长转化为收入增长,其中国商业收入从 76.7 亿元人民币增长到 473.68 亿元人民币,过去 10 年的复合年增长率为 51%。虽然其国际足迹仍然小得多,但在过去10年中,其CAGR仍以30.42%的速度增长,这绝不是缓慢的。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管未来三年中国电子商务市场的增长速度预计将大幅放缓,复合年增长率为 12.4%,从 2021 年的 13.8 万亿元人民币(相当于 2.16 万亿元人民币)下降到 2024 年的 19.6 万亿元人民币(相当于 3.06 万亿元人民币),但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源:Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们将中国市场的增长率和规模与美国电子商务市场进行比较时,我们可以看到它们在规模和增长率上的巨大差异,因为美国电子商务市场从 2021 年到 2025 年的复合年增长率预计仅为 4.67%,大大低于中国的 12.4%。此外,美国市场的总收入预计也将达到约 5630 亿美元,相当于届时中国市场预期价值的 18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源:S&P Capital IQ</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自其快速增长的主要竞争对手京东(纳斯达克股票代码:JD)和拼多多(纳斯达克股票代码:PDD)的越来越大的竞争压力,但阿里巴巴已经经营着一项利润更高的业务(息税前税前利润和自由现金流),并且预计将继续实现强劲的盈利能力展望未来,这将为该公司提供巨大的灵活性,以与京东和PDD正面竞争,以扩大其领导地位。投资者可能会注意到,阿里巴巴的息税前利润率受到了其 SG&A 中反映的 27.82 亿美元一次性行政罚款的影响,因此其息税前利润率向下倾斜。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>其中一个重要举措是公司决定进一步投资社区市场,这是 PDD 的主要电子商务战略,PDD 在最近一个季度共获得了 8.23 亿 AAC,而阿里巴巴的 8.91 亿 AAC。考虑到 2017 年第二季度 PDD 的 AAC 数量仅为 1 亿,而同期阿里巴巴的 AAC 数量为 4.66 亿,PDD 的 AAC 增长确实惊人。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此,增长势头肯定已经转移到社区市场领域,阿里巴巴需要拿出它的大枪(它已经拥有)来与PDD和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源:艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到 2022 年 1020 亿元人民币的总市场规模仅占阿里巴巴 21 财年中国商业收入的 21.5% 左右,但阿里巴巴不能错过 2019 年至 2022 年 3 年间 44.22% 的快速复合年增长率。虽然这个市场还比较小,但阿里巴巴不能让这个市场目前的领头羊:PDD在众人不知情的情况下,如此轻易地占据主导地位,吞噬早期的高增长率。当然,阿里巴巴必须竞争并争取其在这一领域的地位,并争取早期领导地位,以防止PDD扩大其领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源:S&P Capital IQ</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>从上图中我们可以观察到,PDD 预计将在未来几年继续快速增长其收入,尽管预计随后将恢复正常。更重要的是,PDD 预计未来还将不断提高其息税前利润和自由现金流盈利能力。这表明,社区市场是一个非常重要的增长动力,阿里巴巴必须利用其优势加以利用,才能在游戏初期否认 PDD 无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公共云支出。来源:中国互联网观察;通道</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源:CAICT;新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公共云市场占有 40% 的份额,远远领先于其主要竞争对手。然而,值得注意的是,尽管阿里巴巴处于领先地位,但阿里巴巴仍处于大量投资模式,以继续扩大其市场份额,因为中国公共云市场预计将从 2017 年的 264.8 亿元人民币增长到 2023 年的 2307.4 亿元人民币,复合年增长率将达到 43.4%,这是一个令人难以置信的惊人增长率。当我们将中国的增长率与全球增长率(见下文)进行比较时,这一点尤为明显,因为全球公共云支出预计将从 2017 年的 1450 亿美元增长到 2022 年的 3970 亿美元,复合年增长率将达到 22.3%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源:Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。资料来源:CnTechPost;高德纳</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此,阿里云在 2020 年以 9.5% 的市场份额继续扩大对Alphabet(纳斯达克股票代码:GOOGL)(纳斯达克股票代码:GOOG)GCP 的领先优势,我并不感到惊讶。虽然亚马逊仍然是市场的明显领导者,但随着公共云支出的持续扩大,其市场份额大幅下降,这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位,我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。虽然阿里巴巴的云业务尚未实现息税前利润(21 财年息税前利润率:-15%,20 财年息税前利润率:-17.5%),但值得注意的是,Alphabet的 GCP 也没有实现盈利(20 财年息税前利润率:-42.9%,19 财年息税前利润率:-52%)。因此,我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务,预计阿里巴巴将在这些地区拥有更强大的领导地位,使其能够更快地增长,投资者应该预计随着时间的推移,这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常有说服力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/息税前利润3年范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>电动汽车/前轮驱动息税前利润和电动汽车/前轮驱动转速趋势。数据来源:S&P Capital IQ</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑到阿里巴巴的 TEV / EBIT 历史范围(3 年平均值为 33.54 倍)时,阿里巴巴的 EV / Fwd EBIT 趋势无疑意味着该股被严重低估,因为阿里巴巴的收入和营业利润仍有望快速增长。不过,由于我们希望更清楚地了解阿里巴巴的息税前利润是如何估值的,因此我们认为,如果我们对阿里巴巴的息税前利润进行估值,这将是有用的,如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源:S&P Capital IQ</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史息税前利润和远期息税前利润,我们可以看到,与基准公司的一组观察值的中值相比,阿里巴巴的电动汽车/息税前利润看起来确实被低估了。我们得出阿里巴巴在区间中点的公允价值区间为 294.98 美元,基于当前 210 美元的股价,这代表着 40.5% 的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在,看着 Mr.市场决定对阿里巴巴进行折扣,就好像该公司已经失去了所有关键的增长来源,而事实上,其商业部门、新的市场计划和不断增长的阿里云部门等仍有很大的潜在上涨空间。我们认为该股表现不佳的主要现实原因仅仅是监管风险。我们认为投资者应该认识到这种风险是非常真实的,有时大型中国公司会发现自己受到中国政府的额外审查(事实上这并不是什么新鲜事)。关键在于,中国政府似乎对其科技巨头的行为和行动拥有巨大的影响力,而这些行为和行动有时在很大程度上是不可预测的。市场当然讨厌不可预测性,因此他们可能因此大幅打折阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性,那么阿里巴巴可能不适合您。然而,如果你认为这只是阿里巴巴漫长征程中的一个昙花一现,那么你一定会发现阿里巴巴现在的估值极具吸引力,再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续交付稳健的业绩,证明了该公司良好执行的强大能力。由于公司将继续在一个拥有众多增长动力的市场中运营,这些增长动力有望推动公司未来的增长,投资者应该会发现目前的估值极具吸引力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票:触底过程似乎已经形成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票:触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Alibaba is probably the most undervalued growth stock right now.</li> <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li> <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li> <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中拥有多种增长动力,这使得其估值看起来更加令人困惑。</li><li>短期技术面可能会随着潜在的双底价格行动信号而转向看涨。</li><li>我们将讨论公司的多重增长动力,让投资者自己判断。</li></ul><p class=\"t-img-caption\"><span>戴永元/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:TradingView</span></p></blockquote></p><p> Alibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自 11 月 20 日初蚂蚁金服 IPO 被撤销以来,阿里巴巴-SW的股价经历了可怕的 8 个月,该股在低迷中萎靡不振,较高点下跌了 34%。在考虑其长期上升趋势的健康状况时,很明显,阿里巴巴具有相对较强的上升趋势偏差,并且在其关键的 50W 均线上总体上得到了良好的支撑。在过去 4 年中,它唯一一次失去关键的 50W MA 支撑位是在 2018 年熊市期间,当时阿里巴巴下跌了约 40%,但仍在重要的 200W MA 上方得到良好支撑,我们通常认为这是 “最后一道防线”。现在阿里巴巴再次面临类似的情况:下跌34%,失去了50W MA,但看起来在200W MA以上得到了很好的支撑。除此之外,价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨:潜在的双底形成。阿里巴巴的价格似乎正在经历双底,就像 2018 年熊市期间一样,随后强劲反弹。因此,阿里巴巴目前的水平可能是一个可能的技术性买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点:快速扩张的增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源:公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度电子商务收入。数据来源:公司文件</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV从1.68吨人民币增长到7.49吨人民币,仅用了7年时间,复合年增长率达到了23.8%,增长率着实惊人。我们还看到其 GMV 增长转化为收入增长,其中国商业收入从 76.7 亿元人民币增长到 473.68 亿元人民币,过去 10 年的复合年增长率为 51%。虽然其国际足迹仍然小得多,但在过去10年中,其CAGR仍以30.42%的速度增长,这绝不是缓慢的。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管未来三年中国电子商务市场的增长速度预计将大幅放缓,复合年增长率为 12.4%,从 2021 年的 13.8 万亿元人民币(相当于 2.16 万亿元人民币)下降到 2024 年的 19.6 万亿元人民币(相当于 3.06 万亿元人民币),但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源:Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们将中国市场的增长率和规模与美国电子商务市场进行比较时,我们可以看到它们在规模和增长率上的巨大差异,因为美国电子商务市场从 2021 年到 2025 年的复合年增长率预计仅为 4.67%,大大低于中国的 12.4%。此外,美国市场的总收入预计也将达到约 5630 亿美元,相当于届时中国市场预期价值的 18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源:S&P Capital IQ</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自其快速增长的主要竞争对手京东(纳斯达克股票代码:JD)和拼多多(纳斯达克股票代码:PDD)的越来越大的竞争压力,但阿里巴巴已经经营着一项利润更高的业务(息税前税前利润和自由现金流),并且预计将继续实现强劲的盈利能力展望未来,这将为该公司提供巨大的灵活性,以与京东和PDD正面竞争,以扩大其领导地位。投资者可能会注意到,阿里巴巴的息税前利润率受到了其 SG&A 中反映的 27.82 亿美元一次性行政罚款的影响,因此其息税前利润率向下倾斜。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>其中一个重要举措是公司决定进一步投资社区市场,这是 PDD 的主要电子商务战略,PDD 在最近一个季度共获得了 8.23 亿 AAC,而阿里巴巴的 8.91 亿 AAC。考虑到 2017 年第二季度 PDD 的 AAC 数量仅为 1 亿,而同期阿里巴巴的 AAC 数量为 4.66 亿,PDD 的 AAC 增长确实惊人。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此,增长势头肯定已经转移到社区市场领域,阿里巴巴需要拿出它的大枪(它已经拥有)来与PDD和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源:艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到 2022 年 1020 亿元人民币的总市场规模仅占阿里巴巴 21 财年中国商业收入的 21.5% 左右,但阿里巴巴不能错过 2019 年至 2022 年 3 年间 44.22% 的快速复合年增长率。虽然这个市场还比较小,但阿里巴巴不能让这个市场目前的领头羊:PDD在众人不知情的情况下,如此轻易地占据主导地位,吞噬早期的高增长率。当然,阿里巴巴必须竞争并争取其在这一领域的地位,并争取早期领导地位,以防止PDD扩大其领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源:S&P Capital IQ</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>从上图中我们可以观察到,PDD 预计将在未来几年继续快速增长其收入,尽管预计随后将恢复正常。更重要的是,PDD 预计未来还将不断提高其息税前利润和自由现金流盈利能力。这表明,社区市场是一个非常重要的增长动力,阿里巴巴必须利用其优势加以利用,才能在游戏初期否认 PDD 无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公共云支出。来源:中国互联网观察;通道</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源:CAICT;新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公共云市场占有 40% 的份额,远远领先于其主要竞争对手。然而,值得注意的是,尽管阿里巴巴处于领先地位,但阿里巴巴仍处于大量投资模式,以继续扩大其市场份额,因为中国公共云市场预计将从 2017 年的 264.8 亿元人民币增长到 2023 年的 2307.4 亿元人民币,复合年增长率将达到 43.4%,这是一个令人难以置信的惊人增长率。当我们将中国的增长率与全球增长率(见下文)进行比较时,这一点尤为明显,因为全球公共云支出预计将从 2017 年的 1450 亿美元增长到 2022 年的 3970 亿美元,复合年增长率将达到 22.3%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源:Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。资料来源:CnTechPost;高德纳</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此,阿里云在 2020 年以 9.5% 的市场份额继续扩大对Alphabet(纳斯达克股票代码:GOOGL)(纳斯达克股票代码:GOOG)GCP 的领先优势,我并不感到惊讶。虽然亚马逊仍然是市场的明显领导者,但随着公共云支出的持续扩大,其市场份额大幅下降,这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位,我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。虽然阿里巴巴的云业务尚未实现息税前利润(21 财年息税前利润率:-15%,20 财年息税前利润率:-17.5%),但值得注意的是,Alphabet的 GCP 也没有实现盈利(20 财年息税前利润率:-42.9%,19 财年息税前利润率:-52%)。因此,我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务,预计阿里巴巴将在这些地区拥有更强大的领导地位,使其能够更快地增长,投资者应该预计随着时间的推移,这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常有说服力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/息税前利润3年范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>电动汽车/前轮驱动息税前利润和电动汽车/前轮驱动转速趋势。数据来源:S&P Capital IQ</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑到阿里巴巴的 TEV / EBIT 历史范围(3 年平均值为 33.54 倍)时,阿里巴巴的 EV / Fwd EBIT 趋势无疑意味着该股被严重低估,因为阿里巴巴的收入和营业利润仍有望快速增长。不过,由于我们希望更清楚地了解阿里巴巴的息税前利润是如何估值的,因此我们认为,如果我们对阿里巴巴的息税前利润进行估值,这将是有用的,如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源:S&P Capital IQ</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史息税前利润和远期息税前利润,我们可以看到,与基准公司的一组观察值的中值相比,阿里巴巴的电动汽车/息税前利润看起来确实被低估了。我们得出阿里巴巴在区间中点的公允价值区间为 294.98 美元,基于当前 210 美元的股价,这代表着 40.5% 的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在,看着 Mr.市场决定对阿里巴巴进行折扣,就好像该公司已经失去了所有关键的增长来源,而事实上,其商业部门、新的市场计划和不断增长的阿里云部门等仍有很大的潜在上涨空间。我们认为该股表现不佳的主要现实原因仅仅是监管风险。我们认为投资者应该认识到这种风险是非常真实的,有时大型中国公司会发现自己受到中国政府的额外审查(事实上这并不是什么新鲜事)。关键在于,中国政府似乎对其科技巨头的行为和行动拥有巨大的影响力,而这些行为和行动有时在很大程度上是不可预测的。市场当然讨厌不可预测性,因此他们可能因此大幅打折阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性,那么阿里巴巴可能不适合您。然而,如果你认为这只是阿里巴巴漫长征程中的一个昙花一现,那么你一定会发现阿里巴巴现在的估值极具吸引力,再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续交付稳健的业绩,证明了该公司良好执行的强大能力。由于公司将继续在一个拥有众多增长动力的市场中运营,这些增长动力有望推动公司未来的增长,投资者应该会发现目前的估值极具吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":4218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818546471,"gmtCreate":1630421867793,"gmtModify":1633678171710,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Watch out samsung","listText":"Watch out samsung","text":"Watch out samsung","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818546471","repostId":"1118277523","repostType":4,"repost":{"id":"1118277523","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":1630418634,"share":"https://www.laohunote.com/m/news/1118277523?lang=zh_CN&edition=full","pubTime":"2021-08-31 22:03","market":"us","language":"en","title":"Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118277523","media":"Tiger Newspress","summary":"South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.","content":"<p>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.</p><p><blockquote>由于韩国国会通过了遏制苹果委员会主导地位的法案,苹果股价在早盘交易中下跌 1.04%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dddfac227e4c05029904982112eb7573\" tg-width=\"883\" tg-height=\"617\" width=\"100%\" height=\"auto\">South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.</p><p><blockquote>韩国国会周二批准了一项法案,禁止谷歌和苹果等主要应用商店运营商强迫软件开发商使用他们的支付系统,实际上阻止了他们对应用内购买收取佣金。</blockquote></p><p> It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.</p><p><blockquote>这是主要经济体首次对苹果和Alphabet旗下的谷歌等公司实施此类限制,这些公司因要求使用收取高达 30% 佣金的专有支付系统而面临全球批评。</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>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</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\">\nApple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</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\">2021-08-31 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.