khe的个人主页 - 老虎社区

khe

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0勋章

2021-04-27

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If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>

2021-10-30

Ok

Wall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</blockquote>

2021-05-07

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Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-09-22

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抱歉，原内容已删除

2021-05-06

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抱歉，原内容已删除

2021-04-30

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抱歉，原内容已删除

2021-10-29

Nice

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2021-04-23

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Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准$2.8 B支出</blockquote>

2021-09-20

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2021-04-24

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Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote>

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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>诺瓦瓦克斯医药盘前直线拉涨，疫苗提交给EMA进行审查</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n诺瓦瓦克斯医药盘前直线拉涨，疫苗提交给EMA进行审查\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-11-01 18:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>11月1日，诺瓦瓦克斯医药盘前直线拉涨超6%，此前表示已将新冠疫苗提交给欧洲药品管理局（EMA）进行滚动审查，并已向加拿大申请新冠疫苗授权。</p>\n<p><img src=\"https://static.tigerbbs.com/bbcc346973386afd29f64d8f14c0edb6\" tg-width=\"863\" tg-height=\"624\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171990856","content_text":"11月1日，诺瓦瓦克斯医药盘前直线拉涨超6%，此前表示已将新冠疫苗提交给欧洲药品管理局（EMA）进行滚动审查，并已向加拿大申请新冠疫苗授权。","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":4998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840551992,"gmtCreate":1635663008223,"gmtModify":1635663022404,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840551992","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840553013,"gmtCreate":1635662916607,"gmtModify":1635662916695,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/840553013","repostId":"1104228860","repostType":4,"isVote":1,"tweetType":1,"viewCount":2808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840385631,"gmtCreate":1635590100288,"gmtModify":1635590100288,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/840385631","repostId":"1112945208","repostType":4,"repost":{"id":"1112945208","kind":"news","pubTimestamp":1635577312,"share":"https://www.laohu8.com/m/news/1112945208?lang=zh_CN&edition=full","pubTime":"2021-10-30 15:01","market":"us","language":"en","title":"Wall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112945208","media":"Benzinga","summary":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicl","content":"<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有报酬吗？《华尔街罪与罚》是Benzinga的菲尔·霍尔(Phil Hall)的每周系列节目，记录了银行家、经纪人和金融家，他们的野心和贪婪使他们陷入了困境...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Wall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</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\">\nWall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-10-30 15:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有报酬吗？《华尔街罪与罚》是Benzinga的菲尔·霍尔(Phil Hall)的每周系列节目，记录了银行家、经纪人和金融家，他们的野心和贪婪使他们陷入了困境...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">Benzinga</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":"https://static.tigerbbs.com/76a5f973ee63cb45a72044f57e3a023d","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112945208","content_text":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\n“Be careful who you let into your life,” declared a meme onChristian Meissenn’sInstagram page. “People will come and drain the s**t out of you…then leave and blame everything on you.”\nWas Meissenn’s meme a cry of anguished warning against a world full of evil, or a self-tribute? After all, his claim to notoriety was ruining the lives of thousands of people who saw their money disappear into his warped fantasy world of promised penny stock glories.\nThe irony of that meme posting was that it happened at all. Meissen was able to play around on social media by making himself a victim of a greater injustice than the brutal scams he enacted on others.\nThe Strategy: On Nov. 8, 2016, Meissenn pleaded guilty to one count of conspiracy to commit mail and wire fraud and one count of tax evasion in connection to his grand scheme. A plea of not guilty would have been ridiculous — not with the wealth of evidence stacked against him.\nStarting in 2009, Meissenn and six accomplices (including two unscrupulous lawyers) orchestrated a seven-year pump-and-dump attack against vulnerable investors to buy shares in penny stock companies, which were mostly shell companies that fell under their control.\nThis gang unleashed an endless series of telephone calls and emails that bombarded the investors with grand promises of extraordinary returns on investments, while dishonest press releases went across the Internet with wild misrepresentations of the companies’ activities. The attorneys signed phony opinion letters offering false assurances to securities transfer agents and prospective investors that they reviewed corporate records and filings for the issuing companies and were satisfied with the adequacy of the companies’ public disclosures.\nMeissenn and his gang gleefully reeled-in victims who naively sank money into the worthless stocks, bringing their prices to heights where they never belonged. When the prices reached inflated zeniths, the miscreants quickly cashed out and laughed over their gains while their investors were left with worthless stocks and no hope of recovering their losses. By the time the feds moved in during the summer of 2016, more than 12,000 investors collectively lost nearly $19 million.\nBetween 2011 and 2015, Meissenn accumulated roughly approximately $4.4 million from the scheme, but rather than deposit the money into his bank account he diverted most of his ill-gotten gains into an attorney’s trust account. The attorney was then directed to either wire funds or send checks to Meissenn — and none of this money was declared on his income taxes. When the Internal Revenue Service finally figured out what he pulled, Meissenn had tiptoed away from paying $1.5 million in federal income taxes.\nA declaration of innocence in the face of this evidence was untenable, Meissenn realized, but cooperating with guilty pleas was not a happier solution. He faced up to 20 years behind bars for accepting guilt on the conspiracy to commit mail and wire fraud charge and a maximum of five years for the tax evasion count.\nBut Meissenn had a curious talent for hitting a cosmic reset button that changed his situation when change was needed.\nThe American Adventure: Christian Meissenn only existed in America — in his native Bulgaria, he was Christian Levon Nigohossian. In 1987, the 15-year-old Nigohossian and his mother fled their impoverished country and a miserable domestic life under his abusive father for a better opportunity across the Atlantic.\nHe would later claim that his mother worked very long hours to support them, which distorted their relationship — he recalled their relationship was “more a friendship than a parental one.”\nHe may or may not have fallen into juvenile delinquency. An unpublished autobiographical novel called “Raised by Wolves” offers a colorful, Martin Scorsese-style coming-of-age tale with street gangs and petty crime, but given his shaky acquaintance with the truth it is hard to discern where boisterous tales replaces less-than-entertaining facts. Still, another meme on his Instagram page asked male viewers to “Be the Man You Needed as a Boy,” a hint that his youthful years went awry without paternal guidance.\nNigohossian found his way into the broker-dealer world in the mid-1990s and began to claim executive positions in sketchy companies. He was cited as treasurer and secretary of The Minneapolis Company and president of Speed of Thought Trading Corp. and GIT Securities. Most of these companies were expelled from their industry by FINRA, which also barred Nigohossian from working as a broker.\nSomewhere along the way, Nigohossian jettisoned his surname for Meissenn. He would call himself Christian Mason and Christopher Mason in his penny stock scheme and he erased all traces of his Eastern European roots from his voice, speaking English with a non-regional American accent. He also found his way to Connecticut, where he registered a skein of intriguing business names with the state, including Bubble’s Lounge and Pip Stop Trading without actually setting up a business.\nIn September 2013, the Connecticut Department of Banking issued a cease-and-desist order after determining Meissenn and his business cronies sold unregistered securities for six companies in violation of state law. He was also accused of violating state law by “inducing investors who previously bought securities issued by one or more of the referenced entities to swap their shares at a premium for different securities, promising profitability but not disclosing critical information on the entity, the involvement of Meissenn in the entity’s operations and the impact of dilution.”\nDespite these setbacks, Meissen carried on and in 2017 he claimed to hold the rights to the Atari Games trademark and was “rebuilding the brand in a brand new entity.” This claim came as a surprise to Atari Interactive, which filed a complaint with the U.S. Patent and Trademark Office. Incredibly, this occurred while Meissenn was awaiting sentencing for his penny stock swindles.\nThe Ultimate Death Sentence: Meissenn was free on bail after pleading guilty to his penny stock chicanery, but his original sentencing date of Jan. 31, 2017, wound up being postponed until Nov. 30, 2018, due to the aggressive work of his attorney, Cody N. Guarnieri, in turning Meissenn from a predator into a victim.\nGuarnieri disclosed during the sentencing that Meissenn was a patient at Yale New Haven Hospital for two rare diseases: Erdheim-Chester disease, a slow-metastasizing blood cancer, and retroperitoneal fibrosis, an inflammatory disorder that creates abnormal fiber-like tissue in the abdomen. Guarnieri informed the court that Meissenn’s condition was terminal and the chemotherapy treatment he was receiving would only slow the diseases but not cure him.\nEven worse, Guarnieri argued, was whether Meissenn could receive proper medical care while in prison — without the proper care, the attorney insisted, Meissenn would be assured that his prison term would be a death sentence.\nAmazingly, Guarnieri was able to recruit prosecutors to his side, with Assistant U.S. Attorney Avi M. Perry informing the court that Meissenn only had between 1½ and 5 years to live.\nMeissenn’s wife Kerry was brought forth to close the sale, recounting the tragedy in watching her husband’s rapidly deteriorating health, including decreased mobility, fraying memory, and shaking and vomiting from the chemotherapy treatments.\n“He is definitely not the man I married,” she said, begging the court to allow her husband to serve his sentence under house arrest without prison time.\nU.S. District Court Judge Jeffrey A. Meyer listened to the presentations in his New Haven court and spoke calmly about the case before him. He did not absolve Meissenn, branding him as a “brazen criminal” who became wealthy by “ripping people off.” Meyer also pointed to the health issues that burdened the “staggering number of victims” of Meissenn’s pump and dump scam.\nAnd then, Meyer embraced the argument for leniency.\n“The victims come to court and say they want justice done and don’t even care about the how,” Meyer said. “I look at your case, and I have to wonder whether some providential force — I’m sure this has crossed your mind many times — has essentially decided to send you something much worse than this court could ever do.\n“I believe you should serve some prison time,” Meyer added, “but I don’t believe it should be so much you don’t see your children again.”\nMeyer sentenced Meissenn to three months in prison followed by three years of supervised release under house arrest in the comfort of his Suffield, Connecticut, residence. He also ordered Meissenn to pay restitution of $5.3 million to the victims and $1.5 million to the IRS for unpaid taxes, although he acknowledged it was unlikely Meissenn would ever be able to fulfill that requirement.\nMeissenn entered prison in January 2019 and was out in April 2019. In comparison, two of Meissenn’s collaborators each received prison terms of six years months while two others received seven-year sentences. The two attorneys involved in the scam each received three-year sentences.\nDenouement: While Meissenn apologized for his actions during his sentencing, his life outside of his brief stretch behind bars was remarkably free from remorse.\nMeissenn said he authored the autobiographical “Raised By Wolves” and offered graphic novel illustrative glimpses of his story on Instagram of its content. He also claimed a film version was in the works starring Danny Aiello, but there is no evidence that the Oscar-nominated actor was ever attached to this project. Aiello died in December 2019 and Meissenn ceased trumpeting a film production after he passed away.\nMeissenn started a website called Humor the Tumor to find a light spot in chemotherapy treatment but abandoned it after a few dismal attempts at levity. He filled his Instagram page with scatological angry memes and photographs of himself with his hair growing to flowing lengths — in one video post, he blamed chemotherapy for hair loss and then credited it for allowing his tresses to return with a vengeance.\nOne Instagram image from September 2020 showed Meissenn’s hand on the steering wheel of his Lincoln Town Car. Meissenn was driving that vehicle on Aug. 16, 2021, when he was killed in a multiple-vehicle crash on I-95 in lower Connecticut. He was 49 years old at the time of his death and roughly 80 miles away from where he was supposed to have been under house arrest.\nIn the month before his court sentencing, Meissenn posted a photograph of himself on Instagram lying on a pillow featuring the message “People are f**king scumbags” while holding up a book titled “How to Be Your Own Best Friend.” Perhaps this photo encapsulated everything that was wrong with Meissenn — the pillow’s contemptuous message was mirrored in the venality of his stock swindles, and the book he displayed offered cruel evidence that he stupidly self-identified as his own best friend when, in reality, he was really his own worst enemy.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840386271,"gmtCreate":1635589885065,"gmtModify":1635589885065,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840386271","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857025503,"gmtCreate":1635496944179,"gmtModify":1635496944279,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/857025503","repostId":"1170828756","repostType":4,"isVote":1,"tweetType":1,"viewCount":2490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852744350,"gmtCreate":1635307272730,"gmtModify":1635307272730,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852744350","repostId":"1168907516","repostType":4,"repost":{"id":"1168907516","kind":"news","pubTimestamp":1635305994,"share":"https://www.laohu8.com/m/news/1168907516?lang=zh_CN&edition=full","pubTime":"2021-10-27 11:39","market":"sh","language":"zh","title":"基金三季报众生相：但见新人笑，哪闻旧人哭（上）","url":"https://stock-news.laohu8.com/highlight/detail?id=1168907516","media":"懒猫的丰收日","summary":"从已经披露的基金三季报中看，赵诣表现不俗，农银汇理新能源主题今年以来涨了63.33%，同类排名前1%。未来他看好新能源和5G应用，航空发动机、半导体为主的高端制造业方向。丘栋荣表现非常顶，主要是因为丘","content":"<p>从已经披露的基金三季报中看，赵诣表现不俗，农银汇理新能源主题今年以来涨了63.33%，同类排名前1%。未来他看好新能源和5G应用，航空发动机、半导体为主的高端制造业方向。丘栋荣表现非常顶，主要是因为丘栋荣重仓小盘股，而今年市场风格恰好在小盘股这里。</p>\n<p>明天是基金三季报披露的截止时间，</p>\n<p>不少人已经提前交作业，</p>\n<p>但也有基金经理还在卡最后的时间点...</p>\n<p>也罢，就从已经披露的三季报中，</p>\n<p>挑几份小伙伴们比较关心的来扒一扒！</p>\n<p>今天我们主要聊聊<b>傅鹏博、刘格崧、赵诣、王崇、杨浩、谭丽、冯明远、焦巍、丘栋荣、李晓星</b>的三季报，</p>\n<p>今年是顶流基金经理扑街的一年，不少人都是负收益。</p>\n<p>傅老师今年赚了0.2%，勉强正收益。<img src=\"https://static.tigerbbs.com/e85d16ea737a8703f354c4731c79ea94\" tg-width=\"640\" tg-height=\"272\" referrerpolicy=\"no-referrer\">不过，单看三季度就有点惨了。</p>\n<p><b>三季度，睿远成长价值A亏了8.48%，跑输同类平均和沪深300。</b><img src=\"https://static.tigerbbs.com/c0b001b1979735c6189a3c1c539ac4ad\" tg-width=\"640\" tg-height=\"267\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/718ebd9f31cdbf34f8d1f8844c179eae\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">业绩不好，<b>主要是重仓股下跌。