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Crafty88

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2021-08-21

I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.

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2021-11-17

We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?

The bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</blockquote>

2021-07-23

Giving Federal Reserve some time from tapering.

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2021-07-25

Success does not usually replicates as it has more to do with timing and circumstances.

Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>

2021-07-25

Could rhetoric disguise hypocritical behaviour?

Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>

2021-07-10

Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.

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2021-07-18

Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new "normal" way of living and not insist on reverting to the past.

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2021-07-14

What about supply dislocation?

This surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</blockquote>

2021-06-29

Mkt euphoria only need an excuse to extend the frenzy

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2021-07-31

While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.

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far can this go if none of the malfeasance uncovered so far has stalled. So much for a country touted to be govern by rule and law.&nbsp;","listText":"How far can this go if none of the malfeasance uncovered so far has stalled. So much for a country touted to be govern by rule and law.&nbsp;","text":"How far can this go if none of the malfeasance uncovered so far has stalled. So much for a country touted to be govern by rule and law.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876696890","repostId":"1151370476","repostType":4,"repost":{"id":"1151370476","kind":"news","pubTimestamp":1637292141,"share":"https://www.laohu8.com/m/news/1151370476?lang=zh_CN&edition=full","pubTime":"2021-11-19 11:22","market":"us","language":"en","title":"Elizabeth Warren Seeks SEC Probe Into How Trump Landed SPAC Deal<blockquote>伊丽莎白·沃伦寻求SEC调查特朗普如何达成SPAC交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151370476","media":"Bloomberg","summary":"(Bloomberg) -- Donald Trump’s bid to recapture his social media presence is facing scrutiny from Sen","content":"<p>(Bloomberg) -- Donald Trump’s bid to recapture his social media presence is facing scrutiny from Senator Elizabeth Warren over reports that the blank-check company merger the former president used to raise millions of dollars may have skirted securities rules.</p><p><blockquote>（彭博社）-唐纳德·特朗普重新夺回社交媒体影响力的努力正面临参议员伊丽莎白·沃伦的审查，因为有报道称，这位前总统用来筹集数百万美元的空白支票公司合并可能规避了证券规则。</blockquote></p><p> Warren, a constant adversary of Trump’s when he occupied the White House, wants the Securities and Exchange Commission to investigate whether October’s merger between Trump Media and Technology Group and Digital World Acquisition Corp. was in the works long before the special purpose acquisition company sold shares.</p><p><blockquote>沃伦在特朗普入主白宫时一直是特朗普的对手，他希望美国证券交易委员会调查特朗普媒体和技术集团与数字世界收购公司10月份的合并是否早在这家特殊目的收购公司出售股票之前就已经在进行中。</blockquote></p><p> The Massachusetts Democrat said she’s concerned that Digital World’s chief executive officer may have held talks with Trump months ago -- discussions that weren’t disclosed to potential investors.</p><p><blockquote>这位马萨诸塞州民主党人表示，她担心Digital World的首席执行官可能在几个月前与特朗普举行了会谈，但这些讨论并未向潜在投资者披露。</blockquote></p><p> “DWAC’s failure to disclose these talks during the process appears to be an omission of material information necessary for both early institutional investors and retail investors in the SPAC’s public offering,” she said in a Wednesday letter to SEC Chair Gary Gensler.</p><p><blockquote>她在周三致SEC主席加里·詹斯勒(Gary Gensler)的信中表示：“DWAC在此过程中未能披露这些谈判，这似乎遗漏了SPAC公开发行中早期机构投资者和散户投资者所需的重要信息。”</blockquote></p><p> Warren cited a New York Times report that Digital World had communicated with Trump’s firm as early as March, while stating in securities filings that the SPAC had no specific acquisition target in mind. SPACs like Digital World aren’t supposed to pursue deals until after they go public. The alleged omission enriched Digital World’s sponsors and Trump Media, while “trapping retail investors in a stock bubble,” Warren said in an accompanying statement.</p><p><blockquote>沃伦援引《纽约时报》的报道称，Digital World早在3月份就与特朗普的公司进行了沟通，同时在证券备案文件中表示，SPAC没有具体的收购目标。