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2021-09-18

Ok//@chunkiat14:Oppss

Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>

2021-09-01

Ooh

抱歉，原内容已删除

2021-08-30

Best

抱歉，原内容已删除

2021-08-28

Good

Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>

2021-08-27

Ok

抱歉，原内容已删除

2021-08-24

Go go go

China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>

2021-08-23

Cool

抱歉，原内容已删除

2021-08-21

No momentum

Some China concepts stocks are expanding gains further in morning trading<blockquote>部分中概股早盘涨幅进一步扩大</blockquote>

2021-08-20

Sure?

抱歉，原内容已删除

2021-08-18

Ok

U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote>

2021-08-17

Opps

抱歉，原内容已删除

2021-08-16

So much

3 High-Flying Stocks That May Fall 53% to 84%, According to Wall Street<blockquote>据华尔街称，3只飞涨的股票可能下跌53%至84%</blockquote>

2021-08-15

Nvidia [Victory]

AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>

2021-08-14

Ok

If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>

2021-08-13

Wow

抱歉，原内容已删除

2021-08-11

Noted

China July bank loans fall to 9-mth low, modest policy easing expected<blockquote>中国7月银行贷款降至9个月低点，预计政策将适度宽松</blockquote>

2021-08-09

Wow

Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.<blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</blockquote>

2021-08-07

Oppss..

Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>

2021-08-04

Noted.