</p><p><blockquote>由于韩国国会通过了遏制苹果委员会主导地位的法案,苹果股价在早盘交易中下跌 1.04%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dddfac227e4c05029904982112eb7573\" tg-width=\"883\" tg-height=\"617\" width=\"100%\" height=\"auto\">South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.</p><p><blockquote>韩国国会周二批准了一项法案,禁止谷歌和苹果等主要应用商店运营商强迫软件开发商使用他们的支付系统,实际上阻止了他们对应用内购买收取佣金。</blockquote></p><p> It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.</p><p><blockquote>这是主要经济体首次对苹果和Alphabet旗下的谷歌等公司实施此类限制,这些公司因要求使用收取高达 30% 佣金的专有支付系统而面临全球批评。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118277523","content_text":"Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.\nSouth Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.\nIt is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810618718,"gmtCreate":1629970827734,"gmtModify":1633681107676,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","listText":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","text":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810618718","repostId":"1113528238","repostType":4,"isVote":1,"tweetType":1,"viewCount":3171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837230735,"gmtCreate":1629891183827,"gmtModify":1633681696026,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Waiting patiently","listText":"Waiting patiently","text":"Waiting patiently","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837230735","repostId":"1187404724","repostType":4,"isVote":1,"tweetType":1,"viewCount":4210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837297722,"gmtCreate":1629891017066,"gmtModify":1633681696469,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Wow.. looks like Mr. Jerome can make his decision as easy as you. ","listText":"Wow.. looks like Mr. Jerome can make his decision as easy as you. ","text":"Wow.. looks like Mr. Jerome can make his decision as easy as you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837297722","repostId":"1126078997","repostType":4,"repost":{"id":"1126078997","kind":"news","pubTimestamp":1629884958,"share":"https://www.laohunote.com/m/news/1126078997?lang=zh_CN&edition=full","pubTime":"2021-08-25 17:49","market":"us","language":"en","title":"Central Banks Cannot Really Taper In This Slowdown<blockquote>在经济放缓的情况下,央行无法真正缩减规模</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126078997","media":"zerohedge","summary":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest","content":"<p><b>Recent macroeconomic data from the United States should worry us.</b> Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.</p><p><blockquote><b>美国最近的宏观经济数据应该让我们感到担忧。</b>在重新开放和近代历史上最大规模的财政和货币刺激措施中,以及政策决策可能带来的所有推动力,消费者信心已暴跌至2016年以来的最低水平。</blockquote></p><p> Retail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a pre-pandemic level.</p><p><blockquote>7月份零售额再次大幅下降,考虑到刺激水平和GDP已恢复到大流行前的水平,工业生产就业数据远不止令人失望。</blockquote></p><p> The use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.</p><p><blockquote>工业产能利用率为76%,比1972-2020年期间的平均水平低4%,劳动力参与率为61.6%,已经停滞了10个月,停滞在1980年的水平。</blockquote></p><p> The total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.</p><p><blockquote>总储蓄率占可支配收入的百分比几乎从33.8%消失到9.4%。</blockquote></p><p> Let’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021. <b>The United States would go into a severe recession if it were not “doping ” the economy.</b></p><p><blockquote>让我们把它放在已经实施一年多的重新开放、相当于3万亿美元的财政刺激以及2021年1.7万亿美元的货币刺激的背景下。<b>如果不 “兴奋剂 ”经济,美国将陷入严重衰退。</b></blockquote></p><p> We cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.</p><p><blockquote>我们不能忽视中国的经济放缓,甚至官方数据也反映了中国扩张进程的放缓。如果我们以官方数据和真实数据之间的典型差异为例,我们会看到,例如,2021年资本形成总额迅速放缓。</blockquote></p><p> This is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.</p><p><blockquote>这一点很重要,因为除了欧洲复苏基金之外,欧元区的整个复苏还依赖于财政和货币刺激。</blockquote></p><p> <b>The recovery of the euro area keeps some positive momentum simply because it is more delayed.</b> The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.</p><p><blockquote><b>欧元区的复苏之所以保持一些积极势头,仅仅是因为它的延迟较多。</b>欧元区的GDP仍比大流行前的水平低4%(西班牙为7%),就业远低于可比经济体的水平,考虑到我们必须加上仍在600万以上的休假工人,而8月份的失业率估计为7.1%,正在缓慢恢复。</blockquote></p><p> These data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.</p><p><blockquote>这些数据强化了我的观点,即各国央行将维持超扩张政策,变化非常温和。缩减规模可能更多的是表面功夫而非实际意义,利率将保持在较低水平,而就欧元区而言,利率将为负。当官员们谈论缩减规模时,美联储资产负债表进一步扩大,这一事实强化了这一观点。</blockquote></p><p> The threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.</p><p><blockquote>塔利班政变后国际紧张局势升级的威胁加剧了德尔塔变异毒株的影响,这将在冬季更加明显,就像2020年发生的那样。</blockquote></p><p> <b>The important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.</b></p><p><blockquote><b>重要的是要明白,从投资者的角度来看,我们可能已经度过了复苏的顶峰,最具周期性的行业已经在打折放缓的势头。</b></blockquote></p><p> The unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.</p><p><blockquote>发达国家不可持续的财政状况使得政策的认真正常化成为不可能。根据IIF(国际金融协会)的数据,欧洲央行是意大利和西班牙债务的唯一买家,这掩盖了迫在眉睫的风险,但并没有消除它。</blockquote></p><p> Inflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.</p><p><blockquote>通货膨胀是经济复苏的最大威胁,它仍然很高,尽管一些因素已经放缓,但对普通消费者来说,最重要的因素——不可复制的商品——仍然远高于2015年的水平。</blockquote></p><p> <b>Central banks are faced with the devil’s dilemma created by their own policy.</b></p><p><blockquote><b>各国央行面临着自身政策造成的魔鬼困境。</b></blockquote></p><p> <b>Either let inflation run and create a stagflation problem or scare the markets by reducing purchases.</b></p><p><blockquote><b>要么让通货膨胀持续下去,造成滞胀问题,要么通过减少购买来吓唬市场。</b></blockquote></p><p> <b>They will choose the first, without a doubt.</b></p><p><blockquote><b>毫无疑问,他们会选择前者。</b></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>Central Banks Cannot Really Taper In This Slowdown<blockquote>在经济放缓的情况下,央行无法真正缩减规模</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; 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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\">\nCentral Banks Cannot Really Taper In This Slowdown<blockquote>在经济放缓的情况下,央行无法真正缩减规模</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-25 17:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Recent macroeconomic data from the United States should worry us.</b> Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.</p><p><blockquote><b>美国最近的宏观经济数据应该让我们感到担忧。</b>在重新开放和近代历史上最大规模的财政和货币刺激措施中,以及政策决策可能带来的所有推动力,消费者信心已暴跌至2016年以来的最低水平。</blockquote></p><p> Retail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a pre-pandemic level.</p><p><blockquote>7月份零售额再次大幅下降,考虑到刺激水平和GDP已恢复到大流行前的水平,工业生产就业数据远不止令人失望。</blockquote></p><p> The use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.</p><p><blockquote>工业产能利用率为76%,比1972-2020年期间的平均水平低4%,劳动力参与率为61.6%,已经停滞了10个月,停滞在1980年的水平。</blockquote></p><p> The total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.</p><p><blockquote>总储蓄率占可支配收入的百分比几乎从33.8%消失到9.4%。</blockquote></p><p> Let’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021. <b>The United States would go into a severe recession if it were not “doping ” the economy.</b></p><p><blockquote>让我们把它放在已经实施一年多的重新开放、相当于3万亿美元的财政刺激以及2021年1.7万亿美元的货币刺激的背景下。<b>如果不 “兴奋剂 ”经济,美国将陷入严重衰退。</b></blockquote></p><p> We cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.</p><p><blockquote>我们不能忽视中国的经济放缓,甚至官方数据也反映了中国扩张进程的放缓。如果我们以官方数据和真实数据之间的典型差异为例,我们会看到,例如,2021年资本形成总额迅速放缓。</blockquote></p><p> This is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.</p><p><blockquote>这一点很重要,因为除了欧洲复苏基金之外,欧元区的整个复苏还依赖于财政和货币刺激。</blockquote></p><p> <b>The recovery of the euro area keeps some positive momentum simply because it is more delayed.</b> The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.</p><p><blockquote><b>欧元区的复苏之所以保持一些积极势头,仅仅是因为它的延迟较多。</b>欧元区的GDP仍比大流行前的水平低4%(西班牙为7%),就业远低于可比经济体的水平,考虑到我们必须加上仍在600万以上的休假工人,而8月份的失业率估计为7.1%,正在缓慢恢复。</blockquote></p><p> These data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.</p><p><blockquote>这些数据强化了我的观点,即各国央行将维持超扩张政策,变化非常温和。缩减规模可能更多的是表面功夫而非实际意义,利率将保持在较低水平,而就欧元区而言,利率将为负。当官员们谈论缩减规模时,美联储资产负债表进一步扩大,这一事实强化了这一观点。</blockquote></p><p> The threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.</p><p><blockquote>塔利班政变后国际紧张局势升级的威胁加剧了德尔塔变异毒株的影响,这将在冬季更加明显,就像2020年发生的那样。</blockquote></p><p> <b>The important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.</b></p><p><blockquote><b>重要的是要明白,从投资者的角度来看,我们可能已经度过了复苏的顶峰,最具周期性的行业已经在打折放缓的势头。</b></blockquote></p><p> The unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.</p><p><blockquote>发达国家不可持续的财政状况使得政策的认真正常化成为不可能。根据IIF(国际金融协会)的数据,欧洲央行是意大利和西班牙债务的唯一买家,这掩盖了迫在眉睫的风险,但并没有消除它。</blockquote></p><p> Inflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.</p><p><blockquote>通货膨胀是经济复苏的最大威胁,它仍然很高,尽管一些因素已经放缓,但对普通消费者来说,最重要的因素——不可复制的商品——仍然远高于2015年的水平。</blockquote></p><p> <b>Central banks are faced with the devil’s dilemma created by their own policy.</b></p><p><blockquote><b>各国央行面临着自身政策造成的魔鬼困境。</b></blockquote></p><p> <b>Either let inflation run and create a stagflation problem or scare the markets by reducing purchases.</b></p><p><blockquote><b>要么让通货膨胀持续下去,造成滞胀问题,要么通过减少购买来吓唬市场。</b></blockquote></p><p> <b>They will choose the first, without a doubt.</b></p><p><blockquote><b>毫无疑问,他们会选择前者。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown\">zerohedge</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/central-banks-cannot-really-taper-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126078997","content_text":"Recent macroeconomic data from the United States should worry us. Amid the reopening and the biggest fiscal and monetary stimulus in recent history, and with all the possible tailwinds from policy decisions, consumer confidence has plummeted to the lowest level since 2016.\nRetail sales have fallen sharply again in July, and the employment of industrial production data is far more than disappointing considering the level of stimulus and that GDP has returned to a pre-pandemic level.\nThe use of industrial capacity, at 76%, is 4% below the average for the 1972-2020 period, and the labor participation rate, at 61.6%, has been stagnant for ten months and at 1980 levels.\nThe total savings rate as a percentage of disposable income has almost vanished from 33.8% to 9.4%.\nLet’s put it in the context of a re-opening that has been in place for more than a year, a fiscal stimulus equivalent to three trillion dollars, and a monetary stimulus of 1.7 trillion dollars in 2021. The United States would go into a severe recession if it were not “doping ” the economy.\nWe cannot ignore the slowdown in China, where even the official data reflect a slowdown in the expansion process. If we take the typical difference between official and real data, we will see that, for example, gross capital formation has slowed down rapidly in 2021.\nThis is important because the entire recovery of the eurozone relies on fiscal and monetary impulse in addition to the European Recovery Fund.\nThe recovery of the euro area keeps some positive momentum simply because it is more delayed. The GDP of the euro area is still 4% below pre-pandemic levels (7% in the case of Spain) and employment is well below the levels of comparable economies, considering that we must add the workers in furloughed jobs that are still above six million while unemployment, at 7.1% estimated for August, is recovering slowly.