</b><img src=\"https://static.tigerbbs.com/fcea4556083b96fc375b1e3463959e96\" tg-width=\"640\" tg-height=\"283\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/718ebd9f31cdbf34f8d1f8844c179eae\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">三季度，傅老师前十大重仓股中，<b>除了新宙邦（锂电池电解液）和先导智能（锂电池、光伏制造设备）外，悉数下跌。而这两只上涨的股票还被他减仓了。</b></p>\n<p>其他加仓<b>（本文均按持股数计算）</b>比例超过10%的股票，有三安光电（半导体材料）、吉利汽车（汽车）、大族激光（激光）、立讯精密（消费电子）。</p>\n<p>总结下，<b>十大重仓虽然有增有减，但傅老师的持仓主要以新能源、科技股为主，建材、化工等也买了一些。</b></p>\n<p>三季报中，傅老师主要回顾了三季度行情变化，也给出了自己对未来的判断。</p>\n<ul>\n <li><p>7、8月份，由于限电限产，大宗商品价格上涨，股市行情主要以周期股为主。9月份后，消费、医药触底反弹，大盘股又跑赢了小盘股。</p></li>\n <li><p>展望未来，傅老师认为政府虽然出台了一系列政策，但商品价格回落到“合理”区间仍需时日。消费数据虽然触底反弹，但需求能否恢复还需要观察。</p></li>\n <li><p>投资机会上，傅老师主要关注能源结构变化中的投资机会（应该主要是新能源），以及先进制造业中“专精特新”公司的投资机会（高端制造）。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>二季报时，傅老师说，<b>行业景气度和发展空间是他选股的核心指标。</b></p>\n<p>当下，周期股的景气度已经接近尾声，消费的景气度还未恢复，也就剩新能源和先进制造符合他的标准了。</p>\n<p>只是大家都盯着这两个方向，相关个股估值也不低，看他四季度怎么操作吧！</p>\n<p>刘格菘今年的表现还可以，</p>\n<p>广发创新升级，今年以来涨了11.32%，同类排名前30%。</p>\n<p><img src=\"https://static.tigerbbs.com/94fe13fadd8faeb3e6084a78f93c3229\" tg-width=\"640\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p>\n<p>三季度，广发创新升级跌了7%，同类排名已经跌出前50%了，稍微有点拉后腿。</p>\n<p><img src=\"https://static.tigerbbs.com/eabd77472b553a1d01936585ab468987\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p>\n<p><b>哪些股票拉了后腿呢？</b></p>\n<p><b>主要是新能源股票。</b></p>\n<p>三季度，第一大重仓股隆基股份（光伏）跌了7.16%，</p>\n<p>第四大重仓股亿纬锂能（锂电池）跌了4.71%，</p>\n<p>第九大重仓股小康股份（和华为合作生产新能源汽车）跌了10.93%。<img src=\"https://static.tigerbbs.com/6d634d27b22b0e35c3038d534a976ede\" tg-width=\"640\" tg-height=\"300\" referrerpolicy=\"no-referrer\">持仓变化上，刘格菘在三季报中说，<b>基金加仓了光伏、储能、新能源汽车等板块。</b></p>\n<p>除了仓位变化，三季报中，刘格菘也做了几个预判：</p>\n<ul>\n <li><p>煤炭等资源品价格快速上涨的局面已经接近尾声。</p></li>\n <li><p>国内新能源行业已具备“全球比较优势”，可能迎来较长一段时间的“黄金成长期”，看好光伏、储能、新能源汽车等高端制造业的发展。</p></li>\n <li><p>经过三季度调整后，光伏、储能、新能源汽车方向的相关标的投资性价比依然很高，未来基金的配置也会以这些方向为主。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>刘格菘也是看好景气度较高的新能源和先进制造方向，这点和傅鹏博是一致的。不过他的持仓比傅鹏博更集中，也更激进。</p>\n<p>赵诣是去年的冠军基金经理，今年表现依然不俗。</p>\n<p>农银汇理新能源主题，今年以来涨了63.33%，同类排名前1%。</p>\n<p><img src=\"https://static.tigerbbs.com/3146d7598198843558d1e35d26536793\" tg-width=\"640\" tg-height=\"243\" referrerpolicy=\"no-referrer\"></p>\n<p><b>三季度，虽然不少新能源个股下跌，但赵诣管理的基金依然涨了25.8%，</b></p>\n<p>厉害！</p>\n<p><img src=\"https://static.tigerbbs.com/63d4dcf14501ceb60467ce88d0f9226b\" tg-width=\"640\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p>\n<p>具体到十大重仓股上，</p>\n<p>三季度，<b>除了宁德时代和隆基股份，赵诣重仓的其他股票都涨的不错。</b></p>\n<p>振华科技（军工）涨得最多，涨了64.51%。璞泰来（锂电池负极材料）涨得最少，也涨了25.92%。</p>\n<p><img src=\"https://static.tigerbbs.com/e7e29585ed16e9d282f0402e9733d695\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9cfabbe3489d9dd241aa6c83d9c9b7ba\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\"></p>\n<p>从十大重仓股变动来看，赵诣的持仓以新能源方向股票为主，不过个股仓位有小范围的调整。</p>\n<p>三季报中，赵诣主要说了三季度的操作和未来的方向：</p>\n<ul>\n <li><p>三季度增加了因原材料上涨使得情绪受到压制，但基本面并未受到影响的新能源汽车配套公司的持仓。</p></li>\n <li><p><b>对未来行情的判断：一方面</b>随着上游价格上涨趋缓甚至部分品种已经开始出现拐头，中游制造业在成本端的压力开始逐步缓解，对于需求持续增长，产品结构调整的企业，业绩有望开始触底回升，另一方面，随着高景气行业股价整体表现较好，后续会出现分化，因此更多会选择性价比匹配，具有核心竞争力的好公司。</p></li>\n <li><p><b>看好这两个方向：</b>一个是<b>技术进步带来需求提升</b>的方向，包括<b>新能源和5G应用</b>；另外一个是在<b>“国内大循环为主体，国内国际双循环相互促进”定调下的国产替代、补短板</b>的方向，尤其是以<b>航空发动机、半导体为主</b>的高端制造业。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>赵诣关注的方向也是新能源和先进制造。</p>\n<p>三季度，他布局了不少上游材料领域个股，这些个股涨幅也比较大，赵诣再次做出了正确决定。</p>\n<p><b>四季度，他认为上游材料涨价趋势可能逆转，有需求的中游制造业可能接棒上游材料领涨。</b></p>\n<p>不排除这个可能，但这个预判是建立在上游材料降价的前提下。上游材料能不能降价，谁也不知道。</p>\n<p>王崇的表现和傅鹏博差不多。</p>\n<p>今年以来，交银新成长只涨了0.09%，勉强守住了正收益。</p>\n<p><img src=\"https://static.tigerbbs.com/0d6a3b04f966f80804380e79decf4478\" tg-width=\"640\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p>\n<p>具体到三季度，交银新成长跌了8.4%，一塌糊涂。</p>\n<p><img src=\"https://static.tigerbbs.com/900327a03d710214d8f7157b5f0e0531\" tg-width=\"640\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p>\n<p>持仓上，三季度，除了荣盛石化（化工）、国联股份（B2B电子商务平台）外，王崇重仓股全部下跌，且跌幅都不小，最多跌了36.96%，难怪三季度业绩这么差。</p>\n<p><img src=\"https://static.tigerbbs.com/ea78a30197da8c98984c4e064df0e87a\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p>\n<p>从十大重仓股变动来看，<b>三季度王崇主要加仓了地产产业链公司</b>，比如东方雨虹（建材）、顾家家居（定制家具）、招商积余（物业管理）等。<b>减仓了化工股</b>，比如荣盛石化（化工）、桐昆股份（化工）等。</p>\n<p>三季报中，王崇没有再道歉，而是，</p>\n<ul>\n <li><p><b>对自己的调仓给出了解释。</b></p></li>\n</ul>\n<p>他说，“目前基金持仓的这些非热门行业公司以三四年的视角竞争优势明显，其股票估值水平也并未明显透支未来几年业绩预期，这些估值合理或偏低的公司股票未来几年有望实现不错的年化收益率，目前时间点我们充满信心。”</p>\n<ul>\n <li><p><b>同时也给出了未来的操作方向。</b></p></li>\n</ul>\n<p>他说：“将继续坚守能力圈，规避处于景气高位的上游资源类个股，谨慎看待受政策扶持的热门行业内高估值高成长明星成长股，在广泛的制造业和服务业领域精选未来三四年企业竞争力强，竞争格局较好、估值处于合理或偏低、未来三四年有望实现不错收益率的优质公司股票做中期布局。”</p>\n<p><b>懒猫点评：</b></p>\n<p>地产产业链个股已经调整了很长时间，也有人开始吹地产产业链的逻辑，但到底能不能起来，还有待验证。</p>\n<p>杨浩就比较惨了。</p>\n<p><b>今年以来，杨浩管理的交银新生活力跌了17.92%，同类排名倒数第13。</b><img src=\"https://static.tigerbbs.com/718ebd9f31cdbf34f8d1f8844c179eae\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97478df85e48e31eb45a021223f6a750\" tg-width=\"640\" tg-height=\"256\" referrerpolicy=\"no-referrer\">差距主要是三季度拉开的。三季度，交银新生活力跌了18.84%。</p>\n<p>从同类排名上看，一季度排第1038名，二季度排1886名，三季度排2045名，杨浩是越来越衰。<img src=\"https://static.tigerbbs.com/9b0e3c388b3dcd5d561bc6a4d0e8cb55\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\">因为业绩不好，<b>杨浩管理的基金也遭遇了巨额赎回。交银新生活力规模从二季度的128.26亿骤降至75.81亿。</b></p>\n<p>杨浩管理的其他基金规模也大幅下降，<b>管理总规模已经从325.95亿降至187.67亿，少了138亿。</b></p>\n<p>可能是为了应对赎回，<b>交银新生活力股票仓位也从91.32%降至76.62%。</b><img src=\"https://static.tigerbbs.com/b5b46113406ba2cfcd21cddd111c5605\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\">持仓上，三季度杨浩重仓股跌多涨少。为了应对赎回压力，也卖出了不少股票。</p>\n<p>不过，值得注意的是，<b>他加仓了不少芯片和光伏板块个股，比如紫光国微（芯片设计）、韦尔股份（芯片设计）、福斯特（光伏胶）。</b><img src=\"https://static.tigerbbs.com/8ed1353eb76f331425a5256efa532a15\" tg-width=\"640\" tg-height=\"250\" referrerpolicy=\"no-referrer\">三季报中，杨浩主要回顾了市场，并谈了自己看好的几个方向：</p>\n<ul>\n <li><p>他认为今年的行情两极分化严重。政策鼓励的高景气赛道，估值高但还持续上涨。其他行业则人人嫌弃，估值已经处于历史最低位置。</p></li>\n <li><p>展望未来，杨浩认为当前应该重长远角度出发，寻找中长期确定成长的行业。会关注碳中和新能源、高端制造和后疫情时代受益的中长期产业方向，比如科研服务产业链和工业软件。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>心疼杨浩一下，不过三季度业绩这么差，也不怪基民赎回。</p>\n<p>新加仓的芯片和光伏股，三季度涨了不少，不然业绩更差。从过往持仓来看，杨浩很少碰芯片和光伏股，新聘任的基金经理田彧龙倒是买了不少，这几只股票可能是他在买。</p>\n<p>从这个角度来说，增聘新基金经理也挺好。</p>\n<p>谭丽主要是消费方向。她管理的嘉实新消费，今年以来跌了4.12%，勉强跑赢沪深300指数。<img src=\"https://static.tigerbbs.com/2bbc2c69cbc9f7c894ab4688b1009ad1\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p>\n<p>三季度，嘉实新消费表现同样惨淡，跌了7.92%，同类排名后50%。</p>\n<p><img src=\"https://static.tigerbbs.com/869828178d5148143dd6d7346d406cb5\" tg-width=\"640\" tg-height=\"267\" referrerpolicy=\"no-referrer\"></p>\n<p>持仓上，三季度谭丽主要增持了贵州茅台（白酒）、海信视像（彩电）、比音勒芬（高尔夫服饰），新建仓了海信家电（生产空调、冰箱、洗衣机等），减持了长城汽车（汽车）、盈趣科技（消费电子零部件）。</p>\n<p><img src=\"https://static.tigerbbs.com/06c1bf0f4c4d6043e3879a45fd00d712\" tg-width=\"640\" tg-height=\"271\" referrerpolicy=\"no-referrer\">三季报中，谭丽主要针对消费细分行业做了点评：</p>\n<ul>\n <li><p>白酒的消费韧性还可以，且资本市场对白酒的热情仍然很高。但从性价比的角度来看，<b>谭丽认为，白酒的预期收益率一般，性价比不高</b>，且担心白酒“依靠提价维持品牌力”的行为能否带来产品需求的高增长。</p></li>\n <li><p>食品饮料股中没有找到何时的配置标的。食品饮料行业分化严重，基本面好的估值高，估值低的，远期基本面又一般，谭丽暂时还没有找到合适的标的。</p></li>\n <li><p>看好疫情结束后航空产业的复苏，也看好自主汽车品牌的崛起。虽然短期受制于芯片的缺乏，但市场需求旺盛，终端库存历史最低，这都支持未来的出货增长。</p></li>\n <li><p>尽管行业景气度依然低迷，但家电行业的估值已经较有吸引力，加大了家电行业配置比例。</p></li>\n <li><p>看好国货崛起，配置了纺织服装类个股。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>消费基金经理大多重仓白酒，但谭丽却对白酒提出来质疑，这很可贵。</p>\n<p>不过从持仓上来看，贵州茅台（白酒）却是她的第一大重仓股，三季度也增持了不少。可能和她找不到更好的标的有关，也可能是因为白酒占了消费的大头，不得不配置一个。</p>\n<p>冯明远的表现非常亮眼。</p>\n<p><b>今年以来，信达澳银新能源产业股票涨了46.67%，同类排名前5%。</b></p>\n<p><img src=\"https://static.tigerbbs.com/769db3777e16361858f0d92361487dd3\" tg-width=\"640\" tg-height=\"268\" referrerpolicy=\"no-referrer\"></p>\n<p>三季度，信达澳银新能源产业涨了16.14%，依然能排到同类前5%。</p>\n<p><img src=\"https://static.tigerbbs.com/ef76abc68a5fd890b6f52f6b17fbcf02\" tg-width=\"640\" tg-height=\"250\" referrerpolicy=\"no-referrer\">业绩好，主要是抓住了不少大牛股。</p>\n<p>三季度，吃了比亚迪和宁德时代，信达澳银新能源产业其他重仓股悉数大涨。涨幅最高的是中国电建（发电项目建设与施工），涨了123.96%。<img src=\"https://static.tigerbbs.com/772ce5a39f4ea3df667830264e0b40c2\" tg-width=\"640\" tg-height=\"288\" referrerpolicy=\"no-referrer\">三季报中，冯明远说的很少，只说<b>“基金重点配置了新能源车、新材料、光 伏、风电、高端装备、半导体等新兴产业。”</b></p>\n<p>他认为，未来50年，新能源将逐步替代传统化石能源的主流地位。在这个过程中，中国将涌现出大量伟大企业，希望与这些伟大企业一起成长。</p>\n<p><b>懒猫点评：</b></p>\n<p>冯明远买了多年的科技股，终于在今年买了新能源股票，再次迎来了业绩的爆发。也算破了市场上关于“规模大了后，冯明远业绩不行”的传言。</p>\n<p><img src=\"https://static.tigerbbs.com/64f26132ccff823eadf2891dc6a68c2e\" tg-width=\"640\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p>\n<p>只是，冯明远过往的能力圈主要集中在科技股领域，不知道就能能不能驾驭的好新能源股票。</p>\n<p>今年以来，焦巍管理的银华富裕主题涨了2.16%，同类排名介于50%-60%之间。</p>\n<p><img src=\"https://static.tigerbbs.com/011152bb546612c7eed2aae6ee8403b2\" tg-width=\"640\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>\n<p>单看三季度，银华富裕主题跌了17.23%，只比杨浩好那么一丢丢。</p>\n<p><img src=\"https://static.tigerbbs.com/014765b6c70b975b80f8bddc0fa16d4d\" tg-width=\"640\" tg-height=\"263\" referrerpolicy=\"no-referrer\"></p>\n<p>比杨浩幸运的是，焦巍并没有遭到巨额赎回。银华富裕主题基金规模只是从256.41亿降至244.23亿，降幅不大。</p>\n<p>从持仓上来看，<b>银华富裕主题十大重仓三季度全部下跌，难怪业绩不太行。</b></p>\n<p><b>不过焦巍并不气馁，除了贝塔尼（护肤品），其他9只重仓股均有加仓行为。</b></p>\n<p><img src=\"https://static.tigerbbs.com/d99e1560c300b790ccc1c1ee5f38b457\" tg-width=\"640\" tg-height=\"322\" referrerpolicy=\"no-referrer\">三季报中，焦巍继续写“小作文”，说了不少话：</p>\n<ul>\n <li><p><b>2021 年三季度是焦巍历史上仅次于 2016 年熔断后最为焦虑的时间段。</b>而比起当年熔断的泥沙俱下，三季度的极端分化和市场噪音更是让他在某些时刻<b>对自己选股逻辑产生了怀疑。</b></p></li>\n <li><p><b>所有的焦虑都是因为自身知识结构不足，而不是所谓的政策破坏逻辑或者商业模式颠覆。</b>我们赖以为生的基本准则并没有被颠覆，需要的是扩展自己的知识结构和覆盖宽度，去理解宏观经济的变化和将选股的逻辑向其他行业符合准则的公司蔓延。</p></li>\n <li><p>鉴于市场的大部分资金是基于景气度逻辑进行运动投资，消费和医药在这种变化面前只是反应了自身的阶段性数据落后而已，并非被政策打压或者抑制。</p></li>\n <li><p><b>所有投资策略都是有弱点的。任何一种操作模式和投资思维都会面临阶段性的功效放大或者失灵。</b>不必在其功效放大时盲目自信，也完全没有必要在其阶段性失灵时如丧考妣失去信心。</p></li>\n <li><p><b>在比较了过去的这段时间和历史上一些时段之后，只有两次石油危机时期比较相像。而当时的市场都经历了极端性的消费和医药的不振，同时伴之是采掘公用事业的景气。最后以新的技术带动市场走出危机而告终。在这期间，风格上又常常以小盘股对大盘股的超额收益出现。</b>在分析了过去的几段时期的结构后，我们决定以更加坦然的心态对待投资标的的起伏，就像在认清生活的残酷真相后仍能积极热爱生活一样。</p></li>\n <li><p>在这一轮调整中，一些医药的二线标的给我们带来的回撤巨大，但又确实面临了政策带来的基本面可能变化使我们不知所措，这才是组合最大的损失来源。</p></li>\n <li><p>我们的阵型在逐步向蝌蚪型转移，<b>即一方面在调整中增加了头部品种的集中和持仓比重。另一方面，我们在科技和高端制造方面试图有所破局，用较轻的仓位进行了一些覆盖。</b></p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>每次发布报告，焦巍都会写“小作文”，也会提出很多金句。</p>\n<p>重点关注下持仓吧，<b>焦巍在季报中说仓位会想头部品种集中，披露的十大重仓股也验证了这种趋势。</b></p>\n<p><b>这不是一个好信号，只能说明符合基金经理审美观的品种越来越少。</b></p>\n<p>另外，焦巍也盯上了科技和高端制造，这个方向越来越拥挤了...</p>\n<p>丘栋荣今年的表现非常顶。</p>\n<p>中庚小盘价值，今年以来涨了63.68%，同类542只基金，排第10名。</p>\n<p><img src=\"https://static.tigerbbs.com/a7460451594c3e48affa923749bae963\" tg-width=\"640\" tg-height=\"257\" referrerpolicy=\"no-referrer\"></p>\n<p>三季度表现更好，涨了28.57%，同类704只基金，排第2名。</p>\n<p><img src=\"https://static.tigerbbs.com/a219f405fac9272d9e64aa0618aed46d\" tg-width=\"640\" tg-height=\"261\" referrerpolicy=\"no-referrer\">业绩好，主要是因为丘栋荣重仓小盘股，而今年市场风格恰好在小盘股这里。</p>\n<p>因为业绩好，<b>三季度丘栋荣管理规模再次大增。管理规模从108.48亿增长到208.46亿元，翻了接近一倍。</b></p>\n<p>十大重仓股上，</p>\n<p>三季度，丘栋荣新建仓了陕西煤业（煤矿开采）、木林森（LED封装）、苏农银行（银行）、锦泓集团（服装设计及零售），</p>\n<p>加仓了兰花科创、威海广森、中孚信息、柳药股份、自天科技，</p>\n<p>只减仓了一只股票，天原股份（氟化工）。<img src=\"https://static.tigerbbs.com/8f3fefe150b82dc0650d6773d1d6a0e1\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\">三季报中，丘栋荣主要讲了自己的操作思路，并给出了未来的投资方向：</p>\n<ul>\n <li><p>市场估值虽然两极分化，高估和低估并存，但并不缺风险补偿水平较高的行业和公司。</p></li>\n <li><p><b>三季度，基金配置方向从小盘成长股转为了小盘价值股：</b></p></li>\n <li><p><b>（1）增配了煤炭、能源、资源类公司，</b>这类公司估值极低、现金流好、资本开支少、分红收益率较高、现价对应的预期回报率高。同时，碳中和背景下，能源、资源类存量优质资产也具有较高的投资价值。</p></li>\n <li><p>（2）增配了广义制造业中具备独特竞争优势的细分龙头公司；</p></li>\n <li><p>（3）增配了公用事业、环保等传统低估值行业中的小盘价值股；</p></li>\n <li><p><b>（4）保留了部分低估值小盘成长股，如计算机、电子制造等行业个股。</b></p></li>\n <li><p>后市投资思路上，坚持低估值价值投资策略，对高估值、高风险资产保持谨慎。通过精选基本面低风险、盈利增长持续性强、估值便宜的小盘价值股，构建高性价比的投资组合。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>丘栋荣今年的表现无可挑剔，终于打了个翻盘局。</p>\n<p>不过，<b>在小盘成长股、小盘价值股都涨了一遍之后，丘栋荣的选择空间也有所收窄。买中小盘股的暴利时代已经过去。</b></p>\n<p>今年以来，李晓星管理的银华中小盘涨了10.39%，马马虎虎吧。<img src=\"https://static.tigerbbs.com/ba35339616d1eb35d974f91585087675\" tg-width=\"640\" tg-height=\"266\" referrerpolicy=\"no-referrer\">单看三季度，银华中小盘跌了2.31%，也是中等偏上的水平。<img src=\"https://static.tigerbbs.com/b474ae87ec049f8af1f1a51455eabee7\" tg-width=\"640\" tg-height=\"274\" referrerpolicy=\"no-referrer\">十大重仓股中，三季度李晓星增仓了兆易创新（芯片设计），主要减仓了赣锋锂业（锂矿）、汇川技术（工业自动化）、宁德时代（锂电池）和通威股份（光伏）。<img src=\"https://static.tigerbbs.com/041adf3d03908001102b779d80dfadc4\" tg-width=\"640\" tg-height=\"276\" referrerpolicy=\"no-referrer\">三季报中，李晓星写了5000字长文，从大盘到板块，都点评了一遍：</p>\n<ul>\n <li><p>四季度，经济增长压力将偏大，预期管理层会推出一些“保增长”措施，<b>流动性的支持在四季度是显而易见的，四季度不存在大跌的基础。最悲观的情况是以时间换空间。</b>而且随着保增长的政策逐渐体现效果，对于明年一季度会更加乐观。</p></li>\n <li><p>新能源板块依然是我们目前最看好的科技制造业，当前市场上有关新能源行业股价被“透支”的声音比较多，我们认为<b>近期新能源相关股价的回调更多是因为交易拥挤的问题，而不是估值被“透支”的问题，交易拥挤需要一定的时间进行调整，但不会是影响股价中长期表现的核心素。</b>如果我们看到明年其实当下新能源产业估值还是挺便宜的，还是在合理的区间。</p></li>\n <li><p>现在新能源行业还处于一个无论是政策面还是基本面都非常良性的环境当中，<b>还没有到一个风险区域，只是短期累积的涨幅比较大，需要时间消化一下。</b>相比于业绩预期过高的电动车上游，我们更加看好中游制造业一些。我们认为<b>市场有点高估了上游的盈利能力，而低估了中游的技术进步降本能力。</b></p></li>\n <li><p>5G 产业链中，我们主要看好半导体的细分投资机会，尽管行业本身具备一定周期性、阶段性会受到中美贸易预期变化带来的估值波动，国产替代是中长期明确的产业趋势。<b>从投资角度，缺芯带来的涨价景气周期进入末尾阶段，需要回避；国产替代、成长逻辑强的车用半导体、半导体材料等是看好的细分方向。</b>新能源汽车渗透率快速提升背景下，汽车的电子化、智能化进程正在加快，半导体单车用量会持续提升。</p></li>\n <li><p>面向企业端的数字化、智能化转型是大势所趋，我们看好安防产业链，相关公司业绩增速和估值具备较好的匹配度。</p></li>\n <li><p>面向 C 端的<b>互联网</b>经济逐步进入常态化监管的阶段，前期因为受到政策压制回调较多，<b>从投资角度，需要看到明确的政策右侧信号；</b>头部互联网公司自身在行业内的竞争力并未受到太大影响，从中长期角度，目前是加大研究的时点。</p></li>\n <li><p>三季度消费板块整体回调，<b>但调整后的消费板块，我们认为机会比风险大，目前会更加乐观。</b>一是消费升级趋势仍在进行，中高端消费好于整体；二是，虽然不少企业存在成本压力，但可以通过小幅提价进行转嫁，保证业绩的确定性；三是，我们看到一些国企仍在不断改善机制，提升长期竞争力。随着估值回调到合理位置，基本面见底回升，我们认为消费在四季度会逐步走强。</p></li>\n <li><p><b>价值股在四季度会迎来一定修复，主要是顺周期为主的银行股。对于保险股，我们认为也会跟随市场反弹，但超额机会还需等待保费数据的好转，以及地产风险的释放。</b>我们一直看好券商的财富管理赛道，但也必须承认估值较高，业绩增长预期较为充分。虽然地产政策短期有所松动，但长期来看行业增速下行，仅是蛋糕重新分配的问题，行业内的国有公司值得关注。</p></li>\n</ul>\n<p><b>懒猫点评：</b></p>\n<p>李晓星还是说了很多的。<b>比如新能源的方向会从上游材料转到中游制造，这和赵诣的观点是一样的。</b></p>\n<p><b>比如，经过调整后，消费板块的机会比风险大，这也是不少基金经理的一致看法。</b></p>\n<p>但四季度大盘如何走，和价值股能否迎来估值修复，这些都是不确定性较大的，小伙伴不可盲信。</p>","source":"highlight_wallstreetcn","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>基金三季报众生相：但见新人笑，哪闻旧人哭（上）</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n基金三季报众生相：但见新人笑，哪闻旧人哭（上）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-27 11:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s?__biz=MzU0Mzc0NjY2Ng==&mid=2247496913&idx=1&sn=9b9ef49b50b4fcbd9612f486105b02d1&chksm=fb040bd4cc7382c25bbe440f94a6ecfc0a41d3fe334edd0f0eb625a0437126baa16a606fd185&mpshare=1&scene=1&srcid=1027vq0ZFSrGiQfO0jTCgJRR&sharer_sharetime=1635288573757&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142&exportkey=AbylyeIQPmHgaSBdgZYlbIE%3D&pass_ticket=0aY2W9PzgkajmVdn8fJ%2BQfN78QqAbYfmR5AeXcvtx4C3UzdR1ZNsUEg2iuig1wwA&wx_header=0#rd><strong>懒猫的丰收日</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>从已经披露的基金三季报中看，赵诣表现不俗，农银汇理新能源主题今年以来涨了63.33%，同类排名前1%。未来他看好新能源和5G应用，航空发动机、半导体为主的高端制造业方向。丘栋荣表现非常顶，主要是因为丘栋荣重仓小盘股，而今年市场风格恰好在小盘股这里。\n明天是基金三季报披露的截止时间，\n不少人已经提前交作业，\n但也有基金经理还在卡最后的时间点...\n也罢，就从已经披露的三季报中，\n挑几份小伙伴们...</p>\n\n<a href=\"https://mp.weixin.qq.com/s?__biz=MzU0Mzc0NjY2Ng==&mid=2247496913&idx=1&sn=9b9ef49b50b4fcbd9612f486105b02d1&chksm=fb040bd4cc7382c25bbe440f94a6ecfc0a41d3fe334edd0f0eb625a0437126baa16a606fd185&mpshare=1&scene=1&srcid=1027vq0ZFSrGiQfO0jTCgJRR&sharer_sharetime=1635288573757&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142&exportkey=AbylyeIQPmHgaSBdgZYlbIE%3D&pass_ticket=0aY2W9PzgkajmVdn8fJ%2BQfN78QqAbYfmR5AeXcvtx4C3UzdR1ZNsUEg2iuig1wwA&wx_header=0#rd\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU0Mzc0NjY2Ng==&mid=2247496913&idx=1&sn=9b9ef49b50b4fcbd9612f486105b02d1&chksm=fb040bd4cc7382c25bbe440f94a6ecfc0a41d3fe334edd0f0eb625a0437126baa16a606fd185&mpshare=1&scene=1&srcid=1027vq0ZFSrGiQfO0jTCgJRR&sharer_sharetime=1635288573757&sharer_shareid=fbf3e6a28882bb91c07a361d6d431142&exportkey=AbylyeIQPmHgaSBdgZYlbIE%3D&pass_ticket=0aY2W9PzgkajmVdn8fJ%2BQfN78QqAbYfmR5AeXcvtx4C3UzdR1ZNsUEg2iuig1wwA&wx_header=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1168907516","content_text":"从已经披露的基金三季报中看，赵诣表现不俗，农银汇理新能源主题今年以来涨了63.33%，同类排名前1%。未来他看好新能源和5G应用，航空发动机、半导体为主的高端制造业方向。丘栋荣表现非常顶，主要是因为丘栋荣重仓小盘股，而今年市场风格恰好在小盘股这里。\n明天是基金三季报披露的截止时间，\n不少人已经提前交作业，\n但也有基金经理还在卡最后的时间点...\n也罢，就从已经披露的三季报中，\n挑几份小伙伴们比较关心的来扒一扒！\n今天我们主要聊聊傅鹏博、刘格崧、赵诣、王崇、杨浩、谭丽、冯明远、焦巍、丘栋荣、李晓星的三季报，\n今年是顶流基金经理扑街的一年，不少人都是负收益。\n傅老师今年赚了0.2%，勉强正收益。不过，单看三季度就有点惨了。\n三季度，睿远成长价值A亏了8.48%，跑输同类平均和沪深300。业绩不好，主要是重仓股下跌。三季度，傅老师前十大重仓股中，除了新宙邦（锂电池电解液）和先导智能（锂电池、光伏制造设备）外，悉数下跌。而这两只上涨的股票还被他减仓了。\n其他加仓（本文均按持股数计算）比例超过10%的股票，有三安光电（半导体材料）、吉利汽车（汽车）、大族激光（激光）、立讯精密（消费电子）。\n总结下，十大重仓虽然有增有减，但傅老师的持仓主要以新能源、科技股为主，建材、化工等也买了一些。\n三季报中，傅老师主要回顾了三季度行情变化，也给出了自己对未来的判断。\n\n7、8月份，由于限电限产，大宗商品价格上涨，股市行情主要以周期股为主。9月份后，消费、医药触底反弹，大盘股又跑赢了小盘股。\n展望未来，傅老师认为政府虽然出台了一系列政策，但商品价格回落到“合理”区间仍需时日。消费数据虽然触底反弹，但需求能否恢复还需要观察。\n投资机会上，傅老师主要关注能源结构变化中的投资机会（应该主要是新能源），以及先进制造业中“专精特新”公司的投资机会（高端制造）。\n\n懒猫点评：\n二季报时，傅老师说，行业景气度和发展空间是他选股的核心指标。\n当下，周期股的景气度已经接近尾声，消费的景气度还未恢复，也就剩新能源和先进制造符合他的标准了。\n只是大家都盯着这两个方向，相关个股估值也不低，看他四季度怎么操作吧！\n刘格菘今年的表现还可以，\n广发创新升级，今年以来涨了11.32%，同类排名前30%。\n\n三季度，广发创新升级跌了7%，同类排名已经跌出前50%了，稍微有点拉后腿。\n\n哪些股票拉了后腿呢？\n主要是新能源股票。\n三季度，第一大重仓股隆基股份（光伏）跌了7.16%，\n第四大重仓股亿纬锂能（锂电池）跌了4.71%，\n第九大重仓股小康股份（和华为合作生产新能源汽车）跌了10.93%。