像Digital World这样的SPAC在上市之前不应该寻求交易。沃伦在随附的声明中表示，所谓的遗漏让数字世界的赞助商和特朗普媒体致富，同时“将散户投资者困在股票泡沫中”。</blockquote></p><p> An SEC spokesperson declined to comment. Spokespeople for Trump Media and Digital World didn’t immediately respond to requests for comment.</p><p><blockquote>SEC发言人拒绝置评。特朗普媒体和数字世界的发言人没有立即回应置评请求。</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>Elizabeth Warren Seeks SEC Probe Into How Trump Landed SPAC Deal<blockquote>伊丽莎白·沃伦寻求SEC调查特朗普如何达成SPAC交易</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\">\nElizabeth Warren Seeks SEC Probe Into How Trump Landed SPAC Deal<blockquote>伊丽莎白·沃伦寻求SEC调查特朗普如何达成SPAC交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-19 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Donald Trump’s bid to recapture his social media presence is facing scrutiny from Senator Elizabeth Warren over reports that the blank-check company merger the former president used to raise millions of dollars may have skirted securities rules.</p><p><blockquote>（彭博社）-唐纳德·特朗普重新夺回社交媒体影响力的努力正面临参议员伊丽莎白·沃伦的审查，因为有报道称，这位前总统用来筹集数百万美元的空白支票公司合并可能规避了证券规则。</blockquote></p><p> Warren, a constant adversary of Trump’s when he occupied the White House, wants the Securities and Exchange Commission to investigate whether October’s merger between Trump Media and Technology Group and Digital World Acquisition Corp. was in the works long before the special purpose acquisition company sold shares.</p><p><blockquote>沃伦在特朗普入主白宫时一直是特朗普的对手，他希望美国证券交易委员会调查特朗普媒体和技术集团与数字世界收购公司10月份的合并是否早在这家特殊目的收购公司出售股票之前就已经在进行中。</blockquote></p><p> The Massachusetts Democrat said she’s concerned that Digital World’s chief executive officer may have held talks with Trump months ago -- discussions that weren’t disclosed to potential investors.</p><p><blockquote>这位马萨诸塞州民主党人表示，她担心Digital World的首席执行官可能在几个月前与特朗普举行了会谈，但这些讨论并未向潜在投资者披露。</blockquote></p><p> “DWAC’s failure to disclose these talks during the process appears to be an omission of material information necessary for both early institutional investors and retail investors in the SPAC’s public offering,” she said in a Wednesday letter to SEC Chair Gary Gensler.</p><p><blockquote>她在周三致SEC主席加里·詹斯勒(Gary Gensler)的信中表示：“DWAC在此过程中未能披露这些谈判，这似乎遗漏了SPAC公开发行中早期机构投资者和散户投资者所需的重要信息。”</blockquote></p><p> Warren cited a New York Times report that Digital World had communicated with Trump’s firm as early as March, while stating in securities filings that the SPAC had no specific acquisition target in mind. SPACs like Digital World aren’t supposed to pursue deals until after they go public. The alleged omission enriched Digital World’s sponsors and Trump Media, while “trapping retail investors in a stock bubble,” Warren said in an accompanying statement.</p><p><blockquote>沃伦援引《纽约时报》的报道称，Digital World早在3月份就与特朗普的公司进行了沟通，同时在证券备案文件中表示，SPAC没有具体的收购目标。像Digital World这样的SPAC在上市之前不应该寻求交易。沃伦在随附的声明中表示，所谓的遗漏让数字世界的赞助商和特朗普媒体致富，同时“将散户投资者困在股票泡沫中”。</blockquote></p><p> An SEC spokesperson declined to comment. Spokespeople for Trump Media and Digital World didn’t immediately respond to requests for comment.</p><p><blockquote>SEC发言人拒绝置评。特朗普媒体和数字世界的发言人没有立即回应置评请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/warren-seeks-sec-probe-trump-172030191.html\">Bloomberg</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":{},"source_url":"https://finance.yahoo.com/news/warren-seeks-sec-probe-trump-172030191.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151370476","content_text":"(Bloomberg) -- Donald Trump’s bid to recapture his social media presence is facing scrutiny from Senator Elizabeth Warren over reports that the blank-check company merger the former president used to raise millions of dollars may have skirted securities rules.\nWarren, a constant adversary of Trump’s when he occupied the White House, wants the Securities and Exchange Commission to investigate whether October’s merger between Trump Media and Technology Group and Digital World Acquisition Corp. was in the works long before the special purpose acquisition company sold shares.\nThe Massachusetts Democrat said she’s concerned that Digital World’s chief executive officer may have held talks with Trump months ago -- discussions that weren’t disclosed to potential investors.\n“DWAC’s failure to disclose these talks during the process appears to be an omission of material information necessary for both early institutional investors and retail investors in the SPAC’s public offering,” she said in a Wednesday letter to SEC Chair Gary Gensler.