\nThese data reinforce my view that central banks will maintain their ultra-expansionary policy with very modest changes. Tapering will likely be more cosmetic than real, and rates will remain low while, in the case of the euro area, negative. The fact that the Federal Reserve balance sheet has expanded further while officials talked about tapering reinforces this view.\nThe threat of an escalation of international tension after the Taliban coup in Afghanistan is added to the impact of the delta variant, which will be more evident in winter, as it happened in 2020.\nThe important thing is to understand that, from the investor point of view, we have probably passed the peak of recovery and the most cyclical sectors are already discounting the slowing momentum.\nThe unsustainable fiscal situation of developed countries makes a serious normalization of policy impossible. The ECB is the only buyer of Italian and Spanish debt, according to the IIF (Institute of International Finance), and this disguises an imminent risk but does not eliminate it.\nInflation, the great threat to the recovery, remains high and although some components have moderated, the most important factors for the average consumer, non-replicable goods, remain well above the levels of 2015.\nCentral banks are faced with the devil’s dilemma created by their own policy.\nEither let inflation run and create a stagflation problem or scare the markets by reducing purchases.\nThey will choose the first, without a doubt.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834169206,"gmtCreate":1629780744805,"gmtModify":1633682471663,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","listText":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","text":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834169206","repostId":"1187997976","repostType":4,"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838975898,"gmtCreate":1629370476214,"gmtModify":1633685365834,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Getting better all the time.","listText":"Getting better all the time.","text":"Getting better all the time.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838975898","repostId":"1193835893","repostType":4,"repost":{"id":"1193835893","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":1629367514,"share":"https://www.laohunote.com/m/news/1193835893?lang=zh_CN&edition=full","pubTime":"2021-08-19 18:05","market":"us","language":"en","title":"NVIDIA Earnings: Here's What You Need To Know<blockquote>NVIDIA 盈利:以下是您需要了解的信息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193835893","media":"Tiger Newspress","summary":"NVIDIA reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 ","content":"<p>NVIDIA reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 percent from a year earlier and up 15 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.</p><p><blockquote>英伟达公布,截至 2021 年 8 月 1 日的第二季度收入创下历史新高,达到 65.1 亿美元,同比增长 68%,比上一季度增长 15%,其中公司游戏、数据中心和专业可视化平台的收入创下历史新高。</blockquote></p><p> GAAP earnings per diluted share for the quarter were $0.94, up 276 percent from a year ago and up 24 percent from the previous quarter. Non-GAAP earnings per diluted share were $1.04, up 89 percent from a year ago and up 14 percent from the previous quarter.</p><p><blockquote>本季度 GAAP 稀释后每股收益为 0.94 美元,同比增长 276%,比上一季度增长 24%。非 GAAP 稀释后每股收益为 1.04 美元,比去年同期增长 89%,比上一季度增长 14%。</blockquote></p><p> NVIDIA paid quarterly cash dividends of $100 million in the second quarter. It will pay its next quarterly cash dividend of $0.04 per share on September 23, 2021, to all shareholders of record on September 1, 2021.</p><p><blockquote>英伟达第二季度支付了1亿美元的季度现金股息。该公司将于 2021 年 9 月 23 日向 2021 年 9 月 1 日登记在册的所有股东支付下一季度现金股息每股 0.04 美元。</blockquote></p><p> On July 19, 2021, the company completed a four-for-one split of its common stock in the form of a stock dividend to shareholders of record as of June 21, 2021. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.</p><p><blockquote>2021年7月19日,公司以向截至2021年6月21日登记在册的股东派发股票股息的形式完成了四比一的普通股分割。所示的所有股份和每股金额均已追溯调整,以反映股票分割。</blockquote></p><p> “Nvidia’s pioneering work in accelerated computing continues to advance graphics, scientific computing, and AI,” said Nvidia CEO Jensen Huang in a statement. “Enabled by the Nvidia platform, developers are creating the most impactful technologies of our time — from natural language understanding and recommender systems, to autonomous vehicles and logistic centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics.”</p><p><blockquote>“英伟达首席执行官黄仁勋在一份声明中说:”英伟达在加速计算方面的开创性工作将继续推动图形、科学计算和人工智能的发展。“在英伟达平台的支持下,开发人员正在创造我们这个时代最具影响力的技术--从自然语言理解和推荐系统,到自动驾驶汽车和物流中心,到数字生物学和气候科学,再到遵循物理定律的元宇宙世界。”</blockquote></p><p> He called out new technologies such as Nvidia Base Command and Fleet Command for deploying AI at scale, as well as the Omniverse, the simulation platform for engineers that could enable physically realistic virtual worlds and the eventual “metaverse,” Huang said.</p><p><blockquote>黄说,他指出,Nvidia Base Command 和 Fleet Command 等新技术可大规模部署人工智能,以及 Omniverse,这是一个面向工程师的模拟平台,可以实现物理上逼真的虚拟世界,最终实现 “元宇宙”。</blockquote></p><p> More than 500 companies and 50,000 individual creators are evaluating the Omniverse Enterprise platform now.</p><p><blockquote>现在有500多家公司和50,000名个人创作者正在评估Omniverse企业平台。</blockquote></p><p> Huang will receive the chip industry’s highest honor, the Robert N. Noyce Award, at the Semiconductor Industry Association (SIA) annual awards dinner on November 18. The award is named after Intel co-founder Robert Noyce, who is credited with numerous pioneering achievements at the dawn of the chip industry.</p><p><blockquote>黄将于 11 月 18 日在半导体行业协会(SIA)年度颁奖晚宴上接受芯片行业的最高荣誉--罗伯特-诺伊斯奖。该奖项以英特尔联合创始人罗伯特·诺伊斯 (Robert Noyce) 的名字命名,他在芯片行业的早期取得了众多开创性成就。</blockquote></p><p> Nvidia has seen a boom in both gaming and data center revenues as users go online during the pandemic. Gamers have been snatching up graphics cards to play PC games, but a shortage of semiconductors has hurt companies like Nvidia, and cryptocurrency miners are also buying up the graphics cards.</p><p><blockquote>随着用户在疫情期间上网,英伟达的游戏和数据中心收入都出现了增长。游戏玩家一直在抢购显卡来玩PC游戏,但半导体短缺伤害了英伟达等公司,加密货币矿工也在抢购显卡。</blockquote></p><p> Last year, Nvidia completed its $7 billion acquisition of Mellanox, which makes key technologies for connecting chips in data centers. Mellanox revenue is included in the CPU and networking segment. But Nvidia is still waiting on regulatory approval for its $40 billion acquisition of Arm.</p><p><blockquote>去年,英伟达完成了对Mellanox的70亿美元收购,该公司生产数据中心连接芯片的关键技术。Mellanox 收入包含在 CPU 和网络部门。但英伟达仍在等待监管部门批准其以 400 亿美元收购 Arm。</blockquote></p><p> Nvidia CFO Collette Kress said, \"Although some Arm licensees have expressed concerns or objected to the transaction, and discussions with regulators are taking longer than initially thought, we are confident in the deal and that regulators should recognize the benefits of the acquisition to Arm, its licensees, and the industry.\"</p><p><blockquote>英伟达首席财务官科莱特·克雷斯(Collette Kress)表示,“尽管一些Arm被许可方对这笔交易表示担忧或反对,而且与监管机构的讨论比最初想象的要长,但我们对这笔交易充满信心,监管机构应该认识到收购对Arm、其被许可方和行业的好处。”</blockquote></p><p> <b>Datacenter</b></p><p><blockquote><b>数据中心</b></blockquote></p><p> Datacenter revenues hit $2.37 billion, up 35% from a year earlier. Nvidia launched a variety of products in the quarter, and it said it is in 342 of the latestTop500 supercomputers in the world. Nvidia said it foresees the growth rate accelerating for datacenter revenues. In an analyst call, Huang said that AI model parameters are doubling every two months, and that is driving a lot of growth for supercomputers and other AI hardware.</p><p><blockquote>数据中心收入达到 23.7 亿美元,同比增长 35%。英伟达在本季度推出了多种产品,并表示在最新的全球500强超级计算机中排名342位。英伟达表示,预计数据中心收入的增长率将加快。黄在分析师看涨期权上表示,人工智能模型参数每两个月翻一番,这推动了超级计算机和其他人工智能硬件的大量增长。</blockquote></p><p> Nvidia noted its Inception acceleration program for AI startups has more than 8,500 members, and those companies have raised more than $60 billion across 90 countries. Its CUDA tech has now been downloaded 27 million times over 15 years.</p><p><blockquote>Nvidia 指出,其针对人工智能初创公司的 Inception 加速计划拥有 8,500 多名成员,这些公司已在 90 个国家/地区筹集了超过 600 亿美元的资金。它的CUDA技术在15年内已经被下载了2700万次。</blockquote></p><p> “Almost every company in the world has to be a high-performance computing company now,” Huang said. “You see that cloud service providers one after another are building effectively supercomputers.”</p><p><blockquote>“黄说:”现在世界上几乎每家公司都必须是高性能计算公司。“你会看到,一个又一个的云服务提供商正在有效地构建超级计算机。”</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> As noted, gaming revenue was $3.06 billion, up 85% from a year earlier and up 11% from the previous quarter. Nvidia launched its GeForce RTX 3080 Ti and 3070 Ti graphics cards in the quarter, giving gaming PCs a 50% boost in graphics performance over the prior generation. And Nvidia RTX (for better shadows and lighting) is now in 130 games and applications.</p><p><blockquote>如前所述,游戏收入为 30.6 亿美元,同比增长 85%,比上一季度增长 11%。英伟达在本季度推出了GeForce RTX 3080 Ti和3070 Ti显卡,使游戏电脑的图形性能比上一代提升了50%。Nvidia RTX(用于更好的阴影和光照)现在有130款游戏和应用程序。</blockquote></p><p> GeForce Now, Nvidia’s cloud gaming platform, now has more than 1,000 PC games. Kress said Nvidia is supply constrained for the gaming business in desktop and laptop products.</p><p><blockquote>Nvidia 的云游戏平台 GeForce Now 目前拥有 1000 多款 PC 游戏。克雷斯表示,英伟达在台式机和笔记本电脑产品的游戏业务供应有限。</blockquote></p><p> Nvidia in recent quarters has created low hash-rate cards aimed at cryptocurrency miners so that they don’t buy up all of the gaming graphics cards. Going forward, Nvidia expects minimal contribution to revenues from crypto mining cards.</p><p><blockquote>最近几个季度,Nvidia 针对加密货币矿工推出了低哈希率显卡,这样他们就不会买下所有的游戏显卡。展望未来,Nvidia 预计加密货币采矿卡对收入的贡献微乎其微。</blockquote></p><p></p><p> Nvidia’s cryptocurrency chip product, CMP, had lower sales, at $266 million, than the $400 million the company predicted in May.</p><p><blockquote>英伟达的加密货币芯片产品 CMP 的销售额为 2.66 亿美元,低于该公司 5 月份预测的 4 亿美元。</blockquote></p><p> “In an effort to address the needs of minders and direct GeForce to gamers, we increased the supply of cryptocurrency mining processors, or CMP, and introduced low-hash rate GeForce GPUs with limited Ethereum mining capability,” she said. “Over 80% of our Ampere architecture-based GeForce shipments in the quarter were low hash-rate GPUs.”</p><p><blockquote>“她说:”为了满足看护者的需求,并将 GeForce 引入游戏玩家,我们增加了加密货币挖矿处理器(CMP)的供应,并推出了以太币挖掘能力有限的低哈希率 GeForce GPU。“本季度,我们基于安培架构的 GeForce 出货量中有 80% 以上是低哈希率 GPU。”</blockquote></p><p> But she said the combination of crypto and gaming revenue is hard to quantify.</p><p><blockquote>但她表示,加密货币和游戏收入的结合很难量化。</blockquote></p><p> <b>Professional visualization</b></p><p><blockquote><b>专业可视化</b></blockquote></p><p> Professional visualization generated revenues of $519 million, up 156% from a year earlier and up 40% from the previous quarter. A lot of that demand was driven by the need to outfit design offices at home as remote work becomes the norm.</p><p><blockquote>专业可视化创造了 5.19 亿美元的收入,同比增长 156%,比上一季度增长 40%。随着远程工作成为常态,这种需求很大程度上是由在家装备设计办公室的需求推动的。</blockquote></p><p> <b>Automotive</b></p><p><blockquote><b>汽车的</b></blockquote></p><p> Second-quarter automotive revenue was $152 million, up 37% from a year earlier and down 1% from the previous quarter. Nvidia announced during the quarter that the AutoX Gen5 robot taxi platform is using Nvidia Drive technology.</p><p><blockquote>第二季度汽车收入为1.52亿美元,同比增长37%,比上一季度下降1%。英伟达在本季度宣布,AutoX Gen5机器人出租车平台正在使用英伟达驱动技术。