抱歉，原内容已删除

2021-08-02

Ok watchlist

抱歉，原内容已删除

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What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154837170","media":"Barron's","summary":"It should have been a happy day for Bitcoin, but it’s turned into a rout.Bitcoin  was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.Other cryptos were also ailing, including Ethereum , down 12% to $3,460.The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum ","content":"<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们，比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>","source":"lsy1610680873436","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>Bitcoin Endured a Rocky Day. 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What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-08 16:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们，比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1\">Barron's</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":{"GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154837170","content_text":"It should have been a happy day for Bitcoin, but it’s turned into a rout.\nBitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.\nOther cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.\nThe selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.\nThe down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.\nMerchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.\nBut El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.\nCrypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).\n“The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.\n“A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”\nOther factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.\nEven if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.","news_type":1,"symbols_score_info":{"COIN":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816678939,"gmtCreate":1630501220521,"gmtModify":1631885254370,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ooh","listText":"Ooh","text":"Ooh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816678939","repostId":"1173586399","repostType":4,"isVote":1,"tweetType":1,"viewCount":2228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811410102,"gmtCreate":1630335628306,"gmtModify":1704958742612,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Best","listText":"Best","text":"Best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811410102","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":2738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813099449,"gmtCreate":1630111998781,"gmtModify":1704956079248,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813099449","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</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\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819254652,"gmtCreate":1630074095776,"gmtModify":1704955587530,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819254652","repostId":"2162263460","repostType":4,"isVote":1,"tweetType":1,"viewCount":1978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834258115,"gmtCreate":1629809174737,"gmtModify":1631885254402,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Go go go","listText":"Go go go","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834258115","repostId":"1194470972","repostType":4,"repost":{"id":"1194470972","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":1629804284,"share":"https://www.laohu8.com/m/news/1194470972?lang=zh_CN&edition=full","pubTime":"2021-08-24 19:24","market":"us","language":"en","title":"China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194470972","media":"Tiger Newspress","summary":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.Total revenue was 23.05 billion yuan in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.Total revenues in the quarter were RMB23,046.2 million, an increase of 89% from RMB12,193.3 millio","content":"<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-24 19:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194470972","content_text":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.\nTotal revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.\nQ2 2021 Pinduoduo Inc Earnings Conference Call\nSecond Quarter 2021 Highlights\n\nTotal revenues in the quarter were RMB23,046.2 million(US$3,569.4 million), an increase of 89% from RMB12,193.3 millionin the same quarter of 2020.\nAverage monthly active users in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.\nActive buyers in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\n\nPinduoduo shares were back to $84.01, up 3.6%.\n\n“Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”\n“We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues were RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.\n\nRevenues from online marketing services and others were RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.\nRevenues from transaction services were RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.\nRevenues from merchandise sales were RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.\n\nTotal costs of revenues were RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.\nTotal operating expenses were RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.\n\nSales and marketing expenses were RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.\nGeneral and administrative expenses were RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.\nResearch and development expenses were RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel and an increase in R&D-related cloud services expenses.\n\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\nBasic earnings per ADS was RMB1.93(US$0.30) and diluted earnings per ADS was RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.Non-GAAP diluted earnings per ADS was RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.\nNet cash flow provided by operating activities was RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.\nCash, cash equivalents and short-term investmentswere RMB 92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.\nRecent Development\nAs ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":2102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835649116,"gmtCreate":1629715190035,"gmtModify":1631885254414,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835649116","repostId":"1186102585","repostType":2,"isVote":1,"tweetType":1,"viewCount":1955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836440812,"gmtCreate":1629517798636,"gmtModify":1631888919451,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"No momentum&nbsp;","listText":"No momentum&nbsp;","text":"No momentum","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836440812","repostId":"1109225960","repostType":4,"repost":{"id":"1109225960","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":1629468163,"share":"https://www.laohu8.com/m/news/1109225960?lang=zh_CN&edition=full","pubTime":"2021-08-20 22:02","market":"us","language":"en","title":"Some China concepts stocks are expanding gains further in morning trading<blockquote>部分中概股早盘涨幅进一步扩大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109225960","media":"Tiger Newspress","summary":"(Aug 20) Some China concepts stocks are expanding gains further in morning trading.","content":"<p>(Aug 20)&nbsp;Some China concepts stocks are&nbsp;expanding gains&nbsp;further&nbsp;in morning trading.</p><p><blockquote>（8月20日）部分中概股早盘涨幅进一步扩大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e64db039d0bb529359ffe7f1c881899\" tg-width=\"279\" tg-height=\"840\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nSome China concepts stocks are expanding gains further in morning trading<blockquote>部分中概股早盘涨幅进一步扩大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-20 22:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;Some China concepts stocks are&nbsp;expanding gains&nbsp;further&nbsp;in morning trading.</p><p><blockquote>（8月20日）部分中概股早盘涨幅进一步扩大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e64db039d0bb529359ffe7f1c881899\" tg-width=\"279\" tg-height=\"840\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109225960","content_text":"(Aug 20) Some China concepts stocks are expanding gains further in morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836167213,"gmtCreate":1629466203132,"gmtModify":1631888919460,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Sure?","listText":"Sure?","text":"Sure?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836167213","repostId":"2160971198","repostType":4,"isVote":1,"tweetType":1,"viewCount":2849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831130657,"gmtCreate":1629294098479,"gmtModify":1631888919476,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831130657","repostId":"1173506975","repostType":4,"repost":{"id":"1173506975","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":1629293513,"share":"https://www.laohu8.com/m/news/1173506975?lang=zh_CN&edition=full","pubTime":"2021-08-18 21:31","market":"us","language":"en","title":"U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173506975","media":"Tiger Newspress","summary":"The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.Since that July meeting, there’s been growing support within the Fed to announce a taperin","content":"<p>(Aug 18)&nbsp;U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.</p><p><blockquote>（8月18日）美国。由于华尔街关注美联储会议纪要，周三股市开盘走低。</blockquote></p><p> The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&amp;P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数在周二结束连续5天的上涨后下跌约120点，即0.3%。标普500下跌0.2%，纳斯达克综合指数接近持平线。</blockquote></p><p> The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.</p><p><blockquote>美联储将于美国东部时间下午2点公布7月份会议纪要。市场参与者将寻找有关央行何时可能开始缩减月度债券购买计划的线索。</blockquote></p><p> Since that July meeting, there’s been growing support within the Fed to&nbsp;announce a tapering in September&nbsp;and begin it in October. The&nbsp;10-year Treasury yield&nbsp;inched slightly higher to 1.28% on Wednesday ahead of the release.</p><p><blockquote>自7月会议以来，美联储内部越来越多的人支持在9月宣布缩减规模并在10月开始缩减规模。周三，10年期国债收益率在发布前小幅上涨至1.28%。</blockquote></p><p> Housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.</p><p><blockquote>7月新屋开工下降7%，经季节调整后年率为153.4万套，远低于经济学家预期。</blockquote></p><p> Investors also waded through more major retail earnings reports.</p><p><blockquote>投资者还费力地阅读了更多主要零售企业的收益报告。</blockquote></p><p> Shares of Target pulled back even after&nbsp;beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.</p><p><blockquote>即使第二季度盈利好于预期，塔吉特股价仍回落。该零售商的利润和收入超出预期，该公司上调了下半年的预期，理由是返校支出有了良好的开端。截至周二，塔吉特股价今年上涨了44%，因此一些投资者可能正在获利了结。</blockquote></p><p> Shares of Lowe’s jumped more than 3% after&nbsp;earnings last quarter topped expectations, with higher sales to home professionals.</p><p><blockquote>劳氏(Lowe's)上季度盈利超出预期，对家居专业人士的销售额增加，股价上涨超过3%。</blockquote></p><p> ViacomCBS shares popped around 2% after Wells Fargo&nbsp;upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.</p><p><blockquote>富国银行上调ViacomCBS股票评级后，ViacomCBS股价上涨约2%，称在流媒体强劲增长和可能的行业整合的背景下，该股可能飙升50%以上。</blockquote></p><p> “The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.</p><p><blockquote>“股市早就应该进行调整了。随着经济重新开放的恶化，新冠病例继续飙升，消费者数据最近令人震惊地崩溃——包括上周五的消费者信心以及[周二]的零售销售和房屋建筑商情绪——一些股票已经停止做出积极反应Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示：“良好的盈利、通胀报告依然火爆，美联储缩减规模的言论无处不在。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-18 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 18)&nbsp;U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.</p><p><blockquote>（8月18日）美国。由于华尔街关注美联储会议纪要，周三股市开盘走低。</blockquote></p><p> The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&amp;P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数在周二结束连续5天的上涨后下跌约120点，即0.3%。标普500下跌0.2%，纳斯达克综合指数接近持平线。</blockquote></p><p> The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.</p><p><blockquote>美联储将于美国东部时间下午2点公布7月份会议纪要。市场参与者将寻找有关央行何时可能开始缩减月度债券购买计划的线索。</blockquote></p><p> Since that July meeting, there’s been growing support within the Fed to&nbsp;announce a tapering in September&nbsp;and begin it in October. The&nbsp;10-year Treasury yield&nbsp;inched slightly higher to 1.28% on Wednesday ahead of the release.</p><p><blockquote>自7月会议以来，美联储内部越来越多的人支持在9月宣布缩减规模并在10月开始缩减规模。周三，10年期国债收益率在发布前小幅上涨至1.28%。</blockquote></p><p> Housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.</p><p><blockquote>7月新屋开工下降7%，经季节调整后年率为153.4万套，远低于经济学家预期。</blockquote></p><p> Investors also waded through more major retail earnings reports.</p><p><blockquote>投资者还费力地阅读了更多主要零售企业的收益报告。</blockquote></p><p> Shares of Target pulled back even after&nbsp;beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.</p><p><blockquote>即使第二季度盈利好于预期，塔吉特股价仍回落。该零售商的利润和收入超出预期，该公司上调了下半年的预期，理由是返校支出有了良好的开端。截至周二，塔吉特股价今年上涨了44%，因此一些投资者可能正在获利了结。</blockquote></p><p> Shares of Lowe’s jumped more than 3% after&nbsp;earnings last quarter topped expectations, with higher sales to home professionals.</p><p><blockquote>劳氏(Lowe's)上季度盈利超出预期，对家居专业人士的销售额增加，股价上涨超过3%。</blockquote></p><p> ViacomCBS shares popped around 2% after Wells Fargo&nbsp;upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.</p><p><blockquote>富国银行上调ViacomCBS股票评级后，ViacomCBS股价上涨约2%，称在流媒体强劲增长和可能的行业整合的背景下，该股可能飙升50%以上。</blockquote></p><p> “The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.</p><p><blockquote>“股市早就应该进行调整了。随着经济重新开放的恶化，新冠病例继续飙升，消费者数据最近令人震惊地崩溃——包括上周五的消费者信心以及[周二]的零售销售和房屋建筑商情绪——一些股票已经停止做出积极反应Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示：“良好的盈利、通胀报告依然火爆，美联储缩减规模的言论无处不在。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173506975","content_text":"(Aug 18) U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.\nThe Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.\nThe Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.\nSince that July meeting, there’s been growing support within the Fed to announce a tapering in September and begin it in October. The 10-year Treasury yield inched slightly higher to 1.28% on Wednesday ahead of the release.\nHousing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.\nInvestors also waded through more major retail earnings reports.\nShares of Target pulled back even after beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.\nShares of Lowe’s jumped more than 3% after earnings last quarter topped expectations, with higher sales to home professionals.\nViacomCBS shares popped around 2% after Wells Fargo upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.\n“The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833977033,"gmtCreate":1629202160622,"gmtModify":1631888919485,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Opps","listText":"Opps","text":"Opps","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833977033","repostId":"2160209556","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839987510,"gmtCreate":1629117074230,"gmtModify":1631888919502,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"So much","listText":"So much","text":"So much","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839987510","repostId":"1137437693","repostType":4,"repost":{"id":"1137437693","kind":"news","pubTimestamp":1629116844,"share":"https://www.laohu8.com/m/news/1137437693?lang=zh_CN&edition=full","pubTime":"2021-08-16 20:27","market":"us","language":"en","title":"3 High-Flying Stocks That May Fall 53% to 84%, According to Wall Street<blockquote>据华尔街称，3只飞涨的股票可能下跌53%至84%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137437693","media":"Motley Fool","summary":"Analysts expect these soaring stocks to come crashing back to Earth.\n\nKey Points\n\nThe pandemic and/o","content":"<p>  Analysts expect these soaring stocks to come crashing back to Earth.  <b>Key Points</b></p><p><blockquote>分析师预计这些飙升的股票将会重挫。<b>要点</b></blockquote></p><p> <ul>  <li>The pandemic and/or short squeezes have treated these three companies very well in 2021.</li>  <li>Though Wall Street's price targets can often be taken with a grain of salt, these are likely on point.</li> </ul> It's a great time to be an investor. In the close to 17 months since the widely followed&nbsp;<b><a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a></b> bottomed out during the coronavirus crash in March 2020, the index has doubled in value. Time and again, patience begets profits on Wall Street.</p><p><blockquote><ul><li>2021年，疫情和/或轧空对这三家公司的待遇非常好。</li><li>尽管华尔街的价格目标通常可以持保留态度，但这些目标可能是正确的。</li></ul>现在是成为投资者的好时机。在近17个月的时间里，广受关注<b><a href=\"https://laohu8.com/S/.SPX\">标普500</a></b>该指数在2020年3月冠状病毒崩溃期间触底，现已翻了一番。耐心一次又一次地在华尔街带来利润。</blockquote></p><p> However, it's also common knowledge that not every stock is going to be a winner. According to Wall Street analysts and investment firms, there are three high-flying stocks that could lose anywhere from 53% to 84% of their value over the coming year, based on the consensus price target for each company.</p><p><blockquote>然而，众所周知，并非每只股票都会成为赢家。据华尔街分析师和投资公司称，根据每家公司的共识目标价，有三只飞涨的股票在未来一年可能会损失53%至84%的价值。</blockquote></p><p> <b>Moderna: Implied downside of 53%</b></p><p><blockquote><b>Moderna：隐含下跌53%</b></blockquote></p><p> First up is skyrocketing&nbsp;biotech stock&nbsp;<b><a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a></b>, which has gained almost 1,900% since the beginning of 2020. Even after pulling back more than 20% from its intraday high last week, Moderna's share price would have to fall by another 53% just to hit the consensus price target of $184.92.</p><p><blockquote>首先是飙升的生物科技股<b><a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a></b>，自2020年初以来已上涨近1,900%。即使在从上周盘中高点回调超过20%后，Moderna的股价仍必须再下跌53%才能达到184.92美元的一致目标价。</blockquote></p><p> As you can probably guess, the reason Moderna has ascended to the heavens is the success of its emergency-use authorized (EUA) coronavirus disease 2019 (COVID-19) vaccine, mRNA-1273. In clinical trials, Moderna's vaccine candidate led to a vaccine efficacy (VE) of about 94%. With the exception of the<b>&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/</b><b>BioNTech</b>&nbsp;vaccine, which presented with a 95% VE, no other EUA vaccines have come close on the efficacy front.</p><p><blockquote>正如您可能猜到的那样，Moderna升天的原因是其紧急使用授权(EUA)冠状病毒疾病2019(COVID-19)疫苗mRNA-1273的成功。在临床试验中，Moderna的候选疫苗的疫苗效力（VE）约为94%。除了<b> <a href=\"https://laohu8.com/S/PFE\">辉瑞</a>/</b><b>BioNTech</b>该疫苗的VE为95%，在功效方面没有其他EUA疫苗接近。