持仓变化上，刘格菘在三季报中说，基金加仓了光伏、储能、新能源汽车等板块。\n除了仓位变化，三季报中，刘格菘也做了几个预判：\n\n煤炭等资源品价格快速上涨的局面已经接近尾声。\n国内新能源行业已具备“全球比较优势”，可能迎来较长一段时间的“黄金成长期”，看好光伏、储能、新能源汽车等高端制造业的发展。\n经过三季度调整后，光伏、储能、新能源汽车方向的相关标的投资性价比依然很高，未来基金的配置也会以这些方向为主。\n\n懒猫点评：\n刘格菘也是看好景气度较高的新能源和先进制造方向，这点和傅鹏博是一致的。不过他的持仓比傅鹏博更集中，也更激进。\n赵诣是去年的冠军基金经理，今年表现依然不俗。\n农银汇理新能源主题，今年以来涨了63.33%，同类排名前1%。\n\n三季度，虽然不少新能源个股下跌，但赵诣管理的基金依然涨了25.8%，\n厉害！\n\n具体到十大重仓股上，\n三季度，除了宁德时代和隆基股份，赵诣重仓的其他股票都涨的不错。\n振华科技（军工）涨得最多，涨了64.51%。璞泰来（锂电池负极材料）涨得最少，也涨了25.92%。\n\n从十大重仓股变动来看，赵诣的持仓以新能源方向股票为主，不过个股仓位有小范围的调整。\n三季报中，赵诣主要说了三季度的操作和未来的方向：\n\n三季度增加了因原材料上涨使得情绪受到压制，但基本面并未受到影响的新能源汽车配套公司的持仓。\n对未来行情的判断：一方面随着上游价格上涨趋缓甚至部分品种已经开始出现拐头，中游制造业在成本端的压力开始逐步缓解，对于需求持续增长，产品结构调整的企业，业绩有望开始触底回升，另一方面，随着高景气行业股价整体表现较好，后续会出现分化，因此更多会选择性价比匹配，具有核心竞争力的好公司。\n看好这两个方向：一个是技术进步带来需求提升的方向，包括新能源和5G应用；另外一个是在“国内大循环为主体，国内国际双循环相互促进”定调下的国产替代、补短板的方向，尤其是以航空发动机、半导体为主的高端制造业。\n\n懒猫点评：\n赵诣关注的方向也是新能源和先进制造。\n三季度，他布局了不少上游材料领域个股，这些个股涨幅也比较大，赵诣再次做出了正确决定。\n四季度，他认为上游材料涨价趋势可能逆转，有需求的中游制造业可能接棒上游材料领涨。\n不排除这个可能，但这个预判是建立在上游材料降价的前提下。上游材料能不能降价，谁也不知道。\n王崇的表现和傅鹏博差不多。\n今年以来，交银新成长只涨了0.09%，勉强守住了正收益。\n\n具体到三季度，交银新成长跌了8.4%，一塌糊涂。\n\n持仓上，三季度，除了荣盛石化（化工）、国联股份（B2B电子商务平台）外，王崇重仓股全部下跌，且跌幅都不小，最多跌了36.96%，难怪三季度业绩这么差。\n\n从十大重仓股变动来看，三季度王崇主要加仓了地产产业链公司，比如东方雨虹（建材）、顾家家居（定制家具）、招商积余（物业管理）等。减仓了化工股，比如荣盛石化（化工）、桐昆股份（化工）等。\n三季报中，王崇没有再道歉，而是，\n\n对自己的调仓给出了解释。\n\n他说，“目前基金持仓的这些非热门行业公司以三四年的视角竞争优势明显，其股票估值水平也并未明显透支未来几年业绩预期，这些估值合理或偏低的公司股票未来几年有望实现不错的年化收益率，目前时间点我们充满信心。”\n\n同时也给出了未来的操作方向。\n\n他说：“将继续坚守能力圈，规避处于景气高位的上游资源类个股，谨慎看待受政策扶持的热门行业内高估值高成长明星成长股，在广泛的制造业和服务业领域精选未来三四年企业竞争力强，竞争格局较好、估值处于合理或偏低、未来三四年有望实现不错收益率的优质公司股票做中期布局。”\n懒猫点评：\n地产产业链个股已经调整了很长时间，也有人开始吹地产产业链的逻辑，但到底能不能起来，还有待验证。\n杨浩就比较惨了。\n今年以来，杨浩管理的交银新生活力跌了17.92%，同类排名倒数第13。差距主要是三季度拉开的。三季度，交银新生活力跌了18.84%。\n从同类排名上看，一季度排第1038名，二季度排1886名，三季度排2045名，杨浩是越来越衰。因为业绩不好，杨浩管理的基金也遭遇了巨额赎回。交银新生活力规模从二季度的128.26亿骤降至75.81亿。\n杨浩管理的其他基金规模也大幅下降，管理总规模已经从325.95亿降至187.67亿，少了138亿。\n可能是为了应对赎回，交银新生活力股票仓位也从91.32%降至76.62%。持仓上，三季度杨浩重仓股跌多涨少。为了应对赎回压力，也卖出了不少股票。\n不过，值得注意的是，他加仓了不少芯片和光伏板块个股，比如紫光国微（芯片设计）、韦尔股份（芯片设计）、福斯特（光伏胶）。三季报中，杨浩主要回顾了市场，并谈了自己看好的几个方向：\n\n他认为今年的行情两极分化严重。政策鼓励的高景气赛道，估值高但还持续上涨。其他行业则人人嫌弃，估值已经处于历史最低位置。\n展望未来，杨浩认为当前应该重长远角度出发，寻找中长期确定成长的行业。会关注碳中和新能源、高端制造和后疫情时代受益的中长期产业方向，比如科研服务产业链和工业软件。\n\n懒猫点评：\n心疼杨浩一下，不过三季度业绩这么差，也不怪基民赎回。\n新加仓的芯片和光伏股，三季度涨了不少，不然业绩更差。从过往持仓来看，杨浩很少碰芯片和光伏股，新聘任的基金经理田彧龙倒是买了不少，这几只股票可能是他在买。\n从这个角度来说，增聘新基金经理也挺好。\n谭丽主要是消费方向。她管理的嘉实新消费，今年以来跌了4.12%，勉强跑赢沪深300指数。\n三季度，嘉实新消费表现同样惨淡，跌了7.92%，同类排名后50%。\n\n持仓上，三季度谭丽主要增持了贵州茅台（白酒）、海信视像（彩电）、比音勒芬（高尔夫服饰），新建仓了海信家电（生产空调、冰箱、洗衣机等），减持了长城汽车（汽车）、盈趣科技（消费电子零部件）。\n三季报中，谭丽主要针对消费细分行业做了点评：\n\n白酒的消费韧性还可以，且资本市场对白酒的热情仍然很高。但从性价比的角度来看，谭丽认为，白酒的预期收益率一般，性价比不高，且担心白酒“依靠提价维持品牌力”的行为能否带来产品需求的高增长。\n食品饮料股中没有找到何时的配置标的。食品饮料行业分化严重，基本面好的估值高，估值低的，远期基本面又一般，谭丽暂时还没有找到合适的标的。\n看好疫情结束后航空产业的复苏，也看好自主汽车品牌的崛起。虽然短期受制于芯片的缺乏，但市场需求旺盛，终端库存历史最低，这都支持未来的出货增长。\n尽管行业景气度依然低迷，但家电行业的估值已经较有吸引力，加大了家电行业配置比例。\n看好国货崛起，配置了纺织服装类个股。\n\n懒猫点评：\n消费基金经理大多重仓白酒，但谭丽却对白酒提出来质疑，这很可贵。\n不过从持仓上来看，贵州茅台（白酒）却是她的第一大重仓股，三季度也增持了不少。可能和她找不到更好的标的有关，也可能是因为白酒占了消费的大头，不得不配置一个。\n冯明远的表现非常亮眼。\n今年以来，信达澳银新能源产业股票涨了46.67%，同类排名前5%。\n\n三季度，信达澳银新能源产业涨了16.14%，依然能排到同类前5%。\n业绩好，主要是抓住了不少大牛股。\n三季度，吃了比亚迪和宁德时代，信达澳银新能源产业其他重仓股悉数大涨。涨幅最高的是中国电建（发电项目建设与施工），涨了123.96%。三季报中，冯明远说的很少，只说“基金重点配置了新能源车、新材料、光 伏、风电、高端装备、半导体等新兴产业。”\n他认为，未来50年，新能源将逐步替代传统化石能源的主流地位。在这个过程中，中国将涌现出大量伟大企业，希望与这些伟大企业一起成长。\n懒猫点评：\n冯明远买了多年的科技股，终于在今年买了新能源股票，再次迎来了业绩的爆发。也算破了市场上关于“规模大了后，冯明远业绩不行”的传言。\n\n只是，冯明远过往的能力圈主要集中在科技股领域，不知道就能能不能驾驭的好新能源股票。\n今年以来，焦巍管理的银华富裕主题涨了2.16%，同类排名介于50%-60%之间。\n\n单看三季度，银华富裕主题跌了17.23%，只比杨浩好那么一丢丢。\n\n比杨浩幸运的是，焦巍并没有遭到巨额赎回。银华富裕主题基金规模只是从256.41亿降至244.23亿，降幅不大。\n从持仓上来看，银华富裕主题十大重仓三季度全部下跌，难怪业绩不太行。\n不过焦巍并不气馁，除了贝塔尼（护肤品），其他9只重仓股均有加仓行为。\n三季报中，焦巍继续写“小作文”，说了不少话：\n\n2021 年三季度是焦巍历史上仅次于 2016 年熔断后最为焦虑的时间段。而比起当年熔断的泥沙俱下，三季度的极端分化和市场噪音更是让他在某些时刻对自己选股逻辑产生了怀疑。\n所有的焦虑都是因为自身知识结构不足，而不是所谓的政策破坏逻辑或者商业模式颠覆。我们赖以为生的基本准则并没有被颠覆，需要的是扩展自己的知识结构和覆盖宽度，去理解宏观经济的变化和将选股的逻辑向其他行业符合准则的公司蔓延。\n鉴于市场的大部分资金是基于景气度逻辑进行运动投资，消费和医药在这种变化面前只是反应了自身的阶段性数据落后而已，并非被政策打压或者抑制。\n所有投资策略都是有弱点的。任何一种操作模式和投资思维都会面临阶段性的功效放大或者失灵。不必在其功效放大时盲目自信，也完全没有必要在其阶段性失灵时如丧考妣失去信心。\n在比较了过去的这段时间和历史上一些时段之后，只有两次石油危机时期比较相像。而当时的市场都经历了极端性的消费和医药的不振，同时伴之是采掘公用事业的景气。最后以新的技术带动市场走出危机而告终。在这期间，风格上又常常以小盘股对大盘股的超额收益出现。在分析了过去的几段时期的结构后，我们决定以更加坦然的心态对待投资标的的起伏，就像在认清生活的残酷真相后仍能积极热爱生活一样。\n在这一轮调整中，一些医药的二线标的给我们带来的回撤巨大，但又确实面临了政策带来的基本面可能变化使我们不知所措，这才是组合最大的损失来源。\n我们的阵型在逐步向蝌蚪型转移，即一方面在调整中增加了头部品种的集中和持仓比重。另一方面，我们在科技和高端制造方面试图有所破局，用较轻的仓位进行了一些覆盖。\n\n懒猫点评：\n每次发布报告，焦巍都会写“小作文”，也会提出很多金句。\n重点关注下持仓吧，焦巍在季报中说仓位会想头部品种集中，披露的十大重仓股也验证了这种趋势。\n这不是一个好信号，只能说明符合基金经理审美观的品种越来越少。\n另外，焦巍也盯上了科技和高端制造，这个方向越来越拥挤了...\n丘栋荣今年的表现非常顶。\n中庚小盘价值，今年以来涨了63.68%，同类542只基金，排第10名。\n\n三季度表现更好，涨了28.57%，同类704只基金，排第2名。\n业绩好，主要是因为丘栋荣重仓小盘股，而今年市场风格恰好在小盘股这里。\n因为业绩好，三季度丘栋荣管理规模再次大增。管理规模从108.48亿增长到208.46亿元，翻了接近一倍。\n十大重仓股上，\n三季度，丘栋荣新建仓了陕西煤业（煤矿开采）、木林森（LED封装）、苏农银行（银行）、锦泓集团（服装设计及零售），\n加仓了兰花科创、威海广森、中孚信息、柳药股份、自天科技，\n只减仓了一只股票，天原股份（氟化工）。三季报中，丘栋荣主要讲了自己的操作思路，并给出了未来的投资方向：\n\n市场估值虽然两极分化，高估和低估并存，但并不缺风险补偿水平较高的行业和公司。\n三季度，基金配置方向从小盘成长股转为了小盘价值股：\n（1）增配了煤炭、能源、资源类公司，这类公司估值极低、现金流好、资本开支少、分红收益率较高、现价对应的预期回报率高。同时，碳中和背景下，能源、资源类存量优质资产也具有较高的投资价值。\n（2）增配了广义制造业中具备独特竞争优势的细分龙头公司；\n（3）增配了公用事业、环保等传统低估值行业中的小盘价值股；\n（4）保留了部分低估值小盘成长股，如计算机、电子制造等行业个股。\n后市投资思路上，坚持低估值价值投资策略，对高估值、高风险资产保持谨慎。通过精选基本面低风险、盈利增长持续性强、估值便宜的小盘价值股，构建高性价比的投资组合。\n\n懒猫点评：\n丘栋荣今年的表现无可挑剔，终于打了个翻盘局。\n不过，在小盘成长股、小盘价值股都涨了一遍之后，丘栋荣的选择空间也有所收窄。买中小盘股的暴利时代已经过去。\n今年以来，李晓星管理的银华中小盘涨了10.39%，马马虎虎吧。单看三季度，银华中小盘跌了2.31%，也是中等偏上的水平。十大重仓股中，三季度李晓星增仓了兆易创新（芯片设计），主要减仓了赣锋锂业（锂矿）、汇川技术（工业自动化）、宁德时代（锂电池）和通威股份（光伏）。三季报中，李晓星写了5000字长文，从大盘到板块，都点评了一遍：\n\n四季度，经济增长压力将偏大，预期管理层会推出一些“保增长”措施，流动性的支持在四季度是显而易见的，四季度不存在大跌的基础。最悲观的情况是以时间换空间。而且随着保增长的政策逐渐体现效果，对于明年一季度会更加乐观。\n新能源板块依然是我们目前最看好的科技制造业，当前市场上有关新能源行业股价被“透支”的声音比较多，我们认为近期新能源相关股价的回调更多是因为交易拥挤的问题，而不是估值被“透支”的问题，交易拥挤需要一定的时间进行调整，但不会是影响股价中长期表现的核心素。如果我们看到明年其实当下新能源产业估值还是挺便宜的，还是在合理的区间。\n现在新能源行业还处于一个无论是政策面还是基本面都非常良性的环境当中，还没有到一个风险区域，只是短期累积的涨幅比较大，需要时间消化一下。相比于业绩预期过高的电动车上游，我们更加看好中游制造业一些。我们认为市场有点高估了上游的盈利能力，而低估了中游的技术进步降本能力。\n5G 产业链中，我们主要看好半导体的细分投资机会，尽管行业本身具备一定周期性、阶段性会受到中美贸易预期变化带来的估值波动，国产替代是中长期明确的产业趋势。从投资角度，缺芯带来的涨价景气周期进入末尾阶段，需要回避；国产替代、成长逻辑强的车用半导体、半导体材料等是看好的细分方向。新能源汽车渗透率快速提升背景下，汽车的电子化、智能化进程正在加快，半导体单车用量会持续提升。\n面向企业端的数字化、智能化转型是大势所趋，我们看好安防产业链，相关公司业绩增速和估值具备较好的匹配度。\n面向 C 端的互联网经济逐步进入常态化监管的阶段，前期因为受到政策压制回调较多，从投资角度，需要看到明确的政策右侧信号；头部互联网公司自身在行业内的竞争力并未受到太大影响，从中长期角度，目前是加大研究的时点。\n三季度消费板块整体回调，但调整后的消费板块，我们认为机会比风险大，目前会更加乐观。一是消费升级趋势仍在进行，中高端消费好于整体；二是，虽然不少企业存在成本压力，但可以通过小幅提价进行转嫁，保证业绩的确定性；三是，我们看到一些国企仍在不断改善机制，提升长期竞争力。随着估值回调到合理位置，基本面见底回升，我们认为消费在四季度会逐步走强。\n价值股在四季度会迎来一定修复，主要是顺周期为主的银行股。对于保险股，我们认为也会跟随市场反弹，但超额机会还需等待保费数据的好转，以及地产风险的释放。我们一直看好券商的财富管理赛道，但也必须承认估值较高，业绩增长预期较为充分。虽然地产政策短期有所松动，但长期来看行业增速下行，仅是蛋糕重新分配的问题，行业内的国有公司值得关注。\n\n懒猫点评：\n李晓星还是说了很多的。比如新能源的方向会从上游材料转到中游制造，这和赵诣的观点是一样的。\n比如，经过调整后，消费板块的机会比风险大，这也是不少基金经理的一致看法。\n但四季度大盘如何走，和价值股能否迎来估值修复，这些都是不确定性较大的，小伙伴不可盲信。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852029491,"gmtCreate":1635224950118,"gmtModify":1635224950200,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852029491","repostId":"1130719688","repostType":4,"repost":{"id":"1130719688","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635212889,"share":"https://www.laohu8.com/m/news/1130719688?lang=zh_CN&edition=full","pubTime":"2021-10-26 09:48","market":"hk","language":"zh","title":"鹰瞳科技-B启动招股，入场费8211.93港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1130719688","media":"老虎资讯综合","summary":"10月26日，鹰瞳科技-B发布公告，将于10月26日-29日招股，公司拟发行2226.72万股股份，其中公开发售222.68万股，国际发售2004.04万股，每股发行价75.1-81.3港元，每手10","content":"<p>10月26日，<a href=\"https://laohu8.com/S/02251\">鹰瞳科技</a>-B发布公告，将于10月26日-29日招股，公司拟发行2226.72万股股份，其中公开发售222.68万股，国际发售2004.04万股，每股发行价75.1-81.3港元，每手100股，预期将于11月5日上市。</p>\n<p><img src=\"https://static.tigerbbs.com/09869fafeab933f84acbeb3791b4023f\" tg-width=\"625\" tg-height=\"450\" referrerpolicy=\"no-referrer\">申购阶梯：</p>\n<p>每手100股，入场费8211.93港元。</p>\n<p>乙组门槛为7万股，申购所需资金约5,748,348.21港元。</p>\n<p><img src=\"https://static.tigerbbs.com/41ca27e25a873ccec583230465e13ab9\" tg-width=\"590\" tg-height=\"486\" referrerpolicy=\"no-referrer\"></p>\n<p>成立于2015年的鹰瞳科技是国内最早的一批医疗AI企业之一，可以通过视网膜影像、多模态数据分析以及人工智能深度学习算法有别于慢性病传统的早期检测和辅助诊断方式，在医疗机构和大健康供应商中实现对慢性病的无创、准确、快速、有效且可扩展的检测与诊断。</p>\n<p>公司产品组合中拥有三个版本的Airdoc-AIFUNDUS（自主研发的核心产品）。其中，Airdoc-AIFUNDUS (1.0)是一款人工智能医疗器械软件（“SaMD”），获批用于辅助诊断糖尿病视网膜病变，以协助医生做医疗诊断，为同类产品中首个获得国家药监局第三类医疗器械证书的医疗器械，该产品自2021年第一季度起开始产生收入。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88428eac278c9be3c017c8bce368d1fc\" tg-width=\"638\" tg-height=\"411\" referrerpolicy=\"no-referrer\"><span>公司研发管线</span></p>\n<p>财务数据方面，于2019年和2020年，公司录得营收人民币3041.5万元和4767.2万元；同期录得净亏损8713.9万元和7962.6万元。于2021年前六个月，公司录得营收4947.7万元，同比增长近660%；录得净亏损3749万元，较去年同期4877.5万元有所收窄。</p>\n<p><img src=\"https://static.tigerbbs.com/72aa900da0af101f4185af007e656098\" tg-width=\"626\" tg-height=\"458\" referrerpolicy=\"no-referrer\">根据招股书，公司目前的收入来源包括(i)提供基于人工智能的软件解决方案；(ii)硬件设备销售（指与软件一起出售的第三方眼底相机）；及(iii)其他服务（主要包括就第三方供应的硬件设备向客户提供的采购服务及根据客户定制要求向其提供的软件开发服务）。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11547ccd65a33c363d9c03c7ea65f744\" tg-width=\"609\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><span>分部收入</span></p>\n<p>行业方面，中国人工智能医学影像市场预计将由2020年的人民币3亿元增至2030年的人民币923亿元，2020年至2030年的年复合增长率为76.7%。在医疗机构中，人工智能医学影像主要用于协助医生进行疾病检测及诊断，2020年约占人工智能医学影像市场的86%。在大健康场景中人工智能医学影像主要用于健康风险评估。</p>\n<p>于大健康场景中人工智能医学影像尚有大量需求未被满足，预期2020年至2030年将以102.7%的年复合增长率，较医疗机构中人工智能医学影像更快速地增长。</p>\n<p><img src=\"https://static.tigerbbs.com/7444ae8d1dfe7418dc6181778e9790f8\" tg-width=\"862\" tg-height=\"389\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/280455cb3ca0c3f98dfd1d8ff8774bad\" tg-width=\"896\" tg-height=\"402\" referrerpolicy=\"no-referrer\">基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额6950万美元，包括CloudAlpha、广发基金、常春藤、Lake Bleu Prime、LAV、LMR、OrbiMed及WT。</p>\n<p><img src=\"https://static.tigerbbs.com/c2454e44b71d131c26f5269f6613df2b\" tg-width=\"923\" tg-height=\"540\" referrerpolicy=\"no-referrer\">筹资用途方面，公司所得款项净额16.33亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：</p>\n<p>约50%将分配于继续优化、开发及商业化核心产品 Airdoc-AIFUNDUS；约19%将用于资助硬件设备的研发及生产；约10%将用于资助正在进行的及未来的健康风险评估解决方案的研发；约6%将用于产品组合的开发，以丰富人工智能视网膜影像识别的早期检测、诊断及健康风险评估解决方案；约5%将用于资助公司与学术及研究机构合作开展的研究项目；约10%将用于营运资金及一般公司用途。</p>\n<p>一图看懂 | 鹰瞳科技启动招股，冲刺医疗AI第一股！</p>\n<p><img src=\"https://static.tigerbbs.com/4385987320d4d04f9a2af0b6ab4d85ad\" tg-width=\"620\" tg-height=\"10243\" referrerpolicy=\"no-referrer\"></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>鹰瞳科技-B启动招股，入场费8211.93港元</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n鹰瞳科技-B启动招股，入场费8211.93港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-10-26 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月26日，<a href=\"https://laohu8.com/S/02251\">鹰瞳科技</a>-B发布公告，将于10月26日-29日招股，公司拟发行2226.72万股股份，其中公开发售222.68万股，国际发售2004.04万股，每股发行价75.1-81.3港元，每手100股，预期将于11月5日上市。</p>\n<p><img src=\"https://static.tigerbbs.com/09869fafeab933f84acbeb3791b4023f\" tg-width=\"625\" tg-height=\"450\" referrerpolicy=\"no-referrer\">申购阶梯：</p>\n<p>每手100股，入场费8211.93港元。</p>\n<p>乙组门槛为7万股，申购所需资金约5,748,348.21港元。</p>\n<p><img src=\"https://static.tigerbbs.com/41ca27e25a873ccec583230465e13ab9\" tg-width=\"590\" tg-height=\"486\" referrerpolicy=\"no-referrer\"></p>\n<p>成立于2015年的鹰瞳科技是国内最早的一批医疗AI企业之一，可以通过视网膜影像、多模态数据分析以及人工智能深度学习算法有别于慢性病传统的早期检测和辅助诊断方式，在医疗机构和大健康供应商中实现对慢性病的无创、准确、快速、有效且可扩展的检测与诊断。</p>\n<p>公司产品组合中拥有三个版本的Airdoc-AIFUNDUS（自主研发的核心产品）。其中，Airdoc-AIFUNDUS (1.0)是一款人工智能医疗器械软件（“SaMD”），获批用于辅助诊断糖尿病视网膜病变，以协助医生做医疗诊断，为同类产品中首个获得国家药监局第三类医疗器械证书的医疗器械，该产品自2021年第一季度起开始产生收入。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88428eac278c9be3c017c8bce368d1fc\" tg-width=\"638\" tg-height=\"411\" referrerpolicy=\"no-referrer\"><span>公司研发管线</span></p>\n<p>财务数据方面，于2019年和2020年，公司录得营收人民币3041.5万元和4767.2万元；同期录得净亏损8713.9万元和7962.6万元。于2021年前六个月，公司录得营收4947.7万元，同比增长近660%；录得净亏损3749万元，较去年同期4877.5万元有所收窄。</p>\n<p><img src=\"https://static.tigerbbs.com/72aa900da0af101f4185af007e656098\" tg-width=\"626\" tg-height=\"458\" referrerpolicy=\"no-referrer\">根据招股书，公司目前的收入来源包括(i)提供基于人工智能的软件解决方案；(ii)硬件设备销售（指与软件一起出售的第三方眼底相机）；及(iii)其他服务（主要包括就第三方供应的硬件设备向客户提供的采购服务及根据客户定制要求向其提供的软件开发服务）。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11547ccd65a33c363d9c03c7ea65f744\" tg-width=\"609\" tg-height=\"420\" referrerpolicy=\"no-referrer\"><span>分部收入</span></p>\n<p>行业方面，中国人工智能医学影像市场预计将由2020年的人民币3亿元增至2030年的人民币923亿元，2020年至2030年的年复合增长率为76.7%。在医疗机构中，人工智能医学影像主要用于协助医生进行疾病检测及诊断，2020年约占人工智能医学影像市场的86%。在大健康场景中人工智能医学影像主要用于健康风险评估。</p>\n<p>于大健康场景中人工智能医学影像尚有大量需求未被满足，预期2020年至2030年将以102.7%的年复合增长率，较医疗机构中人工智能医学影像更快速地增长。</p>\n<p><img src=\"https://static.tigerbbs.com/7444ae8d1dfe7418dc6181778e9790f8\" tg-width=\"862\" tg-height=\"389\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/280455cb3ca0c3f98dfd1d8ff8774bad\" tg-width=\"896\" tg-height=\"402\" referrerpolicy=\"no-referrer\">基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额6950万美元，包括CloudAlpha、广发基金、常春藤、Lake Bleu Prime、LAV、LMR、OrbiMed及WT。</p>\n<p><img src=\"https://static.tigerbbs.com/c2454e44b71d131c26f5269f6613df2b\" tg-width=\"923\" tg-height=\"540\" referrerpolicy=\"no-referrer\">筹资用途方面，公司所得款项净额16.33亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：</p>\n<p>约50%将分配于继续优化、开发及商业化核心产品 Airdoc-AIFUNDUS；约19%将用于资助硬件设备的研发及生产；约10%将用于资助正在进行的及未来的健康风险评估解决方案的研发；约6%将用于产品组合的开发，以丰富人工智能视网膜影像识别的早期检测、诊断及健康风险评估解决方案；约5%将用于资助公司与学术及研究机构合作开展的研究项目；约10%将用于营运资金及一般公司用途。</p>\n<p>一图看懂 | 鹰瞳科技启动招股，冲刺医疗AI第一股！</p>\n<p><img src=\"https://static.tigerbbs.com/4385987320d4d04f9a2af0b6ab4d85ad\" tg-width=\"620\" tg-height=\"10243\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7db2082bf1a92c4ddf0aa22f1d1878a","relate_stocks":{"02251":"鹰瞳科技-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130719688","content_text":"10月26日，鹰瞳科技-B发布公告，将于10月26日-29日招股，公司拟发行2226.72万股股份，其中公开发售222.68万股，国际发售2004.04万股，每股发行价75.1-81.3港元，每手100股，预期将于11月5日上市。\n申购阶梯：\n每手100股，入场费8211.93港元。\n乙组门槛为7万股，申购所需资金约5,748,348.21港元。\n\n成立于2015年的鹰瞳科技是国内最早的一批医疗AI企业之一，可以通过视网膜影像、多模态数据分析以及人工智能深度学习算法有别于慢性病传统的早期检测和辅助诊断方式，在医疗机构和大健康供应商中实现对慢性病的无创、准确、快速、有效且可扩展的检测与诊断。\n公司产品组合中拥有三个版本的Airdoc-AIFUNDUS（自主研发的核心产品）。其中，Airdoc-AIFUNDUS (1.0)是一款人工智能医疗器械软件（“SaMD”），获批用于辅助诊断糖尿病视网膜病变，以协助医生做医疗诊断，为同类产品中首个获得国家药监局第三类医疗器械证书的医疗器械，该产品自2021年第一季度起开始产生收入。\n公司研发管线\n财务数据方面，于2019年和2020年，公司录得营收人民币3041.5万元和4767.2万元；同期录得净亏损8713.9万元和7962.6万元。于2021年前六个月，公司录得营收4947.7万元，同比增长近660%；录得净亏损3749万元，较去年同期4877.5万元有所收窄。\n根据招股书，公司目前的收入来源包括(i)提供基于人工智能的软件解决方案；(ii)硬件设备销售（指与软件一起出售的第三方眼底相机）；及(iii)其他服务（主要包括就第三方供应的硬件设备向客户提供的采购服务及根据客户定制要求向其提供的软件开发服务）。\n分部收入\n行业方面，中国人工智能医学影像市场预计将由2020年的人民币3亿元增至2030年的人民币923亿元，2020年至2030年的年复合增长率为76.7%。在医疗机构中，人工智能医学影像主要用于协助医生进行疾病检测及诊断，2020年约占人工智能医学影像市场的86%。在大健康场景中人工智能医学影像主要用于健康风险评估。\n于大健康场景中人工智能医学影像尚有大量需求未被满足，预期2020年至2030年将以102.7%的年复合增长率，较医疗机构中人工智能医学影像更快速地增长。\n基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额6950万美元，包括CloudAlpha、广发基金、常春藤、Lake Bleu Prime、LAV、LMR、OrbiMed及WT。\n筹资用途方面，公司所得款项净额16.33亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：\n约50%将分配于继续优化、开发及商业化核心产品 Airdoc-AIFUNDUS；约19%将用于资助硬件设备的研发及生产；约10%将用于资助正在进行的及未来的健康风险评估解决方案的研发；约6%将用于产品组合的开发，以丰富人工智能视网膜影像识别的早期检测、诊断及健康风险评估解决方案；约5%将用于资助公司与学术及研究机构合作开展的研究项目；约10%将用于营运资金及一般公司用途。\n一图看懂 | 鹰瞳科技启动招股，冲刺医疗AI第一股！","news_type":1,"symbols_score_info":{"02251":0.9}},"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856961924,"gmtCreate":1635142850836,"gmtModify":1635142851597,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856961924","repostId":"1127116402","repostType":4,"repost":{"id":"1127116402","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635129585,"share":"https://www.laohu8.com/m/news/1127116402?lang=zh_CN&edition=full","pubTime":"2021-10-25 10:39","market":"hk","language":"zh","title":"三叶草生物-B今起招股，入场费约6818.02港元","url":"https://stock-news.laohu8.com/highlight/detail?id=1127116402","media":"老虎资讯综合","summary":"10月25日消息，三叶草生物-B发布公告，将于10月25日-28日招股，公司拟发行1.5亿股股份，其中公开发售1500万股，国际发售1.35亿股，每股发行价12.8-13.5港元，每手500股，预期将","content":"<p>10月25日消息，<a href=\"https://laohu8.com/S/02197\">三叶草生物-B</a>发布公告，将于10月25日-28日招股，公司拟发行1.5亿股股份，其中公开发售1500万股，国际发售1.35亿股，每股发行价12.8-13.5港元，每手500股，预期将于11月5日上市。<img src=\"https://static.tigerbbs.com/07cc002dc4e2ff164a42dced89c771e7\" tg-width=\"713\" tg-height=\"522\" referrerpolicy=\"no-referrer\"><b>申购阶梯：</b></p>\n<p>每手500股，入场费6818.02港元。</p>\n<p>乙组门槛为40万股，申购所需资金约5,454,415.80港元。<img src=\"https://static.tigerbbs.com/bb7a4eb70adba1571b8bbcc697db3482\" tg-width=\"666\" tg-height=\"432\" referrerpolicy=\"no-referrer\">三叶草生物成立于2007年，是一家处于临床试验阶段的全球性生物技术公司，致力于为传染性疾病以及癌症及自身免疫性疾病开发新型疫苗及生物治疗候选产品。其主要产品于各治疗领域的适应症分别为COVID-19、恶性腹水及强直性脊柱炎。</p>\n<p>同时，公司是COVID-19疫苗开发企业，并已创制出SCB-2019（CpG 1018加铝佐剂）（核心产品之一）以应对SARS-CoV-2引起的COVID-19疫情。根据招股书，<b>公司有望成为全球范围内通过COVAX机制率先实现重组蛋白COVID-19疫苗商业化上市的公司之一。</b></p>\n<p>截至最后实际可行日期，公司产品管线包括六种Trimer-TagTM亚单位候选疫苗，两种Trimer-TagTM肿瘤治疗候选产品，及三种Fc融合蛋白候选产品，涵盖13种适应症。</p>\n<p>公司产线</p>\n<p>值得注意的是，于IPO前，<b>公司获得多家知名机构的投资，包括高瓴、淡马锡、龙磐投资、Delos Capital、前海基金、贝欣投资及OrbiMed等。</b></p>\n<p>财务数据方面，<b>公司目前并无获准商业销售的产品，因此尚未产生任何产品销售收益。</b>于2019年、2020年，公司分别录得收入为人民币1690.8万元、2434.1万元；同期录得净亏损4858.3万元、9.13亿元；于2021年前四个月，公司获得营收549.1万元，净亏损9.09亿元。<img src=\"https://static.tigerbbs.com/c8631f0c9afb7772ae5031feb8bd63ec\" tg-width=\"642\" tg-height=\"654\" referrerpolicy=\"no-referrer\"></p>\n<p>行业方面，根据弗若斯特沙利文的资料，截至最后实际可行日期，全球已接种约60亿剂COVID-19疫苗。