</blockquote></p><p> <b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p> For the third quarter ending October 31, analysts expect earnings to be $1.04 a share on revenue of $6.53 billion. Nvidia said it expects revenue to come in at $6.80 billion, driven by accelerating growth in data center revenues. The company expects gaming demand to exceed supply, though gaming is expected to grow. For the full fiscal year, analysts expect Nvidia to report earnings of $3.95 a share on revenue of $24.9 billion.</p><p><blockquote>截至10月31日的第三季度,分析师预计每股收益为1.04美元,营收为65.3亿美元。英伟达表示,在数据中心收入加速增长的推动下,预计收入将达到 68 亿美元。该公司预计游戏需求将超过供应,尽管游戏预计将增长。分析师预计英伟达整个财年的每股收益为 3.95 美元,营收为 249 亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NVIDIA Earnings: Here's What You Need To Know<blockquote>NVIDIA 盈利:以下是您需要了解的信息</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\">\nNVIDIA Earnings: Here's What You Need To Know<blockquote>NVIDIA 盈利:以下是您需要了解的信息</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\">2021-08-19 18:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NVIDIA reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 percent from a year earlier and up 15 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.</p><p><blockquote>英伟达公布,截至 2021 年 8 月 1 日的第二季度收入创下历史新高,达到 65.1 亿美元,同比增长 68%,比上一季度增长 15%,其中公司游戏、数据中心和专业可视化平台的收入创下历史新高。</blockquote></p><p> GAAP earnings per diluted share for the quarter were $0.94, up 276 percent from a year ago and up 24 percent from the previous quarter. Non-GAAP earnings per diluted share were $1.04, up 89 percent from a year ago and up 14 percent from the previous quarter.</p><p><blockquote>本季度 GAAP 稀释后每股收益为 0.94 美元,同比增长 276%,比上一季度增长 24%。非 GAAP 稀释后每股收益为 1.04 美元,比去年同期增长 89%,比上一季度增长 14%。</blockquote></p><p> NVIDIA paid quarterly cash dividends of $100 million in the second quarter. It will pay its next quarterly cash dividend of $0.04 per share on September 23, 2021, to all shareholders of record on September 1, 2021.</p><p><blockquote>英伟达第二季度支付了1亿美元的季度现金股息。该公司将于 2021 年 9 月 23 日向 2021 年 9 月 1 日登记在册的所有股东支付下一季度现金股息每股 0.04 美元。</blockquote></p><p> On July 19, 2021, the company completed a four-for-one split of its common stock in the form of a stock dividend to shareholders of record as of June 21, 2021. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.</p><p><blockquote>2021年7月19日,公司以向截至2021年6月21日登记在册的股东派发股票股息的形式完成了四比一的普通股分割。所示的所有股份和每股金额均已追溯调整,以反映股票分割。</blockquote></p><p> “Nvidia’s pioneering work in accelerated computing continues to advance graphics, scientific computing, and AI,” said Nvidia CEO Jensen Huang in a statement. “Enabled by the Nvidia platform, developers are creating the most impactful technologies of our time — from natural language understanding and recommender systems, to autonomous vehicles and logistic centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics.”</p><p><blockquote>“英伟达首席执行官黄仁勋在一份声明中说:”英伟达在加速计算方面的开创性工作将继续推动图形、科学计算和人工智能的发展。“在英伟达平台的支持下,开发人员正在创造我们这个时代最具影响力的技术--从自然语言理解和推荐系统,到自动驾驶汽车和物流中心,到数字生物学和气候科学,再到遵循物理定律的元宇宙世界。”</blockquote></p><p> He called out new technologies such as Nvidia Base Command and Fleet Command for deploying AI at scale, as well as the Omniverse, the simulation platform for engineers that could enable physically realistic virtual worlds and the eventual “metaverse,” Huang said.</p><p><blockquote>黄说,他指出,Nvidia Base Command 和 Fleet Command 等新技术可大规模部署人工智能,以及 Omniverse,这是一个面向工程师的模拟平台,可以实现物理上逼真的虚拟世界,最终实现 “元宇宙”。</blockquote></p><p> More than 500 companies and 50,000 individual creators are evaluating the Omniverse Enterprise platform now.</p><p><blockquote>现在有500多家公司和50,000名个人创作者正在评估Omniverse企业平台。</blockquote></p><p> Huang will receive the chip industry’s highest honor, the Robert N. Noyce Award, at the Semiconductor Industry Association (SIA) annual awards dinner on November 18. The award is named after Intel co-founder Robert Noyce, who is credited with numerous pioneering achievements at the dawn of the chip industry.</p><p><blockquote>黄将于 11 月 18 日在半导体行业协会(SIA)年度颁奖晚宴上接受芯片行业的最高荣誉--罗伯特-诺伊斯奖。该奖项以英特尔联合创始人罗伯特·诺伊斯 (Robert Noyce) 的名字命名,他在芯片行业的早期取得了众多开创性成就。</blockquote></p><p> Nvidia has seen a boom in both gaming and data center revenues as users go online during the pandemic. Gamers have been snatching up graphics cards to play PC games, but a shortage of semiconductors has hurt companies like Nvidia, and cryptocurrency miners are also buying up the graphics cards.</p><p><blockquote>随着用户在疫情期间上网,英伟达的游戏和数据中心收入都出现了增长。游戏玩家一直在抢购显卡来玩PC游戏,但半导体短缺伤害了英伟达等公司,加密货币矿工也在抢购显卡。</blockquote></p><p> Last year, Nvidia completed its $7 billion acquisition of Mellanox, which makes key technologies for connecting chips in data centers. Mellanox revenue is included in the CPU and networking segment. But Nvidia is still waiting on regulatory approval for its $40 billion acquisition of Arm.</p><p><blockquote>去年,英伟达完成了对Mellanox的70亿美元收购,该公司生产数据中心连接芯片的关键技术。Mellanox 收入包含在 CPU 和网络部门。但英伟达仍在等待监管部门批准其以 400 亿美元收购 Arm。</blockquote></p><p> Nvidia CFO Collette Kress said, \"Although some Arm licensees have expressed concerns or objected to the transaction, and discussions with regulators are taking longer than initially thought, we are confident in the deal and that regulators should recognize the benefits of the acquisition to Arm, its licensees, and the industry.\"</p><p><blockquote>英伟达首席财务官科莱特·克雷斯(Collette Kress)表示,“尽管一些Arm被许可方对这笔交易表示担忧或反对,而且与监管机构的讨论比最初想象的要长,但我们对这笔交易充满信心,监管机构应该认识到收购对Arm、其被许可方和行业的好处。”</blockquote></p><p> <b>Datacenter</b></p><p><blockquote><b>数据中心</b></blockquote></p><p> Datacenter revenues hit $2.37 billion, up 35% from a year earlier. Nvidia launched a variety of products in the quarter, and it said it is in 342 of the latestTop500 supercomputers in the world. Nvidia said it foresees the growth rate accelerating for datacenter revenues. In an analyst call, Huang said that AI model parameters are doubling every two months, and that is driving a lot of growth for supercomputers and other AI hardware.</p><p><blockquote>数据中心收入达到 23.7 亿美元,同比增长 35%。英伟达在本季度推出了多种产品,并表示在最新的全球500强超级计算机中排名342位。英伟达表示,预计数据中心收入的增长率将加快。黄在分析师看涨期权上表示,人工智能模型参数每两个月翻一番,这推动了超级计算机和其他人工智能硬件的大量增长。</blockquote></p><p> Nvidia noted its Inception acceleration program for AI startups has more than 8,500 members, and those companies have raised more than $60 billion across 90 countries. Its CUDA tech has now been downloaded 27 million times over 15 years.</p><p><blockquote>Nvidia 指出,其针对人工智能初创公司的 Inception 加速计划拥有 8,500 多名成员,这些公司已在 90 个国家/地区筹集了超过 600 亿美元的资金。它的CUDA技术在15年内已经被下载了2700万次。</blockquote></p><p> “Almost every company in the world has to be a high-performance computing company now,” Huang said. “You see that cloud service providers one after another are building effectively supercomputers.”</p><p><blockquote>“黄说:”现在世界上几乎每家公司都必须是高性能计算公司。“你会看到,一个又一个的云服务提供商正在有效地构建超级计算机。”</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> As noted, gaming revenue was $3.06 billion, up 85% from a year earlier and up 11% from the previous quarter. Nvidia launched its GeForce RTX 3080 Ti and 3070 Ti graphics cards in the quarter, giving gaming PCs a 50% boost in graphics performance over the prior generation. And Nvidia RTX (for better shadows and lighting) is now in 130 games and applications.</p><p><blockquote>如前所述,游戏收入为 30.6 亿美元,同比增长 85%,比上一季度增长 11%。英伟达在本季度推出了GeForce RTX 3080 Ti和3070 Ti显卡,使游戏电脑的图形性能比上一代提升了50%。Nvidia RTX(用于更好的阴影和光照)现在有130款游戏和应用程序。</blockquote></p><p> GeForce Now, Nvidia’s cloud gaming platform, now has more than 1,000 PC games. Kress said Nvidia is supply constrained for the gaming business in desktop and laptop products.</p><p><blockquote>Nvidia 的云游戏平台 GeForce Now 目前拥有 1000 多款 PC 游戏。克雷斯表示,英伟达在台式机和笔记本电脑产品的游戏业务供应有限。</blockquote></p><p> Nvidia in recent quarters has created low hash-rate cards aimed at cryptocurrency miners so that they don’t buy up all of the gaming graphics cards. Going forward, Nvidia expects minimal contribution to revenues from crypto mining cards.</p><p><blockquote>最近几个季度,Nvidia 针对加密货币矿工推出了低哈希率显卡,这样他们就不会买下所有的游戏显卡。展望未来,Nvidia 预计加密货币采矿卡对收入的贡献微乎其微。</blockquote></p><p></p><p> Nvidia’s cryptocurrency chip product, CMP, had lower sales, at $266 million, than the $400 million the company predicted in May.</p><p><blockquote>英伟达的加密货币芯片产品 CMP 的销售额为 2.66 亿美元,低于该公司 5 月份预测的 4 亿美元。</blockquote></p><p> “In an effort to address the needs of minders and direct GeForce to gamers, we increased the supply of cryptocurrency mining processors, or CMP, and introduced low-hash rate GeForce GPUs with limited Ethereum mining capability,” she said. “Over 80% of our Ampere architecture-based GeForce shipments in the quarter were low hash-rate GPUs.”</p><p><blockquote>“她说:”为了满足看护者的需求,并将 GeForce 引入游戏玩家,我们增加了加密货币挖矿处理器(CMP)的供应,并推出了以太币挖掘能力有限的低哈希率 GeForce GPU。“本季度,我们基于安培架构的 GeForce 出货量中有 80% 以上是低哈希率 GPU。”</blockquote></p><p> But she said the combination of crypto and gaming revenue is hard to quantify.</p><p><blockquote>但她表示,加密货币和游戏收入的结合很难量化。</blockquote></p><p> <b>Professional visualization</b></p><p><blockquote><b>专业可视化</b></blockquote></p><p> Professional visualization generated revenues of $519 million, up 156% from a year earlier and up 40% from the previous quarter. A lot of that demand was driven by the need to outfit design offices at home as remote work becomes the norm.</p><p><blockquote>专业可视化创造了 5.19 亿美元的收入,同比增长 156%,比上一季度增长 40%。随着远程工作成为常态,这种需求很大程度上是由在家装备设计办公室的需求推动的。</blockquote></p><p> <b>Automotive</b></p><p><blockquote><b>汽车的</b></blockquote></p><p> Second-quarter automotive revenue was $152 million, up 37% from a year earlier and down 1% from the previous quarter. Nvidia announced during the quarter that the AutoX Gen5 robot taxi platform is using Nvidia Drive technology.</p><p><blockquote>第二季度汽车收入为1.52亿美元,同比增长37%,比上一季度下降1%。英伟达在本季度宣布,AutoX Gen5机器人出租车平台正在使用英伟达驱动技术。</blockquote></p><p> <b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p> For the third quarter ending October 31, analysts expect earnings to be $1.04 a share on revenue of $6.53 billion. Nvidia said it expects revenue to come in at $6.80 billion, driven by accelerating growth in data center revenues. The company expects gaming demand to exceed supply, though gaming is expected to grow. For the full fiscal year, analysts expect Nvidia to report earnings of $3.95 a share on revenue of $24.9 billion.</p><p><blockquote>截至10月31日的第三季度,分析师预计每股收益为1.04美元,营收为65.3亿美元。英伟达表示,在数据中心收入加速增长的推动下,预计收入将达到 68 亿美元。该公司预计游戏需求将超过供应,尽管游戏预计将增长。分析师预计英伟达整个财年的每股收益为 3.95 美元,营收为 249 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193835893","content_text":"NVIDIA reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 percent from a year earlier and up 15 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.\nGAAP earnings per diluted share for the quarter were $0.94, up 276 percent from a year ago and up 24 percent from the previous quarter. Non-GAAP earnings per diluted share were $1.04, up 89 percent from a year ago and up 14 percent from the previous quarter.\nNVIDIA paid quarterly cash dividends of $100 million in the second quarter. It will pay its next quarterly cash dividend of $0.04 per share on September 23, 2021, to all shareholders of record on September 1, 2021.\nOn July 19, 2021, the company completed a four-for-one split of its common stock in the form of a stock dividend to shareholders of record as of June 21, 2021. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.