</blockquote></p><p> The rise of the COVID-19 delta variant has been another major boon for Moderna. The transmissibility of delta has lifted vaccination rates in a number of developed countries, and it encouraged the U.S. Food and Drug Administration toauthorize a booster shotfor those people with compromised immune systems.</p><p><blockquote>COVID-19德尔塔变异毒株的崛起是Moderna的另一大福音。delta的传播性提高了许多发达国家的疫苗接种率，并鼓励了美国。美国食品药品监督管理局将授权为那些免疫系统受损的人注射加强针。</blockquote></p><p> Ultimately, Moderna's skyrocketing share price appears to indicate that things could worsen before they get better on the COVID-19 front, and that booster shots will offer a beefier stream of revenue than once predicted.</p><p><blockquote>最终，Moderna飙升的股价似乎表明，在COVID-19局势好转之前，情况可能会变得更糟，而加强注射将提供比以前预测的更强劲的收入流。</blockquote></p><p> However, the issue with Moderna's valuation is twofold. <a href=\"https://laohu8.com/S/FFBC\">First</a>, competition for COVID-19 vaccinations is increasing, not decreasing.&nbsp;<b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a></b>&nbsp;is a good bet to receive EUA within the coming months, and&nbsp;<b><a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a></b> shouldn't have any trouble ramping up production of its single-dose vaccine. We'reprobably looking at Moderna's peak revenue year in 2021.</p><p><blockquote>然而，Moderna的估值问题是双重的。<a href=\"https://laohu8.com/S/FFBC\">第一</a>，新冠疫苗接种的竞争正在加剧，而不是减少。<b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a></b>在未来几个月内收到EUA是一个不错的选择，并且<b><a href=\"https://laohu8.com/S/JNJ\">强生公司</a></b>提高单剂量疫苗的产量应该没有任何问题。我们可能会在2021年看到Moderna的收入高峰年。</blockquote></p><p> The other issue is mRNA-1273 is Moderna's only marketable drug. A $157 billion market cap based on a single therapy that may or may not have staying powersounds very risky.</p><p><blockquote>另一个问题是mRNA-1273是Moderna唯一上市的药物。基于单一疗法的1570亿美元市值可能会也可能不会持续下去，这听起来风险很大。</blockquote></p><p> <b>Dillard's: Implied downside of 55%</b></p><p><blockquote><b>Dillard's：隐含下跌55%</b></blockquote></p><p> The next high-flying stock might come as a bit of a surprise... department store chain&nbsp;<b><a href=\"https://laohu8.com/S/DDS\">Dillard's</a></b>. Shares of Dillard's hit an all-time closing high of $196 on Friday, Aug. 13, pushing its market cap north of $4 billion. But according to analysts, which have a consensus price target of $87.33 on the company, this department store could be hitting the clearance rack with a 55% haircut over the next year.</p><p><blockquote>下一只飞涨的股票可能会有点令人惊讶...百货连锁店<b><a href=\"https://laohu8.com/S/DDS\">迪拉德氏</a></b>8月13日星期五，迪拉德的股价创下196美元的历史收盘新高，使其市值突破40亿美元。但分析师对该公司的一致目标价为87.33美元，该百货商店明年可能会降价55%。</blockquote></p><p> If you're wondering why Dillard's stock is up 625% over the trailing year, itsoperating performance would be a good place to start. The company drastically cut costs in the wake of the pandemic, strongly pushed direct-to-consumer sales, and has tightly managed its inventory. Without these burdensome overhead costs, profits have absolutely skyrocketed over the past two quarters as pent-up demand encouraged consumers to get out of their homes and into retail stores.</p><p><blockquote>如果您想知道为什么Dillard的股价在过去一年中上涨了625%，那么其经营业绩将是一个很好的起点。该公司在疫情爆发后大幅削减成本，大力推动直接面向消费者的销售，并严格管理库存。如果没有这些繁重的管理费用，过去两个季度的利润绝对飙升，因为被压抑的需求鼓励消费者走出家门，进入零售店。</blockquote></p><p> Dillard's has done a good job of attempting to boost shareholder value, too. In the 26 weeks, ended July 31, the company repurchased about 1.4 million shares totaling $171 million. This may not sound like a lot, but it reduced the company's outstanding share count by more than 6%.</p><p><blockquote>迪拉德在提高股东价值方面也做得很好。在截至7月31日的26周内，该公司回购了约140万股股票，总计1.71亿美元。这听起来可能不多，但它使公司的流通股数量减少了6%以上。</blockquote></p><p> It's also worth pointing out that Dillard's has a relatively small tradable float, and it's been a fairly heavily short-sold stock. This combination made it the perfect target for a short squeeze.</p><p><blockquote>还值得指出的是，迪拉德的可交易流通量相对较小，而且是一只被大量卖空的股票。这种组合使其成为轧空的完美目标。</blockquote></p><p></p><p> Despite all these positives, it's important for investors to recognize that retail department stores are generally slow-growing and cyclical. Even though Dillard's year-over-year comparisons are lights-out impressive, its 26-week retail sales for 2021 are only 1% higher than its 26-week retail sales for the comparable period in 2019. Further, comparable-store sales are only 4% higher in 2021 compared to 2019. While gross margin is notably higher, this has more to do with cost-cutting than significant sales traction.</p><p><blockquote>尽管有这些积极因素，但投资者必须认识到零售百货商店通常增长缓慢且具有周期性。尽管迪拉德的同比比较令人印象深刻，但其2021年26周零售额仅比2019年同期26周零售额高出1%。此外，与2019年相比，2021年同店销售额仅增长4%。虽然毛利率明显较高，但这更多地与成本削减有关，而不是显着的销售吸引力。</blockquote></p><p> Though Dillard's might defy Wall Street for a bit longer than expected, history suggestsit has no chance to keep up this pace. More than likely, Wall Street's price target will eventually become a reality.</p><p><blockquote>尽管迪拉德反抗华尔街的时间可能会比预期的要长一些，但历史表明它没有机会跟上这一步伐。华尔街的价格目标很可能最终会成为现实。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>: Implied downside of 84%</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>：隐含下行空间84%</b></blockquote></p><p> Sporting the most potential downside, according to Wall Street's consensus price target, is movie theater stock&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a></b>. Although it's one of the year's top-performing stocks, AMC would need to decline by 84% from its current share price to hit the consensus target of $5.25 a share.</p><p><blockquote>根据华尔街的一致目标价，最具潜在下行空间的是电影院股<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a></b>尽管AMC是今年表现最好的股票之一，但它需要从当前股价下跌84%才能达到每股5.25美元的共识目标。</blockquote></p><p> AMC received a huge boost in January, when the company was able to save itself from bankruptcy by issuing common stock and debt. Short-sellers who'd been betting on additional downside in the company were caught off-guard by AMC's capital raise, which effected a viciousshort squeeze.</p><p><blockquote>AMC在一月份获得了巨大的提振，当时该公司通过发行普通股和债务使自己免于破产。一直押注该公司进一步下跌的卖空者对AMC的融资感到措手不及，这导致了恶性轧空。</blockquote></p><p> Today, AMC's impassioned retail investors share the same goal -- i.e., to see another short squeeze take place. As of July 30, 85.85 million shares were held short, representing almost 17% of the float.</p><p><blockquote>如今，AMC热情的散户投资者有着相同的目标——即看到另一次轧空。截至7月30日，8585万股被空头持有，几乎占流通股的17%。</blockquote></p><p> The problem for AMC and its retail investors is that fundamentals always matter, and AMC's operating performance and balance sheet arenothing short of a horror movie. While having increased capacity in its theaters drove sequential quarterly sales higher in the second quarter, it doesn't excuse the fact that AMC has burned through $576.5 million in cash over the past six months or that it's a long way from being profitable.</p><p><blockquote>AMC及其散户投资者面临的问题是，基本面始终很重要，AMC的经营业绩和资产负债表简直就是一部恐怖电影。虽然影院容量的增加推动了第二季度销售额的环比增长，但这并不能原谅AMC在过去六个月中消耗了5.765亿美元现金的事实，也不能原谅它距离盈利还有很长的路要走的事实。</blockquote></p><p> The balance sheet is a bigger concern. AMC ended June with $5.5 billion in corporate borrowing and had an additional $420 million in deferred rent that needs to be paid. With the company effectively maxing out its share issuances, AMC will be forced to rely on its $1.81 billion in cash and $212 million revolving credit facility to make good on its rent obligations and pay off its debt. With its 2026 and 2027 bonds going for 58% and 62% of par value, the clear implication from bondholders isthere's concern AMC won't remain solvent.</p><p><blockquote>资产负债表是一个更大的问题。截至6月底，AMC的企业借款为55亿美元，另外还有4.2亿美元的递延租金需要支付。随着该公司的股票发行实际上达到最大限度，AMC将被迫依靠其18.1亿美元的现金和2.12亿美元的循环信贷额度来偿还租金义务和债务。由于其2026年和2027年债券的价格分别为面值的58%和62%，债券持有人明确表示担心AMC将无法保持偿付能力。</blockquote></p><p> The icing on the cake is we'vewitnessed theatrical exclusivity dwindle. For instance, AMC's agreement with&nbsp;<a href=\"https://laohu8.com/S/T\">AT&amp;T Inc</a>'s Warner Bros. offers only a 45-day exclusivity window, which is down from the traditional 75-day to 90-day period of exclusivity prior to the pandemic.</p><p><blockquote>锦上添花的是我们已经见证了戏剧排他性的减少。例如，AMC与<a href=\"https://laohu8.com/S/T\">AT&amp;T公司</a>华纳兄弟公司仅提供45天的独家窗口，比大流行前传统的75天独家期减少到90天。</blockquote></p><p> It may take longer than 12 months, but AMC does look to beheaded back to its February low.</p><p><blockquote>这可能需要超过12个月的时间，但AMC确实有望跌回2月份的低点。</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>3 High-Flying Stocks That May Fall 53% to 84%, According to Wall Street<blockquote>据华尔街称，3只飞涨的股票可能下跌53%至84%</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\">\n3 High-Flying Stocks That May Fall 53% to 84%, According to Wall Street<blockquote>据华尔街称，3只飞涨的股票可能下跌53%至84%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-16 20:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Analysts expect these soaring stocks to come crashing back to Earth.  <b>Key Points</b></p><p><blockquote>分析师预计这些飙升的股票将会重挫。<b>要点</b></blockquote></p><p> <ul>  <li>The pandemic and/or short squeezes have treated these three companies very well in 2021.</li>  <li>Though Wall Street's price targets can often be taken with a grain of salt, these are likely on point.</li> </ul> It's a great time to be an investor. In the close to 17 months since the widely followed&nbsp;<b><a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a></b> bottomed out during the coronavirus crash in March 2020, the index has doubled in value. Time and again, patience begets profits on Wall Street.</p><p><blockquote><ul><li>2021年，疫情和/或轧空对这三家公司的待遇非常好。</li><li>尽管华尔街的价格目标通常可以持保留态度，但这些目标可能是正确的。</li></ul>现在是成为投资者的好时机。在近17个月的时间里，广受关注<b><a href=\"https://laohu8.com/S/.SPX\">标普500</a></b>该指数在2020年3月冠状病毒崩溃期间触底，现已翻了一番。耐心一次又一次地在华尔街带来利润。</blockquote></p><p> However, it's also common knowledge that not every stock is going to be a winner. According to Wall Street analysts and investment firms, there are three high-flying stocks that could lose anywhere from 53% to 84% of their value over the coming year, based on the consensus price target for each company.</p><p><blockquote>然而，众所周知，并非每只股票都会成为赢家。据华尔街分析师和投资公司称，根据每家公司的共识目标价，有三只飞涨的股票在未来一年可能会损失53%至84%的价值。</blockquote></p><p> <b>Moderna: Implied downside of 53%</b></p><p><blockquote><b>Moderna：隐含下跌53%</b></blockquote></p><p> First up is skyrocketing&nbsp;biotech stock&nbsp;<b><a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a></b>, which has gained almost 1,900% since the beginning of 2020. Even after pulling back more than 20% from its intraday high last week, Moderna's share price would have to fall by another 53% just to hit the consensus price target of $184.92.</p><p><blockquote>首先是飙升的生物科技股<b><a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a></b>，自2020年初以来已上涨近1,900%。即使在从上周盘中高点回调超过20%后，Moderna的股价仍必须再下跌53%才能达到184.92美元的一致目标价。</blockquote></p><p> As you can probably guess, the reason Moderna has ascended to the heavens is the success of its emergency-use authorized (EUA) coronavirus disease 2019 (COVID-19) vaccine, mRNA-1273. In clinical trials, Moderna's vaccine candidate led to a vaccine efficacy (VE) of about 94%. With the exception of the<b>&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>/</b><b>BioNTech</b>&nbsp;vaccine, which presented with a 95% VE, no other EUA vaccines have come close on the efficacy front.</p><p><blockquote>正如您可能猜到的那样，Moderna升天的原因是其紧急使用授权(EUA)冠状病毒疾病2019(COVID-19)疫苗mRNA-1273的成功。在临床试验中，Moderna的候选疫苗的疫苗效力（VE）约为94%。除了<b> <a href=\"https://laohu8.com/S/PFE\">辉瑞</a>/</b><b>BioNTech</b>该疫苗的VE为95%，在功效方面没有其他EUA疫苗接近。</blockquote></p><p> The rise of the COVID-19 delta variant has been another major boon for Moderna. The transmissibility of delta has lifted vaccination rates in a number of developed countries, and it encouraged the U.S. Food and Drug Administration toauthorize a booster shotfor those people with compromised immune systems.</p><p><blockquote>COVID-19德尔塔变异毒株的崛起是Moderna的另一大福音。delta的传播性提高了许多发达国家的疫苗接种率，并鼓励了美国。美国食品药品监督管理局将授权为那些免疫系统受损的人注射加强针。</blockquote></p><p> Ultimately, Moderna's skyrocketing share price appears to indicate that things could worsen before they get better on the COVID-19 front, and that booster shots will offer a beefier stream of revenue than once predicted.</p><p><blockquote>最终，Moderna飙升的股价似乎表明，在COVID-19局势好转之前，情况可能会变得更糟，而加强注射将提供比以前预测的更强劲的收入流。</blockquote></p><p> However, the issue with Moderna's valuation is twofold. <a href=\"https://laohu8.com/S/FFBC\">First</a>, competition for COVID-19 vaccinations is increasing, not decreasing.&nbsp;<b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a></b>&nbsp;is a good bet to receive EUA within the coming months, and&nbsp;<b><a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a></b> shouldn't have any trouble ramping up production of its single-dose vaccine. We'reprobably looking at Moderna's peak revenue year in 2021.</p><p><blockquote>然而，Moderna的估值问题是双重的。<a href=\"https://laohu8.com/S/FFBC\">第一</a>，新冠疫苗接种的竞争正在加剧，而不是减少。<b><a href=\"https://laohu8.com/S/NVAX\">Novavax</a></b>在未来几个月内收到EUA是一个不错的选择，并且<b><a href=\"https://laohu8.com/S/JNJ\">强生公司</a></b>提高单剂量疫苗的产量应该没有任何问题。我们可能会在2021年看到Moderna的收入高峰年。</blockquote></p><p> The other issue is mRNA-1273 is Moderna's only marketable drug. A $157 billion market cap based on a single therapy that may or may not have staying powersounds very risky.</p><p><blockquote>另一个问题是mRNA-1273是Moderna唯一上市的药物。基于单一疗法的1570亿美元市值可能会也可能不会持续下去，这听起来风险很大。</blockquote></p><p> <b>Dillard's: Implied downside of 55%</b></p><p><blockquote><b>Dillard's：隐含下跌55%</b></blockquote></p><p> The next high-flying stock might come as a bit of a surprise... department store chain&nbsp;<b><a href=\"https://laohu8.com/S/DDS\">Dillard's</a></b>. Shares of Dillard's hit an all-time closing high of $196 on Friday, Aug. 13, pushing its market cap north of $4 billion. But according to analysts, which have a consensus price target of $87.33 on the company, this department store could be hitting the clearance rack with a 55% haircut over the next year.</p><p><blockquote>下一只飞涨的股票可能会有点令人惊讶...百货连锁店<b><a href=\"https://laohu8.com/S/DDS\">迪拉德氏</a></b>8月13日星期五，迪拉德的股价创下196美元的历史收盘新高，使其市值突破40亿美元。但分析师对该公司的一致目标价为87.33美元，该百货商店明年可能会降价55%。</blockquote></p><p> If you're wondering why Dillard's stock is up 625% over the trailing year, itsoperating performance would be a good place to start. The company drastically cut costs in the wake of the pandemic, strongly pushed direct-to-consumer sales, and has tightly managed its inventory. Without these burdensome overhead costs, profits have absolutely skyrocketed over the past two quarters as pent-up demand encouraged consumers to get out of their homes and into retail stores.</p><p><blockquote>如果您想知道为什么Dillard的股价在过去一年中上涨了625%，那么其经营业绩将是一个很好的起点。该公司在疫情爆发后大幅削减成本，大力推动直接面向消费者的销售，并严格管理库存。如果没有这些繁重的管理费用，过去两个季度的利润绝对飙升，因为被压抑的需求鼓励消费者走出家门，进入零售店。</blockquote></p><p> Dillard's has done a good job of attempting to boost shareholder value, too. In the 26 weeks, ended July 31, the company repurchased about 1.4 million shares totaling $171 million. This may not sound like a lot, but it reduced the company's outstanding share count by more than 6%.</p><p><blockquote>迪拉德在提高股东价值方面也做得很好。在截至7月31日的26周内，该公司回购了约140万股股票，总计1.71亿美元。这听起来可能不多，但它使公司的流通股数量减少了6%以上。</blockquote></p><p> It's also worth pointing out that Dillard's has a relatively small tradable float, and it's been a fairly heavily short-sold stock. This combination made it the perfect target for a short squeeze.</p><p><blockquote>还值得指出的是，迪拉德的可交易流通量相对较小，而且是一只被大量卖空的股票。这种组合使其成为轧空的完美目标。</blockquote></p><p></p><p> Despite all these positives, it's important for investors to recognize that retail department stores are generally slow-growing and cyclical. Even though Dillard's year-over-year comparisons are lights-out impressive, its 26-week retail sales for 2021 are only 1% higher than its 26-week retail sales for the comparable period in 2019. Further, comparable-store sales are only 4% higher in 2021 compared to 2019. While gross margin is notably higher, this has more to do with cost-cutting than significant sales traction.</p><p><blockquote>尽管有这些积极因素，但投资者必须认识到零售百货商店通常增长缓慢且具有周期性。尽管迪拉德的同比比较令人印象深刻，但其2021年26周零售额仅比2019年同期26周零售额高出1%。此外，与2019年相比，2021年同店销售额仅增长4%。虽然毛利率明显较高，但这更多地与成本削减有关，而不是显着的销售吸引力。</blockquote></p><p> Though Dillard's might defy Wall Street for a bit longer than expected, history suggestsit has no chance to keep up this pace. More than likely, Wall Street's price target will eventually become a reality.</p><p><blockquote>尽管迪拉德反抗华尔街的时间可能会比预期的要长一些，但历史表明它没有机会跟上这一步伐。华尔街的价格目标很可能最终会成为现实。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>: Implied downside of 84%</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>：隐含下行空间84%</b></blockquote></p><p> Sporting the most potential downside, according to Wall Street's consensus price target, is movie theater stock&nbsp;<b><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a></b>. Although it's one of the year's top-performing stocks, AMC would need to decline by 84% from its current share price to hit the consensus target of $5.25 a share.</p><p><blockquote>根据华尔街的一致目标价，最具潜在下行空间的是电影院股<b><a href=\"https://laohu8.com/S/AMC\">AMC院线</a></b>尽管AMC是今年表现最好的股票之一，但它需要从当前股价下跌84%才能达到每股5.25美元的共识目标。</blockquote></p><p> AMC received a huge boost in January, when the company was able to save itself from bankruptcy by issuing common stock and debt. Short-sellers who'd been betting on additional downside in the company were caught off-guard by AMC's capital raise, which effected a viciousshort squeeze.</p><p><blockquote>AMC在一月份获得了巨大的提振，当时该公司通过发行普通股和债务使自己免于破产。一直押注该公司进一步下跌的卖空者对AMC的融资感到措手不及，这导致了恶性轧空。</blockquote></p><p> Today, AMC's impassioned retail investors share the same goal -- i.e., to see another short squeeze take place. As of July 30, 85.85 million shares were held short, representing almost 17% of the float.</p><p><blockquote>如今，AMC热情的散户投资者有着相同的目标——即看到另一次轧空。截至7月30日，8585万股被空头持有，几乎占流通股的17%。</blockquote></p><p> The problem for AMC and its retail investors is that fundamentals always matter, and AMC's operating performance and balance sheet arenothing short of a horror movie. While having increased capacity in its theaters drove sequential quarterly sales higher in the second quarter, it doesn't excuse the fact that AMC has burned through $576.5 million in cash over the past six months or that it's a long way from being profitable.</p><p><blockquote>AMC及其散户投资者面临的问题是，基本面始终很重要，AMC的经营业绩和资产负债表简直就是一部恐怖电影。虽然影院容量的增加推动了第二季度销售额的环比增长，但这并不能原谅AMC在过去六个月中消耗了5.765亿美元现金的事实，也不能原谅它距离盈利还有很长的路要走的事实。