\nWarren cited a New York Times report that Digital World had communicated with Trump’s firm as early as March, while stating in securities filings that the SPAC had no specific acquisition target in mind. SPACs like Digital World aren’t supposed to pursue deals until after they go public. The alleged omission enriched Digital World’s sponsors and Trump Media, while “trapping retail investors in a stock bubble,” Warren said in an accompanying statement.\nAn SEC spokesperson declined to comment. Spokespeople for Trump Media and Digital World didn’t immediately respond to requests for comment.","news_type":1,"symbols_score_info":{"DWAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878096048,"gmtCreate":1637120130038,"gmtModify":1637120130122,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?&nbsp;","listText":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?&nbsp;","text":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/878096048","repostId":"2183984000","repostType":4,"repost":{"id":"2183984000","kind":"news","pubTimestamp":1637118789,"share":"https://www.laohu8.com/m/news/2183984000?lang=zh_CN&edition=full","pubTime":"2021-11-17 11:13","market":"us","language":"en","title":"The bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183984000","media":"Yahoo Finance","summary":"The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still f","content":"<p><div> The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs. Goldman said Tuesday it expects ...</p><p><blockquote><div>高盛表示，2022年的投资格局可能与2021年有很大不同，但标普500仍有更多收益的背景。高盛周二表示，预计...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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 bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</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 bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-17 11:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs. Goldman said Tuesday it expects ...</p><p><blockquote><div>高盛表示，2022年的投资格局可能与2021年有很大不同，但标普500仍有更多收益的背景。高盛周二表示，预计...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">Yahoo Finance</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://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183984000","content_text":"The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs.\nGoldman said Tuesday it expects the S&P 500 (^GSPC) to rise 9% to 5,100 by the end of 2022. If achieved, that would mark a 10% total return including dividends. Through Tuesday, the S&P 500 had advanced about 25% so far in 2021.\n\"The equity bull market will continue,\" said David Kostin, Goldman Sachs chief U.S. equity strategist.\nKostin lists several reasons for his optimism.\nCorporate tax rates will probably remain unchanged next year and remain a tailwind to profits, contends Kostin. S&P 500 earnings will grow by 8% in 2022 to $226 a share based on Kostin's modeling. Kostin sees sales for S&P 500 companies increased by 9% year-over-year.\nInvestors will therefore be keen on further increasing their allocations to stocks.\n\"Households own half of the $28 trillion in U.S. cash assets, an increase of $3 trillion since before the pandemic. We expect households will shift some of this capital into equities over time,\" adds Kostin.\nWhile those are supporting factors for stocks, Kostin cautions next year will not be without its risks that keeps returns lower than the red-hot ones seen in 2021.\n\"Decelerating economic growth, a tightening Fed, and rising real yields suggest investors should expect modestly below-average returns next year,\" Kostin warns.\nAccording to Goldman's data, the S&P 500 has historically generated an average 12-month return of 8% in environments of positive but slowing economic activity and rising interest rates.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3943,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4091891386414570","authorId":"4091891386414570","name":"Michane","avatar":"https://static.tigerbbs.com/e34d5ed60a80aa56ff9a8771c943602c","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4091891386414570","idStr":"4091891386414570"},"content":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]","text":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]","html":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832816555,"gmtCreate":1629605545377,"gmtModify":1631885478828,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Intel is still very much still a work in progress while news flow&nbsp;lately has shown Alibaba's mgt has rote to the core. What is good in the past do not last eternally.","listText":"Intel is still very much still a work in progress while news flow&nbsp;lately has shown Alibaba's mgt has rote to the core. What is good in the past do not last eternally.","text":"Intel is still very much still a work in progress while news flow lately has shown Alibaba's mgt has rote to the core. What is good in the past do not last eternally.