\n“Nvidia’s pioneering work in accelerated computing continues to advance graphics, scientific computing, and AI,” said Nvidia CEO Jensen Huang in a statement. “Enabled by the Nvidia platform, developers are creating the most impactful technologies of our time — from natural language understanding and recommender systems, to autonomous vehicles and logistic centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics.”\nHe called out new technologies such as Nvidia Base Command and Fleet Command for deploying AI at scale, as well as the Omniverse, the simulation platform for engineers that could enable physically realistic virtual worlds and the eventual “metaverse,” Huang said.\nMore than 500 companies and 50,000 individual creators are evaluating the Omniverse Enterprise platform now.\nHuang will receive the chip industry’s highest honor, the Robert N. Noyce Award, at the Semiconductor Industry Association (SIA) annual awards dinner on November 18. The award is named after Intel co-founder Robert Noyce, who is credited with numerous pioneering achievements at the dawn of the chip industry.\nNvidia has seen a boom in both gaming and data center revenues as users go online during the pandemic. Gamers have been snatching up graphics cards to play PC games, but a shortage of semiconductors has hurt companies like Nvidia, and cryptocurrency miners are also buying up the graphics cards.\nLast year, Nvidia completed its $7 billion acquisition of Mellanox, which makes key technologies for connecting chips in data centers. Mellanox revenue is included in the CPU and networking segment. But Nvidia is still waiting on regulatory approval for its $40 billion acquisition of Arm.\nNvidia CFO Collette Kress said, \"Although some Arm licensees have expressed concerns or objected to the transaction, and discussions with regulators are taking longer than initially thought, we are confident in the deal and that regulators should recognize the benefits of the acquisition to Arm, its licensees, and the industry.\"\nDatacenter\nDatacenter revenues hit $2.37 billion, up 35% from a year earlier. Nvidia launched a variety of products in the quarter, and it said it is in 342 of the latestTop500 supercomputers in the world. Nvidia said it foresees the growth rate accelerating for datacenter revenues. In an analyst call, Huang said that AI model parameters are doubling every two months, and that is driving a lot of growth for supercomputers and other AI hardware.\nNvidia noted its Inception acceleration program for AI startups has more than 8,500 members, and those companies have raised more than $60 billion across 90 countries. Its CUDA tech has now been downloaded 27 million times over 15 years.\n“Almost every company in the world has to be a high-performance computing company now,” Huang said. “You see that cloud service providers one after another are building effectively supercomputers.”\nGaming\nAs noted, gaming revenue was $3.06 billion, up 85% from a year earlier and up 11% from the previous quarter. Nvidia launched its GeForce RTX 3080 Ti and 3070 Ti graphics cards in the quarter, giving gaming PCs a 50% boost in graphics performance over the prior generation. And Nvidia RTX (for better shadows and lighting) is now in 130 games and applications.\nGeForce Now, Nvidia’s cloud gaming platform, now has more than 1,000 PC games. Kress said Nvidia is supply constrained for the gaming business in desktop and laptop products.\nNvidia in recent quarters has created low hash-rate cards aimed at cryptocurrency miners so that they don’t buy up all of the gaming graphics cards. Going forward, Nvidia expects minimal contribution to revenues from crypto mining cards.\nNvidia’s cryptocurrency chip product, CMP, had lower sales, at $266 million, than the $400 million the company predicted in May.\n“In an effort to address the needs of minders and direct GeForce to gamers, we increased the supply of cryptocurrency mining processors, or CMP, and introduced low-hash rate GeForce GPUs with limited Ethereum mining capability,” she said. “Over 80% of our Ampere architecture-based GeForce shipments in the quarter were low hash-rate GPUs.”\nBut she said the combination of crypto and gaming revenue is hard to quantify.\nProfessional visualization\nProfessional visualization generated revenues of $519 million, up 156% from a year earlier and up 40% from the previous quarter. A lot of that demand was driven by the need to outfit design offices at home as remote work becomes the norm.\nAutomotive\nSecond-quarter automotive revenue was $152 million, up 37% from a year earlier and down 1% from the previous quarter. Nvidia announced during the quarter that the AutoX Gen5 robot taxi platform is using Nvidia Drive technology.\nOutlook\nFor the third quarter ending October 31, analysts expect earnings to be $1.04 a share on revenue of $6.53 billion. Nvidia said it expects revenue to come in at $6.80 billion, driven by accelerating growth in data center revenues. The company expects gaming demand to exceed supply, though gaming is expected to grow. For the full fiscal year, analysts expect Nvidia to report earnings of $3.95 a share on revenue of $24.9 billion.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838909428,"gmtCreate":1629362127764,"gmtModify":1631884667930,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"China regulators power ","listText":"China regulators power ","text":"China regulators power","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838909428","repostId":"1139347294","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831617898,"gmtCreate":1629320000914,"gmtModify":1633685787715,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831617898","repostId":"2160758748","repostType":2,"repost":{"id":"2160758748","kind":"highlight","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":1629318075,"share":"https://www.laohunote.com/m/news/2160758748?lang=zh_CN&edition=full","pubTime":"2021-08-19 04:21","market":"hk","language":"en","title":"NVIDIA Q2 Adj. EPS $1.04 Beats $1.02 Estimate, Sales $6.51B Beat $6.33B Estimate<blockquote>NVIDIA 第二季度调整后每股收益为 1.04 美元,超出预期 1.02 美元,销售额为 6.51B 美元,超出预期 6.33B 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2160758748","media":"Benzinga Earnings","summary":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.04 per share which beat the analyst consensus estimate of $1.02 by 1.96 percent. This is a 52.29 percent decrease over earnings of $2.18 per share from the same","content":"<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.04 per share which beat the analyst consensus estimate of $1.02 by 1.96 percent. This is a 52.29 percent decrease over earnings of $2.18 per share from the same period last year. The company reported quarterly sales of $6.51 billion which beat the analyst consensus estimate of $6.33 billion by 2.84 percent. This is a 68.39 percent increase over sales of $3.87 billion the same period last year.</p><p><blockquote><html><body>英伟达(纳斯达克股票代码:NVDA)公布的季度收益为每股 1.04 美元,比分析师普遍预期的 1.02 美元高出 1.96%。与去年同期每股收益 2.18 美元相比,下降了 52.29%。该公司公布季度销售额为 65.1 亿美元,比分析师普遍预期的 63.3 亿美元高出 2.84%。这比去年同期 38.7 亿美元的销售额增长了 68.39%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NVIDIA Q2 Adj. EPS $1.04 Beats $1.02 Estimate, Sales $6.51B Beat $6.33B Estimate<blockquote>NVIDIA 第二季度调整后每股收益为 1.04 美元,超出预期 1.02 美元,销售额为 6.51B 美元,超出预期 6.33B 美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNVIDIA Q2 Adj. EPS $1.04 Beats $1.02 Estimate, Sales $6.51B Beat $6.33B Estimate<blockquote>NVIDIA 第二季度调整后每股收益为 1.04 美元,超出预期 1.02 美元,销售额为 6.51B 美元,超出预期 6.33B 美元</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\">2021-08-19 04:21</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.04 per share which beat the analyst consensus estimate of $1.02 by 1.96 percent. This is a 52.29 percent decrease over earnings of $2.18 per share from the same period last year. The company reported quarterly sales of $6.51 billion which beat the analyst consensus estimate of $6.33 billion by 2.84 percent. This is a 68.39 percent increase over sales of $3.87 billion the same period last year.</p><p><blockquote><html><body>英伟达(纳斯达克股票代码:NVDA)公布的季度收益为每股 1.04 美元,比分析师普遍预期的 1.02 美元高出 1.96%。与去年同期每股收益 2.18 美元相比,下降了 52.29%。该公司公布季度销售额为 65.1 亿美元,比分析师普遍预期的 63.3 亿美元高出 2.84%。这比去年同期 38.7 亿美元的销售额增长了 68.39%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","QTWO":"Q2 Holdings Inc"},"source_url":"https://www.benzinga.com/news/earnings/21/08/22565494/nvidia-q2-adj-eps-1-04-beats-1-02-estimate-sales-6-51b-beat-6-33b-estimate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160758748","content_text":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.04 per share which beat the analyst consensus estimate of $1.02 by 1.96 percent. This is a 52.29 percent decrease over earnings of $2.18 per share from the same period last year. The company reported quarterly sales of $6.51 billion which beat the analyst consensus estimate of $6.33 billion by 2.84 percent. This is a 68.39 percent increase over sales of $3.87 billion the same period last year.","news_type":1,"symbols_score_info":{"QTWO":1,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892584246,"gmtCreate":1628672961285,"gmtModify":1633745222993,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Huh... why I sensed manipulative???","listText":"Huh... why I sensed manipulative???","text":"Huh... why I sensed manipulative???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892584246","repostId":"1172810796","repostType":4,"repost":{"id":"1172810796","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":1628671712,"share":"https://www.laohunote.com/m/news/1172810796?lang=zh_CN&edition=full","pubTime":"2021-08-11 16:48","market":"us","language":"en","title":"BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.<blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172810796","media":"Tiger Newspress","summary":"BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.\nBioCryst ","content":"<p>BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.</p><p><blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c15bfde15a241770cbb0410850f6460f\" tg-width=\"900\" tg-height=\"624\" referrerpolicy=\"no-referrer\">BioCryst Pharmaceuticals, Inc. announced today that it has withdrawn its proposed public offering. With our strong balance sheet, and increasing revenues from ORLADEYO<b>®</b> (berotralstat), we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our current stockholders. We are well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021. Based on our expectations for revenue, operating expenses, and our option to access an additional $75 million from our existing credit facility, we believe our current cash runway takes us into 2023.</p><p><blockquote>BioCryst Pharmaceuticals, Inc. 今天宣布撤回拟议的公开募股。凭借我们强劲的资产负债表和 ORLADEYO 不断增长的收入<b>®</b>(berotralstat),我们认为当前的市场条件不利于以符合我们现有股东最佳利益的条款进行发行。截至 2021 年 6 月 30 日,我们的资本充足,拥有现金、现金等价物、受限制现金和投资 2.228 亿美元。根据我们对收入、运营费用的预期,以及我们从现有信贷额度中额外获得 7500 万美元的选择,我们相信我们目前的现金跑道将带我们进入 2023 年。</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>BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.<blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</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\">\nBioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.<blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</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\">2021-08-11 16:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.