</blockquote></p><p> The balance sheet is a bigger concern. AMC ended June with $5.5 billion in corporate borrowing and had an additional $420 million in deferred rent that needs to be paid. With the company effectively maxing out its share issuances, AMC will be forced to rely on its $1.81 billion in cash and $212 million revolving credit facility to make good on its rent obligations and pay off its debt. With its 2026 and 2027 bonds going for 58% and 62% of par value, the clear implication from bondholders isthere's concern AMC won't remain solvent.</p><p><blockquote>资产负债表是一个更大的问题。截至6月底，AMC的企业借款为55亿美元，另外还有4.2亿美元的递延租金需要支付。随着该公司的股票发行实际上达到最大限度，AMC将被迫依靠其18.1亿美元的现金和2.12亿美元的循环信贷额度来偿还租金义务和债务。由于其2026年和2027年债券的价格分别为面值的58%和62%，债券持有人明确表示担心AMC将无法保持偿付能力。</blockquote></p><p> The icing on the cake is we'vewitnessed theatrical exclusivity dwindle. For instance, AMC's agreement with&nbsp;<a href=\"https://laohu8.com/S/T\">AT&amp;T Inc</a>'s Warner Bros. offers only a 45-day exclusivity window, which is down from the traditional 75-day to 90-day period of exclusivity prior to the pandemic.</p><p><blockquote>锦上添花的是我们已经见证了戏剧排他性的减少。例如，AMC与<a href=\"https://laohu8.com/S/T\">AT&amp;T公司</a>华纳兄弟公司仅提供45天的独家窗口，比大流行前传统的75天独家期减少到90天。</blockquote></p><p> It may take longer than 12 months, but AMC does look to beheaded back to its February low.</p><p><blockquote>这可能需要超过12个月的时间，但AMC确实有望跌回2月份的低点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/16/3-high-flying-stocks-may-fall-53-to-84-wall-street/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DDS":"狄乐百货","AMC":"AMC院线","JNJ":"强生",".SPX":"S&P 500 Index","MRNA":"Moderna, Inc."},"source_url":"https://www.fool.com/investing/2021/08/16/3-high-flying-stocks-may-fall-53-to-84-wall-street/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137437693","content_text":"Analysts expect these soaring stocks to come crashing back to Earth.\n\nKey Points\n\nThe pandemic and/or short squeezes have treated these three companies very well in 2021.\nThough Wall Street's price targets can often be taken with a grain of salt, these are likely on point.\n\nIt's a great time to be an investor. In the close to 17 months since the widely followed S&P 500 bottomed out during the coronavirus crash in March 2020, the index has doubled in value. Time and again, patience begets profits on Wall Street.\nHowever, it's also common knowledge that not every stock is going to be a winner. According to Wall Street analysts and investment firms, there are three high-flying stocks that could lose anywhere from 53% to 84% of their value over the coming year, based on the consensus price target for each company.\nModerna: Implied downside of 53%\nFirst up is skyrocketing biotech stock Moderna, Inc., which has gained almost 1,900% since the beginning of 2020. Even after pulling back more than 20% from its intraday high last week, Moderna's share price would have to fall by another 53% just to hit the consensus price target of $184.92.\nAs you can probably guess, the reason Moderna has ascended to the heavens is the success of its emergency-use authorized (EUA) coronavirus disease 2019 (COVID-19) vaccine, mRNA-1273. In clinical trials, Moderna's vaccine candidate led to a vaccine efficacy (VE) of about 94%. With the exception of the Pfizer/BioNTech vaccine, which presented with a 95% VE, no other EUA vaccines have come close on the efficacy front.\nThe rise of the COVID-19 delta variant has been another major boon for Moderna. The transmissibility of delta has lifted vaccination rates in a number of developed countries, and it encouraged the U.S. Food and Drug Administration toauthorize a booster shotfor those people with compromised immune systems.\nUltimately, Moderna's skyrocketing share price appears to indicate that things could worsen before they get better on the COVID-19 front, and that booster shots will offer a beefier stream of revenue than once predicted.\nHowever, the issue with Moderna's valuation is twofold. First, competition for COVID-19 vaccinations is increasing, not decreasing. Novavax is a good bet to receive EUA within the coming months, and Johnson & Johnson shouldn't have any trouble ramping up production of its single-dose vaccine. We'reprobably looking at Moderna's peak revenue year in 2021.\nThe other issue is mRNA-1273 is Moderna's only marketable drug. A $157 billion market cap based on a single therapy that may or may not have staying powersounds very risky.\nDillard's: Implied downside of 55%\nThe next high-flying stock might come as a bit of a surprise... department store chain Dillard's. Shares of Dillard's hit an all-time closing high of $196 on Friday, Aug. 13, pushing its market cap north of $4 billion. But according to analysts, which have a consensus price target of $87.33 on the company, this department store could be hitting the clearance rack with a 55% haircut over the next year.\nIf you're wondering why Dillard's stock is up 625% over the trailing year, itsoperating performance would be a good place to start. The company drastically cut costs in the wake of the pandemic, strongly pushed direct-to-consumer sales, and has tightly managed its inventory. Without these burdensome overhead costs, profits have absolutely skyrocketed over the past two quarters as pent-up demand encouraged consumers to get out of their homes and into retail stores.\nDillard's has done a good job of attempting to boost shareholder value, too. In the 26 weeks, ended July 31, the company repurchased about 1.4 million shares totaling $171 million. This may not sound like a lot, but it reduced the company's outstanding share count by more than 6%.\nIt's also worth pointing out that Dillard's has a relatively small tradable float, and it's been a fairly heavily short-sold stock. This combination made it the perfect target for a short squeeze.\nDespite all these positives, it's important for investors to recognize that retail department stores are generally slow-growing and cyclical. Even though Dillard's year-over-year comparisons are lights-out impressive, its 26-week retail sales for 2021 are only 1% higher than its 26-week retail sales for the comparable period in 2019. Further, comparable-store sales are only 4% higher in 2021 compared to 2019. While gross margin is notably higher, this has more to do with cost-cutting than significant sales traction.\nThough Dillard's might defy Wall Street for a bit longer than expected, history suggestsit has no chance to keep up this pace. More than likely, Wall Street's price target will eventually become a reality.\nAMC Entertainment: Implied downside of 84%\nSporting the most potential downside, according to Wall Street's consensus price target, is movie theater stock AMC Entertainment. Although it's one of the year's top-performing stocks, AMC would need to decline by 84% from its current share price to hit the consensus target of $5.25 a share.\nAMC received a huge boost in January, when the company was able to save itself from bankruptcy by issuing common stock and debt. Short-sellers who'd been betting on additional downside in the company were caught off-guard by AMC's capital raise, which effected a viciousshort squeeze.\nToday, AMC's impassioned retail investors share the same goal -- i.e., to see another short squeeze take place. As of July 30, 85.85 million shares were held short, representing almost 17% of the float.\nThe problem for AMC and its retail investors is that fundamentals always matter, and AMC's operating performance and balance sheet arenothing short of a horror movie. While having increased capacity in its theaters drove sequential quarterly sales higher in the second quarter, it doesn't excuse the fact that AMC has burned through $576.5 million in cash over the past six months or that it's a long way from being profitable.\nThe balance sheet is a bigger concern. AMC ended June with $5.5 billion in corporate borrowing and had an additional $420 million in deferred rent that needs to be paid. With the company effectively maxing out its share issuances, AMC will be forced to rely on its $1.81 billion in cash and $212 million revolving credit facility to make good on its rent obligations and pay off its debt. With its 2026 and 2027 bonds going for 58% and 62% of par value, the clear implication from bondholders isthere's concern AMC won't remain solvent.\nThe icing on the cake is we'vewitnessed theatrical exclusivity dwindle. For instance, AMC's agreement with AT&T Inc's Warner Bros. offers only a 45-day exclusivity window, which is down from the traditional 75-day to 90-day period of exclusivity prior to the pandemic.\nIt may take longer than 12 months, but AMC does look to beheaded back to its February low.","news_type":1,"symbols_score_info":{"AMC":0.9,"JNJ":0.9,"DDS":0.9,".SPX":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830926227,"gmtCreate":1629002670869,"gmtModify":1631888919510,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Nvidia [Victory]&nbsp;","listText":"Nvidia [Victory]&nbsp;","text":"Nvidia [Victory]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830926227","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897262832,"gmtCreate":1628925008826,"gmtModify":1631888919526,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897262832","repostId":"1173847412","repostType":4,"repost":{"id":"1173847412","kind":"news","pubTimestamp":1628905097,"share":"https://www.laohu8.com/m/news/1173847412?lang=zh_CN&edition=full","pubTime":"2021-08-14 09:38","market":"us","language":"en","title":"If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173847412","media":"MarketWatch","summary":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others. The stock market is near all-time highs, but train-wreck season lies just around the corner.I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.The smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insid","content":"<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</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 you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</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\">\nIf you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 09:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page\">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":{"OGN":"Organon & Co","ATVI":"动视暴雪","RILY":"B. Riley Financial, Inc.","BABA":"阿里巴巴","CHGG":"Chegg Inc"},"source_url":"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173847412","content_text":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others\n(Photo by Chung Sung-Jun/Getty Images)\nThe stock market is near all-time highs, but train-wreck season lies just around the corner.\nShould you sell? After all, the S&P 500,Nasdaq and Dow Jones Industrial Average often hit a rough patch in September and October.\nI say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.\n1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.\n2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.\n3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.\nOn the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.\nFive smart money stocks\nAt my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just any insiders. I go for stocks picked up by insiders with great records. Here are two, trading near where insiders just bought.\nActivision Blizzard\nThis is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.Activision Blizzard makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.\nBesides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.\nOne risk is that fallout from allegations of sexual misconduct and a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says Morningstar analyst Neil Macker.\nThe smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.\nB. Riley Financial\nI introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think B. Riley Financia is still a hold, and a buy for anyone who does not own.\nThis is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions. Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.\nThe smart money signal: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).\nAlibaba Group\nIf you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform Alibaba Group may be for you.\nIts shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.\nThese are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.\nThe smart money signal: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&P 500.\nAn attractive spinoff\nOne tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.\nA good spinoff to consider right now is Organon,a mid-size pharma company. It was jettisoned from Merck in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.\nOf course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.\nBut this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.\nOn the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.\nThe smart money signal: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&P 500.\nAn education play\nIf universities have allowed their participation in the culture wars to distract them from the core mission of basic education,Chegg is there to pick up the slack.\nThis online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.\nWhile online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.\n“Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”\nHe likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.\nThe smart money signal: Landis’ Firsthand Technology Opportunities beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.","news_type":1,"symbols_score_info":{"RILY":0.9,"CHGG":0.9,"OGN":0.9,"ATVI":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894465986,"gmtCreate":1628849016745,"gmtModify":1631888919538,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894465986","repostId":"1108838681","repostType":4,"isVote":1,"tweetType":1,"viewCount":991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892552957,"gmtCreate":1628675873579,"gmtModify":1631888919544,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892552957","repostId":"1100108959","repostType":4,"repost":{"id":"1100108959","kind":"news","pubTimestamp":1628673156,"share":"https://www.laohu8.com/m/news/1100108959?lang=zh_CN&edition=full","pubTime":"2021-08-11 17:12","market":"hk","language":"en","title":"China July bank loans fall to 9-mth low, modest policy easing expected<blockquote>中国7月银行贷款降至9个月低点，预计政策将适度宽松</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100108959","media":"Reuters","summary":"BEIJING, Aug 11 (Reuters) - China's new bank loans fell more than expected in July to their lowest i","content":"<p>BEIJING, Aug 11 (Reuters) - China's new bank loans fell more than expected in July to their lowest in nine months while broad credit growth hit a 17-month low, adding to market expectations that modest policy easing may be needed to underpin the country's economic recovery.</p><p><blockquote>路透北京8月11日-中国7月份新增银行贷款降幅超出预期，至九个月来最低水平，而广义信贷增长触及17个月低点，加剧了市场对可能需要适度宽松政策来支撑中国经济复苏的预期。</blockquote></p><p> The world's second-largest economy has largely rebounded from disruptions caused by the pandemic last year, but recent new outbreaks of the Delta variants and severe flooding threaten to slow its recovery.</p><p><blockquote>这个世界第二大经济体已基本从去年疫情造成的破坏中反弹，但最近三角洲变种的新爆发和严重的洪水可能会减缓其复苏。</blockquote></p><p> Chinese banks extended 1.08 trillion yuan ($166.5 billion) in new yuan loans in July, well down from 2.12 trillion yuan in June and the weakest level since October 2020, according to data released by the People's Bank of China (PBOC) on Wednesday.</p><p><blockquote>中国人民银行(PBOC)周三发布的数据显示，7月份中国银行新增人民币贷款1.08万亿元（合1,665亿美元），远低于6月份的2.12万亿元，为2020年10月以来的最低水平。</blockquote></p><p> Analysts polled by Reuters had predicted new yuan loans would fall to 1.20 trillion yuan. Despite the drop, the total was still higher than 992.7 billion yuan a year earlier.</p><p><blockquote>路透社调查的分析师此前预测，新增人民币贷款将降至1.20万亿元。尽管有所下降，但总额仍高于上年同期的9927亿元。</blockquote></p><p> Chinese banks doled out a record 12.76 trillion yuan in new loans in the first half of 2021, even as the PBOC sought to cool broader credit growth to rein in debt risks amid rising defaults.</p><p><blockquote>2021年上半年，中国各银行发放了创纪录的12.76万亿元新贷款，尽管中国人民银行试图冷却更广泛的信贷增长，以在违约率上升的情况下控制债务风险。</blockquote></p><p> Financial markets are increasingly looking for signs that authorities will announce additional measures to stimulate activity as post-COVID growth rates moderate. In July the PBOC cut the reserve requirement ratio (RRR) for banks, releasing around 1 trillion yuan in long-term liquidity, and analysts expect another RRR cut this year.</p><p><blockquote>随着新冠疫情后增长率放缓，金融市场越来越多地寻找当局将宣布额外措施刺激经济活动的迹象。7月，中国人民银行下调了银行存款准备金率（RRR），释放了约1万亿元的长期流动性，分析师预计今年将再次下调存款准备金率。</blockquote></p><p> \"After stabilising in June, broad credit growth resumed its downward trajectory in July and is now at its slowest since February last year,\" Capital Economics said in a note to clients.</p><p><blockquote>凯投宏观在给客户的一份报告中表示：“在6月份企稳后，广义信贷增长在7月份恢复下行轨迹，目前处于去年2月以来的最低水平。”</blockquote></p><p> \"We expect the slowdown and resulting headwind to the economy to continue in the coming months, further RRR and policy rate cuts notwithstanding.\"</p><p><blockquote>“我们预计，尽管进一步降准和政策利率，但经济放缓和由此带来的阻力将在未来几个月持续下去。”</blockquote></p><p> Many analysts are lowering growth forecasts for the second half of the year as China imposes new restrictions to battle an outbreak of the Delta variant, which will dampen activity, particularly in services such as tourism, retail and restaurants.</p><p><blockquote>由于中国为抗击德尔塔变异毒株疫情而实施新的限制措施，许多分析师正在下调下半年的增长预期，这将抑制经济活动，特别是旅游、零售和餐饮等服务业。</blockquote></p><p> Continued curbs on property speculation, higher raw material prices, tougher pollution controls and severe flooding in parts of the country are also weighing on growth.</p><p><blockquote>对房地产投机的持续限制、原材料价格上涨、更严格的污染控制以及该国部分地区的严重洪水也拖累了经济增长。</blockquote></p><p> Policy insiders and analysts told Reuters last week that China would bolster the economy with faster spending on infrastructure projects while the central bank would support activity with modest easing steps. Most analysts believe policy rate cuts this year are still unlikely, though some have recently begun to pencil them in.</p><p><blockquote>政策内部人士和分析师上周告诉路透社，中国将通过加快基础设施项目支出来提振经济，而央行将通过适度的宽松措施来支持经济活动。大多数分析师认为，今年仍不太可能降息，尽管一些分析师最近开始考虑降息。</blockquote></p><p> The central bank said on Monday it would keep monetary policy flexible and appropriate to maintain stability as the pandemic persists and the domestic economic recovery is uneven. The PBOC cited a rebound in COVID-19 cases globally and the risk from expected policy shifts in developed countries that could affect cross-border capital flows.</p><p><blockquote>央行周一表示，在疫情持续、国内经济复苏不平衡的情况下，将保持货币政策灵活适度以保持稳定。