按2020年销量计，全球COVID-19疫苗市场达6亿美元。因此，全球对有效安全的COVID-19疫苗的旺盛需要亟待满足。</p>\n<p>假设疫苗方案为两剂次及考虑全球政府的采购及储备，直至2026年全球需要的COVID-19疫苗量将达到约150亿剂。此外，尤其在出现新变种的情况下，可能需要进行定期的加强剂接种或再接种，导致未来数年全球对COVID-19疫苗有巨大需求。</p>\n<p>截至最后实际可行日期，全球共有21款COVID-19疫苗上市及30款候选疫苗处于II/III期或较后阶段。</p>\n<p>基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额约1.39亿美元，<b>包括Orbimed Funds，HHLR（高瓴），淡马锡，Rock Springs Capital，Oceanpine Capital，Athos Capital，Springhill Fund，Superstring及Toroa。</b><img src=\"https://static.tigerbbs.com/8cfceb02958d13aaf48ffa78057f7c66\" tg-width=\"672\" tg-height=\"397\" referrerpolicy=\"no-referrer\">筹资用途方面，公司所得款项净额18.37亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：</p>\n<p>约65%将用于核心产品及相关产品的研发、生产及商业化；约22.5%将用于其他产品（如SCB-313及SCB-420）以及其他潜在候选产品的研发、生产及商业化；约12.5%将用作营运资金及其他一般公司用途。</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>三叶草生物-B今起招股，入场费约6818.02港元</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n三叶草生物-B今起招股，入场费约6818.02港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-10-25 10:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月25日消息，<a href=\"https://laohu8.com/S/02197\">三叶草生物-B</a>发布公告，将于10月25日-28日招股，公司拟发行1.5亿股股份，其中公开发售1500万股，国际发售1.35亿股，每股发行价12.8-13.5港元，每手500股，预期将于11月5日上市。<img src=\"https://static.tigerbbs.com/07cc002dc4e2ff164a42dced89c771e7\" tg-width=\"713\" tg-height=\"522\" referrerpolicy=\"no-referrer\"><b>申购阶梯：</b></p>\n<p>每手500股，入场费6818.02港元。</p>\n<p>乙组门槛为40万股，申购所需资金约5,454,415.80港元。<img src=\"https://static.tigerbbs.com/bb7a4eb70adba1571b8bbcc697db3482\" tg-width=\"666\" tg-height=\"432\" referrerpolicy=\"no-referrer\">三叶草生物成立于2007年，是一家处于临床试验阶段的全球性生物技术公司，致力于为传染性疾病以及癌症及自身免疫性疾病开发新型疫苗及生物治疗候选产品。其主要产品于各治疗领域的适应症分别为COVID-19、恶性腹水及强直性脊柱炎。</p>\n<p>同时，公司是COVID-19疫苗开发企业，并已创制出SCB-2019（CpG 1018加铝佐剂）（核心产品之一）以应对SARS-CoV-2引起的COVID-19疫情。根据招股书，<b>公司有望成为全球范围内通过COVAX机制率先实现重组蛋白COVID-19疫苗商业化上市的公司之一。</b></p>\n<p>截至最后实际可行日期，公司产品管线包括六种Trimer-TagTM亚单位候选疫苗，两种Trimer-TagTM肿瘤治疗候选产品，及三种Fc融合蛋白候选产品，涵盖13种适应症。</p>\n<p>公司产线</p>\n<p>值得注意的是，于IPO前，<b>公司获得多家知名机构的投资，包括高瓴、淡马锡、龙磐投资、Delos Capital、前海基金、贝欣投资及OrbiMed等。</b></p>\n<p>财务数据方面，<b>公司目前并无获准商业销售的产品，因此尚未产生任何产品销售收益。</b>于2019年、2020年，公司分别录得收入为人民币1690.8万元、2434.1万元；同期录得净亏损4858.3万元、9.13亿元；于2021年前四个月，公司获得营收549.1万元，净亏损9.09亿元。<img src=\"https://static.tigerbbs.com/c8631f0c9afb7772ae5031feb8bd63ec\" tg-width=\"642\" tg-height=\"654\" referrerpolicy=\"no-referrer\"></p>\n<p>行业方面，根据弗若斯特沙利文的资料，截至最后实际可行日期，全球已接种约60亿剂COVID-19疫苗。按2020年销量计，全球COVID-19疫苗市场达6亿美元。因此，全球对有效安全的COVID-19疫苗的旺盛需要亟待满足。</p>\n<p>假设疫苗方案为两剂次及考虑全球政府的采购及储备，直至2026年全球需要的COVID-19疫苗量将达到约150亿剂。此外，尤其在出现新变种的情况下，可能需要进行定期的加强剂接种或再接种，导致未来数年全球对COVID-19疫苗有巨大需求。</p>\n<p>截至最后实际可行日期，全球共有21款COVID-19疫苗上市及30款候选疫苗处于II/III期或较后阶段。</p>\n<p>基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额约1.39亿美元，<b>包括Orbimed Funds，HHLR（高瓴），淡马锡，Rock Springs Capital，Oceanpine Capital，Athos Capital，Springhill Fund，Superstring及Toroa。</b><img src=\"https://static.tigerbbs.com/8cfceb02958d13aaf48ffa78057f7c66\" tg-width=\"672\" tg-height=\"397\" referrerpolicy=\"no-referrer\">筹资用途方面，公司所得款项净额18.37亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：</p>\n<p>约65%将用于核心产品及相关产品的研发、生产及商业化；约22.5%将用于其他产品（如SCB-313及SCB-420）以及其他潜在候选产品的研发、生产及商业化；约12.5%将用作营运资金及其他一般公司用途。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"02197":"三叶草生物-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127116402","content_text":"10月25日消息，三叶草生物-B发布公告，将于10月25日-28日招股，公司拟发行1.5亿股股份，其中公开发售1500万股，国际发售1.35亿股，每股发行价12.8-13.5港元，每手500股，预期将于11月5日上市。申购阶梯：\n每手500股，入场费6818.02港元。\n乙组门槛为40万股，申购所需资金约5,454,415.80港元。三叶草生物成立于2007年，是一家处于临床试验阶段的全球性生物技术公司，致力于为传染性疾病以及癌症及自身免疫性疾病开发新型疫苗及生物治疗候选产品。其主要产品于各治疗领域的适应症分别为COVID-19、恶性腹水及强直性脊柱炎。\n同时，公司是COVID-19疫苗开发企业，并已创制出SCB-2019（CpG 1018加铝佐剂）（核心产品之一）以应对SARS-CoV-2引起的COVID-19疫情。根据招股书，公司有望成为全球范围内通过COVAX机制率先实现重组蛋白COVID-19疫苗商业化上市的公司之一。\n截至最后实际可行日期，公司产品管线包括六种Trimer-TagTM亚单位候选疫苗，两种Trimer-TagTM肿瘤治疗候选产品，及三种Fc融合蛋白候选产品，涵盖13种适应症。\n公司产线\n值得注意的是，于IPO前，公司获得多家知名机构的投资，包括高瓴、淡马锡、龙磐投资、Delos Capital、前海基金、贝欣投资及OrbiMed等。\n财务数据方面，公司目前并无获准商业销售的产品，因此尚未产生任何产品销售收益。于2019年、2020年，公司分别录得收入为人民币1690.8万元、2434.1万元；同期录得净亏损4858.3万元、9.13亿元；于2021年前四个月，公司获得营收549.1万元，净亏损9.09亿元。\n行业方面，根据弗若斯特沙利文的资料，截至最后实际可行日期，全球已接种约60亿剂COVID-19疫苗。按2020年销量计，全球COVID-19疫苗市场达6亿美元。因此，全球对有效安全的COVID-19疫苗的旺盛需要亟待满足。\n假设疫苗方案为两剂次及考虑全球政府的采购及储备，直至2026年全球需要的COVID-19疫苗量将达到约150亿剂。此外，尤其在出现新变种的情况下，可能需要进行定期的加强剂接种或再接种，导致未来数年全球对COVID-19疫苗有巨大需求。\n截至最后实际可行日期，全球共有21款COVID-19疫苗上市及30款候选疫苗处于II/III期或较后阶段。\n基石投资者方面，多名基石投资者同意按发售价认购可供认购的发售股份数目，总额约1.39亿美元，包括Orbimed Funds，HHLR（高瓴），淡马锡，Rock Springs Capital，Oceanpine Capital，Athos Capital，Springhill Fund，Superstring及Toroa。筹资用途方面，公司所得款项净额18.37亿元(假设超额配股权未获行使，以发行价中位数计算)。根据招股书，公司拟将股份发售所得款项净额用于以下用途：\n约65%将用于核心产品及相关产品的研发、生产及商业化；约22.5%将用于其他产品（如SCB-313及SCB-420）以及其他潜在候选产品的研发、生产及商业化；约12.5%将用作营运资金及其他一般公司用途。","news_type":1,"symbols_score_info":{"02197":0.9}},"isVote":1,"tweetType":1,"viewCount":938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858674319,"gmtCreate":1635050581995,"gmtModify":1635050582085,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/858674319","repostId":"1191041850","repostType":4,"repost":{"id":"1191041850","kind":"news","weMediaInfo":{"introduction":"提供IPO最新消息，及时更新市场动态，专家团队助力分析可投资项目价值，提供IPO项目咨询服务。","home_visible":1,"media_name":"独角兽早知道","id":"1023683695","head_image":"https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5"},"pubTimestamp":1635037960,"share":"https://www.laohu8.com/m/news/1191041850?lang=zh_CN&edition=full","pubTime":"2021-10-24 09:12","market":"sh","language":"zh","title":"毛戈平个人彩妆品牌将上市，A股国潮彩妆第一股要来了？","url":"https://stock-news.laohu8.com/highlight/detail?id=1191041850","media":"独角兽早知道","summary":"10月21日，证监会第十八届发行审核委员会2021年第113次发审委会议结果显示，毛戈平化妆品股份有限公司（下称“毛戈平”）（首发）获通过。自2016年12月23日递交招股书谋求A股IPO上市至今，毛","content":"<p>10月21日，证监会第十八届发行审核委员会2021年第113次发审委会议结果显示，毛戈平化妆品股份有限公司（下称“毛戈平”）（首发）获通过。自2016年12月23日递交招股书谋求A股IPO上市至今，毛戈平股份的漫漫上市路历经五年终见曙光。</p>\n<p>据毛戈平股份2017年披露的招股书，公司拟募资约5.12亿元，募集资金将用于投入渠道建设项目、研发中心建设项目、形象设计培训机构建设项目以及补充流动资金。</p>\n<p>招股书显示，毛戈平股份主要从事彩妆、护肤系列产品的研发、生产、销售及化妆技能培训业务，旗下拥有“MGPIN”和“至爱终生”两大品牌。</p>\n<p>其中，“MGPIN”以创始人毛戈平的名字命名，是公司的核心品牌，定位高端，均价定在300-450元，以百货专柜直营模式为主，是毛戈平股份的营收支柱。</p>\n<p>据招股书披露，2017年1-6月，该品牌营收为1.4亿元，截至2017年6月30日，该品牌在全国范围内共有百货专柜135家。</p>\n<p>毛戈平旗下两个品牌都有着明确的市场定位，覆盖了高端和二三线城市，并且设计了契合目标群体消费习惯的经营模式。另外，公司推出的化妆技能培训业务，在培养人才的同时，开辟了一条新的增长路径，有利于避免业务单一给盈利能力造成的经营风险，并且与两个化妆品品牌形成协同。</p>\n<p>据招股书披露，毛戈平股份2014年至2017年1-6月实现营业收入分别为2.79亿元、3.21亿元、3.43亿元及2.01亿元，其中化妆培训业务的占比分别为9.52%、12.64%、12.64%及13.64%。</p>\n<p><img src=\"https://static.tigerbbs.com/98fc9ee1985bdd17ee9926280f815ce1\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p>\n<p>作为国宝级化妆师毛戈平的创立的同名品牌，毛戈平股份近年来在各大社交平台频频“出圈”，尤其是与顶流网红“深夜徐老师”和张大奕的合作，让毛戈平本人与其化妆品品牌斩获大票粉丝，众多爱美女生纷纷表示“想把头寄给毛戈平老师”。</p>\n<p>2020年疫情发生后，毛戈平品牌及其本人开始将重点向线上转移。在与博主“深夜徐老师”合作化妆视频走红后，毛戈平品牌开始频繁出现在B站美妆up主的视频、小红书帖子中。</p>\n<p>夏天表示，毛戈平其实并不算是一个新兴的品牌，而是基于创始人自身的专业形象IP加上在B站的影响力，从而推动了品牌的上市。</p>\n<p>除重视线上营销外，毛戈平也开始与淘系头部主播合作。在今年“双十一”预售活动中，毛戈平多款产品在薇娅直播间上架。10月20日，毛戈平旗下最热的产品之一“双色遮瑕膏”在薇娅当天预售销量榜单中排名第48名。</p>\n<p>但从数据可以看出，头部主播仍是毛戈平产品销量的主要贡献者。以最近一个月直播销售数据为例，薇娅仅10月20日当天就为毛戈平产品贡献了1948.91万元销售额，而毛戈平官方旗舰店直播累计销售额仅为197.54万元。</p>\n<p>根据招股书显示，2014年至2017年前6个月，毛戈平实现营收分别为2.80亿元、3.21亿元、3.43亿元、2.01亿元；净利润分别为0.47亿元、0.54亿元、0.53亿元、0.35亿元。可以看出，上述主播30天带来的销售额已经超过2014年全年净利润。</p>\n<p>“头部主播虽然带货能力强，但其分成比例也远远高于其他主播。以零食品牌为例，在头部主播开放第一次链接时，提成比例20%以上，在补货后，提成比例可以达到30%以上。议价空间较大的产品，提成比例45%以上也有出现。”据直播电商工作者介绍，不少国际品牌会选择在双十一等重要的购物节期间，同时上李佳琦、薇娅直播间，但毛戈平并未选择这一路径，也是与相关费用有关。</p>\n<p>与头部主播合作，已经成为国货崛起的路径之一。另一国货美妆品牌“花西子”也选择与李佳琦深度绑定，除频频进入李佳琦直播间外，还与李佳琦合作了相关美妆产品线。</p>\n<p>此外，毛戈平也开设了<a href=\"https://laohu8.com/S/DYIN\">抖音</a>电商直播。据<a href=\"https://laohu8.com/S/000728\">国元证券</a>研报显示，今年6月，“毛戈平”成为抖音电商彩妆类目销量第二的国产品牌，仅次于花西子，GMV达到3116万，环比提升近7倍。</p>\n<p>招股书显示，本次IPO拟募资近5.12亿元，除补充流动资金外，这笔募资的主要用途还包括渠道建设（约占44.7%）、研发中心建设（约占13.9%）、形象设计培训机构建设（约占11.9%）。</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>毛戈平个人彩妆品牌将上市，A股国潮彩妆第一股要来了？</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n毛戈平个人彩妆品牌将上市，A股国潮彩妆第一股要来了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023683695\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">独角兽早知道 </p>\n<p class=\"h-time\">2021-10-24 09:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月21日，证监会第十八届发行审核委员会2021年第113次发审委会议结果显示，毛戈平化妆品股份有限公司（下称“毛戈平”）（首发）获通过。自2016年12月23日递交招股书谋求A股IPO上市至今，毛戈平股份的漫漫上市路历经五年终见曙光。</p>\n<p>据毛戈平股份2017年披露的招股书，公司拟募资约5.12亿元，募集资金将用于投入渠道建设项目、研发中心建设项目、形象设计培训机构建设项目以及补充流动资金。</p>\n<p>招股书显示，毛戈平股份主要从事彩妆、护肤系列产品的研发、生产、销售及化妆技能培训业务，旗下拥有“MGPIN”和“至爱终生”两大品牌。</p>\n<p>其中，“MGPIN”以创始人毛戈平的名字命名，是公司的核心品牌，定位高端，均价定在300-450元，以百货专柜直营模式为主，是毛戈平股份的营收支柱。</p>\n<p>据招股书披露，2017年1-6月，该品牌营收为1.4亿元，截至2017年6月30日，该品牌在全国范围内共有百货专柜135家。</p>\n<p>毛戈平旗下两个品牌都有着明确的市场定位，覆盖了高端和二三线城市，并且设计了契合目标群体消费习惯的经营模式。另外，公司推出的化妆技能培训业务，在培养人才的同时，开辟了一条新的增长路径，有利于避免业务单一给盈利能力造成的经营风险，并且与两个化妆品品牌形成协同。</p>\n<p>据招股书披露，毛戈平股份2014年至2017年1-6月实现营业收入分别为2.79亿元、3.21亿元、3.43亿元及2.01亿元，其中化妆培训业务的占比分别为9.52%、12.64%、12.64%及13.64%。</p>\n<p><img src=\"https://static.tigerbbs.com/98fc9ee1985bdd17ee9926280f815ce1\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p>\n<p>作为国宝级化妆师毛戈平的创立的同名品牌，毛戈平股份近年来在各大社交平台频频“出圈”，尤其是与顶流网红“深夜徐老师”和张大奕的合作，让毛戈平本人与其化妆品品牌斩获大票粉丝，众多爱美女生纷纷表示“想把头寄给毛戈平老师”。</p>\n<p>2020年疫情发生后，毛戈平品牌及其本人开始将重点向线上转移。在与博主“深夜徐老师”合作化妆视频走红后，毛戈平品牌开始频繁出现在B站美妆up主的视频、小红书帖子中。</p>\n<p>夏天表示，毛戈平其实并不算是一个新兴的品牌，而是基于创始人自身的专业形象IP加上在B站的影响力，从而推动了品牌的上市。</p>\n<p>除重视线上营销外，毛戈平也开始与淘系头部主播合作。在今年“双十一”预售活动中，毛戈平多款产品在薇娅直播间上架。10月20日，毛戈平旗下最热的产品之一“双色遮瑕膏”在薇娅当天预售销量榜单中排名第48名。</p>\n<p>但从数据可以看出，头部主播仍是毛戈平产品销量的主要贡献者。以最近一个月直播销售数据为例，薇娅仅10月20日当天就为毛戈平产品贡献了1948.91万元销售额，而毛戈平官方旗舰店直播累计销售额仅为197.54万元。</p>\n<p>根据招股书显示，2014年至2017年前6个月，毛戈平实现营收分别为2.80亿元、3.21亿元、3.43亿元、2.01亿元；净利润分别为0.47亿元、0.54亿元、0.53亿元、0.35亿元。可以看出，上述主播30天带来的销售额已经超过2014年全年净利润。</p>\n<p>“头部主播虽然带货能力强，但其分成比例也远远高于其他主播。以零食品牌为例，在头部主播开放第一次链接时，提成比例20%以上，在补货后，提成比例可以达到30%以上。议价空间较大的产品，提成比例45%以上也有出现。”据直播电商工作者介绍，不少国际品牌会选择在双十一等重要的购物节期间，同时上李佳琦、薇娅直播间，但毛戈平并未选择这一路径，也是与相关费用有关。</p>\n<p>与头部主播合作，已经成为国货崛起的路径之一。另一国货美妆品牌“花西子”也选择与李佳琦深度绑定，除频频进入李佳琦直播间外，还与李佳琦合作了相关美妆产品线。</p>\n<p>此外，毛戈平也开设了<a href=\"https://laohu8.com/S/DYIN\">抖音</a>电商直播。据<a href=\"https://laohu8.com/S/000728\">国元证券</a>研报显示，今年6月，“毛戈平”成为抖音电商彩妆类目销量第二的国产品牌，仅次于花西子，GMV达到3116万，环比提升近7倍。</p>\n<p>招股书显示，本次IPO拟募资近5.12亿元，除补充流动资金外，这笔募资的主要用途还包括渠道建设（约占44.7%）、研发中心建设（约占13.9%）、形象设计培训机构建设（约占11.9%）。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9253ec03b9117b4bfaab4b360d1280a","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191041850","content_text":"10月21日，证监会第十八届发行审核委员会2021年第113次发审委会议结果显示，毛戈平化妆品股份有限公司（下称“毛戈平”）（首发）获通过。自2016年12月23日递交招股书谋求A股IPO上市至今，毛戈平股份的漫漫上市路历经五年终见曙光。\n据毛戈平股份2017年披露的招股书，公司拟募资约5.12亿元，募集资金将用于投入渠道建设项目、研发中心建设项目、形象设计培训机构建设项目以及补充流动资金。\n招股书显示，毛戈平股份主要从事彩妆、护肤系列产品的研发、生产、销售及化妆技能培训业务，旗下拥有“MGPIN”和“至爱终生”两大品牌。\n其中，“MGPIN”以创始人毛戈平的名字命名，是公司的核心品牌，定位高端，均价定在300-450元，以百货专柜直营模式为主，是毛戈平股份的营收支柱。\n据招股书披露，2017年1-6月，该品牌营收为1.4亿元，截至2017年6月30日，该品牌在全国范围内共有百货专柜135家。\n毛戈平旗下两个品牌都有着明确的市场定位，覆盖了高端和二三线城市，并且设计了契合目标群体消费习惯的经营模式。另外，公司推出的化妆技能培训业务，在培养人才的同时，开辟了一条新的增长路径，有利于避免业务单一给盈利能力造成的经营风险，并且与两个化妆品品牌形成协同。\n据招股书披露，毛戈平股份2014年至2017年1-6月实现营业收入分别为2.79亿元、3.21亿元、3.43亿元及2.01亿元，其中化妆培训业务的占比分别为9.52%、12.64%、12.64%及13.64%。\n\n作为国宝级化妆师毛戈平的创立的同名品牌，毛戈平股份近年来在各大社交平台频频“出圈”，尤其是与顶流网红“深夜徐老师”和张大奕的合作，让毛戈平本人与其化妆品品牌斩获大票粉丝，众多爱美女生纷纷表示“想把头寄给毛戈平老师”。\n2020年疫情发生后，毛戈平品牌及其本人开始将重点向线上转移。在与博主“深夜徐老师”合作化妆视频走红后，毛戈平品牌开始频繁出现在B站美妆up主的视频、小红书帖子中。\n夏天表示，毛戈平其实并不算是一个新兴的品牌，而是基于创始人自身的专业形象IP加上在B站的影响力，从而推动了品牌的上市。\n除重视线上营销外，毛戈平也开始与淘系头部主播合作。在今年“双十一”预售活动中，毛戈平多款产品在薇娅直播间上架。10月20日，毛戈平旗下最热的产品之一“双色遮瑕膏”在薇娅当天预售销量榜单中排名第48名。\n但从数据可以看出，头部主播仍是毛戈平产品销量的主要贡献者。以最近一个月直播销售数据为例，薇娅仅10月20日当天就为毛戈平产品贡献了1948.91万元销售额，而毛戈平官方旗舰店直播累计销售额仅为197.54万元。\n根据招股书显示，2014年至2017年前6个月，毛戈平实现营收分别为2.80亿元、3.21亿元、3.43亿元、2.01亿元；净利润分别为0.47亿元、0.54亿元、0.53亿元、0.35亿元。可以看出，上述主播30天带来的销售额已经超过2014年全年净利润。\n“头部主播虽然带货能力强，但其分成比例也远远高于其他主播。以零食品牌为例，在头部主播开放第一次链接时，提成比例20%以上，在补货后，提成比例可以达到30%以上。议价空间较大的产品，提成比例45%以上也有出现。”据直播电商工作者介绍，不少国际品牌会选择在双十一等重要的购物节期间，同时上李佳琦、薇娅直播间，但毛戈平并未选择这一路径，也是与相关费用有关。\n与头部主播合作，已经成为国货崛起的路径之一。另一国货美妆品牌“花西子”也选择与李佳琦深度绑定，除频频进入李佳琦直播间外，还与李佳琦合作了相关美妆产品线。\n此外，毛戈平也开设了抖音电商直播。据国元证券研报显示，今年6月，“毛戈平”成为抖音电商彩妆类目销量第二的国产品牌，仅次于花西子，GMV达到3116万，环比提升近7倍。\n招股书显示，本次IPO拟募资近5.12亿元，除补充流动资金外，这笔募资的主要用途还包括渠道建设（约占44.7%）、研发中心建设（约占13.9%）、形象设计培训机构建设（约占11.9%）。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858927153,"gmtCreate":1634966584297,"gmtModify":1634966584434,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/858927153","repostId":"1141292474","repostType":4,"repost":{"id":"1141292474","kind":"news","weMediaInfo":{"introduction":"欢迎收听雷帝触网，雷帝触网是中国最多产的互联网科技自媒体，内容中立，快、准、狠，其由资深媒体人雷建平创办，雷建平是今日头条签约作家，也入驻了一点资讯、搜狐、网易等平台。","home_visible":1,"media_name":"雷递","id":"52","head_image":"https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16"},"pubTimestamp":1634963700,"share":"https://www.laohu8.com/m/news/1141292474?lang=zh_CN&edition=full","pubTime":"2021-10-23 12:35","market":"sh","language":"zh","title":"联拓生物冲刺美股：半年亏1.6亿美元，路演PPT曝光","url":"https://stock-news.laohu8.com/highlight/detail?id=1141292474","media":"雷递","summary":"联拓生物（股票代码为：“LIAN”）日前向美国SEC递交招股书，并公布发行区间为15美元到17美元，此次发行2031万股，最高可募资3.4亿美元。\n联拓生物拟2021年10月28日在美国纳斯达克上市。","content":"<p>联拓生物（股票代码为：“LIAN”）日前向美国SEC递交招股书，并公布发行区间为15美元到17美元，此次发行2031万股，最高可募资3.4亿美元。</p>\n<p>联拓生物拟2021年10月28日在美国纳斯达克上市。以此计算，联拓生物估值可能在18亿美元。</p>\n<p><b>一年半时间亏损3亿美元</b></p>\n<p>联拓生物2020年8月成立，总部位于美国新泽西州普林斯顿市，主要在中国开展业务。</p>\n<p>联拓生物由美国生物医药投资基金PerceptiveAdvisors孵化的生物科技公司，主要通过与全球性生物制药公司达成战略合作关系，开发为中国和亚洲其他主要国家和地区的患者提供优质的治疗药物及科学疗法。</p>\n<p><img src=\"https://static.tigerbbs.com/c8b0d337c4ac539f3928152ee24b3f8c\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>联拓生物成立之初，BridgeBio Pharma就宣布与联拓生物达成合作，将其管线拓展至中国。合作初期将专注于BridgeBio公司研发的两款肿瘤产品，包括现正进行3期临床试验的选择性FGFR抑制剂infigratinib，以及治疗因RAS和酪氨酸激酶受体导致的实体肿瘤的SHP2抑制剂BBP-398。</p>\n<p>根据协议条款，联拓生物将获得中国及指定亚洲市场的商业化权益，并参与infigratinib和BBP-398的临床研发。同时，联拓生物获得BridgeBio公司超过20种管线产品在中国及其他亚洲主要市场的优先使用权。这将加速推进BridgeBio公司在该地区的临床研究和商业化，让其能以创新的手段迅速解决庞大群体的医疗需求。</p>\n<p>其中，抗肿瘤候选药infigratinib，是一款首创的选择性FGFR抑制剂，目前正处于3期开发阶段，用于治疗由FGFR基因异常导致的胆管癌（CCA）和尿路上皮癌（膀胱癌）等疾病。</p>\n<p>根据协议，BridgeBio短期内的经济权益包括2650万美元首付款和阶段性付款，长期将获得高达5.05亿美元的阶段性付款，并在许可地区售出两款药物的净销售额中，获得个位数至两位数的分层销售分成。</p>\n<p>联拓生物曾在2021年5月发生管理层变动，前任CEO为官黎兵，现任CEO为王轶喆博士。</p>\n<p><img src=\"https://static.tigerbbs.com/801a22f46bf8bb28314193ad262534d2\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>王轶喆博士拥有耶鲁大学有机化学博士学位，宾夕法尼亚大学沃顿商学院工商管理硕士学位，新泽西拉马波学院化学学士学位。</p>\n<p>2020年，王轶喆在美国印第安纳波利斯担任礼来研究实验室关于抗冠状病毒疗法的全球负责人，负责抗体bamlanivimab的发现、研发和上市工作。王轶喆还曾为费城葛兰素史克（一家研发药品和保健品的生物技术公司）的营销团队、礼来于上海的中国肿瘤研究分部工作过。</p>\n<p>招股书显示，联拓生物暂无营收，目前处于亏损状态。联拓生物2020年研发开支为1.2亿美元，2021年上半年研发开支为1.46亿美元。</p>\n<p>联拓生物2019年、2020年分别运营亏损2434万美元、1.35亿美元；联拓生物2021年上半年运营亏损为1.6亿美元，上年同期的运营亏损为662万美元。</p>\n<p><img src=\"https://static.tigerbbs.com/82575d8a63a4b71f5b738647a830d7f7\" tg-width=\"1080\" tg-height=\"740\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>联拓生物在2020年的净亏损为1.4亿美元；在2021年上半年净亏损为1.62亿美元。这就是说，联拓生物在一年半时间亏损了3亿美元。</p>\n<p><b>一年前曾完成3.1亿美元交叉轮融资</b></p>\n<p>2020年11月，联拓生物完成3.1亿美元的交叉轮融资，投资方包括Perceptive Advisors、RA Capital、Venrock Healthcare Capital Partners和国投招商在内的中美投资者联合参与。</p>\n<p>该轮的其他生物医药投资者还包括：贝莱德资产旗下的基金、Casdin Capital、Farallon、Logos Capital、Perceptive Advisors、辉瑞、Sphera Healthcare、T. Rowe Price Associates, Inc旗下的基金、Tybourne Capital Management、Vida Ventures、Viking Global Investors和Wellington Management。</p>\n<p>IPO前，Perceptive Advisors持股为62.4%，RA Capital持股为7.2%，BridgeBio Pharma持股为5.8%。</p>\n<p><img src=\"https://static.tigerbbs.com/6433bfaf32c9460758c10b82567f4053\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>IPO后，Perceptive Advisors持股为50.5%，RA Capital持股为5.8%，BridgeBio Pharma持股为4.7%。</p>\n<p><b>以下是联拓生物路演PPT（雷递网精编处理）：</b></p>\n<p><img src=\"https://static.tigerbbs.com/fa2eda3873a510c764d80a28d67a2522\" tg-width=\"1080\" tg-height=\"556\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/390b461e4e6997059beec59d62e6b87f\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/73f6e597b79382cda7e11f9c79f5472c\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6940d2c77a3ab326bbef3845e43167d6\" tg-width=\"1080\" tg-height=\"571\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9597a0a5c681fe1fb062bc499bdb9bd3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ed601e26e5a627cd9d8e13102f158a7e\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/cb4c3161094e102fe0d47deae4dd9ca5\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/96522777372a846dbe638c25e13d06c1\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/70938eda7f97d2c51bd761b40289e16c\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/111f79b92160de84a9623ae4c012c4e9\" tg-width=\"1080\" tg-height=\"582\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/a4ed0dac818c6b363b06caa5affc2a0f\" tg-width=\"1080\" tg-height=\"614\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8df1a3d77fc7a87d18d65883be6b036b\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ab43133effaa4d13a2503e45af2ffe05\" tg-width=\"1080\" tg-height=\"585\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/1250739e589b7bea52b96d56485df2cb\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/c030ec1542ddb19b4f88548d86167140\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/563c10629272d6639f7fb5f2d54270f5\" tg-width=\"1080\" tg-height=\"594\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/a75021f8a7e1f20a116f18e004a14214\" tg-width=\"1080\" tg-height=\"618\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/1f9323693bc7bf9faef6a9d42ad28aa5\" tg-width=\"1080\" tg-height=\"598\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/d1dcdb244df8432d274420b2ed7cedbd\" tg-width=\"1080\" tg-height=\"597\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/814bc82f4dbdfaa0017189769546e25e\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/919591149ccad254103a3a2b0a2f6204\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ec400b0870233b91d98546ad4f5fcec9\" tg-width=\"1080\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/26bc5e4ca97c7498932c3a2e54fc8532\" tg-width=\"1080\" tg-height=\"597\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/b5d1fdc1dd43774d57d6b5194b6d0a43\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>联拓生物冲刺美股：半年亏1.6亿美元，路演PPT曝光</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n联拓生物冲刺美股：半年亏1.6亿美元，路演PPT曝光\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/52\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷递 </p>\n<p class=\"h-time\">2021-10-23 12:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>联拓生物（股票代码为：“LIAN”）日前向美国SEC递交招股书，并公布发行区间为15美元到17美元，此次发行2031万股，最高可募资3.4亿美元。