</p><p><blockquote>BioCryst 股价在盘前交易中上涨 10.49%,撤回之前的股票发行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c15bfde15a241770cbb0410850f6460f\" tg-width=\"900\" tg-height=\"624\" referrerpolicy=\"no-referrer\">BioCryst Pharmaceuticals, Inc. announced today that it has withdrawn its proposed public offering. With our strong balance sheet, and increasing revenues from ORLADEYO<b>®</b> (berotralstat), we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our current stockholders. We are well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021. Based on our expectations for revenue, operating expenses, and our option to access an additional $75 million from our existing credit facility, we believe our current cash runway takes us into 2023.</p><p><blockquote>BioCryst Pharmaceuticals, Inc. 今天宣布撤回拟议的公开募股。凭借我们强劲的资产负债表和 ORLADEYO 不断增长的收入<b>®</b>(berotralstat),我们认为当前的市场条件不利于以符合我们现有股东最佳利益的条款进行发行。截至 2021 年 6 月 30 日,我们的资本充足,拥有现金、现金等价物、受限制现金和投资 2.228 亿美元。根据我们对收入、运营费用的预期,以及我们从现有信贷额度中额外获得 7500 万美元的选择,我们相信我们目前的现金跑道将带我们进入 2023 年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BCRX":"BioCryst制药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172810796","content_text":"BioCryst shares jumped 10.49% in premarket trading,as withdrawing previous stock offering.\nBioCryst Pharmaceuticals, Inc. announced today that it has withdrawn its proposed public offering. With our strong balance sheet, and increasing revenues from ORLADEYO® (berotralstat), we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our current stockholders. We are well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021. Based on our expectations for revenue, operating expenses, and our option to access an additional $75 million from our existing credit facility, we believe our current cash runway takes us into 2023.","news_type":1,"symbols_score_info":{"BCRX":0.9}},"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891903720,"gmtCreate":1628312670960,"gmtModify":1633751716986,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Walao.. comment like that also can...Who doesn't know not all restaurant are good.","listText":"Walao.. comment like that also can...Who doesn't know not all restaurant are good.","text":"Walao.. comment like that also can...Who doesn't know not all restaurant are good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891903720","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899297869,"gmtCreate":1628192259951,"gmtModify":1631885102037,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Time to short","listText":"Time to short","text":"Time to short","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899297869","repostId":"1117772028","repostType":4,"repost":{"id":"1117772028","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":1628174192,"share":"https://www.laohunote.com/m/news/1117772028?lang=zh_CN&edition=full","pubTime":"2021-08-05 22:36","market":"us","language":"en","title":"Airline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117772028","media":"Tiger Newspress","summary":"(Aug 5) Airline shares, Carnival stocks rally in morning trading.","content":"<p>(Aug 5) Airline shares, Carnival stocks rally in morning trading.</p><p><blockquote>(8月5日)航空股、嘉年华股早盘上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42a38b66aa352091811cb924ece1b676\" tg-width=\"374\" tg-height=\"366\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Airline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</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\">\nAirline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</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\">2021-08-05 22:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 5) Airline shares, Carnival stocks rally in morning trading.</p><p><blockquote>(8月5日)航空股、嘉年华股早盘上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42a38b66aa352091811cb924ece1b676\" tg-width=\"374\" tg-height=\"366\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117772028","content_text":"(Aug 5) Airline shares, Carnival stocks rally in morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899360422,"gmtCreate":1628160934366,"gmtModify":1633753062183,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Sure or not.. [捂脸] ","listText":"Sure or not.. [捂脸] ","text":"Sure or not.. [捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899360422","repostId":"890098326","repostType":1,"repost":{"id":890098326,"gmtCreate":1628064693965,"gmtModify":1631887789378,"author":{"id":"3574633937475399","authorId":"3574633937475399","name":"Myhomie","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574633937475399","idStr":"3574633937475399"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Buy now while u can, it’s gonna skyrocket to + 80% in few hours time due to earnings. (Not financial advise) ","listText":"<a href=\"https://laohu8.com/S/BNGO\">$Bionano Genomics(BNGO)$</a>Buy now while u can, it’s gonna skyrocket to + 80% in few hours time due to earnings. (Not financial advise) ","text":"$Bionano Genomics(BNGO)$Buy now while u can, it’s gonna skyrocket to + 80% in few hours time due to earnings. (Not financial advise)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890098326","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":805565824,"gmtCreate":1627892576368,"gmtModify":1633755538242,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Premarket price drop after announcement.. why?","listText":"Premarket price drop after announcement.. why?","text":"Premarket price drop after announcement.. why?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805565824","repostId":"1193646270","repostType":4,"repost":{"id":"1193646270","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":1627891794,"share":"https://www.laohunote.com/m/news/1193646270?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:09","market":"us","language":"en","title":"NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193646270","media":"Tiger Newspress","summary":" $NIO Inc.$ delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.","content":"<p>(August 2) <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>(8月2日)<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车,同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8(该公司的六座或七座旗舰高端智能电动 SUV)、3669 辆 ES6(该公司的五座高性能高端智能电动 SUV)和 2560 辆 EC6(该公司的五座高端智能电动轿跑车 SUV)。截至2021年7月31日,ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</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\">2021-08-02 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2) <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>(8月2日)<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车,同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8(该公司的六座或七座旗舰高端智能电动 SUV)、3669 辆 ES6(该公司的五座高性能高端智能电动 SUV)和 2560 辆 EC6(该公司的五座高端智能电动轿跑车 SUV)。截至2021年7月31日,ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193646270","content_text":"(August 2) NIO Inc. delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.\nNIO rose about 1% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150887889,"gmtCreate":1624892980841,"gmtModify":1633947351227,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Up up to the sky","listText":"Up up to the sky","text":"Up up to the sky","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150887889","repostId":"1182036516","repostType":4,"repost":{"id":"1182036516","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":1624892087,"share":"https://www.laohunote.com/m/news/1182036516?lang=zh_CN&edition=full","pubTime":"2021-06-28 22:54","market":"us","language":"en","title":"Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182036516","media":"Tiger Newspress","summary":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\n","content":"<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称,三家主要芯片制造商支持收购 Arm,英伟达股价上涨超过 5%,创下新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道,三大芯片制造商已经站出来表示,他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年 9 月,英伟达(股票代码:NVDA)宣布以 400 亿美元现金和股票从软银集团 (SFTBY) 手中收购 Arm,此次交易将使软银成为英伟达最大的投资者。鉴于 Arm 是芯片行业领先的微处理器设计供应商,这笔交易引起了监管机构和其他芯片公司的广泛关注。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>上周末有报道称,Arm 的三个重要客户——博通 (AVGO)、Marvell (MRVL) 和台湾联发科 (2454.TW)——已认可这笔交易。我们无法立即联系到所有相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师 Atif Malk 在周日的一份研究报告中写道,该报告是拟议交易向前迈出的一大步。他认为,鉴于英伟达公开承诺加大对 Arm 英国业务的投资,英国很可能会批准合并。但他仍然看到了相当大的障碍,特别是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>“他在一份研究报告中写道:”随着美国继续对中国在科技竞赛中获胜采取咄咄逼人的态度,我们认为中国不太可能支持一项可能导致他们失去Arm准入的协议。“如果英伟达能找到一种方法,让 Arm 中国子公司作为一个独立的实体保留下来,而无法访问任何(图形处理器或人工智能)知识产权,那么就有一条途径获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说,他认为获得批准的道路仍然狭窄。他现在认为获得批准的几率为30%,高于之前估计的10%。</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>Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia shares rose more than 5% to a new high<blockquote>英伟达股价上涨逾5%创新高</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\">2021-06-28 22:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称,三家主要芯片制造商支持收购 Arm,英伟达股价上涨超过 5%,创下新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道,三大芯片制造商已经站出来表示,他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年 9 月,英伟达(股票代码:NVDA)宣布以 400 亿美元现金和股票从软银集团 (SFTBY) 手中收购 Arm,此次交易将使软银成为英伟达最大的投资者。鉴于 Arm 是芯片行业领先的微处理器设计供应商,这笔交易引起了监管机构和其他芯片公司的广泛关注。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>上周末有报道称,Arm 的三个重要客户——博通 (AVGO)、Marvell (MRVL) 和台湾联发科 (2454.TW)——已认可这笔交易。我们无法立即联系到所有相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师 Atif Malk 在周日的一份研究报告中写道,该报告是拟议交易向前迈出的一大步。他认为,鉴于英伟达公开承诺加大对 Arm 英国业务的投资,英国很可能会批准合并。但他仍然看到了相当大的障碍,特别是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>“他在一份研究报告中写道:”随着美国继续对中国在科技竞赛中获胜采取咄咄逼人的态度,我们认为中国不太可能支持一项可能导致他们失去Arm准入的协议。“如果英伟达能找到一种方法,让 Arm 中国子公司作为一个独立的实体保留下来,而无法访问任何(图形处理器或人工智能)知识产权,那么就有一条途径获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说,他认为获得批准的道路仍然狭窄。他现在认为获得批准的几率为30%,高于之前估计的10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182036516","content_text":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\nThree major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.\nLast September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.\nBut the U.K.’s Sunday Times over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.\nCiti analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.\n“With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”\nMalik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":883029942,"gmtCreate":1631190984486,"gmtModify":1631887209564,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Get approval from your real big boss first","listText":"Get approval from your real big boss first","text":"Get approval from your real big boss first","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883029942","repostId":"2166348780","repostType":4,"isVote":1,"tweetType":1,"viewCount":3452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810618718,"gmtCreate":1629970827734,"gmtModify":1633681107676,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","listText":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","text":"Record revenue and record deliveries equivalent to higher record loses... man.. what kind of business is this... damn.