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832816555","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":1367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832963272,"gmtCreate":1629560811596,"gmtModify":1633684037159,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.&nbsp;","listText":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.&nbsp;","text":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832963272","repostId":"1102227761","repostType":4,"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805688935,"gmtCreate":1627876049227,"gmtModify":1633755691091,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Don't even want to pretend to have liberal media anymore.&nbsp;","listText":"Don't even want to pretend to have liberal media anymore.&nbsp;","text":"Don't even want to pretend to have liberal media anymore.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805688935","repostId":"1194307757","repostType":4,"isVote":1,"tweetType":1,"viewCount":1345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802138113,"gmtCreate":1627729974032,"gmtModify":1633756760334,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.&nbsp;","listText":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.&nbsp;","text":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802138113","repostId":"1106964638","repostType":4,"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803615487,"gmtCreate":1627435910349,"gmtModify":1633765018557,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"That is the price you pay for regulation while democratic politicians kicks the can down the road thereby creating tech behemoth that will eventually be too big to fail.&nbsp;","listText":"That is the price you pay for regulation while democratic politicians kicks the can down the road thereby creating tech behemoth that will eventually be too big to fail.&nbsp;","text":"That is the price you pay for regulation while democratic politicians kicks the can down the road thereby creating tech behemoth that will eventually be too big to fail.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803615487","repostId":"2154912879","repostType":4,"isVote":1,"tweetType":1,"viewCount":2073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809322929,"gmtCreate":1627349143561,"gmtModify":1633765870270,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Policy deadlock and deteriorating trade relations probably underlies the pessimism.&nbsp;","listText":"Policy deadlock and deteriorating trade relations probably underlies the pessimism.&nbsp;","text":"Policy deadlock and deteriorating trade relations probably underlies the pessimism.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809322929","repostId":"1154456785","repostType":4,"isVote":1,"tweetType":1,"viewCount":3394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177939488,"gmtCreate":1627174607944,"gmtModify":1633767525942,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Success does not usually replicates as it has more to do with timing and circumstances.&nbsp;","listText":"Success does not usually replicates as it has more to do with timing and circumstances.&nbsp;","text":"Success does not usually replicates as it has more to do with timing and circumstances.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177939488","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售价格较高的汽车，与宝马、梅赛德斯和雷克萨斯等品牌竞争。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在近期。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</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>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售价格较高的汽车，与宝马、梅赛德斯和雷克萨斯等品牌竞争。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在近期。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">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":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177994516,"gmtCreate":1627174397235,"gmtModify":1633767528977,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Could rhetoric disguise hypocritical behaviour?&nbsp;","listText":"Could rhetoric disguise hypocritical behaviour?&nbsp;","text":"Could rhetoric disguise hypocritical behaviour?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177994516","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohu8.