中国人民银行列举了全球COVID-19病例的反弹以及发达国家预期政策转变可能影响跨境资本流动的风险。</blockquote></p><p> A meeting of the Politburo, a top-decision making body of the ruling Communist Party, pledged in July to maintain an accommodative stance in the face of an uneven domestic recovery and global uncertainty.</p><p><blockquote>执政的共产党最高决策机构政治局在7月份的一次会议上承诺，面对国内复苏不平衡和全球不确定性，将保持宽松立场。</blockquote></p><p> Broad M2 money supply grew 8.3% from a year earlier, central bank data showed, below a forecast of 8.7% in the Reuters poll and the 8.6% pace seen in June.</p><p><blockquote>央行数据显示，广义M2货币供应量同比增长8.3%，低于路透社调查预测的8.7%和6月份8.6%的增速。</blockquote></p><p> Outstanding yuan loans grew 12.3% in July from a year earlier, in line with expectations, and unchanged from June.</p><p><blockquote>7月份未偿还人民币贷款同比增长12.3%，符合预期，与6月份持平。</blockquote></p><p> Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.7% in July - the weakest reading since February 2020 - from a year earlier and from 11% in June.</p><p><blockquote>未偿社会融资总额（TSF）是衡量经济中信贷和流动性的广泛指标，7月份增速放缓至10.7%，为2020年2月以来的最低水平，6月份为11%。</blockquote></p><p> TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.</p><p><blockquote>TSF包括存在于传统银行贷款体系之外的表外融资形式，例如首次公开募股、信托公司贷款和债券销售。</blockquote></p><p> In July, TSF fell to 1.06 trillion yuan from 3.67 trillion yuan in June. Analysts polled by Reuters had expected July TSF of 1.70 trillion yuan.</p><p><blockquote>7月，TSF从6月的3.67万亿元降至1.06万亿元。路透社调查的分析师此前预计7月TSF为1.70万亿元。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China July bank loans fall to 9-mth low, modest policy easing expected<blockquote>中国7月银行贷款降至9个月低点，预计政策将适度宽松</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\">\nChina July bank loans fall to 9-mth low, modest policy easing expected<blockquote>中国7月银行贷款降至9个月低点，预计政策将适度宽松</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-11 17:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING, Aug 11 (Reuters) - China's new bank loans fell more than expected in July to their lowest in nine months while broad credit growth hit a 17-month low, adding to market expectations that modest policy easing may be needed to underpin the country's economic recovery.</p><p><blockquote>路透北京8月11日-中国7月份新增银行贷款降幅超出预期，至九个月来最低水平，而广义信贷增长触及17个月低点，加剧了市场对可能需要适度宽松政策来支撑中国经济复苏的预期。</blockquote></p><p> The world's second-largest economy has largely rebounded from disruptions caused by the pandemic last year, but recent new outbreaks of the Delta variants and severe flooding threaten to slow its recovery.</p><p><blockquote>这个世界第二大经济体已基本从去年疫情造成的破坏中反弹，但最近三角洲变种的新爆发和严重的洪水可能会减缓其复苏。</blockquote></p><p> Chinese banks extended 1.08 trillion yuan ($166.5 billion) in new yuan loans in July, well down from 2.12 trillion yuan in June and the weakest level since October 2020, according to data released by the People's Bank of China (PBOC) on Wednesday.</p><p><blockquote>中国人民银行(PBOC)周三发布的数据显示，7月份中国银行新增人民币贷款1.08万亿元（合1,665亿美元），远低于6月份的2.12万亿元，为2020年10月以来的最低水平。</blockquote></p><p> Analysts polled by Reuters had predicted new yuan loans would fall to 1.20 trillion yuan. Despite the drop, the total was still higher than 992.7 billion yuan a year earlier.</p><p><blockquote>路透社调查的分析师此前预测，新增人民币贷款将降至1.20万亿元。尽管有所下降，但总额仍高于上年同期的9927亿元。</blockquote></p><p> Chinese banks doled out a record 12.76 trillion yuan in new loans in the first half of 2021, even as the PBOC sought to cool broader credit growth to rein in debt risks amid rising defaults.</p><p><blockquote>2021年上半年，中国各银行发放了创纪录的12.76万亿元新贷款，尽管中国人民银行试图冷却更广泛的信贷增长，以在违约率上升的情况下控制债务风险。</blockquote></p><p> Financial markets are increasingly looking for signs that authorities will announce additional measures to stimulate activity as post-COVID growth rates moderate. In July the PBOC cut the reserve requirement ratio (RRR) for banks, releasing around 1 trillion yuan in long-term liquidity, and analysts expect another RRR cut this year.</p><p><blockquote>随着新冠疫情后增长率放缓，金融市场越来越多地寻找当局将宣布额外措施刺激经济活动的迹象。7月，中国人民银行下调了银行存款准备金率（RRR），释放了约1万亿元的长期流动性，分析师预计今年将再次下调存款准备金率。</blockquote></p><p> \"After stabilising in June, broad credit growth resumed its downward trajectory in July and is now at its slowest since February last year,\" Capital Economics said in a note to clients.</p><p><blockquote>凯投宏观在给客户的一份报告中表示：“在6月份企稳后，广义信贷增长在7月份恢复下行轨迹，目前处于去年2月以来的最低水平。”</blockquote></p><p> \"We expect the slowdown and resulting headwind to the economy to continue in the coming months, further RRR and policy rate cuts notwithstanding.\"</p><p><blockquote>“我们预计，尽管进一步降准和政策利率，但经济放缓和由此带来的阻力将在未来几个月持续下去。”</blockquote></p><p> Many analysts are lowering growth forecasts for the second half of the year as China imposes new restrictions to battle an outbreak of the Delta variant, which will dampen activity, particularly in services such as tourism, retail and restaurants.</p><p><blockquote>由于中国为抗击德尔塔变异毒株疫情而实施新的限制措施，许多分析师正在下调下半年的增长预期，这将抑制经济活动，特别是旅游、零售和餐饮等服务业。</blockquote></p><p> Continued curbs on property speculation, higher raw material prices, tougher pollution controls and severe flooding in parts of the country are also weighing on growth.</p><p><blockquote>对房地产投机的持续限制、原材料价格上涨、更严格的污染控制以及该国部分地区的严重洪水也拖累了经济增长。</blockquote></p><p> Policy insiders and analysts told Reuters last week that China would bolster the economy with faster spending on infrastructure projects while the central bank would support activity with modest easing steps. Most analysts believe policy rate cuts this year are still unlikely, though some have recently begun to pencil them in.</p><p><blockquote>政策内部人士和分析师上周告诉路透社，中国将通过加快基础设施项目支出来提振经济，而央行将通过适度的宽松措施来支持经济活动。大多数分析师认为，今年仍不太可能降息，尽管一些分析师最近开始考虑降息。</blockquote></p><p> The central bank said on Monday it would keep monetary policy flexible and appropriate to maintain stability as the pandemic persists and the domestic economic recovery is uneven. The PBOC cited a rebound in COVID-19 cases globally and the risk from expected policy shifts in developed countries that could affect cross-border capital flows.</p><p><blockquote>央行周一表示，在疫情持续、国内经济复苏不平衡的情况下，将保持货币政策灵活适度以保持稳定。中国人民银行列举了全球COVID-19病例的反弹以及发达国家预期政策转变可能影响跨境资本流动的风险。</blockquote></p><p> A meeting of the Politburo, a top-decision making body of the ruling Communist Party, pledged in July to maintain an accommodative stance in the face of an uneven domestic recovery and global uncertainty.</p><p><blockquote>执政的共产党最高决策机构政治局在7月份的一次会议上承诺，面对国内复苏不平衡和全球不确定性，将保持宽松立场。</blockquote></p><p> Broad M2 money supply grew 8.3% from a year earlier, central bank data showed, below a forecast of 8.7% in the Reuters poll and the 8.6% pace seen in June.</p><p><blockquote>央行数据显示，广义M2货币供应量同比增长8.3%，低于路透社调查预测的8.7%和6月份8.6%的增速。</blockquote></p><p> Outstanding yuan loans grew 12.3% in July from a year earlier, in line with expectations, and unchanged from June.</p><p><blockquote>7月份未偿还人民币贷款同比增长12.3%，符合预期，与6月份持平。</blockquote></p><p> Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.7% in July - the weakest reading since February 2020 - from a year earlier and from 11% in June.</p><p><blockquote>未偿社会融资总额（TSF）是衡量经济中信贷和流动性的广泛指标，7月份增速放缓至10.7%，为2020年2月以来的最低水平，6月份为11%。</blockquote></p><p> TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.</p><p><blockquote>TSF包括存在于传统银行贷款体系之外的表外融资形式，例如首次公开募股、信托公司贷款和债券销售。</blockquote></p><p> In July, TSF fell to 1.06 trillion yuan from 3.67 trillion yuan in June. Analysts polled by Reuters had expected July TSF of 1.70 trillion yuan.</p><p><blockquote>7月，TSF从6月的3.67万亿元降至1.06万亿元。路透社调查的分析师此前预计7月TSF为1.70万亿元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/1-china-july-bank-loans-090507956.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://finance.yahoo.com/news/1-china-july-bank-loans-090507956.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100108959","content_text":"BEIJING, Aug 11 (Reuters) - China's new bank loans fell more than expected in July to their lowest in nine months while broad credit growth hit a 17-month low, adding to market expectations that modest policy easing may be needed to underpin the country's economic recovery.\nThe world's second-largest economy has largely rebounded from disruptions caused by the pandemic last year, but recent new outbreaks of the Delta variants and severe flooding threaten to slow its recovery.\nChinese banks extended 1.08 trillion yuan ($166.5 billion) in new yuan loans in July, well down from 2.12 trillion yuan in June and the weakest level since October 2020, according to data released by the People's Bank of China (PBOC) on Wednesday.\nAnalysts polled by Reuters had predicted new yuan loans would fall to 1.20 trillion yuan. Despite the drop, the total was still higher than 992.7 billion yuan a year earlier.\nChinese banks doled out a record 12.76 trillion yuan in new loans in the first half of 2021, even as the PBOC sought to cool broader credit growth to rein in debt risks amid rising defaults.\nFinancial markets are increasingly looking for signs that authorities will announce additional measures to stimulate activity as post-COVID growth rates moderate. In July the PBOC cut the reserve requirement ratio (RRR) for banks, releasing around 1 trillion yuan in long-term liquidity, and analysts expect another RRR cut this year.\n\"After stabilising in June, broad credit growth resumed its downward trajectory in July and is now at its slowest since February last year,\" Capital Economics said in a note to clients.\n\"We expect the slowdown and resulting headwind to the economy to continue in the coming months, further RRR and policy rate cuts notwithstanding.\"\nMany analysts are lowering growth forecasts for the second half of the year as China imposes new restrictions to battle an outbreak of the Delta variant, which will dampen activity, particularly in services such as tourism, retail and restaurants.\nContinued curbs on property speculation, higher raw material prices, tougher pollution controls and severe flooding in parts of the country are also weighing on growth.\nPolicy insiders and analysts told Reuters last week that China would bolster the economy with faster spending on infrastructure projects while the central bank would support activity with modest easing steps. Most analysts believe policy rate cuts this year are still unlikely, though some have recently begun to pencil them in.\nThe central bank said on Monday it would keep monetary policy flexible and appropriate to maintain stability as the pandemic persists and the domestic economic recovery is uneven. The PBOC cited a rebound in COVID-19 cases globally and the risk from expected policy shifts in developed countries that could affect cross-border capital flows.\nA meeting of the Politburo, a top-decision making body of the ruling Communist Party, pledged in July to maintain an accommodative stance in the face of an uneven domestic recovery and global uncertainty.\nBroad M2 money supply grew 8.3% from a year earlier, central bank data showed, below a forecast of 8.7% in the Reuters poll and the 8.6% pace seen in June.\nOutstanding yuan loans grew 12.3% in July from a year earlier, in line with expectations, and unchanged from June.\nGrowth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.7% in July - the weakest reading since February 2020 - from a year earlier and from 11% in June.\nTSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.\nIn July, TSF fell to 1.06 trillion yuan from 3.67 trillion yuan in June. Analysts polled by Reuters had expected July TSF of 1.70 trillion yuan.","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898492987,"gmtCreate":1628516259449,"gmtModify":1631888919560,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898492987","repostId":"1122651143","repostType":4,"repost":{"id":"1122651143","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":1628508488,"share":"https://www.laohu8.com/m/news/1122651143?lang=zh_CN&edition=full","pubTime":"2021-08-09 19:28","market":"us","language":"en","title":"Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.<blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122651143","media":"Tiger Newspress","summary":"Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more tha","content":"<p>Crypto&nbsp;sector&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading,BTCM&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;30%,BITF&nbsp;surged&nbsp;more&nbsp;than&nbsp;20%.</p><p><blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9ece56572cf91d8de69991add19a22f4\" tg-width=\"1287\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week.</p><p><blockquote>股票交易平台的投资者将加密货币的势头视为股价上涨的驱动力。比特币加密货币的价格在过去一周上涨了9%以上。以太币过去一周上涨超过12%。</blockquote></p><p> Late last month, BIT Mining announced it entered into a definitive purchase agreement to buy 2,500 new bitcoin mining machines for a total consideration of approximately US$6.6 million. And when deployed, the company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by about 165 peta hashes per second (PH/s).</p><p><blockquote>上月底，BIT Mining宣布已签订最终购买协议，购买2,500台新的比特币矿机，总对价约为660万美元。部署后，该公司预计收购的机器将使其理论上最大总哈希率容量增加约165 peta哈希每秒（PH/s）。</blockquote></p><p> The acquired machines are expected to be delivered within one week from today. And following delivery, the company plans for them to be shipped to Kazakhstan for deployment.</p><p><blockquote>收购的机器预计将在今天起一周内交付。交付后，该公司计划将它们运往哈萨克斯坦进行部署。</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>Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.<blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</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\">\nCrypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.<blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-09 19:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto&nbsp;sector&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading,BTCM&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;30%,BITF&nbsp;surged&nbsp;more&nbsp;than&nbsp;20%.</p><p><blockquote>加密货币板块股票在盘前交易中上涨，BTCM股价上涨超过30%，BITF飙升超过20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9ece56572cf91d8de69991add19a22f4\" tg-width=\"1287\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Investors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week.</p><p><blockquote>股票交易平台的投资者将加密货币的势头视为股价上涨的驱动力。比特币加密货币的价格在过去一周上涨了9%以上。以太币过去一周上涨超过12%。</blockquote></p><p> Late last month, BIT Mining announced it entered into a definitive purchase agreement to buy 2,500 new bitcoin mining machines for a total consideration of approximately US$6.6 million. And when deployed, the company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by about 165 peta hashes per second (PH/s).</p><p><blockquote>上月底，BIT Mining宣布已签订最终购买协议，购买2,500台新的比特币矿机，总对价约为660万美元。部署后，该公司预计收购的机器将使其理论上最大总哈希率容量增加约165 peta哈希每秒（PH/s）。</blockquote></p><p> The acquired machines are expected to be delivered within one week from today. And following delivery, the company plans for them to be shipped to Kazakhstan for deployment.</p><p><blockquote>收购的机器预计将在今天起一周内交付。交付后，该公司计划将它们运往哈萨克斯坦进行部署。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITF":"Bitfarms Ltd."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122651143","content_text":"Crypto sector stocks rose in premarket trading,BTCM shares jumped more than 30%,BITF surged more than 20%.\nInvestors in stock trading platforms are citing the momentum in cryptocurrencies as being the driving force for the stock price increase. The price of the Bitcoin cryptocurrency is up more than 9% over the past week. And Ethereum is up more than 12% over the past week.\nLate last month, BIT Mining announced it entered into a definitive purchase agreement to buy 2,500 new bitcoin mining machines for a total consideration of approximately US$6.6 million. And when deployed, the company expects the Acquired Machines to increase its theoretical maximum total hash rate capacity by about 165 peta hashes per second (PH/s).\nThe acquired machines are expected to be delivered within one week from today. And following delivery, the company plans for them to be shipped to Kazakhstan for deployment.","news_type":1,"symbols_score_info":{"BTCM":0.9,"BITF":0.9}},"isVote":1,"tweetType":1,"viewCount":926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891139255,"gmtCreate":1628346347377,"gmtModify":1633751534621,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Oppss..","listText":"Oppss..","text":"Oppss..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891139255","repostId":"1110501028","repostType":4,"repost":{"id":"1110501028","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":1628260468,"share":"https://www.laohu8.com/m/news/1110501028?lang=zh_CN&edition=full","pubTime":"2021-08-06 22:34","market":"us","language":"en","title":"Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110501028","media":"Tiger Newspress","summary":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","content":"<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</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\" 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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\">\nTencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-06 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110501028","content_text":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890971397,"gmtCreate":1628080403619,"gmtModify":1633753810290,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Noted.","listText":"Noted.","text":"Noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890971397","repostId":"1154407249","repostType":4,"isVote":1,"tweetType":1,"viewCount":840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805766774,"gmtCreate":1627907838898,"gmtModify":1633755419752,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok 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in&nbsp;my watchlist&nbsp;","listText":"Ok, in&nbsp;my watchlist&nbsp;","text":"Ok, in my watchlist","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/803776782","repostId":"1181811581","repostType":4,"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156250971,"gmtCreate":1625226660693,"gmtModify":1633942362692,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Look forward","listText":"Look forward","text":"Look forward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/156250971","repostId":"1126312436","repostType":4,"repost":{"id":"1126312436","kind":"news","pubTimestamp":1625212145,"share":"https://www.laohu8.com/m/news/1126312436?lang=zh_CN&edition=full","pubTime":"2021-07-02 15:49","market":"us","language":"en","title":"The Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.<blockquote>股市上半年表现出色。可能导致它崩溃的三件事。