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810618718","repostId":"1113528238","repostType":4,"isVote":1,"tweetType":1,"viewCount":3171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834169206,"gmtCreate":1629780744805,"gmtModify":1633682471663,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","listText":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","text":"Hahaha.. nearly forgotten Musky had solar business under Tesla. Thanks for the details.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834169206","repostId":"1187997976","repostType":4,"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883067418,"gmtCreate":1631190886934,"gmtModify":1632884069583,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Looking good for Fed tapering","listText":"Looking good for Fed tapering","text":"Looking good for Fed tapering","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883067418","repostId":"1146701240","repostType":4,"isVote":1,"tweetType":1,"viewCount":3581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805565824,"gmtCreate":1627892576368,"gmtModify":1633755538242,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Premarket price drop after announcement.. why?","listText":"Premarket price drop after announcement.. why?","text":"Premarket price drop after announcement.. why?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805565824","repostId":"1193646270","repostType":4,"repost":{"id":"1193646270","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":1627891794,"share":"https://www.laohunote.com/m/news/1193646270?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:09","market":"us","language":"en","title":"NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193646270","media":"Tiger Newspress","summary":" $NIO Inc.$ delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.","content":"<p>(August 2) <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>(8月2日)<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车,同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8(该公司的六座或七座旗舰高端智能电动 SUV)、3669 辆 ES6(该公司的五座高性能高端智能电动 SUV)和 2560 辆 EC6(该公司的五座高端智能电动轿跑车 SUV)。截至2021年7月31日,ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车,盘前交易增长 1%</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\">2021-08-02 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2) <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>(8月2日)<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车,同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8(该公司的六座或七座旗舰高端智能电动 SUV)、3669 辆 ES6(该公司的五座高性能高端智能电动 SUV)和 2560 辆 EC6(该公司的五座高端智能电动轿跑车 SUV)。截至2021年7月31日,ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193646270","content_text":"(August 2) NIO Inc. delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.\nNIO rose about 1% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167136519,"gmtCreate":1624251194431,"gmtModify":1634008854420,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Talk this.. talk that... end up Hold..Kns","listText":"Talk this.. talk that... end up Hold..Kns","text":"Talk this.. talk that... end up Hold..Kns","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/167136519","repostId":"1175906479","repostType":4,"repost":{"id":"1175906479","kind":"news","pubTimestamp":1624242000,"share":"https://www.laohunote.com/m/news/1175906479?lang=zh_CN&edition=full","pubTime":"2021-06-21 10:20","market":"us","language":"en","title":"Apple: Winter Is Coming<blockquote>苹果:冬天来了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175906479","media":"seekingalpha","summary":"Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.I initiate Apple with a Neutral rating and a fair value of $111.42/share .In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.</li> <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li> <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了 449%,超过了标普500同期 102% 的涨幅。</li><li>我以中性评级和公允价值为111.42美元/股(当前价格为131.7美元/股)启动苹果。</li><li>从技术分析的角度来看,股价正在遵循上升的三角形模式,并正朝着137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M. Santiago/Getty Images News 公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司 (AAPL) 的股价在过去五年中上涨了 449%,超过了标普500同期 102% 的涨幅。由基本面支撑的出色回报。特别是,我想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里,苹果成功的主要驱动力一直是iPhone。2016年,iPhone手机占总销量的63%。这对苹果来说是个问题,他们知道这一点。问题的存在主要有两个因素:第一,智能手机业务成熟(增长率低);其次,它过去是(现在仍然是)一个竞争激烈的行业。然而,苹果拥有其他竞争对手所没有的东西,庞大的iPhone用户基础(例如,这允许销售更多服务)。多年来,苹果已经能够有效地实现其收入来源的多元化,目前呈现以下结构。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们看看这些部分中的每一个:</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1. iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>于二零一六年至二零二零年,iPhone分部以0.20%的复合年增长率增长,并由占总销售额的63.4%(二零一六年)变为51%(「TTM」)。以下是过去5年(2016-TTM)iPhone细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止,iPhone细分市场的TTM增长率为18.5%,这得益于具有5G功能的新iPhone12系列,以及来自中国的有趣数据。我相信向5G的过渡将是这一细分市场增长的主要驱动力。通过这种方式,我想报告第二季度盈利看涨期权的部分成绩单。</blockquote></p><p> <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i> <b>2. iPad</b></p><p><blockquote><i>在企业市场,许多行业的客户正在加速采用iPhone 12和5G作为其业务未来的关键平台。例如,达美航空公司正在将 iPhone 12 和 5G 连接交到空乘人员手中,以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的 Openreach 已开始为数万名现场工程师配备 iPhone 12,以加快他们向全国各地家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到仅30秒,这主要是通过从PC站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者,并大大提高了他们的日常疫苗接种能力。</i><b>2、iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样,iPad 细分市场占总销售额的比例或多或少是一个恒定的数字,2016 年为 9.6%,而 TTM 为 9.1%。从2016年到2020年,iPad细分市场的CAGR增长率为3.56%(整体趋势有所改善)。以下是iPad细分市场过去5年(2016-TTM)的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面,iPad细分市场的TTM增长率为24.9%,这是由三个因素推动的:M1芯片、新的5G功能以及我们都在家的事实。我看到了新一代iPad的很多实现方式。不过,我也不得不承认,在同一片海里游泳的还有一个大玩家,新款2-1笔记本电脑。对于那些希望两全其美的人来说,新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一个观点中,iPad细分市场占总销售额的比例可能较低,约为7.8%(而目前为9.1%)。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3. Mac</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年,Mac细分市场的CAGR增长率为5.81%,与iPad细分市场一样,Mac细分市场占总销售额的比例或多或少保持不变,2016年为10.6%,而TTM为10.4%。以下是过去5年(2016-TTM)Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>由M1芯片驱动的新一代Mac似乎受到了客户的赞赏,事实上,今年迄今为止,Mac细分市场的TTM增长率为18.4%。我个人尝试了新一代Mac电脑,我不得不承认,苹果非常清楚如何取悦顾客。个人电脑是一个竞争激烈的市场,即使我喜欢并使用苹果产品,我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&A)</b></p><p><blockquote><b>4. 可穿戴设备、家居和配件(WH&A)</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年,WH&A分部以28.78%的复合年增长率增长,并从2016年仅占总销售额的5.2%变为占总销售额的10.8%。以下是过去5年(2016-TTM)WH&A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The WH&A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现推动下,WH&A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下,苹果手表在未来几年可能会有一个非常光明的未来。事实上,它可以用来监测人的健康状况。想象一下,你即将心脏病发作,你的苹果手表可能会看涨期权一辆救护车,救了你的命,不错吧?最后,我们不要忘记苹果电视4K和最新配件AirTag的推出(我看不到后者的市场,但我可能错了)。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5. 服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年,服务分部以21.9%的复合年增长率增长,并由二零一六年占总销售额的11.3%变为占总销售额的18.6%。以下是过去5年(2016-TTM)服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止,服务部门的TTM增长率为12.3%。增长是由应用商店、云服务、音乐、广告和支付服务推动的。新服务苹果电视+、苹果街机、苹果新闻+和苹果卡也开始为整体服务增长做出贡献,并继续增加用户、内容和功能。我相信未来服务板块将是公司的主导板块。下面我展示了我从第四季度盈利看涨期权中推断出的一个有趣的部分。</blockquote></p><p> <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i> <b>Company Analysis</b></p><p><blockquote><i>首先,我们的安装基数持续增长,并且在每个主要产品类别中都处于历史最高水平。其次,我们数字内容商店的交易账户和付费账户数量在 9 月份季度创下历史新高,我们每个地区的付费账户都增长了两位数。第三,付费订阅量连续增长超过3500万,我们现在平台上的所有服务的付费订阅量超过5.85亿,比一年前增加了1.35亿。凭借这一势头,我们非常有信心在2020年底前达到并超过6亿付费订阅的目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我以中性评级和公允价值为111.42美元/股(当前价格为131.7美元/股)启动苹果。公允价值是一个经过算法调整的价值,考虑了基本面和技术面的不同因素(如DCF公允价值、动量等)。),因此它考虑了市场情绪。同时,我通过DCF模型获得的公允价值等于105.68美元/股。现在,在显示结果之前,用作基数的数字是过去12个月的数字。此外,我还重述了财务状况,因为我将R&D费用资本化,摊销年限为3年。我不认为在苹果的情况下,R&D是一项运营费用,因此,我将其视为资本支出。考虑到研发,以下指标已重述(所有数字均以百万美元为单位)。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要,如果我们不这样做,我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在,让我们转向贴现现金流估值部分。下面,你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在,这次我还提出了三种可能的情况以及我的估计:</blockquote></p><p> <ul> <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li> <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li> <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本案例场景</i>:上面的DCF模型代表了我的基本案例场景。在基本情况下,我假设增长的驱动力是:iPhone细分市场(由5G转型驱动)、服务细分市场(由更广泛的客户群驱动)和新的M1 Mac细分市场。在这种情况下,我假设第一年的增长率为 12%,第二年至第五年的复合年增长率为 7.1%,第十年的目标营业利润率为 27%。在这种情况下,DCF公允价值为105.68美元/股。</li><li><i>最佳情况场景</i>: 生意火爆!在最佳情况下,我再次将我为基本情况描述的主要驱动因素视为主要驱动因素,然而,除此之外,我还看到了中国更大的市场渗透率。在过去5年中,我们可以观察到中国的销售额呈下降趋势,然而,今年的销售额跃升了39.7%(iPhone细分市场大幅增长)。在这种情况下,我假设第一年的增长率为 14%,第二年至第五年的复合年增长率为 9.1%,第十年的目标营业利润率为 30%。在这种情况下,DCF公允价值为130.32美元/股。</li><li><i>最坏情况</i>:嗯,这是一个我想看涨期权喜欢“成熟公司场景”的场景。在这种情况下,我认为苹果的增长率略高于经济增长率,因此,我假设第一年的增长率为10%,第二年至第五年的CAGR为3.1%,第十年的目标营业利润率为25%。在这种情况下,DCF公允价值为81.03美元/股。</li></ul>最后,对于每种情况,我都看到苹果带着苹果手表进入医疗保健市场。正如你可以想象的那样,我在每种情况下都分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>灵敏度分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外,我还想提供基本案例场景的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看,我还没有看到任何问题。股价处于看涨模式,目前处于上升三角形模式。截至目前,股价正在遵循其模式,正朝着137美元/股或D点的目标价前进,在那里它可能会反弹并回到E点。如果出现这种情况,E点通常是股价再次反弹的点,从该点开始,股票走高(这只是一个技术分析假设,按原样理解)。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司,能够提前几年发现问题并解决问题。通过观察在基本情况下计算的公允价值,我们可以说该股票目前被高估了,但没有那么高。对于关注风险,最好情况和最坏情况之间的差异可以用作风险的代表。考虑到这一点,我认为没有理由恐慌,然而,我也确实看到了市场即将出现的调整。许多技术指标和基本面指标都告诉我,目前市场过于沉重(即使标准普尔500可能会走高,也许在4400点区域)。总之,我不打算平掉我的全部苹果头寸,但是,一旦达到我的价格目标,我会平掉其中的 60%。</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>Apple: Winter Is Coming<blockquote>苹果:冬天来了</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\">\nApple: Winter Is Coming<blockquote>苹果:冬天来了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-21 10:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.</li> <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li> <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了 449%,超过了标普500同期 102% 的涨幅。</li><li>我以中性评级和公允价值为111.42美元/股(当前价格为131.7美元/股)启动苹果。</li><li>从技术分析的角度来看,股价正在遵循上升的三角形模式,并正朝着137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M. Santiago/Getty Images News 公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司 (AAPL) 的股价在过去五年中上涨了 449%,超过了标普500同期 102% 的涨幅。由基本面支撑的出色回报。特别是,我想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里,苹果成功的主要驱动力一直是iPhone。2016年,iPhone手机占总销量的63%。这对苹果来说是个问题,他们知道这一点。问题的存在主要有两个因素:第一,智能手机业务成熟(增长率低);其次,它过去是(现在仍然是)一个竞争激烈的行业。然而,苹果拥有其他竞争对手所没有的东西,庞大的iPhone用户基础(例如,这允许销售更多服务)。多年来,苹果已经能够有效地实现其收入来源的多元化,目前呈现以下结构。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们看看这些部分中的每一个:</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1. iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>于二零一六年至二零二零年,iPhone分部以0.20%的复合年增长率增长,并由占总销售额的63.4%(二零一六年)变为51%(「TTM」)。以下是过去5年(2016-TTM)iPhone细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止,iPhone细分市场的TTM增长率为18.5%,这得益于具有5G功能的新iPhone12系列,以及来自中国的有趣数据。我相信向5G的过渡将是这一细分市场增长的主要驱动力。通过这种方式,我想报告第二季度盈利看涨期权的部分成绩单。</blockquote></p><p> <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i> <b>2. iPad</b></p><p><blockquote><i>在企业市场,许多行业的客户正在加速采用iPhone 12和5G作为其业务未来的关键平台。例如,达美航空公司正在将 iPhone 12 和 5G 连接交到空乘人员手中,以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的 Openreach 已开始为数万名现场工程师配备 iPhone 12,以加快他们向全国各地家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到仅30秒,这主要是通过从PC站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者,并大大提高了他们的日常疫苗接种能力。</i><b>2、iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样,iPad 细分市场占总销售额的比例或多或少是一个恒定的数字,2016 年为 9.6%,而 TTM 为 9.1%。从2016年到2020年,iPad细分市场的CAGR增长率为3.56%(整体趋势有所改善)。以下是iPad细分市场过去5年(2016-TTM)的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面,iPad细分市场的TTM增长率为24.9%,这是由三个因素推动的:M1芯片、新的5G功能以及我们都在家的事实。