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</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 was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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 was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":2857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175935102,"gmtCreate":1627001847006,"gmtModify":1633768921686,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Giving Federal Reserve some time from tapering.","listText":"Giving Federal Reserve some time from tapering.","text":"Giving Federal Reserve some time from tapering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175935102","repostId":"2153677788","repostType":4,"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179730487,"gmtCreate":1626575810149,"gmtModify":1633925757181,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.&nbsp;","listText":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.&nbsp;","text":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179730487","repostId":"2152811496","repostType":2,"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147823390,"gmtCreate":1626351347210,"gmtModify":1633927634033,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Clearing out all the printed money into the banking system is the top priority, all else can wait.&nbsp;","listText":"Clearing out all the printed money into the banking system is the top priority, all else can wait.&nbsp;","text":"Clearing out all the printed money into the banking system is the top priority, all else can wait.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147823390","repostId":"1128482502","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145413244,"gmtCreate":1626236554288,"gmtModify":1633928736727,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"What about supply dislocation?&nbsp;","listText":"What about supply dislocation?&nbsp;","text":"What about supply dislocation?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145413244","repostId":"1148011457","repostType":4,"repost":{"id":"1148011457","kind":"news","pubTimestamp":1626226288,"share":"https://www.laohu8.com/m/news/1148011457?lang=zh_CN&edition=full","pubTime":"2021-07-14 09:31","market":"us","language":"en","title":"This surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148011457","media":"MarketWatch","summary":"Market share trumps pricing power.\n\nInflationsurged in June, but it is now at or near its peak for t","content":"<p>  <b>Market share trumps pricing power.</b>  Inflationsurged in June, but it is now at or near its peak for this cycle.</p><p><blockquote><b>市场份额胜过定价权。</b>6月份通胀飙升，但目前已达到或接近本周期的峰值。</blockquote></p><p> What will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?</p><p><blockquote>从现在开始，将决定消费者价格通胀路径的是企业如何回答一个关键问题：保护利润率和保护市场份额哪个更重要？</blockquote></p><p> There is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.</p><p><blockquote>毫无疑问，投入成本飙升。支付更高的工资来吸引新员工并留住现有员工确实会增加运营费用。在关键商品上的支出增加也是如此。因此，将这些更高的成本转嫁给客户的诱惑很大。</blockquote></p><p> <b>Calculated risk</b></p><p><blockquote><b>计算风险</b></blockquote></p><p> But it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.</p><p><blockquote>但这也是一个经过计算的风险。人们总是担心长期客户会离开，转而与突然看到通过降价脱颖而出的机会的竞争对手做生意。如果说各种规模的公司都吸取了一个惨痛的教训，那就是一旦失去市场份额，想要夺回市场份额是极其困难和昂贵的。</blockquote></p><p> What June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.</p><p><blockquote>6月份消费者价格指数上涨0.9%告诉我们，大多数企业发现他们的运营费用增长太多、太快，根本无法吸收。他们不得不通过向消费者收取更多费用来弥补利润的萎缩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd8661c9e62b57cf95d3d61da103d77a\" tg-width=\"1260\" tg-height=\"710\">Again, it’s a calculated risk and probably a safe one…for now! After all, households&nbsp;are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.</p><p><blockquote>再说一次，这是一个经过计算的风险，而且可能是安全的…就目前而言！毕竟，家庭现金充裕，渴望消费，这意味着美国人此时不太可能对价格敏感。我们已经几十年没有见过这样的定价权了。过去12个月通胀率上涨5.4%，为2008年夏季以来最快涨幅，核心CPI大幅上涨4.5%，为1991年以来最大涨幅。</blockquote></p><p> So long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.</p><p><blockquote>只要定价权不威胁市场份额，通胀就会继续攀升。但历史表明，这种情况不会持续太久。价格竞争将在今年下半年重新出现，并在2022年更加激烈，这应该会缓解通胀压力。原因如下。</blockquote></p><p> <b>Here’s why inflation has peaked</b></p><p><blockquote><b>这就是通货膨胀见顶的原因</b></blockquote></p><p> First, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.</p><p><blockquote>首先，随着华盛顿从财政刺激转向财政紧缩，我们预计家庭消费将相应缓解。</blockquote></p><p> Second, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.</p><p><blockquote>其次，过去一年消费者被压抑的需求大幅增加，为经济提供了巨大的前进动力。但随着需求得到满足，这种支出驱动将失去动力。</blockquote></p><p> Third, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.</p><p><blockquote>第三，毫无疑问，美联储正准备缩减对抵押贷款支持证券和美国国债的购买。