</p>\n<p>联拓生物拟2021年10月28日在美国纳斯达克上市。以此计算，联拓生物估值可能在18亿美元。</p>\n<p><b>一年半时间亏损3亿美元</b></p>\n<p>联拓生物2020年8月成立，总部位于美国新泽西州普林斯顿市，主要在中国开展业务。</p>\n<p>联拓生物由美国生物医药投资基金PerceptiveAdvisors孵化的生物科技公司，主要通过与全球性生物制药公司达成战略合作关系，开发为中国和亚洲其他主要国家和地区的患者提供优质的治疗药物及科学疗法。</p>\n<p><img src=\"https://static.tigerbbs.com/c8b0d337c4ac539f3928152ee24b3f8c\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>联拓生物成立之初，BridgeBio Pharma就宣布与联拓生物达成合作，将其管线拓展至中国。合作初期将专注于BridgeBio公司研发的两款肿瘤产品，包括现正进行3期临床试验的选择性FGFR抑制剂infigratinib，以及治疗因RAS和酪氨酸激酶受体导致的实体肿瘤的SHP2抑制剂BBP-398。</p>\n<p>根据协议条款，联拓生物将获得中国及指定亚洲市场的商业化权益，并参与infigratinib和BBP-398的临床研发。同时，联拓生物获得BridgeBio公司超过20种管线产品在中国及其他亚洲主要市场的优先使用权。这将加速推进BridgeBio公司在该地区的临床研究和商业化，让其能以创新的手段迅速解决庞大群体的医疗需求。</p>\n<p>其中，抗肿瘤候选药infigratinib，是一款首创的选择性FGFR抑制剂，目前正处于3期开发阶段，用于治疗由FGFR基因异常导致的胆管癌（CCA）和尿路上皮癌（膀胱癌）等疾病。</p>\n<p>根据协议，BridgeBio短期内的经济权益包括2650万美元首付款和阶段性付款，长期将获得高达5.05亿美元的阶段性付款，并在许可地区售出两款药物的净销售额中，获得个位数至两位数的分层销售分成。</p>\n<p>联拓生物曾在2021年5月发生管理层变动，前任CEO为官黎兵，现任CEO为王轶喆博士。</p>\n<p><img src=\"https://static.tigerbbs.com/801a22f46bf8bb28314193ad262534d2\" tg-width=\"1080\" tg-height=\"467\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>王轶喆博士拥有耶鲁大学有机化学博士学位，宾夕法尼亚大学沃顿商学院工商管理硕士学位，新泽西拉马波学院化学学士学位。</p>\n<p>2020年，王轶喆在美国印第安纳波利斯担任礼来研究实验室关于抗冠状病毒疗法的全球负责人，负责抗体bamlanivimab的发现、研发和上市工作。王轶喆还曾为费城葛兰素史克（一家研发药品和保健品的生物技术公司）的营销团队、礼来于上海的中国肿瘤研究分部工作过。</p>\n<p>招股书显示，联拓生物暂无营收，目前处于亏损状态。联拓生物2020年研发开支为1.2亿美元，2021年上半年研发开支为1.46亿美元。</p>\n<p>联拓生物2019年、2020年分别运营亏损2434万美元、1.35亿美元；联拓生物2021年上半年运营亏损为1.6亿美元，上年同期的运营亏损为662万美元。</p>\n<p><img src=\"https://static.tigerbbs.com/82575d8a63a4b71f5b738647a830d7f7\" tg-width=\"1080\" tg-height=\"740\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>联拓生物在2020年的净亏损为1.4亿美元；在2021年上半年净亏损为1.62亿美元。这就是说，联拓生物在一年半时间亏损了3亿美元。</p>\n<p><b>一年前曾完成3.1亿美元交叉轮融资</b></p>\n<p>2020年11月，联拓生物完成3.1亿美元的交叉轮融资，投资方包括Perceptive Advisors、RA Capital、Venrock Healthcare Capital Partners和国投招商在内的中美投资者联合参与。</p>\n<p>该轮的其他生物医药投资者还包括：贝莱德资产旗下的基金、Casdin Capital、Farallon、Logos Capital、Perceptive Advisors、辉瑞、Sphera Healthcare、T. Rowe Price Associates, Inc旗下的基金、Tybourne Capital Management、Vida Ventures、Viking Global Investors和Wellington Management。</p>\n<p>IPO前，Perceptive Advisors持股为62.4%，RA Capital持股为7.2%，BridgeBio Pharma持股为5.8%。</p>\n<p><img src=\"https://static.tigerbbs.com/6433bfaf32c9460758c10b82567f4053\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>IPO后，Perceptive Advisors持股为50.5%，RA Capital持股为5.8%，BridgeBio Pharma持股为4.7%。</p>\n<p><b>以下是联拓生物路演PPT（雷递网精编处理）：</b></p>\n<p><img src=\"https://static.tigerbbs.com/fa2eda3873a510c764d80a28d67a2522\" tg-width=\"1080\" tg-height=\"556\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/390b461e4e6997059beec59d62e6b87f\" tg-width=\"1080\" tg-height=\"586\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/73f6e597b79382cda7e11f9c79f5472c\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6940d2c77a3ab326bbef3845e43167d6\" tg-width=\"1080\" tg-height=\"571\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9597a0a5c681fe1fb062bc499bdb9bd3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ed601e26e5a627cd9d8e13102f158a7e\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/cb4c3161094e102fe0d47deae4dd9ca5\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/96522777372a846dbe638c25e13d06c1\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/70938eda7f97d2c51bd761b40289e16c\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/111f79b92160de84a9623ae4c012c4e9\" tg-width=\"1080\" tg-height=\"582\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/a4ed0dac818c6b363b06caa5affc2a0f\" tg-width=\"1080\" tg-height=\"614\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/8df1a3d77fc7a87d18d65883be6b036b\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ab43133effaa4d13a2503e45af2ffe05\" tg-width=\"1080\" tg-height=\"585\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/1250739e589b7bea52b96d56485df2cb\" tg-width=\"1080\" tg-height=\"569\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/c030ec1542ddb19b4f88548d86167140\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/563c10629272d6639f7fb5f2d54270f5\" tg-width=\"1080\" tg-height=\"594\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/a75021f8a7e1f20a116f18e004a14214\" tg-width=\"1080\" tg-height=\"618\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/1f9323693bc7bf9faef6a9d42ad28aa5\" tg-width=\"1080\" tg-height=\"598\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/d1dcdb244df8432d274420b2ed7cedbd\" tg-width=\"1080\" tg-height=\"597\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/814bc82f4dbdfaa0017189769546e25e\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/919591149ccad254103a3a2b0a2f6204\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ec400b0870233b91d98546ad4f5fcec9\" tg-width=\"1080\" tg-height=\"595\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/26bc5e4ca97c7498932c3a2e54fc8532\" tg-width=\"1080\" tg-height=\"597\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/b5d1fdc1dd43774d57d6b5194b6d0a43\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141292474","content_text":"联拓生物（股票代码为：“LIAN”）日前向美国SEC递交招股书，并公布发行区间为15美元到17美元，此次发行2031万股，最高可募资3.4亿美元。\n联拓生物拟2021年10月28日在美国纳斯达克上市。以此计算，联拓生物估值可能在18亿美元。\n一年半时间亏损3亿美元\n联拓生物2020年8月成立，总部位于美国新泽西州普林斯顿市，主要在中国开展业务。\n联拓生物由美国生物医药投资基金PerceptiveAdvisors孵化的生物科技公司，主要通过与全球性生物制药公司达成战略合作关系，开发为中国和亚洲其他主要国家和地区的患者提供优质的治疗药物及科学疗法。\n\n联拓生物成立之初，BridgeBio Pharma就宣布与联拓生物达成合作，将其管线拓展至中国。合作初期将专注于BridgeBio公司研发的两款肿瘤产品，包括现正进行3期临床试验的选择性FGFR抑制剂infigratinib，以及治疗因RAS和酪氨酸激酶受体导致的实体肿瘤的SHP2抑制剂BBP-398。\n根据协议条款，联拓生物将获得中国及指定亚洲市场的商业化权益，并参与infigratinib和BBP-398的临床研发。同时，联拓生物获得BridgeBio公司超过20种管线产品在中国及其他亚洲主要市场的优先使用权。这将加速推进BridgeBio公司在该地区的临床研究和商业化，让其能以创新的手段迅速解决庞大群体的医疗需求。\n其中，抗肿瘤候选药infigratinib，是一款首创的选择性FGFR抑制剂，目前正处于3期开发阶段，用于治疗由FGFR基因异常导致的胆管癌（CCA）和尿路上皮癌（膀胱癌）等疾病。\n根据协议，BridgeBio短期内的经济权益包括2650万美元首付款和阶段性付款，长期将获得高达5.05亿美元的阶段性付款，并在许可地区售出两款药物的净销售额中，获得个位数至两位数的分层销售分成。\n联拓生物曾在2021年5月发生管理层变动，前任CEO为官黎兵，现任CEO为王轶喆博士。\n\n王轶喆博士拥有耶鲁大学有机化学博士学位，宾夕法尼亚大学沃顿商学院工商管理硕士学位，新泽西拉马波学院化学学士学位。\n2020年，王轶喆在美国印第安纳波利斯担任礼来研究实验室关于抗冠状病毒疗法的全球负责人，负责抗体bamlanivimab的发现、研发和上市工作。王轶喆还曾为费城葛兰素史克（一家研发药品和保健品的生物技术公司）的营销团队、礼来于上海的中国肿瘤研究分部工作过。\n招股书显示，联拓生物暂无营收，目前处于亏损状态。联拓生物2020年研发开支为1.2亿美元，2021年上半年研发开支为1.46亿美元。\n联拓生物2019年、2020年分别运营亏损2434万美元、1.35亿美元；联拓生物2021年上半年运营亏损为1.6亿美元，上年同期的运营亏损为662万美元。\n\n联拓生物在2020年的净亏损为1.4亿美元；在2021年上半年净亏损为1.62亿美元。这就是说，联拓生物在一年半时间亏损了3亿美元。\n一年前曾完成3.1亿美元交叉轮融资\n2020年11月，联拓生物完成3.1亿美元的交叉轮融资，投资方包括Perceptive Advisors、RA Capital、Venrock Healthcare Capital Partners和国投招商在内的中美投资者联合参与。\n该轮的其他生物医药投资者还包括：贝莱德资产旗下的基金、Casdin Capital、Farallon、Logos Capital、Perceptive Advisors、辉瑞、Sphera Healthcare、T. Rowe Price Associates, Inc旗下的基金、Tybourne Capital Management、Vida Ventures、Viking Global Investors和Wellington Management。\nIPO前，Perceptive Advisors持股为62.4%，RA Capital持股为7.2%，BridgeBio Pharma持股为5.8%。\n\nIPO后，Perceptive Advisors持股为50.5%，RA Capital持股为5.8%，BridgeBio Pharma持股为4.7%。\n以下是联拓生物路演PPT（雷递网精编处理）：","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851910223,"gmtCreate":1634863738908,"gmtModify":1634863738996,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/851910223","repostId":"2177469528","repostType":4,"repost":{"id":"2177469528","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1634863502,"share":"https://www.laohu8.com/m/news/2177469528?lang=zh_CN&edition=full","pubTime":"2021-10-22 08:45","market":"hk","language":"zh","title":"5万亿巨头宣布重磅消息引爆两大板块！概念股还能飞多久","url":"https://stock-news.laohu8.com/highlight/detail?id=2177469528","media":"券商中国","summary":"10月21日，特斯拉披露的第三季度财报显示，公司汽车毛利率高达30.5%；同时，特斯拉宣布，标准续航版车型Model 3和Moderl Y，将在全球范围内改用磷酸铁锂电池。上述消息意味着，磷酸铁锂的技术路线进一步得到特斯拉确认。其中，湖北宜化股价创出历史新高。有迹象显示，市值逼近1.4万亿的宁德时代，正在加速对磷酸铁锂材料的布局。在10月21日披露的三季报中，特斯拉提到，在未提高汽车售价的前提下，此举可能将提升特斯拉的利润率。","content":"<p>10月21日，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>披露的第三季度财报显示，公司汽车毛利率高达30.5%；同时，特斯拉宣布，标准续航版车型Model 3和Moderl Y，将在全球范围内改用磷酸铁锂电池。特斯拉还表示，在未来几年里汽车交付量仍将实现年均50%的增长。</p>\n<p>上述消息意味着，磷酸铁锂的技术路线进一步得到特斯拉确认。受此刺激，当日磷酸铁锂电池概念股大幅上涨，<a href=\"https://laohu8.com/S/000049\">德赛电池</a>涨停，福临精工涨近9%；<a href=\"https://laohu8.com/S/300769\">德方纳米</a>涨近3%，盘中创出历史新高。磷酸铁锂的上游磷化工指数更是大涨4.64%，<a href=\"https://laohu8.com/S/000422\">湖北宜化</a>、<a href=\"https://laohu8.com/S/002312\">川发龙蟒</a>涨停。其中，湖北宜化股价创出历史新高。</p>\n<p>最新数据显示，磷酸铁锂路线的锂电池在中国的产量，已经连续5个月超过三元锂电池；磷酸铁锂电池的装车量，连续3个月领先于三元锂电池，占比达到60.8%。</p>\n<p>有迹象显示，市值逼近1.4万亿的<a href=\"https://laohu8.com/S/300750\">宁德时代</a>，正在加速对磷酸铁锂材料的布局。继320亿元的邦普一体化电池项目落户宜昌后，10月18日，宁德时代又投资了一家磷酸铁锂材料公司。而在几年前，宁德时代还入股了国内磷酸铁锂材料头部企业之一湖南裕能，后者创业板IPO已于近日获深交所受理。同时，宁德时代还与另外一家磷酸铁锂材料头部企业德方纳米有深度合作，双方今年1月约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。</p>\n<p>特斯拉营收和净利创新高，汽车毛利率高达30.5%</p>\n<p>北京时间10月21日凌晨，特斯拉发布第三季度财报，创造了多项纪录，获得有史以来最好的净利润、营业利润和毛利。</p>\n<p>数据显示，2021年第三季度，特斯拉实现营收137.6亿美元，同比增长57%；实现GAAP营业利润20亿美元，营业利润率为14.6%，连续9个季度盈利；GAAP净利润为16.18亿美元，同比增长389%。公司汽车毛利率高达30.5%。</p>\n<p>特斯拉第三季度来自汽车业务的营收为120.57亿美元，同比增长58%；来自发电和储能业务的营收为8.06亿美元，同比增长了39%；来自服务及其他业务的营收为8.94亿美元，高于去年同期的5.81亿美元。</p>\n<p>在报告中，特斯拉还表示，比特币投资出现了5100万美元的减值，并在“重组和其他”费用项下进行了报告。</p>\n<p>第三季度，特斯拉在全球范围内实现交付24.14万辆，打破了以往纪录。其中Model 3和Moderl Y交付23.21万辆，Model S和Model X交付9289辆。</p>\n<p><b>“今年，我们经历了芯片短缺、港口拥堵以及间歇性停电等各种挑战，但我们一直保持全速运转。”特斯拉表示，即使存在这些问题，在未来几年里，预计汽车交付量仍将实现年均50%的增长。</b></p>\n<p>截至券商中国记者发稿，特斯拉股价上涨3.7%，最新市值为8883亿美元，约合人民币56809亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/dedad13f67da457c993cdd8cfbefee97\" tg-width=\"1080\" tg-height=\"1845\" referrerpolicy=\"no-referrer\"></p>\n<p>特斯拉标准续航版车型将全部改用磷酸铁锂电池</p>\n<p>最令投资者关注的是，在三季报中，特斯拉表示，对于标准续航版Model 3和Moderl Y，全球范围内都在改用磷酸铁锂电池。这意味着，磷酸铁锂的技术路线进一步得到特斯拉确认，代表动力电池未来很长一段时间的技术方向。</p>\n<p><b>值得注意的是，今年上半年，市场上就有消息传出，苹果公司将为其电动汽车选择配套磷酸铁锂体系电池，潜在的供应商或是<a href=\"https://laohu8.com/S/002594\">比亚迪</a>或宁德时代，<a href=\"https://laohu8.com/S/0P6N.UK\">大众集团</a>在电池日上透露将为其入门级车型搭载磷酸铁锂电池体系。有分析师指出，磷酸铁锂电池将逐渐在海外打开空间。</b></p>\n<p>在今年9月份，特斯拉向美国的Model 3车型预订者询问，他们是否可以接受使用磷酸锂铁电池的Model 3，而不是特斯拉之前在北美销售所使用的三元锂电池车型。</p>\n<p>在10月21日披露的三季报中，特斯拉提到，在未提高汽车售价的前提下，此举可能将提升特斯拉的利润率。</p>\n<p>Snow Bull Capital首席执行官Taylor Ogan评论称：“磷酸锂铁电池更便宜也更安全。使用了这种化学成分，车主可以将车辆的电池电量充到100%，还不用担心电池的老化问题，并且这些电池很容易回收。采购制造这种电池的原材料也很容易，这就是为什么现阶段的磷酸锂铁电池基本完全由中国生产，这种电池正是标准续航汽车所需要的。”</p>\n<p>作为主要的两种动力电池技术，磷酸铁锂电池和三元锂电池都有着各自的特点。磷酸铁锂电池相比三元锂电池在安全性上和价格方面有优势，而三元锂电池则在能量密度、电压强度和续航里程上相比磷酸铁锂电池更胜一筹。</p>\n<p>A股磷酸铁锂电池及磷化工概念股大涨</p>\n<p>特斯拉标准续航版车型，将全球范围内改用磷酸铁锂电池的消息，刺激了A股相关上市公司的股价。</p>\n<p>10月21日，磷酸铁锂电池概念股大幅上涨，德赛电池涨停，福临精工涨近9%，安纳达涨近4%；德方纳米涨近3%，盘中创出历史新高。</p>\n<p><img src=\"https://static.tigerbbs.com/06f66227192347a4b8d9bdb139f59783\" tg-width=\"831\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>磷酸铁锂的上游磷化工指数更是大涨4.64%，并领涨两市。湖北宜化、川发龙蟒涨停，川金诺涨8.66%，兴发集团、云天化涨近6%。其中，湖北宜化股价创出历史新高。</p>\n<p><img src=\"https://static.tigerbbs.com/04c8819c88e642e991cf6c1b3528ddb1\" tg-width=\"831\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>财信证券分析师周策认为，今年磷酸铁锂装机量增长显著，市场份额超过三元电池，上游磷化工将充分受益。</p>\n<p>磷酸铁锂电池装车量连续3个月超三元锂电池</p>\n<p>最新数据显示，凭成本低廉、安全性强等优势，磷酸铁锂路线的锂电池，在我国的产量及装机量，已经连续多个月超过三元锂电池。</p>\n<p>根据中国汽车动力电池产业创新联盟最新数据，9月国内动力电池产量继续提升，磷酸铁锂电池产量占比达58%。2021年9月国内动力电池在产量方面共计完成23.17GWh，同比大幅增长168.79%，环比增长18.94%。其中，三元锂电池产量9.63GWh，占总产量41.56%，同比增长102.74%，环比增长15.05%；磷酸铁锂电池产量13.51GWh，占总产量58.31%，同比增长251.82%，环比增长21.82%，这是连续第五个月磷酸铁锂电池产量超过三元锂电池。</p>\n<p>装车量方面，9月磷酸铁锂电池装车量继续扩大领先优势，占比达60.8%。2021年9月，我国动力电池装车量15.69GWh，同比上升138.56%，环比上升24.96%。其中，三元锂电池装车6.14GWh，同比上升45.57%，环比上升15.00%，占比39.1%；磷酸铁锂电池共计装车9.54Wh，同比上升309.30%，环比上升32.26%，占比60.8%。磷酸铁锂电池连续3个月在装车量方面领先于三元锂电池。</p>\n<p>对此，华创证券分析师彭广春点评称 ，磷酸铁锂迎来历史性机遇，国内方面，铁锂电池自5月首次产量超过三元，7月首次装机量超过三元后，8月装机量与三元拉开明显差距，且9月进一步扩大领先优势，在年底汽车销量保持高水平及下游整车厂降本需求的背景下，磷酸铁锂的优势有望进一步扩大。</p>\n<p>宁德时代、比亚迪、<a href=\"https://laohu8.com/S/002074\">国轩高科</a>磷酸铁锂电池装机量居前</p>\n<p>目前，全球最大两家磷酸铁锂电池生产商是宁德时代和比亚迪。从2020年7月开始，宁德时代就向特斯拉上海工厂供应磷酸铁锂电池。在今年6月28日，特斯拉再次与宁德时代签订协议，协议约定，宁德时代将在2022年1月至2025年12月期间向特斯拉供应锂离子动力电池产品。</p>\n<p>起点研究院（SPIR）数据显示，2020年，磷酸铁锂电池装机量排名前十的企业分别为宁德时代、比亚迪、国轩高科、瑞浦能源、<a href=\"https://laohu8.com/S/300014\">亿纬锂能</a>、力神、<a href=\"https://laohu8.com/S/300438\">鹏辉能源</a>、万向一二三、中航锂电、安驰新能源，top10企业合计占比99.2%，仅宁德时代一家占比达到60.6%。</p>\n<p>今年4月份，宁德时代董事长曾毓群公开表达了对磷酸铁锂电池市场前景的看好。曾毓群当时认为，在动力电池市场，磷酸铁锂的市场占有率会逐渐增加，三元电池的占比将减少，但还是会有很多高端车型对续航长度和高能量密度有需求，因此三元电池仍然会有市场空间。</p>\n<p>曾毓群解释称，因为磷酸铁锂比较便宜，且随着充电桩设施增多，新能源车的续航里程并不用那么长。“没开过电动车的人会焦虑续航里程，真正开过的人就不怎么焦虑。”他表示。</p>\n<p>万亿“宁王”正在加速磷酸铁锂布局</p>\n<p>当前，宁德时代正在加速对动力电池上游材料的布局。10月12日，宁德时代公告称，为满足公司动力电池的产能扩张需求，完善新能源材料供应链，公司拟在湖北省宜昌市姚家港化工园田家河片区投资建设邦普一体化电池材料产业园项目，项目投资总金额不超过320亿元。项目主要建设具备废旧电池材料回收、磷酸铁锂及三元前驱体、磷酸铁锂钴酸锂及三元正极材料、石墨、磷酸等集约化、规模化的生产基地。</p>\n<p>上述项目拟由广东邦普及其控股子公司负责实施，其中一体化电池材料配套化工材料中的磷酸、硫酸等原料建设项目拟与上市公司湖北宜化合作建设（其中广东邦普控股子公司宁波邦普时代新能源有限公司持股65%、湖北宜化持股35%）。</p>\n<p>10月18日，宁德时代又投资了一家磷酸铁锂材料公司。10月18日晚间，<a href=\"https://laohu8.com/S/603906\">龙蟠科技</a>在上交所发布公告称，龙蟠科技、宁波问鼎投资和时代闽东拟分别向子公司常州锂源增资1亿元、1.65亿元和1.8亿元，增资后分别持有常州锂源53.81%、9.57%和10.43%的股权，常州锂源的注册资本将由原来的3.57亿元变更为4.81亿元。其中，宁波问鼎投资为宁德时代的全资控股子公司、时代闽东为宁德时代合资公司（宁德时代持股21.92%）。</p>\n<p>与此同时，常州锂源拟以现金1亿元收购龙蟠科技全资孙公司四川锂源100%股权。本次收购完成后，常州锂源将成为龙蟠科技体系内从事磷酸铁锂正极材料业务的唯一主体。</p>\n<p>2020年12底，宁德时代还增资了湖南裕能，持有其10.54%股份，彼时比亚迪也增资了湖南裕能，持股比例为5.27%股权。此外，宁德时代通过旗下宁波问鼎出资间接参股长江晨道，而长江晨道自2017年起多次参与增资湖南裕能，合计持有4.49%股权。</p>\n<p>湖南裕能是目前国内磷酸铁锂材料头部企业之一，公司拥有湖南湘潭、广西靖西和四川遂宁三个生产基地，现有磷酸铁锂材料5万吨/年产能，同时，其还在积极扩产。近期，湖南裕能创业板IPO已获受理，拟募集18亿元，用于四川裕能三期年产6万吨磷酸铁锂项目、四川裕能四期年产6万吨磷酸铁锂项目等。</p>\n<p>据高工锂电统计，单从市占率上看，湖南裕能与A股上市公司德方纳米不分伯仲。2020年，磷酸铁锂材料国内出货量12.4万吨，同比增长40%，其中，湖南裕能的磷酸铁锂市场份额为25%，排名行业第一，而德方纳米的市场份额仅落后0.8%，排名第二。</p>\n<p>值得注意的是，在2018年11月份，宁德时代就与德方纳米成立了合资公司曲靖市麟铁，天眼查数据显示，通过多次增资后，当前宁德时代持有曲靖市麟铁40%股份，德方纳米持有曲靖市麟铁60%股份。</p>\n<p>今年1月份，德方纳米公告，公司、宁德时代与江安县政府签署《江安县年产8万吨磷酸铁锂项目投资协议书》，约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。</p>\n<p>研究机构：重点关注三条主线</p>\n<p><b>从当前机构的观点来看，除了磷酸铁锂电池生产厂商外，上游磷酸铁锂材料、磷化工相关企业也值得关注。</b></p>\n<p>华宝证券分析师胡鸿宇指出，随着A0级车型的持续复苏和成本考虑下部分车企逐步发行磷酸铁锂版本车型，磷酸铁锂电池的市场份额进一步提升，新能源汽车厂商旗下的各种热门车型如此前主打三元锂电池的特斯拉7月上线的ModelY标准续航版、小鹏P7后驱标准续航车型和G3i车型等在降价的同时都采用了磷酸铁锂电池，市场呈现快速增长发展势头。</p>\n<p>胡鸿宇表示，从成本和安全性考虑，越来越多的车型发行装磷酸铁锂电池版本。磷酸铁锂电池在乘用车中渗透率继续攀升，国内主流磷酸铁锂动力电池厂商及正极龙头企业有望在2021年实现订单和业绩的高速增长。</p>\n<p>财信证券分析师周策则建议关注磷化工相关企业。他表示，电动车龙头企业特斯拉宣布将在电池构成上进行转变，增加磷酸铁锂电池的比重，并且将减少钴的用量，在基于磷酸铁的电池组中不使用钴，在基于镍的电池中使用2%的钴。整体来看，今年磷酸铁锂装机量增长显著，市场份额超过三元锂电池，作为上游原材料的磷酸需求将快速上涨，磷化工相关企业将充分受益。</p>","collect":0,"html":"<!DOCTYPE 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n5万亿巨头宣布重磅消息引爆两大板块！概念股还能飞多久\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time\">2021-10-22 08:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月21日，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>披露的第三季度财报显示，公司汽车毛利率高达30.5%；同时，特斯拉宣布，标准续航版车型Model 3和Moderl Y，将在全球范围内改用磷酸铁锂电池。特斯拉还表示，在未来几年里汽车交付量仍将实现年均50%的增长。</p>\n<p>上述消息意味着，磷酸铁锂的技术路线进一步得到特斯拉确认。受此刺激，当日磷酸铁锂电池概念股大幅上涨，<a href=\"https://laohu8.com/S/000049\">德赛电池</a>涨停，福临精工涨近9%；<a href=\"https://laohu8.com/S/300769\">德方纳米</a>涨近3%，盘中创出历史新高。磷酸铁锂的上游磷化工指数更是大涨4.64%，<a href=\"https://laohu8.com/S/000422\">湖北宜化</a>、<a href=\"https://laohu8.com/S/002312\">川发龙蟒</a>涨停。其中，湖北宜化股价创出历史新高。</p>\n<p>最新数据显示，磷酸铁锂路线的锂电池在中国的产量，已经连续5个月超过三元锂电池；磷酸铁锂电池的装车量，连续3个月领先于三元锂电池，占比达到60.8%。</p>\n<p>有迹象显示，市值逼近1.4万亿的<a href=\"https://laohu8.com/S/300750\">宁德时代</a>，正在加速对磷酸铁锂材料的布局。继320亿元的邦普一体化电池项目落户宜昌后，10月18日，宁德时代又投资了一家磷酸铁锂材料公司。而在几年前，宁德时代还入股了国内磷酸铁锂材料头部企业之一湖南裕能，后者创业板IPO已于近日获深交所受理。同时，宁德时代还与另外一家磷酸铁锂材料头部企业德方纳米有深度合作，双方今年1月约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。</p>\n<p>特斯拉营收和净利创新高，汽车毛利率高达30.5%</p>\n<p>北京时间10月21日凌晨，特斯拉发布第三季度财报，创造了多项纪录，获得有史以来最好的净利润、营业利润和毛利。</p>\n<p>数据显示，2021年第三季度，特斯拉实现营收137.6亿美元，同比增长57%；实现GAAP营业利润20亿美元，营业利润率为14.6%，连续9个季度盈利；GAAP净利润为16.18亿美元，同比增长389%。公司汽车毛利率高达30.5%。</p>\n<p>特斯拉第三季度来自汽车业务的营收为120.57亿美元，同比增长58%；来自发电和储能业务的营收为8.06亿美元，同比增长了39%；来自服务及其他业务的营收为8.94亿美元，高于去年同期的5.81亿美元。