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126312436","media":"Barrons","summary":"Stocks have soared relentlessly this year. Several factors, however, have the potential to end the p","content":"<p>Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.</p><p><blockquote>今年股市无情飙升。然而，有几个因素有可能终结这场派对。</blockquote></p><p> The S&amp;P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many signs of letting up. The index ended June up 14.4% year to date, hitting several records during the month and posting another record close on Thursday.</p><p><blockquote>标普500上半年的表现是自1998年以来第二好的，而且没有表现出太多放缓的迹象。截至6月底，该指数今年迄今已上涨14.4%，当月创下多项纪录，并于周四创下另一项收盘纪录。</blockquote></p><p> Yet there are a couple key risks that could turn all of that around, according to Nick Colas, co-founder of DataTrek.</p><p><blockquote>然而，DataTrek联合创始人尼克·科拉斯(Nick Colas)表示，有几个关键风险可能会扭转这一切。</blockquote></p><p> First, there’s the possibility of an oil price shock, as the price of crude has shown little sign of cooling off. WTI crude oil is up 56% year to date and notched a&nbsp;new multi-year high&nbsp;Thursday—even amid growing&nbsp;expectations that OPEC will increase supply. If oil prices run hot enough, that could raise inflation to a level that—if sustained — could cause consumer demand to fall and that could surpass Federal Reserve expectations.</p><p><blockquote>首先，油价可能会出现冲击，因为原油价格几乎没有降温的迹象。WTI原油今年迄今已上涨56%，并于周四创下多年新高——尽管人们越来越预期OPEC将增加供应。如果油价足够高，通胀可能会上升到一个水平，如果持续下去，可能会导致消费者需求下降，并可能超出美联储的预期。</blockquote></p><p> “Suddenly higher oil prices” is atop the list of stock market concerns for Colas. “Rapidly rising oil prices will cause U.S. inflation to overshoot the Fed’s desired outcome and also stress the American consumer.”</p><p><blockquote>“油价突然上涨”是Colas股市担忧的首要问题。“油价快速上涨将导致美国通胀超出美联储预期结果，也给美国消费者带来压力。”</blockquote></p><p> Both those things could dent the stock market, which has long benefited from the Fed’s accommodative monetary policy, especially if the Fed signals that interest-rate increases could come sooner than expected.</p><p><blockquote>这两件事都可能削弱股市，股市长期以来一直受益于美联储的宽松货币政策，特别是如果美联储暗示加息可能比预期更早到来的话。</blockquote></p><p> That means the Fed will need to tread carefully when discussing rates to avoid spooking the market, Colas says.</p><p><blockquote>科拉斯表示，这意味着美联储在讨论利率时需要谨慎行事，以避免惊吓市场。</blockquote></p><p> “Federal Reserve miscommunication about upcoming policy changes and/or raising interest rates too aggressively” is a second risk, Colas says. For instance, the S&amp;P 500&nbsp;dived 18% over roughly three months in late 2018 as the Fed raised rates, despite the market’s hope at that time for rates to stay put.</p><p><blockquote>科拉斯表示，“美联储对即将到来的政策变化和/或过于激进地加息的沟通不畅”是第二个风险。例如，2018年底，随着美联储加息，标普500在大约三个月内暴跌18%，尽管当时市场希望利率保持不变。</blockquote></p><p> Peaking earnings growth is the other threat to stocks, Colas says. Earnings growth for the average S&amp;P 500 company is expected slow down to 11% in 2022 from 36% in 2021, according to FactSet, as the economy normalizes and the postpandemic recovery eases. But on average, S&amp;P 500 stocks trade at 21.5 times expected earnings for the next 12 months, still above the index’s pre-pandemic multiple. At some point, stocks valuations will need to better reflect the expected decline in earnings growth, which would mean falling stock prices.</p><p><blockquote>科拉斯表示，盈利增长见顶是股市面临的另一个威胁。FactSet的数据显示，随着经济正常化和疫情后复苏放缓，标普500公司的平均盈利增长预计将从2021年的36%放缓至2022年的11%。但平均而言，标普500股市未来12个月预期市盈率为21.5倍，仍高于该指数大流行前的市盈率。在某些时候，股票估值需要更好地反映盈利增长的预期下降，这将意味着股价下跌。</blockquote></p><p> “Valuations are high enough currently that peaking earnings could be a larger risk than before,” Colas writes.</p><p><blockquote>科拉斯写道：“目前估值足够高，盈利见顶可能比以前面临更大的风险。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.<blockquote>股市上半年表现出色。可能导致它崩溃的三件事。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.<blockquote>股市上半年表现出色。可能导致它崩溃的三件事。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-02 15:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.</p><p><blockquote>今年股市无情飙升。然而，有几个因素有可能终结这场派对。</blockquote></p><p> The S&amp;P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many signs of letting up. The index ended June up 14.4% year to date, hitting several records during the month and posting another record close on Thursday.</p><p><blockquote>标普500上半年的表现是自1998年以来第二好的，而且没有表现出太多放缓的迹象。截至6月底，该指数今年迄今已上涨14.4%，当月创下多项纪录，并于周四创下另一项收盘纪录。</blockquote></p><p> Yet there are a couple key risks that could turn all of that around, according to Nick Colas, co-founder of DataTrek.</p><p><blockquote>然而，DataTrek联合创始人尼克·科拉斯(Nick Colas)表示，有几个关键风险可能会扭转这一切。</blockquote></p><p> First, there’s the possibility of an oil price shock, as the price of crude has shown little sign of cooling off. WTI crude oil is up 56% year to date and notched a&nbsp;new multi-year high&nbsp;Thursday—even amid growing&nbsp;expectations that OPEC will increase supply. If oil prices run hot enough, that could raise inflation to a level that—if sustained — could cause consumer demand to fall and that could surpass Federal Reserve expectations.</p><p><blockquote>首先，油价可能会出现冲击，因为原油价格几乎没有降温的迹象。WTI原油今年迄今已上涨56%，并于周四创下多年新高——尽管人们越来越预期OPEC将增加供应。如果油价足够高，通胀可能会上升到一个水平，如果持续下去，可能会导致消费者需求下降，并可能超出美联储的预期。</blockquote></p><p> “Suddenly higher oil prices” is atop the list of stock market concerns for Colas. “Rapidly rising oil prices will cause U.S. inflation to overshoot the Fed’s desired outcome and also stress the American consumer.”</p><p><blockquote>“油价突然上涨”是Colas股市担忧的首要问题。“油价快速上涨将导致美国通胀超出美联储预期结果，也给美国消费者带来压力。”</blockquote></p><p> Both those things could dent the stock market, which has long benefited from the Fed’s accommodative monetary policy, especially if the Fed signals that interest-rate increases could come sooner than expected.</p><p><blockquote>这两件事都可能削弱股市，股市长期以来一直受益于美联储的宽松货币政策，特别是如果美联储暗示加息可能比预期更早到来的话。</blockquote></p><p> That means the Fed will need to tread carefully when discussing rates to avoid spooking the market, Colas says.</p><p><blockquote>科拉斯表示，这意味着美联储在讨论利率时需要谨慎行事，以避免惊吓市场。</blockquote></p><p> “Federal Reserve miscommunication about upcoming policy changes and/or raising interest rates too aggressively” is a second risk, Colas says. For instance, the S&amp;P 500&nbsp;dived 18% over roughly three months in late 2018 as the Fed raised rates, despite the market’s hope at that time for rates to stay put.</p><p><blockquote>科拉斯表示，“美联储对即将到来的政策变化和/或过于激进地加息的沟通不畅”是第二个风险。例如，2018年底，随着美联储加息，标普500在大约三个月内暴跌18%，尽管当时市场希望利率保持不变。</blockquote></p><p> Peaking earnings growth is the other threat to stocks, Colas says. Earnings growth for the average S&amp;P 500 company is expected slow down to 11% in 2022 from 36% in 2021, according to FactSet, as the economy normalizes and the postpandemic recovery eases. But on average, S&amp;P 500 stocks trade at 21.5 times expected earnings for the next 12 months, still above the index’s pre-pandemic multiple. At some point, stocks valuations will need to better reflect the expected decline in earnings growth, which would mean falling stock prices.</p><p><blockquote>科拉斯表示，盈利增长见顶是股市面临的另一个威胁。FactSet的数据显示，随着经济正常化和疫情后复苏放缓，标普500公司的平均盈利增长预计将从2021年的36%放缓至2022年的11%。但平均而言，标普500股市未来12个月预期市盈率为21.5倍，仍高于该指数大流行前的市盈率。在某些时候，股票估值需要更好地反映盈利增长的预期下降，这将意味着股价下跌。</blockquote></p><p> “Valuations are high enough currently that peaking earnings could be a larger risk than before,” Colas writes.</p><p><blockquote>科拉斯写道：“目前估值足够高，盈利见顶可能比以前面临更大的风险。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-crash-risks-51625174065\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-crash-risks-51625174065","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126312436","content_text":"Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.\nThe S&P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many signs of letting up. The index ended June up 14.4% year to date, hitting several records during the month and posting another record close on Thursday.\nYet there are a couple key risks that could turn all of that around, according to Nick Colas, co-founder of DataTrek.\nFirst, there’s the possibility of an oil price shock, as the price of crude has shown little sign of cooling off. WTI crude oil is up 56% year to date and notched a new multi-year high Thursday—even amid growing expectations that OPEC will increase supply. If oil prices run hot enough, that could raise inflation to a level that—if sustained — could cause consumer demand to fall and that could surpass Federal Reserve expectations.\n“Suddenly higher oil prices” is atop the list of stock market concerns for Colas. “Rapidly rising oil prices will cause U.S. inflation to overshoot the Fed’s desired outcome and also stress the American consumer.”\nBoth those things could dent the stock market, which has long benefited from the Fed’s accommodative monetary policy, especially if the Fed signals that interest-rate increases could come sooner than expected.\nThat means the Fed will need to tread carefully when discussing rates to avoid spooking the market, Colas says.\n“Federal Reserve miscommunication about upcoming policy changes and/or raising interest rates too aggressively” is a second risk, Colas says. For instance, the S&P 500 dived 18% over roughly three months in late 2018 as the Fed raised rates, despite the market’s hope at that time for rates to stay put.\nPeaking earnings growth is the other threat to stocks, Colas says. Earnings growth for the average S&P 500 company is expected slow down to 11% in 2022 from 36% in 2021, according to FactSet, as the economy normalizes and the postpandemic recovery eases. But on average, S&P 500 stocks trade at 21.5 times expected earnings for the next 12 months, still above the index’s pre-pandemic multiple. At some point, stocks valuations will need to better reflect the expected decline in earnings growth, which would mean falling stock prices.\n“Valuations are high enough currently that peaking earnings could be a larger risk than before,” Colas writes.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891139255,"gmtCreate":1628346347377,"gmtModify":1633751534621,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Oppss..","listText":"Oppss..","text":"Oppss..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891139255","repostId":"1110501028","repostType":4,"repost":{"id":"1110501028","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":1628260468,"share":"https://www.laohu8.com/m/news/1110501028?lang=zh_CN&edition=full","pubTime":"2021-08-06 22:34","market":"us","language":"en","title":"Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110501028","media":"Tiger Newspress","summary":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","content":"<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</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>Tencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</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\">\nTencent sued by the Haidian District Procuratorate<blockquote>海淀区检察院起诉的腾讯控股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-06 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 6)&nbsp;Tencent sued by the Haidian District Procuratorate.</p><p><blockquote>（8月6日）腾讯控股被海淀区检察院提起公诉。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110501028","content_text":"(Aug 6) Tencent sued by the Haidian District Procuratorate.","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836167213,"gmtCreate":1629466203132,"gmtModify":1631888919460,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Sure?","listText":"Sure?","text":"Sure?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836167213","repostId":"2160971198","repostType":4,"isVote":1,"tweetType":1,"viewCount":2849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831130657,"gmtCreate":1629294098479,"gmtModify":1631888919476,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831130657","repostId":"1173506975","repostType":4,"repost":{"id":"1173506975","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":1629293513,"share":"https://www.laohu8.com/m/news/1173506975?lang=zh_CN&edition=full","pubTime":"2021-08-18 21:31","market":"us","language":"en","title":"U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173506975","media":"Tiger Newspress","summary":"The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.Since that July meeting, there’s been growing support within the Fed to announce a taperin","content":"<p>(Aug 18)&nbsp;U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.</p><p><blockquote>（8月18日）美国。由于华尔街关注美联储会议纪要，周三股市开盘走低。</blockquote></p><p> The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&amp;P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数在周二结束连续5天的上涨后下跌约120点，即0.3%。标普500下跌0.2%，纳斯达克综合指数接近持平线。</blockquote></p><p> The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.</p><p><blockquote>美联储将于美国东部时间下午2点公布7月份会议纪要。市场参与者将寻找有关央行何时可能开始缩减月度债券购买计划的线索。</blockquote></p><p> Since that July meeting, there’s been growing support within the Fed to&nbsp;announce a tapering in September&nbsp;and begin it in October. The&nbsp;10-year Treasury yield&nbsp;inched slightly higher to 1.28% on Wednesday ahead of the release.</p><p><blockquote>自7月会议以来，美联储内部越来越多的人支持在9月宣布缩减规模并在10月开始缩减规模。周三，10年期国债收益率在发布前小幅上涨至1.28%。</blockquote></p><p> Housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.</p><p><blockquote>7月新屋开工下降7%，经季节调整后年率为153.4万套，远低于经济学家预期。</blockquote></p><p> Investors also waded through more major retail earnings reports.</p><p><blockquote>投资者还费力地阅读了更多主要零售企业的收益报告。</blockquote></p><p> Shares of Target pulled back even after&nbsp;beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.</p><p><blockquote>即使第二季度盈利好于预期，塔吉特股价仍回落。该零售商的利润和收入超出预期，该公司上调了下半年的预期，理由是返校支出有了良好的开端。截至周二，塔吉特股价今年上涨了44%，因此一些投资者可能正在获利了结。</blockquote></p><p> Shares of Lowe’s jumped more than 3% after&nbsp;earnings last quarter topped expectations, with higher sales to home professionals.</p><p><blockquote>劳氏(Lowe's)上季度盈利超出预期，对家居专业人士的销售额增加，股价上涨超过3%。</blockquote></p><p> ViacomCBS shares popped around 2% after Wells Fargo&nbsp;upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.</p><p><blockquote>富国银行上调ViacomCBS股票评级后，ViacomCBS股价上涨约2%，称在流媒体强劲增长和可能的行业整合的背景下，该股可能飙升50%以上。</blockquote></p><p> “The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.</p><p><blockquote>“股市早就应该进行调整了。随着经济重新开放的恶化，新冠病例继续飙升，消费者数据最近令人震惊地崩溃——包括上周五的消费者信心以及[周二]的零售销售和房屋建筑商情绪——一些股票已经停止做出积极反应Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示：“良好的盈利、通胀报告依然火爆，美联储缩减规模的言论无处不在。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes<blockquote>华尔街关注美联储会议纪要，美国股市周三低开</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-18 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 18)&nbsp;U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.</p><p><blockquote>（8月18日）美国。由于华尔街关注美联储会议纪要，周三股市开盘走低。</blockquote></p><p> The Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&amp;P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数在周二结束连续5天的上涨后下跌约120点，即0.3%。标普500下跌0.2%，纳斯达克综合指数接近持平线。</blockquote></p><p> The Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.</p><p><blockquote>美联储将于美国东部时间下午2点公布7月份会议纪要。市场参与者将寻找有关央行何时可能开始缩减月度债券购买计划的线索。</blockquote></p><p> Since that July meeting, there’s been growing support within the Fed to&nbsp;announce a tapering in September&nbsp;and begin it in October. The&nbsp;10-year Treasury yield&nbsp;inched slightly higher to 1.28% on Wednesday ahead of the release.</p><p><blockquote>自7月会议以来，美联储内部越来越多的人支持在9月宣布缩减规模并在10月开始缩减规模。周三，10年期国债收益率在发布前小幅上涨至1.28%。</blockquote></p><p> Housing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.</p><p><blockquote>7月新屋开工下降7%，经季节调整后年率为153.4万套，远低于经济学家预期。</blockquote></p><p> Investors also waded through more major retail earnings reports.</p><p><blockquote>投资者还费力地阅读了更多主要零售企业的收益报告。</blockquote></p><p> Shares of Target pulled back even after&nbsp;beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.</p><p><blockquote>即使第二季度盈利好于预期，塔吉特股价仍回落。该零售商的利润和收入超出预期，该公司上调了下半年的预期，理由是返校支出有了良好的开端。截至周二，塔吉特股价今年上涨了44%，因此一些投资者可能正在获利了结。</blockquote></p><p> Shares of Lowe’s jumped more than 3% after&nbsp;earnings last quarter topped expectations, with higher sales to home professionals.</p><p><blockquote>劳氏(Lowe's)上季度盈利超出预期，对家居专业人士的销售额增加，股价上涨超过3%。</blockquote></p><p> ViacomCBS shares popped around 2% after Wells Fargo&nbsp;upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.</p><p><blockquote>富国银行上调ViacomCBS股票评级后，ViacomCBS股价上涨约2%，称在流媒体强劲增长和可能的行业整合的背景下，该股可能飙升50%以上。</blockquote></p><p> “The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.</p><p><blockquote>“股市早就应该进行调整了。随着经济重新开放的恶化，新冠病例继续飙升，消费者数据最近令人震惊地崩溃——包括上周五的消费者信心以及[周二]的零售销售和房屋建筑商情绪——一些股票已经停止做出积极反应Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示：“良好的盈利、通胀报告依然火爆，美联储缩减规模的言论无处不在。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173506975","content_text":"(Aug 18) U.S. stock market opens lower Wednesday as Wall Street watches for Fed minutes.\nThe Dow Jones Industrial Average shed roughly 120 points, or 0.3%, after it snapped a 5-day winning streak on Tuesday. The S&P 500 fell 0.2% and the Nasdaq Composite traded near the flatline.\nThe Federal Reserve publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.\nSince that July meeting, there’s been growing support within the Fed to announce a tapering in September and begin it in October. The 10-year Treasury yield inched slightly higher to 1.28% on Wednesday ahead of the release.\nHousing starts fell 7% in July to a seasonally adjusted annual rate of 1.534 million units, well below economists’ expectations.\nInvestors also waded through more major retail earnings reports.\nShares of Target pulled back even after beating on second-quarter earnings. The retailer’s profit and revenue topped expectations and the company raised its forecast for the second half of the year, citing a good start to back-to-school spending. Target shares were up 44% this year through Tuesday, so some investors may be taking profits.\nShares of Lowe’s jumped more than 3% after earnings last quarter topped expectations, with higher sales to home professionals.\nViacomCBS shares popped around 2% after Wells Fargo upgraded the stock, saying it can soar more than 50% on the back of strong streaming growth and possible industry consolidation.\n“The stock market is way overdue for a correction. Covid cases continue to spike higher darkening economic reopenings, consumer data shockingly has collapsed recently — including consumer confidence last Friday and retail sales and homebuilders’ sentiment [Tuesday] — several stocks have stopped reacting positively to good earnings, inflation reports remain hot, and Federal Reserve taper talk is everywhere,” Jim Paulsen, chief investment strategist at the Leuthold Group, said.