我看到了新一代iPad的很多实现方式。不过,我也不得不承认,在同一片海里游泳的还有一个大玩家,新款2-1笔记本电脑。对于那些希望两全其美的人来说,新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一个观点中,iPad细分市场占总销售额的比例可能较低,约为7.8%(而目前为9.1%)。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3. Mac</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年,Mac细分市场的CAGR增长率为5.81%,与iPad细分市场一样,Mac细分市场占总销售额的比例或多或少保持不变,2016年为10.6%,而TTM为10.4%。以下是过去5年(2016-TTM)Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>由M1芯片驱动的新一代Mac似乎受到了客户的赞赏,事实上,今年迄今为止,Mac细分市场的TTM增长率为18.4%。我个人尝试了新一代Mac电脑,我不得不承认,苹果非常清楚如何取悦顾客。个人电脑是一个竞争激烈的市场,即使我喜欢并使用苹果产品,我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&A)</b></p><p><blockquote><b>4. 可穿戴设备、家居和配件(WH&A)</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年,WH&A分部以28.78%的复合年增长率增长,并从2016年仅占总销售额的5.2%变为占总销售额的10.8%。以下是过去5年(2016-TTM)WH&A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> The WH&A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现推动下,WH&A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下,苹果手表在未来几年可能会有一个非常光明的未来。事实上,它可以用来监测人的健康状况。想象一下,你即将心脏病发作,你的苹果手表可能会看涨期权一辆救护车,救了你的命,不错吧?最后,我们不要忘记苹果电视4K和最新配件AirTag的推出(我看不到后者的市场,但我可能错了)。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5. 服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年,服务分部以21.9%的复合年增长率增长,并由二零一六年占总销售额的11.3%变为占总销售额的18.6%。以下是过去5年(2016-TTM)服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止,服务部门的TTM增长率为12.3%。增长是由应用商店、云服务、音乐、广告和支付服务推动的。新服务苹果电视+、苹果街机、苹果新闻+和苹果卡也开始为整体服务增长做出贡献,并继续增加用户、内容和功能。我相信未来服务板块将是公司的主导板块。下面我展示了我从第四季度盈利看涨期权中推断出的一个有趣的部分。</blockquote></p><p> <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i> <b>Company Analysis</b></p><p><blockquote><i>首先,我们的安装基数持续增长,并且在每个主要产品类别中都处于历史最高水平。其次,我们数字内容商店的交易账户和付费账户数量在 9 月份季度创下历史新高,我们每个地区的付费账户都增长了两位数。第三,付费订阅量连续增长超过3500万,我们现在平台上的所有服务的付费订阅量超过5.85亿,比一年前增加了1.35亿。凭借这一势头,我们非常有信心在2020年底前达到并超过6亿付费订阅的目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我以中性评级和公允价值为111.42美元/股(当前价格为131.7美元/股)启动苹果。公允价值是一个经过算法调整的价值,考虑了基本面和技术面的不同因素(如DCF公允价值、动量等)。),因此它考虑了市场情绪。同时,我通过DCF模型获得的公允价值等于105.68美元/股。现在,在显示结果之前,用作基数的数字是过去12个月的数字。此外,我还重述了财务状况,因为我将R&D费用资本化,摊销年限为3年。我不认为在苹果的情况下,R&D是一项运营费用,因此,我将其视为资本支出。考虑到研发,以下指标已重述(所有数字均以百万美元为单位)。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要,如果我们不这样做,我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在,让我们转向贴现现金流估值部分。下面,你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在,这次我还提出了三种可能的情况以及我的估计:</blockquote></p><p> <ul> <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li> <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li> <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本案例场景</i>:上面的DCF模型代表了我的基本案例场景。在基本情况下,我假设增长的驱动力是:iPhone细分市场(由5G转型驱动)、服务细分市场(由更广泛的客户群驱动)和新的M1 Mac细分市场。在这种情况下,我假设第一年的增长率为 12%,第二年至第五年的复合年增长率为 7.1%,第十年的目标营业利润率为 27%。在这种情况下,DCF公允价值为105.68美元/股。</li><li><i>最佳情况场景</i>: 生意火爆!在最佳情况下,我再次将我为基本情况描述的主要驱动因素视为主要驱动因素,然而,除此之外,我还看到了中国更大的市场渗透率。在过去5年中,我们可以观察到中国的销售额呈下降趋势,然而,今年的销售额跃升了39.7%(iPhone细分市场大幅增长)。在这种情况下,我假设第一年的增长率为 14%,第二年至第五年的复合年增长率为 9.1%,第十年的目标营业利润率为 30%。在这种情况下,DCF公允价值为130.32美元/股。</li><li><i>最坏情况</i>:嗯,这是一个我想看涨期权喜欢“成熟公司场景”的场景。在这种情况下,我认为苹果的增长率略高于经济增长率,因此,我假设第一年的增长率为10%,第二年至第五年的CAGR为3.1%,第十年的目标营业利润率为25%。在这种情况下,DCF公允价值为81.03美元/股。</li></ul>最后,对于每种情况,我都看到苹果带着苹果手表进入医疗保健市场。正如你可以想象的那样,我在每种情况下都分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>灵敏度分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外,我还想提供基本案例场景的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看,我还没有看到任何问题。股价处于看涨模式,目前处于上升三角形模式。截至目前,股价正在遵循其模式,正朝着137美元/股或D点的目标价前进,在那里它可能会反弹并回到E点。如果出现这种情况,E点通常是股价再次反弹的点,从该点开始,股票走高(这只是一个技术分析假设,按原样理解)。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司,能够提前几年发现问题并解决问题。通过观察在基本情况下计算的公允价值,我们可以说该股票目前被高估了,但没有那么高。对于关注风险,最好情况和最坏情况之间的差异可以用作风险的代表。考虑到这一点,我认为没有理由恐慌,然而,我也确实看到了市场即将出现的调整。许多技术指标和基本面指标都告诉我,目前市场过于沉重(即使标准普尔500可能会走高,也许在4400点区域)。总之,我不打算平掉我的全部苹果头寸,但是,一旦达到我的价格目标,我会平掉其中的 60%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming\">seekingalpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175906479","content_text":"Summary\n\nApple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).\nFrom the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.\n\nMichael M. Santiago/Getty Images NewsCompany Overview\nApple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.\nOver the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.\nSource:Author's estimates using data from the latest 10-K report\nLet's now take a look at each of these segments:\n1. iPhone\nFrom 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest10-K report\nSo far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.\n\nIn the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.\n\n2. iPad\nAs it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).\n3. Mac\nFrom 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.\n4. Wearables, Home, and Accessories (WH&A)\nThe Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&A segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe WH&A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).\n5. Services\nServices include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nTo date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.\n\nFirst, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.\n\nCompany Analysis\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nIt is very important to capitalize on R&D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nNow, this time I also present along with my estimates three possible scenarios:\n\nBase Case Scenario: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.\nBest Case Scenario: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.\nWorst Case Scenario: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.\n\nFinally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.\nSensitivity Analysis\nMoreover, I also would like to provide the sensitivity analysis for the base case scenario.\nSource:Author's estimates using data from the latest 10-K report\nTechnical Analysis\nFrom the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).\nSource:TradingView.com\nFinal Thoughts\nApple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885339606,"gmtCreate":1631755705905,"gmtModify":1632806387559,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Good start","listText":"Good start","text":"Good start","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885339606","repostId":"2167591016","repostType":4,"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818546471,"gmtCreate":1630421867793,"gmtModify":1633678171710,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Watch out samsung","listText":"Watch out samsung","text":"Watch out samsung","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818546471","repostId":"1118277523","repostType":4,"repost":{"id":"1118277523","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":1630418634,"share":"https://www.laohunote.com/m/news/1118277523?lang=zh_CN&edition=full","pubTime":"2021-08-31 22:03","market":"us","language":"en","title":"Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118277523","media":"Tiger Newspress","summary":"South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.","content":"<p>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.</p><p><blockquote>由于韩国国会通过了遏制苹果委员会主导地位的法案,苹果股价在早盘交易中下跌 1.04%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dddfac227e4c05029904982112eb7573\" tg-width=\"883\" tg-height=\"617\" width=\"100%\" height=\"auto\">South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.</p><p><blockquote>韩国国会周二批准了一项法案,禁止谷歌和苹果等主要应用商店运营商强迫软件开发商使用他们的支付系统,实际上阻止了他们对应用内购买收取佣金。</blockquote></p><p> It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.</p><p><blockquote>这是主要经济体首次对苹果和Alphabet旗下的谷歌等公司实施此类限制,这些公司因要求使用收取高达 30% 佣金的专有支付系统而面临全球批评。</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>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</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; 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#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\">\nApple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance<blockquote>韩国国会通过遏制苹果委员会主导地位的法案,苹果股价早盘下跌 1.04%</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\">2021-08-31 22:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.</p><p><blockquote>由于韩国国会通过了遏制苹果委员会主导地位的法案,苹果股价在早盘交易中下跌 1.04%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dddfac227e4c05029904982112eb7573\" tg-width=\"883\" tg-height=\"617\" width=\"100%\" height=\"auto\">South Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.</p><p><blockquote>韩国国会周二批准了一项法案,禁止谷歌和苹果等主要应用商店运营商强迫软件开发商使用他们的支付系统,实际上阻止了他们对应用内购买收取佣金。</blockquote></p><p> It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.</p><p><blockquote>这是主要经济体首次对苹果和Alphabet旗下的谷歌等公司实施此类限制,这些公司因要求使用收取高达 30% 佣金的专有支付系统而面临全球批评。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118277523","content_text":"Apple shares fell 1.04% in early trading as S.Korea's parliament passing bill to curb Apple commission dominance.\nSouth Korea's parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.\nIt is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30%.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899297869,"gmtCreate":1628192259951,"gmtModify":1631885102037,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Time to short","listText":"Time to short","text":"Time to short","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899297869","repostId":"1117772028","repostType":4,"repost":{"id":"1117772028","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":1628174192,"share":"https://www.laohunote.com/m/news/1117772028?lang=zh_CN&edition=full","pubTime":"2021-08-05 22:36","market":"us","language":"en","title":"Airline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117772028","media":"Tiger Newspress","summary":"(Aug 5) Airline shares, Carnival stocks rally in morning trading.","content":"<p>(Aug 5) Airline shares, Carnival stocks rally in morning trading.</p><p><blockquote>(8月5日)航空股、嘉年华股早盘上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42a38b66aa352091811cb924ece1b676\" tg-width=\"374\" tg-height=\"366\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Airline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</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\">\nAirline shares, Carnival stocks rally in morning trading<blockquote>航空股、嘉年华股早盘上涨</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\">2021-08-05 22:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 5) Airline shares, Carnival stocks rally in morning trading.</p><p><blockquote>(8月5日)航空股、嘉年华股早盘上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42a38b66aa352091811cb924ece1b676\" tg-width=\"374\" tg-height=\"366\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117772028","content_text":"(Aug 5) Airline shares, Carnival stocks rally in morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162905876,"gmtCreate":1624029948195,"gmtModify":1634023826672,"author":{"id":"3577005976005407","authorId":"3577005976005407","name":"cgtc78","avatar":"https://static.tigerbbs.com/520fe8221db3bf1f5743d4c42f1bdac3","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577005976005407","idStr":"3577005976005407"},"themes":[],"title":"","htmlText":"Why???","listText":"Why???","text":"Why???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162905876","repostId":"1192473918","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}