</p>\n<p>在报告中，特斯拉还表示，比特币投资出现了5100万美元的减值，并在“重组和其他”费用项下进行了报告。</p>\n<p>第三季度，特斯拉在全球范围内实现交付24.14万辆，打破了以往纪录。其中Model 3和Moderl Y交付23.21万辆，Model S和Model X交付9289辆。</p>\n<p><b>“今年，我们经历了芯片短缺、港口拥堵以及间歇性停电等各种挑战，但我们一直保持全速运转。”特斯拉表示，即使存在这些问题，在未来几年里，预计汽车交付量仍将实现年均50%的增长。</b></p>\n<p>截至券商中国记者发稿，特斯拉股价上涨3.7%，最新市值为8883亿美元，约合人民币56809亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/dedad13f67da457c993cdd8cfbefee97\" tg-width=\"1080\" tg-height=\"1845\" referrerpolicy=\"no-referrer\"></p>\n<p>特斯拉标准续航版车型将全部改用磷酸铁锂电池</p>\n<p>最令投资者关注的是，在三季报中，特斯拉表示，对于标准续航版Model 3和Moderl Y，全球范围内都在改用磷酸铁锂电池。这意味着，磷酸铁锂的技术路线进一步得到特斯拉确认，代表动力电池未来很长一段时间的技术方向。</p>\n<p><b>值得注意的是，今年上半年，市场上就有消息传出，苹果公司将为其电动汽车选择配套磷酸铁锂体系电池，潜在的供应商或是<a href=\"https://laohu8.com/S/002594\">比亚迪</a>或宁德时代，<a href=\"https://laohu8.com/S/0P6N.UK\">大众集团</a>在电池日上透露将为其入门级车型搭载磷酸铁锂电池体系。有分析师指出，磷酸铁锂电池将逐渐在海外打开空间。</b></p>\n<p>在今年9月份，特斯拉向美国的Model 3车型预订者询问，他们是否可以接受使用磷酸锂铁电池的Model 3，而不是特斯拉之前在北美销售所使用的三元锂电池车型。</p>\n<p>在10月21日披露的三季报中，特斯拉提到，在未提高汽车售价的前提下，此举可能将提升特斯拉的利润率。</p>\n<p>Snow Bull Capital首席执行官Taylor Ogan评论称：“磷酸锂铁电池更便宜也更安全。使用了这种化学成分，车主可以将车辆的电池电量充到100%，还不用担心电池的老化问题，并且这些电池很容易回收。采购制造这种电池的原材料也很容易，这就是为什么现阶段的磷酸锂铁电池基本完全由中国生产，这种电池正是标准续航汽车所需要的。”</p>\n<p>作为主要的两种动力电池技术，磷酸铁锂电池和三元锂电池都有着各自的特点。磷酸铁锂电池相比三元锂电池在安全性上和价格方面有优势，而三元锂电池则在能量密度、电压强度和续航里程上相比磷酸铁锂电池更胜一筹。</p>\n<p>A股磷酸铁锂电池及磷化工概念股大涨</p>\n<p>特斯拉标准续航版车型，将全球范围内改用磷酸铁锂电池的消息，刺激了A股相关上市公司的股价。</p>\n<p>10月21日，磷酸铁锂电池概念股大幅上涨，德赛电池涨停，福临精工涨近9%，安纳达涨近4%；德方纳米涨近3%，盘中创出历史新高。</p>\n<p><img src=\"https://static.tigerbbs.com/06f66227192347a4b8d9bdb139f59783\" tg-width=\"831\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>磷酸铁锂的上游磷化工指数更是大涨4.64%，并领涨两市。湖北宜化、川发龙蟒涨停，川金诺涨8.66%，兴发集团、云天化涨近6%。其中，湖北宜化股价创出历史新高。</p>\n<p><img src=\"https://static.tigerbbs.com/04c8819c88e642e991cf6c1b3528ddb1\" tg-width=\"831\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>财信证券分析师周策认为，今年磷酸铁锂装机量增长显著，市场份额超过三元电池，上游磷化工将充分受益。</p>\n<p>磷酸铁锂电池装车量连续3个月超三元锂电池</p>\n<p>最新数据显示，凭成本低廉、安全性强等优势，磷酸铁锂路线的锂电池，在我国的产量及装机量，已经连续多个月超过三元锂电池。</p>\n<p>根据中国汽车动力电池产业创新联盟最新数据，9月国内动力电池产量继续提升，磷酸铁锂电池产量占比达58%。2021年9月国内动力电池在产量方面共计完成23.17GWh，同比大幅增长168.79%，环比增长18.94%。其中，三元锂电池产量9.63GWh，占总产量41.56%，同比增长102.74%，环比增长15.05%；磷酸铁锂电池产量13.51GWh，占总产量58.31%，同比增长251.82%，环比增长21.82%，这是连续第五个月磷酸铁锂电池产量超过三元锂电池。</p>\n<p>装车量方面，9月磷酸铁锂电池装车量继续扩大领先优势，占比达60.8%。2021年9月，我国动力电池装车量15.69GWh，同比上升138.56%，环比上升24.96%。其中，三元锂电池装车6.14GWh，同比上升45.57%，环比上升15.00%，占比39.1%；磷酸铁锂电池共计装车9.54Wh，同比上升309.30%，环比上升32.26%，占比60.8%。磷酸铁锂电池连续3个月在装车量方面领先于三元锂电池。</p>\n<p>对此，华创证券分析师彭广春点评称 ，磷酸铁锂迎来历史性机遇，国内方面，铁锂电池自5月首次产量超过三元，7月首次装机量超过三元后，8月装机量与三元拉开明显差距，且9月进一步扩大领先优势，在年底汽车销量保持高水平及下游整车厂降本需求的背景下，磷酸铁锂的优势有望进一步扩大。</p>\n<p>宁德时代、比亚迪、<a href=\"https://laohu8.com/S/002074\">国轩高科</a>磷酸铁锂电池装机量居前</p>\n<p>目前，全球最大两家磷酸铁锂电池生产商是宁德时代和比亚迪。从2020年7月开始，宁德时代就向特斯拉上海工厂供应磷酸铁锂电池。在今年6月28日，特斯拉再次与宁德时代签订协议，协议约定，宁德时代将在2022年1月至2025年12月期间向特斯拉供应锂离子动力电池产品。</p>\n<p>起点研究院（SPIR）数据显示，2020年，磷酸铁锂电池装机量排名前十的企业分别为宁德时代、比亚迪、国轩高科、瑞浦能源、<a href=\"https://laohu8.com/S/300014\">亿纬锂能</a>、力神、<a href=\"https://laohu8.com/S/300438\">鹏辉能源</a>、万向一二三、中航锂电、安驰新能源，top10企业合计占比99.2%，仅宁德时代一家占比达到60.6%。</p>\n<p>今年4月份，宁德时代董事长曾毓群公开表达了对磷酸铁锂电池市场前景的看好。曾毓群当时认为，在动力电池市场，磷酸铁锂的市场占有率会逐渐增加，三元电池的占比将减少，但还是会有很多高端车型对续航长度和高能量密度有需求，因此三元电池仍然会有市场空间。</p>\n<p>曾毓群解释称，因为磷酸铁锂比较便宜，且随着充电桩设施增多，新能源车的续航里程并不用那么长。“没开过电动车的人会焦虑续航里程，真正开过的人就不怎么焦虑。”他表示。</p>\n<p>万亿“宁王”正在加速磷酸铁锂布局</p>\n<p>当前，宁德时代正在加速对动力电池上游材料的布局。10月12日，宁德时代公告称，为满足公司动力电池的产能扩张需求，完善新能源材料供应链，公司拟在湖北省宜昌市姚家港化工园田家河片区投资建设邦普一体化电池材料产业园项目，项目投资总金额不超过320亿元。项目主要建设具备废旧电池材料回收、磷酸铁锂及三元前驱体、磷酸铁锂钴酸锂及三元正极材料、石墨、磷酸等集约化、规模化的生产基地。</p>\n<p>上述项目拟由广东邦普及其控股子公司负责实施，其中一体化电池材料配套化工材料中的磷酸、硫酸等原料建设项目拟与上市公司湖北宜化合作建设（其中广东邦普控股子公司宁波邦普时代新能源有限公司持股65%、湖北宜化持股35%）。</p>\n<p>10月18日，宁德时代又投资了一家磷酸铁锂材料公司。10月18日晚间，<a href=\"https://laohu8.com/S/603906\">龙蟠科技</a>在上交所发布公告称，龙蟠科技、宁波问鼎投资和时代闽东拟分别向子公司常州锂源增资1亿元、1.65亿元和1.8亿元，增资后分别持有常州锂源53.81%、9.57%和10.43%的股权，常州锂源的注册资本将由原来的3.57亿元变更为4.81亿元。其中，宁波问鼎投资为宁德时代的全资控股子公司、时代闽东为宁德时代合资公司（宁德时代持股21.92%）。</p>\n<p>与此同时，常州锂源拟以现金1亿元收购龙蟠科技全资孙公司四川锂源100%股权。本次收购完成后，常州锂源将成为龙蟠科技体系内从事磷酸铁锂正极材料业务的唯一主体。</p>\n<p>2020年12底，宁德时代还增资了湖南裕能，持有其10.54%股份，彼时比亚迪也增资了湖南裕能，持股比例为5.27%股权。此外，宁德时代通过旗下宁波问鼎出资间接参股长江晨道，而长江晨道自2017年起多次参与增资湖南裕能，合计持有4.49%股权。</p>\n<p>湖南裕能是目前国内磷酸铁锂材料头部企业之一，公司拥有湖南湘潭、广西靖西和四川遂宁三个生产基地，现有磷酸铁锂材料5万吨/年产能，同时，其还在积极扩产。近期，湖南裕能创业板IPO已获受理，拟募集18亿元，用于四川裕能三期年产6万吨磷酸铁锂项目、四川裕能四期年产6万吨磷酸铁锂项目等。</p>\n<p>据高工锂电统计，单从市占率上看，湖南裕能与A股上市公司德方纳米不分伯仲。2020年，磷酸铁锂材料国内出货量12.4万吨，同比增长40%，其中，湖南裕能的磷酸铁锂市场份额为25%，排名行业第一，而德方纳米的市场份额仅落后0.8%，排名第二。</p>\n<p>值得注意的是，在2018年11月份，宁德时代就与德方纳米成立了合资公司曲靖市麟铁，天眼查数据显示，通过多次增资后，当前宁德时代持有曲靖市麟铁40%股份，德方纳米持有曲靖市麟铁60%股份。</p>\n<p>今年1月份，德方纳米公告，公司、宁德时代与江安县政府签署《江安县年产8万吨磷酸铁锂项目投资协议书》，约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。</p>\n<p>研究机构：重点关注三条主线</p>\n<p><b>从当前机构的观点来看，除了磷酸铁锂电池生产厂商外，上游磷酸铁锂材料、磷化工相关企业也值得关注。</b></p>\n<p>华宝证券分析师胡鸿宇指出，随着A0级车型的持续复苏和成本考虑下部分车企逐步发行磷酸铁锂版本车型，磷酸铁锂电池的市场份额进一步提升，新能源汽车厂商旗下的各种热门车型如此前主打三元锂电池的特斯拉7月上线的ModelY标准续航版、小鹏P7后驱标准续航车型和G3i车型等在降价的同时都采用了磷酸铁锂电池，市场呈现快速增长发展势头。</p>\n<p>胡鸿宇表示，从成本和安全性考虑，越来越多的车型发行装磷酸铁锂电池版本。磷酸铁锂电池在乘用车中渗透率继续攀升，国内主流磷酸铁锂动力电池厂商及正极龙头企业有望在2021年实现订单和业绩的高速增长。</p>\n<p>财信证券分析师周策则建议关注磷化工相关企业。他表示，电动车龙头企业特斯拉宣布将在电池构成上进行转变，增加磷酸铁锂电池的比重，并且将减少钴的用量，在基于磷酸铁的电池组中不使用钴，在基于镍的电池中使用2%的钴。整体来看，今年磷酸铁锂装机量增长显著，市场份额超过三元锂电池，作为上游原材料的磷酸需求将快速上涨，磷化工相关企业将充分受益。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/334f0822e0de4da894606b2390b43f9c","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177469528","content_text":"10月21日，特斯拉披露的第三季度财报显示，公司汽车毛利率高达30.5%；同时，特斯拉宣布，标准续航版车型Model 3和Moderl Y，将在全球范围内改用磷酸铁锂电池。特斯拉还表示，在未来几年里汽车交付量仍将实现年均50%的增长。\n上述消息意味着，磷酸铁锂的技术路线进一步得到特斯拉确认。受此刺激，当日磷酸铁锂电池概念股大幅上涨，德赛电池涨停，福临精工涨近9%；德方纳米涨近3%，盘中创出历史新高。磷酸铁锂的上游磷化工指数更是大涨4.64%，湖北宜化、川发龙蟒涨停。其中，湖北宜化股价创出历史新高。\n最新数据显示，磷酸铁锂路线的锂电池在中国的产量，已经连续5个月超过三元锂电池；磷酸铁锂电池的装车量，连续3个月领先于三元锂电池，占比达到60.8%。\n有迹象显示，市值逼近1.4万亿的宁德时代，正在加速对磷酸铁锂材料的布局。继320亿元的邦普一体化电池项目落户宜昌后，10月18日，宁德时代又投资了一家磷酸铁锂材料公司。而在几年前，宁德时代还入股了国内磷酸铁锂材料头部企业之一湖南裕能，后者创业板IPO已于近日获深交所受理。同时，宁德时代还与另外一家磷酸铁锂材料头部企业德方纳米有深度合作，双方今年1月约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。\n特斯拉营收和净利创新高，汽车毛利率高达30.5%\n北京时间10月21日凌晨，特斯拉发布第三季度财报，创造了多项纪录，获得有史以来最好的净利润、营业利润和毛利。\n数据显示，2021年第三季度，特斯拉实现营收137.6亿美元，同比增长57%；实现GAAP营业利润20亿美元，营业利润率为14.6%，连续9个季度盈利；GAAP净利润为16.18亿美元，同比增长389%。公司汽车毛利率高达30.5%。\n特斯拉第三季度来自汽车业务的营收为120.57亿美元，同比增长58%；来自发电和储能业务的营收为8.06亿美元，同比增长了39%；来自服务及其他业务的营收为8.94亿美元，高于去年同期的5.81亿美元。\n在报告中，特斯拉还表示，比特币投资出现了5100万美元的减值，并在“重组和其他”费用项下进行了报告。\n第三季度，特斯拉在全球范围内实现交付24.14万辆，打破了以往纪录。其中Model 3和Moderl Y交付23.21万辆，Model S和Model X交付9289辆。\n“今年，我们经历了芯片短缺、港口拥堵以及间歇性停电等各种挑战，但我们一直保持全速运转。”特斯拉表示，即使存在这些问题，在未来几年里，预计汽车交付量仍将实现年均50%的增长。\n截至券商中国记者发稿，特斯拉股价上涨3.7%，最新市值为8883亿美元，约合人民币56809亿元。\n\n特斯拉标准续航版车型将全部改用磷酸铁锂电池\n最令投资者关注的是，在三季报中，特斯拉表示，对于标准续航版Model 3和Moderl Y，全球范围内都在改用磷酸铁锂电池。这意味着，磷酸铁锂的技术路线进一步得到特斯拉确认，代表动力电池未来很长一段时间的技术方向。\n值得注意的是，今年上半年，市场上就有消息传出，苹果公司将为其电动汽车选择配套磷酸铁锂体系电池，潜在的供应商或是比亚迪或宁德时代，大众集团在电池日上透露将为其入门级车型搭载磷酸铁锂电池体系。有分析师指出，磷酸铁锂电池将逐渐在海外打开空间。\n在今年9月份，特斯拉向美国的Model 3车型预订者询问，他们是否可以接受使用磷酸锂铁电池的Model 3，而不是特斯拉之前在北美销售所使用的三元锂电池车型。\n在10月21日披露的三季报中，特斯拉提到，在未提高汽车售价的前提下，此举可能将提升特斯拉的利润率。\nSnow Bull Capital首席执行官Taylor Ogan评论称：“磷酸锂铁电池更便宜也更安全。使用了这种化学成分，车主可以将车辆的电池电量充到100%，还不用担心电池的老化问题，并且这些电池很容易回收。采购制造这种电池的原材料也很容易，这就是为什么现阶段的磷酸锂铁电池基本完全由中国生产，这种电池正是标准续航汽车所需要的。”\n作为主要的两种动力电池技术，磷酸铁锂电池和三元锂电池都有着各自的特点。磷酸铁锂电池相比三元锂电池在安全性上和价格方面有优势，而三元锂电池则在能量密度、电压强度和续航里程上相比磷酸铁锂电池更胜一筹。\nA股磷酸铁锂电池及磷化工概念股大涨\n特斯拉标准续航版车型，将全球范围内改用磷酸铁锂电池的消息，刺激了A股相关上市公司的股价。\n10月21日，磷酸铁锂电池概念股大幅上涨，德赛电池涨停，福临精工涨近9%，安纳达涨近4%；德方纳米涨近3%，盘中创出历史新高。\n\n磷酸铁锂的上游磷化工指数更是大涨4.64%，并领涨两市。湖北宜化、川发龙蟒涨停，川金诺涨8.66%，兴发集团、云天化涨近6%。其中，湖北宜化股价创出历史新高。\n\n财信证券分析师周策认为，今年磷酸铁锂装机量增长显著，市场份额超过三元电池，上游磷化工将充分受益。\n磷酸铁锂电池装车量连续3个月超三元锂电池\n最新数据显示，凭成本低廉、安全性强等优势，磷酸铁锂路线的锂电池，在我国的产量及装机量，已经连续多个月超过三元锂电池。\n根据中国汽车动力电池产业创新联盟最新数据，9月国内动力电池产量继续提升，磷酸铁锂电池产量占比达58%。2021年9月国内动力电池在产量方面共计完成23.17GWh，同比大幅增长168.79%，环比增长18.94%。其中，三元锂电池产量9.63GWh，占总产量41.56%，同比增长102.74%，环比增长15.05%；磷酸铁锂电池产量13.51GWh，占总产量58.31%，同比增长251.82%，环比增长21.82%，这是连续第五个月磷酸铁锂电池产量超过三元锂电池。\n装车量方面，9月磷酸铁锂电池装车量继续扩大领先优势，占比达60.8%。2021年9月，我国动力电池装车量15.69GWh，同比上升138.56%，环比上升24.96%。其中，三元锂电池装车6.14GWh，同比上升45.57%，环比上升15.00%，占比39.1%；磷酸铁锂电池共计装车9.54Wh，同比上升309.30%，环比上升32.26%，占比60.8%。磷酸铁锂电池连续3个月在装车量方面领先于三元锂电池。\n对此，华创证券分析师彭广春点评称 ，磷酸铁锂迎来历史性机遇，国内方面，铁锂电池自5月首次产量超过三元，7月首次装机量超过三元后，8月装机量与三元拉开明显差距，且9月进一步扩大领先优势，在年底汽车销量保持高水平及下游整车厂降本需求的背景下，磷酸铁锂的优势有望进一步扩大。\n宁德时代、比亚迪、国轩高科磷酸铁锂电池装机量居前\n目前，全球最大两家磷酸铁锂电池生产商是宁德时代和比亚迪。从2020年7月开始，宁德时代就向特斯拉上海工厂供应磷酸铁锂电池。在今年6月28日，特斯拉再次与宁德时代签订协议，协议约定，宁德时代将在2022年1月至2025年12月期间向特斯拉供应锂离子动力电池产品。\n起点研究院（SPIR）数据显示，2020年，磷酸铁锂电池装机量排名前十的企业分别为宁德时代、比亚迪、国轩高科、瑞浦能源、亿纬锂能、力神、鹏辉能源、万向一二三、中航锂电、安驰新能源，top10企业合计占比99.2%，仅宁德时代一家占比达到60.6%。\n今年4月份，宁德时代董事长曾毓群公开表达了对磷酸铁锂电池市场前景的看好。曾毓群当时认为，在动力电池市场，磷酸铁锂的市场占有率会逐渐增加，三元电池的占比将减少，但还是会有很多高端车型对续航长度和高能量密度有需求，因此三元电池仍然会有市场空间。\n曾毓群解释称，因为磷酸铁锂比较便宜，且随着充电桩设施增多，新能源车的续航里程并不用那么长。“没开过电动车的人会焦虑续航里程，真正开过的人就不怎么焦虑。”他表示。\n万亿“宁王”正在加速磷酸铁锂布局\n当前，宁德时代正在加速对动力电池上游材料的布局。10月12日，宁德时代公告称，为满足公司动力电池的产能扩张需求，完善新能源材料供应链，公司拟在湖北省宜昌市姚家港化工园田家河片区投资建设邦普一体化电池材料产业园项目，项目投资总金额不超过320亿元。项目主要建设具备废旧电池材料回收、磷酸铁锂及三元前驱体、磷酸铁锂钴酸锂及三元正极材料、石墨、磷酸等集约化、规模化的生产基地。\n上述项目拟由广东邦普及其控股子公司负责实施，其中一体化电池材料配套化工材料中的磷酸、硫酸等原料建设项目拟与上市公司湖北宜化合作建设（其中广东邦普控股子公司宁波邦普时代新能源有限公司持股65%、湖北宜化持股35%）。\n10月18日，宁德时代又投资了一家磷酸铁锂材料公司。10月18日晚间，龙蟠科技在上交所发布公告称，龙蟠科技、宁波问鼎投资和时代闽东拟分别向子公司常州锂源增资1亿元、1.65亿元和1.8亿元，增资后分别持有常州锂源53.81%、9.57%和10.43%的股权，常州锂源的注册资本将由原来的3.57亿元变更为4.81亿元。其中，宁波问鼎投资为宁德时代的全资控股子公司、时代闽东为宁德时代合资公司（宁德时代持股21.92%）。\n与此同时，常州锂源拟以现金1亿元收购龙蟠科技全资孙公司四川锂源100%股权。本次收购完成后，常州锂源将成为龙蟠科技体系内从事磷酸铁锂正极材料业务的唯一主体。\n2020年12底，宁德时代还增资了湖南裕能，持有其10.54%股份，彼时比亚迪也增资了湖南裕能，持股比例为5.27%股权。此外，宁德时代通过旗下宁波问鼎出资间接参股长江晨道，而长江晨道自2017年起多次参与增资湖南裕能，合计持有4.49%股权。\n湖南裕能是目前国内磷酸铁锂材料头部企业之一，公司拥有湖南湘潭、广西靖西和四川遂宁三个生产基地，现有磷酸铁锂材料5万吨/年产能，同时，其还在积极扩产。近期，湖南裕能创业板IPO已获受理，拟募集18亿元，用于四川裕能三期年产6万吨磷酸铁锂项目、四川裕能四期年产6万吨磷酸铁锂项目等。\n据高工锂电统计，单从市占率上看，湖南裕能与A股上市公司德方纳米不分伯仲。2020年，磷酸铁锂材料国内出货量12.4万吨，同比增长40%，其中，湖南裕能的磷酸铁锂市场份额为25%，排名行业第一，而德方纳米的市场份额仅落后0.8%，排名第二。\n值得注意的是，在2018年11月份，宁德时代就与德方纳米成立了合资公司曲靖市麟铁，天眼查数据显示，通过多次增资后，当前宁德时代持有曲靖市麟铁40%股份，德方纳米持有曲靖市麟铁60%股份。\n今年1月份，德方纳米公告，公司、宁德时代与江安县政府签署《江安县年产8万吨磷酸铁锂项目投资协议书》，约定在四川省宜宾市江安县投建“年产8万吨磷酸铁锂项目”，项目总投资约18亿元。\n研究机构：重点关注三条主线\n从当前机构的观点来看，除了磷酸铁锂电池生产厂商外，上游磷酸铁锂材料、磷化工相关企业也值得关注。\n华宝证券分析师胡鸿宇指出，随着A0级车型的持续复苏和成本考虑下部分车企逐步发行磷酸铁锂版本车型，磷酸铁锂电池的市场份额进一步提升，新能源汽车厂商旗下的各种热门车型如此前主打三元锂电池的特斯拉7月上线的ModelY标准续航版、小鹏P7后驱标准续航车型和G3i车型等在降价的同时都采用了磷酸铁锂电池，市场呈现快速增长发展势头。\n胡鸿宇表示，从成本和安全性考虑，越来越多的车型发行装磷酸铁锂电池版本。磷酸铁锂电池在乘用车中渗透率继续攀升，国内主流磷酸铁锂动力电池厂商及正极龙头企业有望在2021年实现订单和业绩的高速增长。\n财信证券分析师周策则建议关注磷化工相关企业。他表示，电动车龙头企业特斯拉宣布将在电池构成上进行转变，增加磷酸铁锂电池的比重，并且将减少钴的用量，在基于磷酸铁的电池组中不使用钴，在基于镍的电池中使用2%的钴。整体来看，今年磷酸铁锂装机量增长显著，市场份额超过三元锂电池，作为上游原材料的磷酸需求将快速上涨，磷化工相关企业将充分受益。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853180135,"gmtCreate":1634779612687,"gmtModify":1634779612811,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/853180135","repostId":"1106072251","repostType":4,"repost":{"id":"1106072251","kind":"news","weMediaInfo":{"introduction":"为上市公司提供知识产权解决方案","home_visible":1,"media_name":"锦缎","id":"1075158368","head_image":"https://static.tigerbbs.com/a6edd4ef1e1f428dad9cb66d3735ea2a"},"pubTimestamp":1634779428,"share":"https://www.laohu8.com/m/news/1106072251?lang=zh_CN&edition=full","pubTime":"2021-10-21 09:23","market":"sh","language":"zh","title":"恒瑞医药三季报：最坏的日子还未到","url":"https://stock-news.laohu8.com/highlight/detail?id=1106072251","media":"锦缎","summary":"恒瑞医药前三季度收入202亿，增4%，归母净利润42亿，减1.2%，扣非归母净利润42亿，增0.2%。单三季度收入69亿，减15%，归母净利润15亿，减4%，扣非归母净利润15亿，减5%。单季度收入下","content":"<p><a href=\"https://laohu8.com/S/600276\">恒瑞医药</a>前三季度收入202亿，增4%，归母净利润42亿，减1.2%，扣非归母净利润42亿，增0.2%。单三季度收入69亿，减15%，归母净利润15亿，减4%，扣非归母净利润15亿，减5%。单季度收入下滑，在恒瑞历史上发生的上一次还要数到遥远的64个季度之前，也就是2005年二季度。</p>\n<p><b>但，很遗憾，这不是最差的，下一季度有可能更差。</b></p>\n<p>季报一般都披露的很简单，单三季度下滑，我估计主要是几个方面的叠加。</p>\n<p>第一，去年三季度基数高一些，去年前两个季度疫情影响，需求在三季度集中释放，三季度收入81亿，前两个季度也就不到60亿。</p>\n<p>第二，大家都知道的，第五批集采品种，恒瑞涉及50亿销售额，各地陆续从9月下旬还是执行新价格，那么三季度会有个控货清库存的过程；</p>\n<p>第三，PD-1上半年预计PD-1销售不到30亿，三季度可能在13-15亿，集采袭来的情况下PD-1销售没给上劲儿；</p>\n<p>三季度收入下滑15%，归母净利润才下滑4%，二季度利润还下滑13%呢，三季度怎么做到利润下滑收窄的？因为裤腰带勒紧了：销售费用率降低一个点，管理费用大幅降低5个点，从10%降低到5%，这估计和7月份以来的裁员有关系。但是“再穷不能穷教育，再苦不能苦孩子”，涉及到长期发展的研发投入一点没有手软，在收入下滑的情况下，研发费用还增长5%，比率从去年的18%提升到了23%。</p>\n<p>如果你看业绩的话，从今年四季度到明年年三季度的四个季度业绩都将有压力，核心原因是第五批集采影响，加上PD-1增速下来；</p>\n<p><b>今年的第四季度和明年的第一季度可能是压力最大的两个季度；</b></p>\n<p>明年中下估计会好受一点，因为CDK4/6预计二/三季度可能上市，能缓解一些压力，到了明年四季度整体业绩压力大概会缓解。另外明年下半年PD-1+阿帕肝癌一线的适应症美国申报可以期待。</p>\n<p>从投资的角度，我觉得从现在开始进入长线投资者收集筹码的时段，主要基于对几个问题的简单回答：</p>\n<p>第一，中国创新药有没有未来？有未来，国内的创新药占比还很低10%左右，海外出口才刚刚开始。</p>\n<p>第二，恒瑞是不是国内最优秀创新药企业？话不能说得太满，但从研发/销售和管理层维度综合考虑，排名前三大家没意见吧。</p>\n<p>第三，还有什么更悲惨的事儿吗？业绩在集采和PD-1内卷的条件下承压，这也就是最差的情景了吧。</p>\n<p>第四，恒瑞医药的管线值钱吗？参照港股上市的几个公司，至少至少现在这个市值是撑得住的。</p>\n<p>我自己觉得制药企业由表及里有三个层次：第一层就是看它管线的持续性；第二层是看他的研发能力和销售能力，这是管线连续性的保证；第三步是看公司历史管理和企业文化相对比较虚的属性。恒瑞目前的问题是第一层因为医药政策骤变而遇到一些问题，第二层和第三层却都在加强，企业的长期价值在加强。</p>\n<p>对恒瑞我最担心的是什么？我比较担心的是孙飘扬老板未来的接班转换，这是第一代企业家都必须面临的问题，从创业出来的权威老大转化成职业经理人的老大，跟我国建国后的领导人换代一样，如果引起动荡，可能会对公司伤害比较大。所幸目前还不太会面对这个问题，飘总总体上还算年轻。</p>\n<p>今天细数了下我写的恒瑞的帖子，发现总在跟股价唱反调，有点难，但回头看还不算差。</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>恒瑞医药三季报：最坏的日子还未到</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n恒瑞医药三季报：最坏的日子还未到\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1075158368\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a6edd4ef1e1f428dad9cb66d3735ea2a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">锦缎 </p>\n<p class=\"h-time\">2021-10-21 09:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/600276\">恒瑞医药</a>前三季度收入202亿，增4%，归母净利润42亿，减1.2%，扣非归母净利润42亿，增0.2%。单三季度收入69亿，减15%，归母净利润15亿，减4%，扣非归母净利润15亿，减5%。单季度收入下滑，在恒瑞历史上发生的上一次还要数到遥远的64个季度之前，也就是2005年二季度。</p>\n<p><b>但，很遗憾，这不是最差的，下一季度有可能更差。</b></p>\n<p>季报一般都披露的很简单，单三季度下滑，我估计主要是几个方面的叠加。</p>\n<p>第一，去年三季度基数高一些，去年前两个季度疫情影响，需求在三季度集中释放，三季度收入81亿，前两个季度也就不到60亿。</p>\n<p>第二，大家都知道的，第五批集采品种，恒瑞涉及50亿销售额，各地陆续从9月下旬还是执行新价格，那么三季度会有个控货清库存的过程；</p>\n<p>第三，PD-1上半年预计PD-1销售不到30亿，三季度可能在13-15亿，集采袭来的情况下PD-1销售没给上劲儿；</p>\n<p>三季度收入下滑15%，归母净利润才下滑4%，二季度利润还下滑13%呢，三季度怎么做到利润下滑收窄的？因为裤腰带勒紧了：销售费用率降低一个点，管理费用大幅降低5个点，从10%降低到5%，这估计和7月份以来的裁员有关系。但是“再穷不能穷教育，再苦不能苦孩子”，涉及到长期发展的研发投入一点没有手软，在收入下滑的情况下，研发费用还增长5%，比率从去年的18%提升到了23%。</p>\n<p>如果你看业绩的话，从今年四季度到明年年三季度的四个季度业绩都将有压力，核心原因是第五批集采影响，加上PD-1增速下来；</p>\n<p><b>今年的第四季度和明年的第一季度可能是压力最大的两个季度；</b></p>\n<p>明年中下估计会好受一点，因为CDK4/6预计二/三季度可能上市，能缓解一些压力，到了明年四季度整体业绩压力大概会缓解。另外明年下半年PD-1+阿帕肝癌一线的适应症美国申报可以期待。</p>\n<p>从投资的角度，我觉得从现在开始进入长线投资者收集筹码的时段，主要基于对几个问题的简单回答：</p>\n<p>第一，中国创新药有没有未来？有未来，国内的创新药占比还很低10%左右，海外出口才刚刚开始。</p>\n<p>第二，恒瑞是不是国内最优秀创新药企业？话不能说得太满，但从研发/销售和管理层维度综合考虑，排名前三大家没意见吧。</p>\n<p>第三，还有什么更悲惨的事儿吗？业绩在集采和PD-1内卷的条件下承压，这也就是最差的情景了吧。</p>\n<p>第四，恒瑞医药的管线值钱吗？参照港股上市的几个公司，至少至少现在这个市值是撑得住的。</p>\n<p>我自己觉得制药企业由表及里有三个层次：第一层就是看它管线的持续性；第二层是看他的研发能力和销售能力，这是管线连续性的保证；第三步是看公司历史管理和企业文化相对比较虚的属性。恒瑞目前的问题是第一层因为医药政策骤变而遇到一些问题，第二层和第三层却都在加强，企业的长期价值在加强。</p>\n<p>对恒瑞我最担心的是什么？我比较担心的是孙飘扬老板未来的接班转换，这是第一代企业家都必须面临的问题，从创业出来的权威老大转化成职业经理人的老大，跟我国建国后的领导人换代一样，如果引起动荡，可能会对公司伤害比较大。所幸目前还不太会面对这个问题，飘总总体上还算年轻。</p>\n<p>今天细数了下我写的恒瑞的帖子，发现总在跟股价唱反调，有点难，但回头看还不算差。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e67d997bff47926f5df8455b443bd1e","relate_stocks":{"600276":"恒瑞医药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106072251","content_text":"恒瑞医药前三季度收入202亿，增4%，归母净利润42亿，减1.2%，扣非归母净利润42亿，增0.2%。单三季度收入69亿，减15%，归母净利润15亿，减4%，扣非归母净利润15亿，减5%。单季度收入下滑，在恒瑞历史上发生的上一次还要数到遥远的64个季度之前，也就是2005年二季度。\n但，很遗憾，这不是最差的，下一季度有可能更差。\n季报一般都披露的很简单，单三季度下滑，我估计主要是几个方面的叠加。\n第一，去年三季度基数高一些，去年前两个季度疫情影响，需求在三季度集中释放，三季度收入81亿，前两个季度也就不到60亿。\n第二，大家都知道的，第五批集采品种，恒瑞涉及50亿销售额，各地陆续从9月下旬还是执行新价格，那么三季度会有个控货清库存的过程；\n第三，PD-1上半年预计PD-1销售不到30亿，三季度可能在13-15亿，集采袭来的情况下PD-1销售没给上劲儿；\n三季度收入下滑15%，归母净利润才下滑4%，二季度利润还下滑13%呢，三季度怎么做到利润下滑收窄的？因为裤腰带勒紧了：销售费用率降低一个点，管理费用大幅降低5个点，从10%降低到5%，这估计和7月份以来的裁员有关系。但是“再穷不能穷教育，再苦不能苦孩子”，涉及到长期发展的研发投入一点没有手软，在收入下滑的情况下，研发费用还增长5%，比率从去年的18%提升到了23%。\n如果你看业绩的话，从今年四季度到明年年三季度的四个季度业绩都将有压力，核心原因是第五批集采影响，加上PD-1增速下来；\n今年的第四季度和明年的第一季度可能是压力最大的两个季度；\n明年中下估计会好受一点，因为CDK4/6预计二/三季度可能上市，能缓解一些压力，到了明年四季度整体业绩压力大概会缓解。另外明年下半年PD-1+阿帕肝癌一线的适应症美国申报可以期待。\n从投资的角度，我觉得从现在开始进入长线投资者收集筹码的时段，主要基于对几个问题的简单回答：\n第一，中国创新药有没有未来？有未来，国内的创新药占比还很低10%左右，海外出口才刚刚开始。\n第二，恒瑞是不是国内最优秀创新药企业？话不能说得太满，但从研发/销售和管理层维度综合考虑，排名前三大家没意见吧。\n第三，还有什么更悲惨的事儿吗？业绩在集采和PD-1内卷的条件下承压，这也就是最差的情景了吧。\n第四，恒瑞医药的管线值钱吗？参照港股上市的几个公司，至少至少现在这个市值是撑得住的。\n我自己觉得制药企业由表及里有三个层次：第一层就是看它管线的持续性；第二层是看他的研发能力和销售能力，这是管线连续性的保证；第三步是看公司历史管理和企业文化相对比较虚的属性。恒瑞目前的问题是第一层因为医药政策骤变而遇到一些问题，第二层和第三层却都在加强，企业的长期价值在加强。\n对恒瑞我最担心的是什么？我比较担心的是孙飘扬老板未来的接班转换，这是第一代企业家都必须面临的问题，从创业出来的权威老大转化成职业经理人的老大，跟我国建国后的领导人换代一样，如果引起动荡，可能会对公司伤害比较大。所幸目前还不太会面对这个问题，飘总总体上还算年轻。\n今天细数了下我写的恒瑞的帖子，发现总在跟股价唱反调，有点难，但回头看还不算差。","news_type":1,"symbols_score_info":{"600276":0.9}},"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859616134,"gmtCreate":1634692011279,"gmtModify":1634692012431,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859616134","repostId":"2176710436","repostType":4,"isVote":1,"tweetType":1,"viewCount":928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850255728,"gmtCreate":1634604375835,"gmtModify":1634604375928,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/850255728","repostId":"1193579636","repostType":4,"repost":{"id":"1193579636","kind":"news","pubTimestamp":1634602923,"share":"https://www.laohu8.com/m/news/1193579636?lang=zh_CN&edition=full","pubTime":"2021-10-19 08:22","market":"sh","language":"zh","title":"苹果再发新品！MacBook Pro也有“刘海”，网友炸锅！","url":"https://stock-news.laohu8.com/highlight/detail?id=1193579636","media":"每日经济新闻","summary":"继苹果九月新品发布会后，第二场新品发布会也在10月19日凌晨举行。\n此次，苹果推出了AirPods 3、新款配色的HomePod mini以及新一代MacBook Pro（14英寸/16英寸）。