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830926227,"gmtCreate":1629002670869,"gmtModify":1631888919510,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Nvidia [Victory]&nbsp;","listText":"Nvidia [Victory]&nbsp;","text":"Nvidia [Victory]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830926227","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145095551,"gmtCreate":1626181961873,"gmtModify":1633929343533,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Opportunity?","listText":"Opportunity?","text":"Opportunity?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145095551","repostId":"1168255542","repostType":4,"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125701724,"gmtCreate":1624690299668,"gmtModify":1633949515671,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Yes [Yummy]&nbsp;","listText":"Yes [Yummy]&nbsp;","text":"Yes [Yummy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125701724","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167493653,"gmtCreate":1624280946172,"gmtModify":1634008494196,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Up!","listText":"Up!","text":"Up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167493653","repostId":"1100861051","repostType":4,"repost":{"id":"1100861051","kind":"news","pubTimestamp":1624280482,"share":"https://www.laohu8.com/m/news/1100861051?lang=zh_CN&edition=full","pubTime":"2021-06-21 21:01","market":"us","language":"en","title":"Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100861051","media":"The Street","summary":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, ","content":"<p>  Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.  The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p><p><blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一大收入来源。电动汽车(EV)需求的爆炸式增长证明了特斯拉的愿景（<b>特斯拉</b>）-获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，也让他的公司保持了超越后来者竞争对手的市场领导者地位。</blockquote></p><p> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p><p><blockquote>然而，尽管马斯克领导的Technoking公司无疑是市场领导者，但它并不仅仅通过在销售额上击败竞争对手来获利。相反，该公司最近扭亏为盈的关键来自于利用政府激励措施，并将其持有的多余激励措施出售给这些竞争对手。现在，许多竞争对手都在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己没有了许多这样的客户，因此也没有对其利润做出重大贡献。</blockquote></p><p> <b>Raking in the Regulatory Credits</b></p><p><blockquote><b>赚取监管信用</b></blockquote></p><p> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p><p><blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们可交易的事实至关重要，因为这使得特斯拉可以将信用额出售给其他汽车制造商，如果不使用这些信用额，这些汽车制造商可能无法遵守排放标准。这种设置允许特斯拉将积分纯粹作为其营收的附加物，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote></p><p> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p><p><blockquote>根据特斯拉最近提交的10-K文件，该公司在2020年通过出售这些积分赚取了15.8亿美元，高于上一年的5.94亿美元和2018年的4.19亿美元。尽管同比增长，但考虑到该公司2020年315亿美元的总收入，信贷销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们纯粹是利润的性质意味着它们一直是特斯拉推动盈利的关键部分。</blockquote></p><p> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p><p><blockquote>事实上，特斯拉2020年备受赞誉的7.21亿美元利润，这是其历史上第一个全年盈利的一年，显然是受到监管信贷销售激增的提振。如果它们与前几个时期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而保持该公司自成立以来一直保持的年度亏损趋势。</blockquote></p><p> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p><p><blockquote>这一趋势一直持续到2021年，该公司报告第一季度信贷销售收入为5.18亿美元，这再次使该公司季度利润达到4.38亿美元。虽然汽车交付量不断成为头条新闻，但很明显，监管信贷正在帮助这家汽车制造商实现盈利。</blockquote></p><p> <b>Competition Cuts Into Cash Flow</b></p><p><blockquote><b>竞争削减现金流</b></blockquote></p><p> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p><p><blockquote>随着福特等传统汽车制造商的加入，利润率问题的解决速度可能也比一些人预期的要快（<b>F</b>)-获取报告，通用汽车(<b>GM</b>)-获取报告，Stellantis STLA进入电动汽车领域。</blockquote></p><p> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p><p><blockquote>虽然大部分焦点都围绕着这些公司对特斯拉核心汽车销售的威胁，但特斯拉在其忠实粉丝中的受欢迎程度可能会在激烈的竞争中维持其地位。因此，其销售轨迹虽然现在受到激烈竞争的威胁，但目前仍然有些模糊。</blockquote></p><p> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p><p><blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车并减少内燃机汽车，他们就没有必要花这么多钱从特斯拉购买积分。</blockquote></p><p> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p><p><blockquote>据路透社报道，菲亚特克莱斯勒同意在2019年至2021年期间从特斯拉购买价值24亿美元的排放信用额，这可能占特斯拉2019年和2020年10-K文件中出售的信用额总额约22亿美元的大部分。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这一可靠的收入来源似乎可能会消失。</blockquote></p><p> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p><p><blockquote>Stellantis首席执行官卡洛斯·塔瓦雷斯(Carlos Tavares)在合并后对法国媒体表示：“凭借PSA为Stellantis带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不需要对欧洲二氧化碳信用额进行看涨期权，[菲亚特克莱斯勒]也将不再需要与特斯拉或任何人合作。”</blockquote></p><p> <b>Already Anticipated?</b></p><p><blockquote><b>已经预料到了？</b></blockquote></p><p> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p><p><blockquote>可以肯定的是，监管信用销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官Zachary Kirkhorn在2020年年中与分析师举行的看涨期权中指出，“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终这种情况会减少。”</blockquote></p><p> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p><p><blockquote>柯克霍恩专注于核心业务，特别是在电池技术方面，而不是监管信贷销售，这得到了著名特斯拉多头思想的支持。</blockquote></p><p></p><p> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p><p><blockquote>Jennison Associates分析师Owuraka Koney表示：“我们拥有特斯拉已经十年了，从第一天起，我们就预计监管信用将在三年内降至零。”“他们在没有这些监管信贷的情况下也很舒服，当你排除这些信贷和他们面临的这些非经常性成本时，他们就能赚钱。”</blockquote></p><p> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p><p><blockquote>科尼指出，埃隆·马斯克与公司近期股价飙升相关的巨额薪酬方案是这种情况下的一项关键非经常性成本。此外，科尼认为，监管信贷收益与整体盈利能力相比是不公平的，他认为这是苹果和橘子的比较。他解释说，更相关的比较是特斯拉的营业收入，2020年按GAAP计算为19.9亿美元，比2019年的数字增长了20多亿美元。在他看来，这一飞跃表明了比仅仅通过监管信贷利益实现的实力更强的实力。</blockquote></p><p> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p><p><blockquote>市场研究公司Escalent汽车与移动副总裁Mike Dovororany支持Koney持有的乐观观点，重申精明的投资者非常了解监管信用减弱的风险，并进一步表示，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote></p><p> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p><p><blockquote>“由于信贷销售一直是特斯拉盈利的主要驱动力，投资者应该已经习惯了这种风险，”他解释道。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要。”</blockquote></p><p> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p><p><blockquote>作为《美国就业法案》的一部分，政府现在提议对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，值得关注的是最终法案提交拜登办公桌时会带来什么，以及它是否可能意味着为特斯拉带来更多巨额利润。</blockquote></p><p></p>","source":"lsy1610613172068","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>Tesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</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\">\nTesla’s Profitability and the Surprising Thing That Could Threaten It<blockquote>特斯拉的盈利能力以及可能威胁它的令人惊讶的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-21 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.  The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p><p><blockquote>电动汽车领域日益激烈的竞争不仅会抑制特斯拉的增长率，还会减少一大收入来源。电动汽车(EV)需求的爆炸式增长证明了特斯拉的愿景（<b>特斯拉</b>）-获取名人首席执行官埃隆·马斯克的报告。事实上，电动汽车需求的激增不仅证明了他的远见，也让他的公司保持了超越后来者竞争对手的市场领导者地位。</blockquote></p><p> However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p><p><blockquote>然而，尽管马斯克领导的Technoking公司无疑是市场领导者，但它并不仅仅通过在销售额上击败竞争对手来获利。相反，该公司最近扭亏为盈的关键来自于利用政府激励措施，并将其持有的多余激励措施出售给这些竞争对手。现在，许多竞争对手都在更积极地涉足电动汽车领域，特斯拉可能很快就会发现自己没有了许多这样的客户，因此也没有对其利润做出重大贡献。</blockquote></p><p> <b>Raking in the Regulatory Credits</b></p><p><blockquote><b>赚取监管信用</b></blockquote></p><p> The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p><p><blockquote>特斯拉从中获得丰厚利润的积分是世界各国政府为零排放汽车提供的可交易积分。它们可交易的事实至关重要，因为这使得特斯拉可以将信用额出售给其他汽车制造商，如果不使用这些信用额，这些汽车制造商可能无法遵守排放标准。这种设置允许特斯拉将积分纯粹作为其营收的附加物，汽车制造商购买这些积分可以避免监管机构的巨额罚款。</blockquote></p><p> Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p><p><blockquote>根据特斯拉最近提交的10-K文件，该公司在2020年通过出售这些积分赚取了15.8亿美元，高于上一年的5.94亿美元和2018年的4.19亿美元。尽管同比增长，但考虑到该公司2020年315亿美元的总收入，信贷销售额似乎微不足道。然而，与资本密集型汽车制造业相比，它们纯粹是利润的性质意味着它们一直是特斯拉推动盈利的关键部分。</blockquote></p><p> Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p><p><blockquote>事实上，特斯拉2020年备受赞誉的7.21亿美元利润，这是其历史上第一个全年盈利的一年，显然是受到监管信贷销售激增的提振。如果它们与前几个时期保持一致，这一具有里程碑意义的一年将无法实现收支平衡，从而保持该公司自成立以来一直保持的年度亏损趋势。</blockquote></p><p> The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p><p><blockquote>这一趋势一直持续到2021年，该公司报告第一季度信贷销售收入为5.18亿美元，这再次使该公司季度利润达到4.38亿美元。虽然汽车交付量不断成为头条新闻，但很明显，监管信贷正在帮助这家汽车制造商实现盈利。</blockquote></p><p> <b>Competition Cuts Into Cash Flow</b></p><p><blockquote><b>竞争削减现金流</b></blockquote></p><p> The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p><p><blockquote>随着福特等传统汽车制造商的加入，利润率问题的解决速度可能也比一些人预期的要快（<b>F</b>)-获取报告，通用汽车(<b>GM</b>)-获取报告，Stellantis STLA进入电动汽车领域。</blockquote></p><p> While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p><p><blockquote>虽然大部分焦点都围绕着这些公司对特斯拉核心汽车销售的威胁，但特斯拉在其忠实粉丝中的受欢迎程度可能会在激烈的竞争中维持其地位。因此，其销售轨迹虽然现在受到激烈竞争的威胁，但目前仍然有些模糊。</blockquote></p><p> The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p><p><blockquote>监管信用影响的问题要简单得多。如果特斯拉的竞争对手生产自己的电动汽车并减少内燃机汽车，他们就没有必要花这么多钱从特斯拉购买积分。</blockquote></p><p> Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p><p><blockquote>据路透社报道，菲亚特克莱斯勒同意在2019年至2021年期间从特斯拉购买价值24亿美元的排放信用额，这可能占特斯拉2019年和2020年10-K文件中出售的信用额总额约22亿美元的大部分。然而，在菲亚特克莱斯勒5月份与法国汽车制造商PSA集团合并成立Stellantis后，这一可靠的收入来源似乎可能会消失。</blockquote></p><p> \"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p><p><blockquote>Stellantis首席执行官卡洛斯·塔瓦雷斯(Carlos Tavares)在合并后对法国媒体表示：“凭借PSA为Stellantis带来的电气技术，我们最早将在今年自主满足二氧化碳排放法规。”“因此，我们将不需要对欧洲二氧化碳信用额进行看涨期权，[菲亚特克莱斯勒]也将不再需要与特斯拉或任何人合作。”</blockquote></p><p> <b>Already Anticipated?</b></p><p><blockquote><b>已经预料到了？</b></blockquote></p><p> To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p><p><blockquote>可以肯定的是，监管信用销售侵蚀的迫在眉睫的威胁绝不是一个新的发展。首席财务官Zachary Kirkhorn在2020年年中与分析师举行的看涨期权中指出，“我们在管理业务时不会假设监管信贷将对未来做出重大贡献。最终这种情况会减少。”</blockquote></p><p> Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p><p><blockquote>柯克霍恩专注于核心业务，特别是在电池技术方面，而不是监管信贷销售，这得到了著名特斯拉多头思想的支持。</blockquote></p><p></p><p> “We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p><p><blockquote>Jennison Associates分析师Owuraka Koney表示：“我们拥有特斯拉已经十年了，从第一天起，我们就预计监管信用将在三年内降至零。”“他们在没有这些监管信贷的情况下也很舒服，当你排除这些信贷和他们面临的这些非经常性成本时，他们就能赚钱。”</blockquote></p><p> Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p><p><blockquote>科尼指出，埃隆·马斯克与公司近期股价飙升相关的巨额薪酬方案是这种情况下的一项关键非经常性成本。此外，科尼认为，监管信贷收益与整体盈利能力相比是不公平的，他认为这是苹果和橘子的比较。他解释说，更相关的比较是特斯拉的营业收入，2020年按GAAP计算为19.9亿美元，比2019年的数字增长了20多亿美元。在他看来，这一飞跃表明了比仅仅通过监管信贷利益实现的实力更强的实力。</blockquote></p><p> Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p><p><blockquote>市场研究公司Escalent汽车与移动副总裁Mike Dovororany支持Koney持有的乐观观点，重申精明的投资者非常了解监管信用减弱的风险，并进一步表示，现任美国政府实际上可能会帮助特斯拉利用监管的能力。</blockquote></p><p> “Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p><p><blockquote>“由于信贷销售一直是特斯拉盈利的主要驱动力，投资者应该已经习惯了这种风险，”他解释道。“此外，随着拜登政府寻求重新考虑更严格的排放法规，电动汽车信贷市场可能会变得比以往任何时候都更加重要。”</blockquote></p><p> With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p><p><blockquote>作为《美国就业法案》的一部分，政府现在提议对电动汽车市场投资1740亿美元，包括新的税收抵免，当然有足够的理由感到兴奋。鉴于特斯拉有能力利用这些激励措施，值得关注的是最终法案提交拜登办公桌时会带来什么，以及它是否可能意味着为特斯拉带来更多巨额利润。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability\">The Street</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":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100861051","content_text":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s (TSLA) -Get Report celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.\nHowever, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.\nRaking in the Regulatory Credits\nThe credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.\nPer Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.\nIndeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.\nThe trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.\nCompetition Cuts Into Cash Flow\nThe problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford (F) -Get Report, General Motors (GM) -Get Report, and Stellantis STLA into the EV space.\nWhile much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.\nThe question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.\nPer a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.\n\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"\nAlready Anticipated?\nTo be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”\nKirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.\n“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”\nKoney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.\nMike Dovororany, VP of Automotive & Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.\n“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”\nWith the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816678939,"gmtCreate":1630501220521,"gmtModify":1631885254370,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ooh","listText":"Ooh","text":"Ooh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816678939","repostId":"1173586399","repostType":4,"isVote":1,"tweetType":1,"viewCount":2228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188545239,"gmtCreate":1623456671821,"gmtModify":1634033029888,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Retrace soon?","listText":"Retrace soon?","text":"Retrace 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ath!!","listText":"Apple ath!!","text":"Apple ath!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177215338","repostId":"1189369809","repostType":4,"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144992376,"gmtCreate":1626259028395,"gmtModify":1633928567374,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Fly[Bless]&nbsp;","listText":"Fly[Bless]&nbsp;","text":"Fly[Bless]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144992376","repostId":"1165083410","repostType":4,"repost":{"id":"1165083410","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":1626256074,"share":"https://www.laohu8.com/m/news/1165083410?lang=zh_CN&edition=full","pubTime":"2021-07-14 17:47","market":"us","language":"en","title":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165083410","media":"Tiger Newspress","summary":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of ","content":"<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</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\">\nCannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.<blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</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\">2021-07-14 17:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Cannabis&nbsp;stocks&nbsp;gains&nbsp;in premarket&nbsp;trading,as&nbsp;senators unveiling plan to end federal prohibition of cannabis.</p><p><blockquote>随着参议员公布结束联邦大麻禁令的计划，大麻股在盘前交易中上涨。</blockquote></p><p> SNDL&nbsp;shares&nbsp;rises&nbsp;4%&nbsp;in&nbsp;premarket,&nbsp;TLRY&nbsp;and&nbsp;ACB&nbsp;shares&nbsp;are&nbsp;up&nbsp;2%.</p><p><blockquote>SNDL股价盘前上涨4%，TLRY和ACB股价上涨2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/231cd44d5edcf10717dd42ede4ccbed1\" tg-width=\"1289\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p><p><blockquote>参议院多数党领袖查克·舒默（纽约州民主党）、参议员罗恩·怀登（俄勒冈州民主党）。）和新泽西州民主党参议员科里·布克（Cory Booker）公布了一份结束联邦大麻禁令的立法讨论草案。参议员们将在7月14日的新闻发布会上详细介绍他们的计划。</blockquote></p><p> The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p><p><blockquote>该提案被称为《大麻管理和机会法案》，评级将大麻从联邦受控物质清单中删除，允许各州就大麻做出自己的决定。许多州已经采取行动将娱乐性或医用大麻使用合法化，但根据联邦法律，这仍然是非法的。</blockquote></p><p> \"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p><p><blockquote>“通过结束失败的联邦大麻禁令，《大麻管理和机会法案》将确保美国人——尤其是黑人和棕色人种美国人——不再担心因使用大麻而被捕或被禁止获得公共住房或联邦高等教育财政援助。在合法的州，”讨论草案中写道。“符合国家规定的大麻企业最终将像其他企业一样受到对待，并被允许获得基本的金融服务，例如银行账户和贷款。医学研究将不再受到抑制。”</blockquote></p><p> The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p><p><blockquote>该提案将21岁定为购买大麻的最低年龄，并将大麻的零售额限制在不超过10盎司。评级是联邦机构研究大麻使用、合法化和大麻损害驾驶的影响，包括研究建立大麻影响下驾驶的损害标准。</blockquote></p><p> The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p><p><blockquote>民主党三人组已经为这项立法工作了几个月。在宣布制定该提案的计划后不久，怀登参议员在接受雅虎财经采访时表示，国会应该“最终认识到禁毒战争已经失败”。</blockquote></p><p> The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p><p><blockquote>该计划将要求删除联邦非暴力大麻定罪，并鼓励州和地方政府也这样做。它将防止人们因为使用或持有大麻而被剥夺联邦福利，如住房或联邦财政援助。根据移民法，非美国公民不能被剥夺福利或保护。</blockquote></p><p> The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p><p><blockquote>该计划还将创建新的拨款计划，为帮助“受到毒品战争不利影响”的人们的非营利组织提供资金。它将向大麻行业的小企业提供贷款，并帮助各州和地方实施大麻许可计划。</blockquote></p><p> President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p><p><blockquote>乔·拜登总统在竞选中支持大麻合法化，但白宫不支持大麻合法化的努力。去年12月，众议院通过了MORE法案——该法案将大麻从受控物质清单中删除，并创建恢复性司法计划。今年早些时候，纽约州民主党众议员杰里·纳德勒重新提出了这项立法。</blockquote></p><p> The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p><p><blockquote>参议员们要求在9月1日之前对该提案提出意见，以便他们可以在起草最终法案之前考虑反馈。该提案在平分秋色的参议院面临艰难的投票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","SNDL":"SNDL Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165083410","content_text":"Cannabis stocks gains in premarket trading,as senators unveiling plan to end federal prohibition of cannabis.\nSNDL shares rises 4% in premarket, TLRY and ACB shares are up 2%.\n\nSenate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.\nThe proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.\n\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"\nThe proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.\nThe Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"\nThe plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.\nThe plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.\nPresident Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.\nThe senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.","news_type":1,"symbols_score_info":{"SNDL":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834258115,"gmtCreate":1629809174737,"gmtModify":1631885254402,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Go go go","listText":"Go go go","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834258115","repostId":"1194470972","repostType":4,"repost":{"id":"1194470972","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":1629804284,"share":"https://www.laohu8.com/m/news/1194470972?lang=zh_CN&edition=full","pubTime":"2021-08-24 19:24","market":"us","language":"en","title":"China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194470972","media":"Tiger Newspress","summary":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.Total revenue was 23.05 billion yuan in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.Total revenues in the quarter were RMB23,046.2 million, an increase of 89% from RMB12,193.3 millio","content":"<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-24 19:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194470972","content_text":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.\nTotal revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.\nQ2 2021 Pinduoduo Inc Earnings Conference Call\nSecond Quarter 2021 Highlights\n\nTotal revenues in the quarter were RMB23,046.2 million(US$3,569.4 million), an increase of 89% from RMB12,193.3 millionin the same quarter of 2020.