\n本次","content":"<div>\n<p>继苹果九月新品发布会后，第二场新品发布会也在10月19日凌晨举行。\n此次，苹果推出了AirPods 3、新款配色的HomePod mini以及新一代MacBook Pro（14英寸/16英寸）。\n本次新品发布会的slogan为“来炸场”，而新一代MacBook Pro所搭载的M1 Pro/M1 Max芯片以及时隔两年后再次更新的AirPods产品线，的确可以用“炸场”来形容。\n新款HomePod ...</p>\n\n<a href=\"https://baijiahao.baidu.com/s?id=1713999078059121439&wfr=spider&for=pc\">网页链接</a>\n\n</div>\n","source":"mrjjxw","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>苹果再发新品！MacBook Pro也有“刘海”，网友炸锅！</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{ 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.h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n苹果再发新品！MacBook Pro也有“刘海”，网友炸锅！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-19 08:22 北京时间&nbsp;&nbsp;&nbsp;<a href=https://baijiahao.baidu.com/s?id=1713999078059121439&wfr=spider&for=pc><strong>每日经济新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>继苹果九月新品发布会后，第二场新品发布会也在10月19日凌晨举行。\n此次，苹果推出了AirPods 3、新款配色的HomePod mini以及新一代MacBook Pro（14英寸/16英寸）。\n本次新品发布会的slogan为“来炸场”，而新一代MacBook Pro所搭载的M1 Pro/M1 Max芯片以及时隔两年后再次更新的AirPods产品线，的确可以用“炸场”来形容。\n新款HomePod ...</p>\n\n<a href=\"https://baijiahao.baidu.com/s?id=1713999078059121439&wfr=spider&for=pc\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0d4d6d8d85c9c982781546b437b1d77d","relate_stocks":{"AAPL":"苹果"},"source_url":"https://baijiahao.baidu.com/s?id=1713999078059121439&wfr=spider&for=pc","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193579636","content_text":"继苹果九月新品发布会后，第二场新品发布会也在10月19日凌晨举行。\n此次，苹果推出了AirPods 3、新款配色的HomePod mini以及新一代MacBook Pro（14英寸/16英寸）。\n本次新品发布会的slogan为“来炸场”，而新一代MacBook Pro所搭载的M1 Pro/M1 Max芯片以及时隔两年后再次更新的AirPods产品线，的确可以用“炸场”来形容。\n新款HomePod mini除原有的黑白配色外，HomePod mini新增黄色、蓝色和橙色等不同的配色，这也能适应不同的家居风格。\nHomePod mini新增黄色、蓝色和橙色\nAirPods 3支持AirPods Pro的自定义EQ功能，可通过调整声音的频率，听到最适合自己的音乐。\n\nAirPods 3 (苹果官网)\n目前AirPods 3已经接受订购，该产品售价为1399元。10月26日（下周二）起正式发售。\n新款MacBook Pro分为14英寸和16英寸两款大小，屏幕边框更窄，使用Mini LED技术和XDR超视网膜显示屏，支持今年登陆iPhone 13旗舰手机的 ProMotion自适应刷新率技术，刷新率高达120Hz。前值摄像头可以拍摄1080p视频并改进了图像质量，键盘的电源按钮设置了指纹传感器。\n\nMacBook Pro\n新款MacBook Pro 14英寸的起售价为1999美元，16英寸起售价2499美元，比旧款价格略有提升，分为银色和太空灰色，即日可预定、下周发货。\n值得注意的是，新电脑特点包括：屏幕像iPhone高端手机一样变为“刘海屏”，即在缩窄屏幕边框的同时，在“刘海屏”的切口处放置前置摄像头，这一点被一些科技媒体评价为“令人惊讶”，而且苹果没有趁机在刘海处安装FaceID面部识别摄像头，“令人不解”。\n有网友表示惊讶：\n\n\n\n该话题也冲上热搜：\n\n\n新款高端MacBook Pro搭载了功能更强大的两款苹果自研芯片——M1 Pro和M1 Max，此前外界传闻只会发布一款新芯片“M1X”。公司表示，M1 Pro芯片的运行速度提高70%，与M1 Max都具备10核CPU，GPU性能分别提高2.5倍或4倍，机器学习运作速度也快了高达5倍。\nMacBook Pro和新版芯片发布后，苹果股价涨幅从0.1%扩大至0.8%，上逼146美元。50分钟的发布会结束时，苹果涨幅小幅收窄至0.6%，随后再度涨超1%，并冲破146美元。该股即将连涨三日，并创9月24日以来的三周最高。\n\n每日经济新闻综合苹果官网、新浪微博、公开信息","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827768481,"gmtCreate":1634524581694,"gmtModify":1634524581820,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827768481","repostId":"1193933709","repostType":4,"repost":{"id":"1193933709","kind":"news","pubTimestamp":1634524241,"share":"https://www.laohu8.com/m/news/1193933709?lang=zh_CN&edition=full","pubTime":"2021-10-18 10:30","market":"sh","language":"zh","title":"四季度公私募调仓方向揭秘！大佬们不约而同瞄准这一赛道","url":"https://stock-news.laohu8.com/highlight/detail?id=1193933709","media":"中国证券网","summary":"今年前三季度，A股市场再次应验“测不准”原理。春节前机构重仓股一骑绝尘，春节长假后美债收益率快速上升导致市场急跌，二季度白酒、新能源等热门板块展开一轮强势反弹行情，三季度周期板块独领风骚。不少投资者直","content":"<div>\n<p>今年前三季度，A股市场再次应验“测不准”原理。春节前机构重仓股一骑绝尘，春节长假后美债收益率快速上升导致市场急跌，二季度白酒、新能源等热门板块展开一轮强势反弹行情，三季度周期板块独领风骚。不少投资者直呼：“想要赚钱太难了！”\n在此背景下，上海证券报记者邀请权益类基金规模排名前50的公募基金公司和多家百亿级私募机构参与了四季度投资展望的问卷调查，并采访了多位资深投资大咖，力图揭秘2021年最后一个...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/XHLvR4ULGbbF02WFrUhGjA\">网页链接</a>\n\n</div>\n","source":"zgzxw","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>四季度公私募调仓方向揭秘！大佬们不约而同瞄准这一赛道</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n四季度公私募调仓方向揭秘！大佬们不约而同瞄准这一赛道\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-18 10:30 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/XHLvR4ULGbbF02WFrUhGjA><strong>中国证券网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>今年前三季度，A股市场再次应验“测不准”原理。春节前机构重仓股一骑绝尘，春节长假后美债收益率快速上升导致市场急跌，二季度白酒、新能源等热门板块展开一轮强势反弹行情，三季度周期板块独领风骚。不少投资者直呼：“想要赚钱太难了！”\n在此背景下，上海证券报记者邀请权益类基金规模排名前50的公募基金公司和多家百亿级私募机构参与了四季度投资展望的问卷调查，并采访了多位资深投资大咖，力图揭秘2021年最后一个...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/XHLvR4ULGbbF02WFrUhGjA\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/XHLvR4ULGbbF02WFrUhGjA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193933709","content_text":"今年前三季度，A股市场再次应验“测不准”原理。春节前机构重仓股一骑绝尘，春节长假后美债收益率快速上升导致市场急跌，二季度白酒、新能源等热门板块展开一轮强势反弹行情，三季度周期板块独领风骚。不少投资者直呼：“想要赚钱太难了！”\n在此背景下，上海证券报记者邀请权益类基金规模排名前50的公募基金公司和多家百亿级私募机构参与了四季度投资展望的问卷调查，并采访了多位资深投资大咖，力图揭秘2021年最后一个季度的财富密码。\n震荡市大概率延续\n用“宽幅震荡”可以概括2021年前三季度A股市场的走势。进入四季度，后市维持震荡行情的观点依然占据上风。问卷调查结果显示，高达87.5%的受访者认为四季度A股市场将延续震荡走势，只有12.5%的受访者认为市场存在一定的反弹空间。\n\n具体来看，在宏观层面，多数受访者认为宏观经济将延续现有态势。另外，近七成受访者认为，受大宗商品价格上涨掣肘，降准、降息等政策提供的流动性边际宽松力度有限，可能在相当程度上制约四季度市场的风险偏好。\n东方基金分析道，四季度国内经济仍存在一定程度的不确定性。海外方面，以航空为代表的出行需求持续复苏，为油价上行形成了新的支撑，若冬季发生极端气候，能源价格可能进一步上行，进而推高国内相关产品价格。因此，综合来看，投资者应当对震荡行情做好准备。\n新华基金也表示，近期工业品价格的快速上涨虽然为强周期板块带来了阶段性交易机会，但会进一步侵蚀中下游尤其是中小企业的盈利能力。在此背景下，预计市场将维持弱势震荡走势。\n“四季度市场整体格局将是‘盈利下行’和‘宽松上行’的组合，仍将延续震荡行情。”清和泉资本投资总监吴俊峰直言。\n公私募聚焦高景气度赛道\n虽然机构认为四季度市场不具备大幅反弹的动力，但多家机构依旧看好结构性机会。在问及四季度最看好的大类资产时，超八成机构选择了A股，港股以43.75%的比例位居第二。另外，超九成机构表示，将维持当前A股仓位，但会在结构上做一定的调整。从具体投资方向来看，新能源、科技等高景气赛道备受关注。\n\n“市场不缺投资机会。”某基金经理表示，随着稳增长相关政策的发力，前期受到压制的行业基本面有望改善，市场风格将趋于均衡。在此背景下，前期拥挤在个别赛道的资金大概率会逐步分流，因此需要更加重视估值的合理性。在具体投资方向上，消费、周期、科技等领域都有值得挖掘的投资机会。比如，前期调整较多的优质消费股有望迎来重估。科技成长股整体景气度较高，但估值已反映了较多乐观预期，在资金面宽松边际弱化的背景下，景气趋势向上且估值合理的细分赛道值得关注。\n聚鸣投资总经理刘晓龙也直言：“面对复杂的局面，一种应对方式是把精力集中在行业层面，同时把投资久期拉长。目前可以基本确定的是，碳中和大背景下新能源的发展前景不可能发生变化，半导体等领域的发展前景也不会发生变化，因此这些行业仍是非常确定的增量行业，值得关注。”\n“茅宁”能否王者归来存分歧\n今年以来，“茅族”与“宁族”之战一直是A股市场热议的话题。年初“茅指数”涨得风生水起，但在春节长假后“触礁”，市场企稳后“宁指数”接力上涨，成为二三季度反弹的核心动力。进入四季度，谁能成为市场的领头羊？\n调查问卷结果显示，“茅族”的主力食品饮料板块获得了超六成受访机构的青睐，而“宁族”的主力医药和电气设备也分别获得了50%和43.57%的支持，可见机构间的打法存在明显的不同。\n\n星石投资认为，消费板块的调整已经过去，底部较为坚实，在通胀中枢抬升、增长逐步企稳、资金面“松油门”的宏观组合下，消费板块相对优势凸显，后续随着核心CPI逐步回升，PPI与CPI的剪刀差将逐步收敛，低估值、偏消费的后周期行业有望重估。\n嘉实基金领航资产配置基金经理张静告诉记者，四季度是传统消费旺季，并且伴随着“双11”等购物节的来临，消费行业有望企稳回暖。而且，中证主要消费指数已经历了半年多的调整，底部特征明显，四季度中证主要消费指数跑赢整体市场概率很大。\n不过，沪上某头部私募人士直言：“消费数据尚未看到好转迹象，市场情绪也难以短期好转，因此消费板块可能继续筑底。而新能源、半导体等领域在经历回调后，后续在高景气背景下大概率会有较好表现。公司目前重仓新能源，消费持仓几乎为零。”\n另外，在部分机构看来，看好“茅族”与“宁族”并不矛盾。某受访者表示，四季度依旧需要关注结构性机会。首先是新能源汽车行业的中游制造业，由于细分板块三季度基本处于高位震荡之中，且明年产能大幅扩张，未来可能量增价稳，存在估值切换的机会；其次是光伏板块中的逆变器，该细分行业需求持续爆发，同时部分公司盈利有望持续超预期；再次是医疗服务领域中的部分港股公司，这类企业出现了较为明确的绝对收益机会；最后是消费板块中的大市值白酒公司，可能具备阶段性防御的机会。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824719474,"gmtCreate":1634353432804,"gmtModify":1634353534028,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581005833050650","authorIdStr":"3581005833050650"},"themes":[],"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824719474","repostId":"1156852791","repostType":4,"repost":{"id":"1156852791","kind":"news","pubTimestamp":1634351904,"share":"https://www.laohu8.com/m/news/1156852791?lang=zh_CN&edition=full","pubTime":"2021-10-16 10:38","market":"us","language":"zh","title":"银行股财报暗藏哪些信息？美国经济究竟是好是坏？","url":"https://stock-news.laohu8.com/highlight/detail?id=1156852791","media":"英为财情Invest...","summary":"“雄赳赳气昂昂”的美股丝毫没有要“刹车”的迹象，至少一部分行业仍然是朝气蓬勃的——隔夜几家华尔街的大型投行公布了亮眼的三季度业绩报告，并购潮和股票交易业务提振了这些银行们的财务数据。\n近期以来，一直有","content":"<div>\n<p>“雄赳赳气昂昂”的美股丝毫没有要“刹车”的迹象，至少一部分行业仍然是朝气蓬勃的——隔夜几家华尔街的大型投行公布了亮眼的三季度业绩报告，并购潮和股票交易业务提振了这些银行们的财务数据。\n近期以来，一直有经济学家和专家警告说，美国的经济增长可能会出现放缓，显然，眼下美国还面临着德尔塔变异病毒传播的不确定性，通胀的不断上升，以及供应链的问题。\n那么，银行的财报\n向我们透露了美国经济怎样的一种状况？\n从...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/NmXO1hGazLn0Nz50QO0RFw\">网页链接</a>\n\n</div>\n","source":"lsy1594375853987","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\" 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n银行股财报暗藏哪些信息？美国经济究竟是好是坏？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-16 10:38 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/NmXO1hGazLn0Nz50QO0RFw><strong>英为财情Invest...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“雄赳赳气昂昂”的美股丝毫没有要“刹车”的迹象，至少一部分行业仍然是朝气蓬勃的——隔夜几家华尔街的大型投行公布了亮眼的三季度业绩报告，并购潮和股票交易业务提振了这些银行们的财务数据。\n近期以来，一直有经济学家和专家警告说，美国的经济增长可能会出现放缓，显然，眼下美国还面临着德尔塔变异病毒传播的不确定性，通胀的不断上升，以及供应链的问题。\n那么，银行的财报\n向我们透露了美国经济怎样的一种状况？\n从...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/NmXO1hGazLn0Nz50QO0RFw\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/318dced6c8505427ba4c5a73eb4a7981","relate_stocks":{"WFC":"富国银行"},"source_url":"https://mp.weixin.qq.com/s/NmXO1hGazLn0Nz50QO0RFw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156852791","content_text":"“雄赳赳气昂昂”的美股丝毫没有要“刹车”的迹象，至少一部分行业仍然是朝气蓬勃的——隔夜几家华尔街的大型投行公布了亮眼的三季度业绩报告，并购潮和股票交易业务提振了这些银行们的财务数据。\n近期以来，一直有经济学家和专家警告说，美国的经济增长可能会出现放缓，显然，眼下美国还面临着德尔塔变异病毒传播的不确定性，通胀的不断上升，以及供应链的问题。\n那么，银行的财报\n向我们透露了美国经济怎样的一种状况？\n从隔夜美股的这几家银行股财报来看，美国的后疫情时代经济复苏似乎进展仍然比较顺利。除了亮眼的业绩以外，美国银行股的高管们还对美国经济的前景做出了乐观的预测。\n客户支出已超疫情前水平释放贷款损失准备金\n银行高管表示，客户支出已经超过了疫情前的水平，同时他们认为，这个趋势将会持续到今年的圣诞节假期。\n其中，花旗集团 (NYSE:C)的信用卡支出较去年同期增长了20%，达到创纪录的水平。\n同时，美国银行 (NYSE:BAC)的CFO Paul Donofrio周四在分析师电话会议中表示，“如果你看看经济，就会发现它正在改善，人们正在增加支出，企业将不得不开始投资。\n我们对未来很乐观。”美国银行的CEO Brian Moynihan也表示，“这些巨大的支出，还将继续加速。”\n数据显示，美国银行截至9月的三季度里利润为77亿美元，主要是因为该行受到了客户在信用卡和借记卡上的支出增加，这一部分的数字同比去年增长了58%左右，当时疫情急剧蔓延，银行仍需要拨备贷款损失准备金。\n不过，随着客户继续支付他们的账单，银行的贷款损失准备金率已经降至了50年以来的低点。\n华尔街的大部分银行都得以从贷款损失拨备中释放更多资金，其中富国银行释放高达17亿美元的资金，花旗和美国银行分别释放了12亿和11亿美元，同时，摩根士丹利的贷款损失准备金则出现了小幅的上涨。\n贷款需求下降证券相关贷款快速增长\n疫情期间，仍然脆弱的经济降低了市场上对银行贷款的需求。富国银行 (NYSE:WFC)和美国银行的未偿贷款总额较去年同期有所下降，但较第二季度有所上升。\n富国银行的首席财务官Mike Santomassimo在分析师电话会议上表示，“我们都希望看到更快的贷款增长。”\n他指出，“供应链危机对我们最大的影响在于，信贷和贷款需求确实受到了限制。”例如，在商业银行领域，“我们的很多用户都无法让他们的工厂正常运营。”\n而且，还需要关注的是，Mike Santomassimo还指出，通胀使得工资和大宗商品的价格居高不下，这也会限制经济的增长。\n然而，需要关注的是，基于证券的贷款正在迅速增长。美国银行和摩根士丹利的财报显示，其面向客户提供的以股票和债券组合为抵押的贷款均出现了两位数的增长。\n交易业务仍然火爆\n银行交易部门受益颇丰\n疫情爆发以来，美国二级市场投资者的狂热也推动了大型银行的业绩增长。股票交易量仍在上升，但固定收益交易正在放缓。\n投资机构Neuberger Berman高级分析师Kush Goel指出，第三季的业绩数据显示，美国大型银行的市场营收仍高于此前预期，部分原因是它们从国际竞争对手那里赢得了更多业务。\n数据显示，摩根士丹利的利润增长了37亿美元，其中股票业务的收益增长达到了24%；花旗银行的这部分利润也高达46亿美元，同比去年增长了48%；同时，股票交易业务规模较小的富国银行，其利润也达到了51亿美元，超过分析师预期。\n全球并购带来滚滚利润企业重新审视自身商业模式\n从三级的数据来看，全球并购交易也为华尔街的银行股们带来了滚滚利润。摩根大通、摩根士丹利、美国银行、花旗都公布了创纪录的季度并购费用收益增长，其中花旗更是录得了10年以来最佳的季度并购业绩。\n巴克莱的分析师Jason Goldberg表示，企业并购的步伐具有“持久力”，“你会看到很多公司在疫情过后，开始重新审视自己的商业模式，包括他们可能会寻求扩大规模，或者增加数字产品。”\n他指出，从历史上来看，对并购活动最大的潜在干扰是市场波动，所以这肯定是我们密切关注的问题，不过就近期而言，全球经济活动似乎应该会有所增加。","news_type":1,"symbols_score_info":{"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":374445235,"gmtCreate":1619479213027,"gmtModify":1634273191895,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/374445235","repostId":"1126815616","repostType":4,"repost":{"id":"1126815616","kind":"news","pubTimestamp":1619451024,"share":"https://www.laohu8.com/m/news/1126815616?lang=zh_CN&edition=full","pubTime":"2021-04-26 23:30","market":"us","language":"en","title":"If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126815616","media":"MarketWatch","summary":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’","content":"<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在重大悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>","source":"lsy1603348471595","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>If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</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\">\nIf Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在重大悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews\">MarketWatch</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.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126815616","content_text":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.\nAlex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.\nBiden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.\nIf history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.\nAnd Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”\nMartin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.\nIf Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.\nThere are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?\nBut another question is: What does this potential tax increase mean for a new generation of retail investors?\nBy now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?\n“There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.\nBut like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”\nIndeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.\n‘One would expect people to start selling off’\nWhen President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.\nThe Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.\nIn the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.\nAhead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.\nHistory could repeat itself, one of the authors told MarketWatch.\n“Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”\nBut McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.\nForeign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.\nAnother thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”\nAs markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&P 500SPX,0.28%finishing up 1.1%higher.\nZagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”\nBut going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.\n“When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":840385631,"gmtCreate":1635590100288,"gmtModify":1635590100288,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/840385631","repostId":"1112945208","repostType":4,"repost":{"id":"1112945208","kind":"news","pubTimestamp":1635577312,"share":"https://www.laohu8.com/m/news/1112945208?lang=zh_CN&edition=full","pubTime":"2021-10-30 15:01","market":"us","language":"en","title":"Wall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112945208","media":"Benzinga","summary":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicl","content":"<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有报酬吗？《华尔街罪与罚》是Benzinga的菲尔·霍尔(Phil Hall)的每周系列节目，记录了银行家、经纪人和金融家，他们的野心和贪婪使他们陷入了困境...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Wall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</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\">\nWall Street Crime and Punishment: Christian Meissenn And His Penny Stock Pump-And-Dump Games<blockquote>华尔街罪与罚：克里斯蒂安·迈森和他的细价股拉高抛售游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-10-30 15:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有报酬吗？《华尔街罪与罚》是Benzinga的菲尔·霍尔(Phil Hall)的每周系列节目，记录了银行家、经纪人和金融家，他们的野心和贪婪使他们陷入了困境...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games\">Benzinga</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":"https://static.tigerbbs.com/76a5f973ee63cb45a72044f57e3a023d","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/10/23699981/wall-street-crime-and-punishment-christian-meissenn-and-his-penny-stock-pump-and-dump-games","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112945208","content_text":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\n“Be careful who you let into your life,” declared a meme onChristian Meissenn’sInstagram page. “People will come and drain the s**t out of you…then leave and blame everything on you.”\nWas Meissenn’s meme a cry of anguished warning against a world full of evil, or a self-tribute? After all, his claim to notoriety was ruining the lives of thousands of people who saw their money disappear into his warped fantasy world of promised penny stock glories.\nThe irony of that meme posting was that it happened at all. Meissen was able to play around on social media by making himself a victim of a greater injustice than the brutal scams he enacted on others.\nThe Strategy: On Nov. 8, 2016, Meissenn pleaded guilty to one count of conspiracy to commit mail and wire fraud and one count of tax evasion in connection to his grand scheme. A plea of not guilty would have been ridiculous — not with the wealth of evidence stacked against him.\nStarting in 2009, Meissenn and six accomplices (including two unscrupulous lawyers) orchestrated a seven-year pump-and-dump attack against vulnerable investors to buy shares in penny stock companies, which were mostly shell companies that fell under their control.\nThis gang unleashed an endless series of telephone calls and emails that bombarded the investors with grand promises of extraordinary returns on investments, while dishonest press releases went across the Internet with wild misrepresentations of the companies’ activities. The attorneys signed phony opinion letters offering false assurances to securities transfer agents and prospective investors that they reviewed corporate records and filings for the issuing companies and were satisfied with the adequacy of the companies’ public disclosures.\nMeissenn and his gang gleefully reeled-in victims who naively sank money into the worthless stocks, bringing their prices to heights where they never belonged. When the prices reached inflated zeniths, the miscreants quickly cashed out and laughed over their gains while their investors were left with worthless stocks and no hope of recovering their losses. By the time the feds moved in during the summer of 2016, more than 12,000 investors collectively lost nearly $19 million.\nBetween 2011 and 2015, Meissenn accumulated roughly approximately $4.4 million from the scheme, but rather than deposit the money into his bank account he diverted most of his ill-gotten gains into an attorney’s trust account. The attorney was then directed to either wire funds or send checks to Meissenn — and none of this money was declared on his income taxes. When the Internal Revenue Service finally figured out what he pulled, Meissenn had tiptoed away from paying $1.5 million in federal income taxes.\nA declaration of innocence in the face of this evidence was untenable, Meissenn realized, but cooperating with guilty pleas was not a happier solution. He faced up to 20 years behind bars for accepting guilt on the conspiracy to commit mail and wire fraud charge and a maximum of five years for the tax evasion count.\nBut Meissenn had a curious talent for hitting a cosmic reset button that changed his situation when change was needed.\nThe American Adventure: Christian Meissenn only existed in America — in his native Bulgaria, he was Christian Levon Nigohossian. In 1987, the 15-year-old Nigohossian and his mother fled their impoverished country and a miserable domestic life under his abusive father for a better opportunity across the Atlantic.\nHe would later claim that his mother worked very long hours to support them, which distorted their relationship — he recalled their relationship was “more a friendship than a parental one.”\nHe may or may not have fallen into juvenile delinquency. An unpublished autobiographical novel called “Raised by Wolves” offers a colorful, Martin Scorsese-style coming-of-age tale with street gangs and petty crime, but given his shaky acquaintance with the truth it is hard to discern where boisterous tales replaces less-than-entertaining facts. Still, another meme on his Instagram page asked male viewers to “Be the Man You Needed as a Boy,” a hint that his youthful years went awry without paternal guidance.\nNigohossian found his way into the broker-dealer world in the mid-1990s and began to claim executive positions in sketchy companies. He was cited as treasurer and secretary of The Minneapolis Company and president of Speed of Thought Trading Corp. and GIT Securities. Most of these companies were expelled from their industry by FINRA, which also barred Nigohossian from working as a broker.\nSomewhere along the way, Nigohossian jettisoned his surname for Meissenn. He would call himself Christian Mason and Christopher Mason in his penny stock scheme and he erased all traces of his Eastern European roots from his voice, speaking English with a non-regional American accent. He also found his way to Connecticut, where he registered a skein of intriguing business names with the state, including Bubble’s Lounge and Pip Stop Trading without actually setting up a business.\nIn September 2013, the Connecticut Department of Banking issued a cease-and-desist order after determining Meissenn and his business cronies sold unregistered securities for six companies in violation of state law. He was also accused of violating state law by “inducing investors who previously bought securities issued by one or more of the referenced entities to swap their shares at a premium for different securities, promising profitability but not disclosing critical information on the entity, the involvement of Meissenn in the entity’s operations and the impact of dilution.”\nDespite these setbacks, Meissen carried on and in 2017 he claimed to hold the rights to the Atari Games trademark and was “rebuilding the brand in a brand new entity.” This claim came as a surprise to Atari Interactive, which filed a complaint with the U.S. Patent and Trademark Office. Incredibly, this occurred while Meissenn was awaiting sentencing for his penny stock swindles.\nThe Ultimate Death Sentence: Meissenn was free on bail after pleading guilty to his penny stock chicanery, but his original sentencing date of Jan. 31, 2017, wound up being postponed until Nov. 30, 2018, due to the aggressive work of his attorney, Cody N. Guarnieri, in turning Meissenn from a predator into a victim.\nGuarnieri disclosed during the sentencing that Meissenn was a patient at Yale New Haven Hospital for two rare diseases: Erdheim-Chester disease, a slow-metastasizing blood cancer, and retroperitoneal fibrosis, an inflammatory disorder that creates abnormal fiber-like tissue in the abdomen. Guarnieri informed the court that Meissenn’s condition was terminal and the chemotherapy treatment he was receiving would only slow the diseases but not cure him.\nEven worse, Guarnieri argued, was whether Meissenn could receive proper medical care while in prison — without the proper care, the attorney insisted, Meissenn would be assured that his prison term would be a death sentence.\nAmazingly, Guarnieri was able to recruit prosecutors to his side, with Assistant U.S. Attorney Avi M. Perry informing the court that Meissenn only had between 1½ and 5 years to live.\nMeissenn’s wife Kerry was brought forth to close the sale, recounting the tragedy in watching her husband’s rapidly deteriorating health, including decreased mobility, fraying memory, and shaking and vomiting from the chemotherapy treatments.\n“He is definitely not the man I married,” she said, begging the court to allow her husband to serve his sentence under house arrest without prison time.\nU.S. District Court Judge Jeffrey A. Meyer listened to the presentations in his New Haven court and spoke calmly about the case before him. He did not absolve Meissenn, branding him as a “brazen criminal” who became wealthy by “ripping people off.” Meyer also pointed to the health issues that burdened the “staggering number of victims” of Meissenn’s pump and dump scam.\nAnd then, Meyer embraced the argument for leniency.\n“The victims come to court and say they want justice done and don’t even care about the how,” Meyer said. “I look at your case, and I have to wonder whether some providential force — I’m sure this has crossed your mind many times — has essentially decided to send you something much worse than this court could ever do.\n“I believe you should serve some prison time,” Meyer added, “but I don’t believe it should be so much you don’t see your children again.”\nMeyer sentenced Meissenn to three months in prison followed by three years of supervised release under house arrest in the comfort of his Suffield, Connecticut, residence. He also ordered Meissenn to pay restitution of $5.3 million to the victims and $1.5 million to the IRS for unpaid taxes, although he acknowledged it was unlikely Meissenn would ever be able to fulfill that requirement.\nMeissenn entered prison in January 2019 and was out in April 2019. In comparison, two of Meissenn’s collaborators each received prison terms of six years months while two others received seven-year sentences. The two attorneys involved in the scam each received three-year sentences.\nDenouement: While Meissenn apologized for his actions during his sentencing, his life outside of his brief stretch behind bars was remarkably free from remorse.\nMeissenn said he authored the autobiographical “Raised By Wolves” and offered graphic novel illustrative glimpses of his story on Instagram of its content. He also claimed a film version was in the works starring Danny Aiello, but there is no evidence that the Oscar-nominated actor was ever attached to this project. Aiello died in December 2019 and Meissenn ceased trumpeting a film production after he passed away.\nMeissenn started a website called Humor the Tumor to find a light spot in chemotherapy treatment but abandoned it after a few dismal attempts at levity. He filled his Instagram page with scatological angry memes and photographs of himself with his hair growing to flowing lengths — in one video post, he blamed chemotherapy for hair loss and then credited it for allowing his tresses to return with a vengeance.\nOne Instagram image from September 2020 showed Meissenn’s hand on the steering wheel of his Lincoln Town Car. Meissenn was driving that vehicle on Aug. 16, 2021, when he was killed in a multiple-vehicle crash on I-95 in lower Connecticut. He was 49 years old at the time of his death and roughly 80 miles away from where he was supposed to have been under house arrest.\nIn the month before his court sentencing, Meissenn posted a photograph of himself on Instagram lying on a pillow featuring the message “People are f**king scumbags” while holding up a book titled “How to Be Your Own Best Friend.” Perhaps this photo encapsulated everything that was wrong with Meissenn — the pillow’s contemptuous message was mirrored in the venality of his stock swindles, and the book he displayed offered cruel evidence that he stupidly self-identified as his own best friend when, in reality, he was really his own worst enemy.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":104189653,"gmtCreate":1620363215972,"gmtModify":1634205744564,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/104189653","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869670896,"gmtCreate":1632285750115,"gmtModify":1632801480663,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/869670896","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105326073,"gmtCreate":1620271796592,"gmtModify":1634206470241,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/105326073","repostId":"2133652936","repostType":4,"isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103110907,"gmtCreate":1619754802509,"gmtModify":1634210149147,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/103110907","repostId":"1153490597","repostType":4,"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":857025503,"gmtCreate":1635496944179,"gmtModify":1635496944279,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/857025503","repostId":"1170828756","repostType":4,"isVote":1,"tweetType":1,"viewCount":2490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":376748764,"gmtCreate":1619152542858,"gmtModify":1634288146158,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/376748764","repostId":"1148495591","repostType":4,"repost":{"id":"1148495591","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619152161,"share":"https://www.laohu8.com/m/news/1148495591?lang=zh_CN&edition=full","pubTime":"2021-04-23 12:29","market":"us","language":"en","title":"Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准$2.8 B支出</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148495591","media":"Benzinga","summary":"Taiwan Semiconductor Mfg. Co. Ltd.TSM 1.88%, a foundry that supplies chips to the likes ofApple IncA","content":"<p><b>Taiwan Semiconductor Mfg. Co. Ltd.</b>TSM 1.88%, a foundry that supplies chips to the likes of<b>Apple Inc</b>AAPL 1.17%, is taking steps to alleviate thechip shortage&nbsp;which&nbsp;has come to plague companies cutting across sectors.</p><p><blockquote><b>台积电制造公司。有限公司。</b>TSM 1.88%，一家为以下公司供应芯片的代工厂<b>苹果公司</b>苹果公司正在采取措施缓解困扰各行业公司的芯片短缺问题。</blockquote></p><p> <b>What Happened:</b>At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.</p><p><blockquote><b>发生了什么：</b>在周四举行的台积电董事会特别会议上，董事会批准了28.9亿美元的资本支出计划。该公司表示，投资将用于安装成熟的技术产能。</blockquote></p><p> The company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.</p><p><blockquote>该公司在1月份批准了一项250亿至280亿美元的资本支出计划，用于开发先进芯片和建设工厂产能。</blockquote></p><p> Earlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.</p><p><blockquote>本月早些时候，台积电表示将在未来三年内拨款1000亿美元用于提高产能。</blockquote></p><p> <b>Why It's Important:</b>&nbsp;Theautomobile, as well as consumer electronics industries,&nbsp;are reeling from chip shortage, which has forced production shutdowns and delayed launches.</p><p><blockquote><b>为什么它很重要：</b>汽车和消费电子行业正受到芯片短缺的困扰，迫使生产停工并推迟发布。</blockquote></p><p> Chipmakers have stepped up to resolve this crisis.<b>Intel Corporation</b>INTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.</p><p><blockquote>芯片制造商已经加紧解决这场危机。<b>英特尔公司</b>INTC 1.77%宣布投资200亿美元在亚利桑那州建设新晶圆厂，致力于混合制造模式。</blockquote></p><p> The capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.</p><p><blockquote>产能扩张可能有助于台湾代工厂利用芯片紧缩带来的机遇。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准$2.8 B支出</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准$2.8 B支出</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 </p>\n<p class=\"h-time smaller\">2021-04-23 12:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Taiwan Semiconductor Mfg. Co. Ltd.</b>TSM 1.88%, a foundry that supplies chips to the likes of<b>Apple Inc</b>AAPL 1.17%, is taking steps to alleviate thechip shortage&nbsp;which&nbsp;has come to plague companies cutting across sectors.</p><p><blockquote><b>台积电制造公司。有限公司。</b>TSM 1.88%，一家为以下公司供应芯片的代工厂<b>苹果公司</b>苹果公司正在采取措施缓解困扰各行业公司的芯片短缺问题。</blockquote></p><p> <b>What Happened:</b>At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.</p><p><blockquote><b>发生了什么：</b>在周四举行的台积电董事会特别会议上，董事会批准了28.9亿美元的资本支出计划。该公司表示，投资将用于安装成熟的技术产能。</blockquote></p><p> The company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.</p><p><blockquote>该公司在1月份批准了一项250亿至280亿美元的资本支出计划，用于开发先进芯片和建设工厂产能。</blockquote></p><p> Earlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.</p><p><blockquote>本月早些时候，台积电表示将在未来三年内拨款1000亿美元用于提高产能。</blockquote></p><p> <b>Why It's Important:</b>&nbsp;Theautomobile, as well as consumer electronics industries,&nbsp;are reeling from chip shortage, which has forced production shutdowns and delayed launches.</p><p><blockquote><b>为什么它很重要：</b>汽车和消费电子行业正受到芯片短缺的困扰，迫使生产停工并推迟发布。</blockquote></p><p> Chipmakers have stepped up to resolve this crisis.<b>Intel Corporation</b>INTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.</p><p><blockquote>芯片制造商已经加紧解决这场危机。<b>英特尔公司</b>INTC 1.77%宣布投资200亿美元在亚利桑那州建设新晶圆厂，致力于混合制造模式。</blockquote></p><p> The capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.</p><p><blockquote>产能扩张可能有助于台湾代工厂利用芯片紧缩带来的机遇。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148495591","content_text":"Taiwan Semiconductor Mfg. Co. Ltd.TSM 1.88%, a foundry that supplies chips to the likes ofApple IncAAPL 1.17%, is taking steps to alleviate thechip shortage which has come to plague companies cutting across sectors.\nWhat Happened:At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.\nThe company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.\nEarlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.\nWhy It's Important: Theautomobile, as well as consumer electronics industries, are reeling from chip shortage, which has forced production shutdowns and delayed launches.\nChipmakers have stepped up to resolve this crisis.Intel CorporationINTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.\nThe capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860999177,"gmtCreate":1632115323199,"gmtModify":1632802730856,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860999177","repostId":"2168501302","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372715393,"gmtCreate":1619242279712,"gmtModify":1634287477932,"author":{"id":"3581005833050650","authorId":"3581005833050650","name":"khe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581005833050650","idStr":"3581005833050650"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/372715393","repostId":"1180713929","repostType":4,"repost":{"id":"1180713929","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":1619191972,"share":"https://www.laohu8.com/m/news/1180713929?lang=zh_CN&edition=full","pubTime":"2021-04-23 23:32","market":"us","language":"en","title":"Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180713929","media":"Tiger Newspress","summary":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDA","content":"<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</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\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180713929","content_text":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDAQ:INTC) rival and fellow semiconductors giant Advanced Micro Devices (NASDAQ:AMD) popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.So whatIntel, if you haven't heard, actually beat on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.And the reason this is good news for AMD is that, according to Citi at least, it's AMD that's taking that market share away from Intel.Now whatSo what's an investor to do with all this information?At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&P Global Market Intelligencedata.Intel may look like a value stockright now, but it's AMD that's gotall the momentum.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}