\nAverage monthly active users in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.\nActive buyers in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\n\nPinduoduo shares were back to $84.01, up 3.6%.\n\n“Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”\n“We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues were RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.\n\nRevenues from online marketing services and others were RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.\nRevenues from transaction services were RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.\nRevenues from merchandise sales were RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.\n\nTotal costs of revenues were RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.\nTotal operating expenses were RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.\n\nSales and marketing expenses were RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.\nGeneral and administrative expenses were RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.\nResearch and development expenses were RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel and an increase in R&D-related cloud services expenses.\n\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\nBasic earnings per ADS was RMB1.93(US$0.30) and diluted earnings per ADS was RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.Non-GAAP diluted earnings per ADS was RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.\nNet cash flow provided by operating activities was RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.\nCash, cash equivalents and short-term investmentswere RMB 92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.\nRecent Development\nAs ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":2102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897262832,"gmtCreate":1628925008826,"gmtModify":1631888919526,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897262832","repostId":"1173847412","repostType":4,"repost":{"id":"1173847412","kind":"news","pubTimestamp":1628905097,"share":"https://www.laohu8.com/m/news/1173847412?lang=zh_CN&edition=full","pubTime":"2021-08-14 09:38","market":"us","language":"en","title":"If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173847412","media":"MarketWatch","summary":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others. The stock market is near all-time highs, but train-wreck season lies just around the corner.I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.The smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insid","content":"<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</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 you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</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\">\nIf you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 09:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page\">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":{"OGN":"Organon & Co","ATVI":"动视暴雪","RILY":"B. Riley Financial, Inc.","BABA":"阿里巴巴","CHGG":"Chegg Inc"},"source_url":"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173847412","content_text":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others\n(Photo by Chung Sung-Jun/Getty Images)\nThe stock market is near all-time highs, but train-wreck season lies just around the corner.\nShould you sell? After all, the S&P 500,Nasdaq and Dow Jones Industrial Average often hit a rough patch in September and October.\nI say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.\n1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.\n2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.\n3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.\nOn the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.\nFive smart money stocks\nAt my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just any insiders. I go for stocks picked up by insiders with great records. Here are two, trading near where insiders just bought.\nActivision Blizzard\nThis is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.Activision Blizzard makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.\nBesides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.\nOne risk is that fallout from allegations of sexual misconduct and a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says Morningstar analyst Neil Macker.\nThe smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.\nB. Riley Financial\nI introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think B. Riley Financia is still a hold, and a buy for anyone who does not own.\nThis is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions. Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.\nThe smart money signal: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).\nAlibaba Group\nIf you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform Alibaba Group may be for you.\nIts shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.\nThese are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.\nThe smart money signal: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&P 500.\nAn attractive spinoff\nOne tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.\nA good spinoff to consider right now is Organon,a mid-size pharma company. It was jettisoned from Merck in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.\nOf course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.\nBut this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.\nOn the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.\nThe smart money signal: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&P 500.\nAn education play\nIf universities have allowed their participation in the culture wars to distract them from the core mission of basic education,Chegg is there to pick up the slack.\nThis online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.\nWhile online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.\n“Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”\nHe likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.\nThe smart money signal: Landis’ Firsthand Technology Opportunities beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.","news_type":1,"symbols_score_info":{"RILY":0.9,"CHGG":0.9,"OGN":0.9,"ATVI":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148644350,"gmtCreate":1625974432870,"gmtModify":1633931195936,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"[Smart]&nbsp;","listText":"[Smart]&nbsp;","text":"[Smart]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148644350","repostId":"1138077902","repostType":4,"repost":{"id":"1138077902","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":1625883154,"share":"https://www.laohu8.com/m/news/1138077902?lang=zh_CN&edition=full","pubTime":"2021-07-10 10:12","market":"us","language":"en","title":"China has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138077902","media":"Tiger Newspress","summary":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.Tencent responded that the company will seriously abide by the review","content":"<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p><p><blockquote>中国国家市场监督管理总局禁止虎牙和斗鱼合并。</blockquote></p><p> On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p><p><blockquote>2021年1月4日，国家市场监督管理总局对腾讯控股控股有限公司申报的虎牙公司与斗鱼国际控股有限公司合并一案依法进行了经营者集中反垄断审查。</blockquote></p><p> According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p><p><blockquote>市场监管总局依据《反垄断法》，综合分析评估参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中程度、集中对市场进入和技术进步的影响、集中对消费者和其他相关经营者的影响，以及腾讯控股提出的附加限制性承诺方案的有效性。在评审过程中，市场监管总局广泛征求了政府有关部门、行业协会、专家学者、同行业竞争对手和下游客户的意见，并多次听取了腾讯控股的意见。</blockquote></p><p> The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p><p><blockquote>审查显示，本案相关市场为我国网络游戏运营服务市场和游戏直播市场。腾讯控股在上游网络游戏运营服务市场份额超过40%，排名第一；虎牙和斗鱼在下游游戏直播市场份额分别超过40%和30%，排名第一和第二，合计超过70%。目前，腾讯控股对虎牙分别控制，对斗鱼共同控制。例如，虎牙和斗鱼的合并将使腾讯控股单独控制合并后的主体，进一步强化腾讯控股在游戏直播市场的主导地位，使腾讯控股有能力和动力在上下游市场实施闭环管理和双向垂直封锁，具有或可能具有排除、限制竞争的效果，不利于市场公平竞争，可能损害消费者利益，不利于网络游戏和游戏直播市场的健康持续发展。经评估，腾讯控股提出的附加限制性条件承诺不能有效解决上述竞争关切。</blockquote></p><p> According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p><p><blockquote>根据《反垄断法》第二十八条、《经营者集中审查暂行规定》第三十五条的规定，国家市场监管总局依法决定禁止该等经营者集中。</blockquote></p><p> Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p><p><blockquote>腾讯控股回应称，公司将认真遵守审查决定，积极配合监管要求，依法经营，履行社会责任。</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>China has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina has prohibited the merger of HuYa and DouYu<blockquote>中国禁止虎牙和斗鱼合并</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\">2021-07-10 10:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p><p><blockquote>中国国家市场监督管理总局禁止虎牙和斗鱼合并。</blockquote></p><p> On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p><p><blockquote>2021年1月4日，国家市场监督管理总局对腾讯控股控股有限公司申报的虎牙公司与斗鱼国际控股有限公司合并一案依法进行了经营者集中反垄断审查。</blockquote></p><p> According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p><p><blockquote>市场监管总局依据《反垄断法》，综合分析评估参与集中的经营者在相关市场的市场份额及其对市场的控制力、市场集中程度、集中对市场进入和技术进步的影响、集中对消费者和其他相关经营者的影响，以及腾讯控股提出的附加限制性承诺方案的有效性。在评审过程中，市场监管总局广泛征求了政府有关部门、行业协会、专家学者、同行业竞争对手和下游客户的意见，并多次听取了腾讯控股的意见。</blockquote></p><p> The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p><p><blockquote>审查显示，本案相关市场为我国网络游戏运营服务市场和游戏直播市场。腾讯控股在上游网络游戏运营服务市场份额超过40%，排名第一；虎牙和斗鱼在下游游戏直播市场份额分别超过40%和30%，排名第一和第二，合计超过70%。目前，腾讯控股对虎牙分别控制，对斗鱼共同控制。例如，虎牙和斗鱼的合并将使腾讯控股单独控制合并后的主体，进一步强化腾讯控股在游戏直播市场的主导地位，使腾讯控股有能力和动力在上下游市场实施闭环管理和双向垂直封锁，具有或可能具有排除、限制竞争的效果，不利于市场公平竞争，可能损害消费者利益，不利于网络游戏和游戏直播市场的健康持续发展。经评估，腾讯控股提出的附加限制性条件承诺不能有效解决上述竞争关切。</blockquote></p><p> According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p><p><blockquote>根据《反垄断法》第二十八条、《经营者集中审查暂行规定》第三十五条的规定，国家市场监管总局依法决定禁止该等经营者集中。</blockquote></p><p> Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p><p><blockquote>腾讯控股回应称，公司将认真遵守审查决定，积极配合监管要求，依法经营，履行社会责任。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","HUYA":"虎牙","DOYU":"斗鱼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138077902","content_text":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.\nOn January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.\nAccording to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.\nThe review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.\nAccording to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.\nTencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.","news_type":1,"symbols_score_info":{"HUYA":0.9,"00700":0.9,"DOYU":0.9}},"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124643609,"gmtCreate":1624764037801,"gmtModify":1633948908021,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Nio! [Victory]&nbsp;","listText":"Nio! [Victory]&nbsp;","text":"Nio! [Victory]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124643609","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohu8.com/m/news/1137119316?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销售额是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</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>Ford Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</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\">\nFord Or NIO? The Final Verdict<blockquote>福特还是蔚来？最终判决</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 08:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I am comparing Ford against NIO in different categories.</li>  <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>  <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p><p><blockquote><ul><li>我在不同的类别中比较福特和蔚来。</li><li>此次比较旨在加深对福特和蔚来增长潜力的了解，同时突出市场地位和机会的差异。</li><li>蔚来的增长速度比福特快得多，高估值可能是合理的。</li></ul><p class=\"t-img-caption\"><span>peterschreiber.media/iStock来自Getty Images</span></p></blockquote></p><p> With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p><p><blockquote>随着福特（F）在电动汽车市场发起重大攻势，中国电动汽车制造商蔚来（蔚来）未来将面临多一个竞争对手争夺销量。根据市场机会、规模、收入模式、增长前景和估值，哪家汽车制造商提供了最好的交易？我将在每个类别中比较福特和蔚来，并在最后做出最终裁决。</blockquote></p><p> <b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p><p><blockquote><b>福特vs蔚来：全球电动车市场争夺战升温</b></blockquote></p><p> Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p><p><blockquote>尽管福特和蔚来之间存在天壤之别，但两家公司将在快速增长的全球电动汽车市场上展开正面交锋。福特的车队尚未专注于电动汽车，但这种情况将会改变：感觉到电动汽车竞赛正在升温，福特表示正在加速其电气化计划，到2025年投资300B美元用于电动汽车制造能力。福特之前的资本计划要求对零排放汽车投资220亿美元。福特还设定了一个雄心勃勃的销售目标：未来十年内其全球销量的40%将是电动汽车，皮卡销量的33%将是电动汽车。如今，电动汽车销量仅占福特销量的1%。随着福特逐步淘汰内燃机，它将在2040年发展成为一家全电动汽车制造商。</blockquote></p><p> <b>Market opportunity</b></p><p><blockquote><b>市场机会</b></blockquote></p><p> In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p><p><blockquote>2020年，全球电动汽车销量为320万辆，市场份额仅为4.2%。然而，2020年，中国购买了全球41%的电动汽车。中国买家去年购买了130万辆电动汽车，随着北京寻求提高电动汽车的采用率，销量将快速增长。电动汽车的第二大市场是欧洲，占全球电动汽车销量的42%。美国只是世界上插电式电动汽车的第三大市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：维基百科）</span></p></blockquote></p><p> China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p><p><blockquote>迄今为止，中国是世界上增长最快的电动汽车市场，尽管欧洲正在迅速赶上，部分原因是立法努力增加零排放乘用车的采用，以及对全欧洲充电站网络的大量投资。蔚来即将进入欧洲市场，以期在竞争准备就绪之前扩大在全球第二大电动汽车市场的市场份额。</blockquote></p><p> Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p><p><blockquote>北京是蔚来汽车行业电气化背后的驱动力：政府希望到2025年电动汽车在新车销售中的份额达到20%，这将推动电动汽车在国内市场的渗透率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> Turning to growth projections.</p><p><blockquote>转向增长预测。</blockquote></p><p> With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p><p><blockquote>随着中国和欧洲等地政府对电动汽车制造商采取更有利的政策，这些市场有望出现全球最快的销售增长和最高的电动汽车采用率。由于人口规模，中国不仅是最大的市场，而且预计到2030年，中国的电动汽车销量将超过世界上所有其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：麦肯锡）</span></p></blockquote></p><p> Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p><p><blockquote>由于中国拥有更大的总市场规模、更高的电动汽车采用率、更强劲的预期销售增长以及更有利的监管框架，因此中国的赢家将是：蔚来。</blockquote></p><p> <b>Scale and manufacturing competence</b></p><p><blockquote><b>规模和制造能力</b></blockquote></p><p> Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p><p><blockquote>福特拥有一个世纪的制造经验。但到目前为止，福特的产品线中只有一款全电动汽车可以与蔚来相媲美：野马Mach-E SUV。2022年，福特将开始销售全电动F-150 Lightening，该车建立在福特最畅销皮卡车的成功基础上。蔚来已经拥有更强大的产品目录，包括5座ES6 SUV、5座轿跑SUV EC6以及6座和7座全尺寸SUV ES8。</blockquote></p><p></p><p> Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p><p><blockquote>由于蔚来仅专注于生产电动汽车，并且占据了非常小且明确的利基市场，因此这家中国公司在电动汽车制造专业知识方面具有优势。问题是这种优势能持续多久。福特在制造汽车方面拥有丰富的经验，可以利用全球制造基地以比任何利基电动汽车制造商所希望的更快的速度提高电动汽车产量。这使得福特不仅在美国成为特斯拉(TSLA)的有力竞争对手，而且在国外也成为蔚来的有力竞争对手。福特正在加速其电气化计划，它有资源和雄心在未来十年内成为电动汽车的领导者。福特提议在其车队电气化上投入300B美元，这将加速其转型，并使福特成为其他电动汽车制造商的长期威胁。</blockquote></p><p> Winner here: Ford.</p><p><blockquote>赢家：福特。</blockquote></p><p> <b>Differentiation and BaaS revenue model</b></p><p><blockquote><b>差异化和BaaS收入模式</b></blockquote></p><p> Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p><p><blockquote>福特和蔚来都知道差异化在一个竞争只会随着时间的推移而变得更加激烈的市场中的重要性，这就是为什么两家公司都在一个可以打破或巩固电动汽车市场主导地位的相关领域：电池技术。</blockquote></p><p> Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p><p><blockquote>福特正在与韩国电池技术公司SK Innovation组建一家合资企业，以确保牵引电池单元和阵列模块的供应。该合资企业旨在加速电池交付，每年将生产约60 GWh，足以满足福特到2030年预计年度能源需求的25%。蔚来也在投资电池技术，并成立了自己的合资企业来确保电池供应。</blockquote></p><p> The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p><p><blockquote>与福特的不同之处在于，蔚来的电池投资策略围绕电池订阅模式，也称为“电池即服务”，这为这家中国汽车制造商创造了强大的长期收入机会。在这种“BaaS”模式下，购买蔚来电动汽车的用户可以获得7万元人民币的初始折扣，相当于1.08万美元，并且可以签约包月租用可充电的70 kWh电池。然后可以在蔚来的一个电池交换站更换电池，该站遍布中国大多数大城市。电池订阅费用为每月980元人民币，相当于150美元。</blockquote></p><p> The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p><p><blockquote>BaaS模式对汽车制造商和用户都有几个好处：由于预付折扣，从蔚来购买电动汽车变得更加实惠，订阅模式确保用户受益于电池技术的进步和更好的性能随着时间的推移。将电池成本与汽车价格脱钩为蔚来创造了一个全新的订阅收入来源。“BaaS”订阅的收入可用于增加蔚来充电/更换站网络的密度。电池订阅模式还将客户与蔚来绑定在一起，有可能增加客户的终身价值。</blockquote></p><p> Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p><p><blockquote>福特和蔚来准备从电动汽车电池成本下降中受益，因为它们增加了资本配置。随着越来越多的投资流入开发更高效的电池，性能将会提高，成本将会下降，这将推动电动汽车的采用并使所有电动汽车制造商受益。这是因为较低的电池价格使电动汽车与内燃机乘用车相比更具竞争力。但由于蔚来明确围绕电池订阅构建其商业模式的一部分，蔚来可能比福特受益更多。</blockquote></p><p> Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p><p><blockquote>根据投资公司施罗德(Schroders)提供的信息，自2014年以来，电动汽车的电池成本已下降70%，并且在本十年还将进一步下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：施罗德）</span></p></blockquote></p><p> The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p><p><blockquote>“BaaS”模式非常天才，从长远来看，它可能会发展成为蔚来每年5亿美元的收入机会。尽管福特正在加大对电池技术的投资，但这一类别的赢家是：蔚来。</blockquote></p><p> <b>Sales growth and valuation</b></p><p><blockquote><b>销售增长和估值</b></blockquote></p><p> Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p><p><blockquote>福特5月份销量同比增长4.1%，但电动汽车销量（包括混合动力汽车）同比飙升184%，福特5月份售出创纪录的10,364辆电动汽车/混合动力汽车。Escape electrified销量和Explorer Hybrid销量同比增长125%和132%，显示出强劲的客户接受度。蔚来上个月交付了6,711辆汽车，其中包括3,017辆ES6、1,412辆ES8和2,282辆EC6。5月份总交付量同比增长率为95.3%。</blockquote></p><p> Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p><p><blockquote>福特的销售额是蔚来的54倍，这为蔚来创造了更多的销售增长和价值重估潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p><p><blockquote>福特和蔚来的估值差异就像白天和黑夜的区别。这是因为尽管电动汽车类别出现爆炸性增长，但福特仍被视为一家成熟的汽车制造商，预计企业销量将实现中低位数增长。预计到2025财年（基准年：2020财年），福特的收入将增长33%，蔚来的收入将增长808%！</blockquote></p><p> Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p><p><blockquote>由于这些销量增长的差异，蔚来与福特完全相反，至少就估值而言。这家中国电动汽车制造商预计今年的销量和交付量将增长接近100%，由于蔚来只经营电动汽车，蔚来的市值与销售额比率远高于福特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <b>NIO has larger risks...</b></p><p><blockquote><b>蔚来风险更大……</b></blockquote></p><p> NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p><p><blockquote>蔚来是风险更大的企业，但也是最有希望的企业。政府政策有利于蔚来等电动汽车制造商。蔚来的全球总销量增长潜力更大，因为与福特相比，它的收入基础较小。但也有一些事情对蔚来不利。例如，对于蔚来来说，由于生产缺陷而导致的召回将是一个比福特更大的挑战，福特可以依赖全球服务和分销网络。蔚来的估值也并非没有风险，因为生产受挫导致销售增长意外放缓将对财务状况造成更大的影响。</blockquote></p><p> <b>Final verdict</b></p><p><blockquote><b>终审判决</b></blockquote></p><p> NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p><p><blockquote>蔚来绝对是更“性感”的汽车制造商。中欧的强劲采用和销售增长支持了蔚来。其超级智能BaaS模型将车辆购买价格与电池成本脱钩，这是天才之举。你为这种增长付出了高昂的代价，但蔚来的市场机会是巨大的。</blockquote></p><p> Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p><p><blockquote>福特的电动汽车销量正在蓬勃发展，随着汽车制造商对其车队进行电气化，电动汽车销量的比例将会增加。福特在电动汽车市场潜力巨大，但由于电动汽车销量占总销量的比例仍然相对较低，福特需要很长时间才能完成转型。</blockquote></p><p> If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p><p><blockquote>如果您相信全球电动汽车市场的潜力，请购买蔚来。如果您相信全球电动汽车市场的潜力并且不喜欢太多风险，请购买福特。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813099449,"gmtCreate":1630111998781,"gmtModify":1704956079248,"author":{"id":"3581848646605293","authorId":"3581848646605293","name":"chunkiat14","avatar":"https://static.tigerbbs.com/31b1910abc25edda2038e4e69a5ca9ab","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581848646605293","idStr":"3581848646605293"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813099449","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</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\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}