无论是今年年底还是明年初开始缩减量化宽松，一旦他们这样做，借贷成本都会增加。这将减缓房屋销售和资本投资。</blockquote></p><p> Fourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.</p><p><blockquote>第四，上半年的供应链瓶颈开始缓解。货船正在以更快的速度卸货，尤其是在西海岸。物流的改善为大宗商品和成品价格的走低奠定了基础。</blockquote></p><p> Finally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.</p><p><blockquote>最后，我要说，这将是一些不情愿，尽管我们希望宣布战胜新冠肺炎病毒，但这样做还为时过早。新变种（Delta、Delta plus和现在的Lambda）在美国的出现，加上让70%至80%的美国人口完全接种疫苗的挑战（根据CDC的数据，截至今天，这一数字仅为48%），引发了秋冬季另一波感染的担忧。这也可能会给经济带来一些压力。</blockquote></p><p> Our assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.</p><p><blockquote>我们的评估是，我们已接近通胀周期的顶峰，联邦公开市场委员会的大多数投票成员都认同这一普遍情绪。随着消费者寻求更多交易，以及企业重新专注于锁定（如果不是扩大）市场份额，推动价格竞争和降低零售价格的力量必然会出现。</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>This surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</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\">\nThis surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-14 09:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Market share trumps pricing power.</b>  Inflationsurged in June, but it is now at or near its peak for this cycle.</p><p><blockquote><b>市场份额胜过定价权。</b>6月份通胀飙升，但目前已达到或接近本周期的峰值。</blockquote></p><p> What will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?</p><p><blockquote>从现在开始，将决定消费者价格通胀路径的是企业如何回答一个关键问题：保护利润率和保护市场份额哪个更重要？</blockquote></p><p> There is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.</p><p><blockquote>毫无疑问，投入成本飙升。支付更高的工资来吸引新员工并留住现有员工确实会增加运营费用。在关键商品上的支出增加也是如此。因此，将这些更高的成本转嫁给客户的诱惑很大。</blockquote></p><p> <b>Calculated risk</b></p><p><blockquote><b>计算风险</b></blockquote></p><p> But it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.</p><p><blockquote>但这也是一个经过计算的风险。人们总是担心长期客户会离开，转而与突然看到通过降价脱颖而出的机会的竞争对手做生意。如果说各种规模的公司都吸取了一个惨痛的教训，那就是一旦失去市场份额，想要夺回市场份额是极其困难和昂贵的。</blockquote></p><p> What June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.</p><p><blockquote>6月份消费者价格指数上涨0.9%告诉我们，大多数企业发现他们的运营费用增长太多、太快，根本无法吸收。他们不得不通过向消费者收取更多费用来弥补利润的萎缩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd8661c9e62b57cf95d3d61da103d77a\" tg-width=\"1260\" tg-height=\"710\">Again, it’s a calculated risk and probably a safe one…for now! After all, households&nbsp;are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.</p><p><blockquote>再说一次，这是一个经过计算的风险，而且可能是安全的…就目前而言！毕竟，家庭现金充裕，渴望消费，这意味着美国人此时不太可能对价格敏感。我们已经几十年没有见过这样的定价权了。过去12个月通胀率上涨5.4%，为2008年夏季以来最快涨幅，核心CPI大幅上涨4.5%，为1991年以来最大涨幅。</blockquote></p><p> So long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.</p><p><blockquote>只要定价权不威胁市场份额，通胀就会继续攀升。但历史表明，这种情况不会持续太久。价格竞争将在今年下半年重新出现，并在2022年更加激烈，这应该会缓解通胀压力。原因如下。</blockquote></p><p> <b>Here’s why inflation has peaked</b></p><p><blockquote><b>这就是通货膨胀见顶的原因</b></blockquote></p><p> First, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.</p><p><blockquote>首先，随着华盛顿从财政刺激转向财政紧缩，我们预计家庭消费将相应缓解。</blockquote></p><p> Second, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.</p><p><blockquote>其次，过去一年消费者被压抑的需求大幅增加，为经济提供了巨大的前进动力。但随着需求得到满足，这种支出驱动将失去动力。</blockquote></p><p> Third, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.</p><p><blockquote>第三，毫无疑问，美联储正准备缩减对抵押贷款支持证券和美国国债的购买。无论是今年年底还是明年初开始缩减量化宽松，一旦他们这样做，借贷成本都会增加。这将减缓房屋销售和资本投资。</blockquote></p><p> Fourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.</p><p><blockquote>第四，上半年的供应链瓶颈开始缓解。货船正在以更快的速度卸货，尤其是在西海岸。物流的改善为大宗商品和成品价格的走低奠定了基础。</blockquote></p><p> Finally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.</p><p><blockquote>最后，我要说，这将是一些不情愿，尽管我们希望宣布战胜新冠肺炎病毒，但这样做还为时过早。新变种（Delta、Delta plus和现在的Lambda）在美国的出现，加上让70%至80%的美国人口完全接种疫苗的挑战（根据CDC的数据，截至今天，这一数字仅为48%），引发了秋冬季另一波感染的担忧。这也可能会给经济带来一些压力。</blockquote></p><p> Our assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.</p><p><blockquote>我们的评估是，我们已接近通胀周期的顶峰，联邦公开市场委员会的大多数投票成员都认同这一普遍情绪。随着消费者寻求更多交易，以及企业重新专注于锁定（如果不是扩大）市场份额，推动价格竞争和降低零售价格的力量必然会出现。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/five-reasons-weve-seen-the-peak-of-inflation-for-this-cycle-11626195636?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":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/five-reasons-weve-seen-the-peak-of-inflation-for-this-cycle-11626195636?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148011457","content_text":"Market share trumps pricing power.\n\nInflationsurged in June, but it is now at or near its peak for this cycle.\nWhat will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?\nThere is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.\nCalculated risk\nBut it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.\nWhat June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.\nAgain, it’s a calculated risk and probably a safe one…for now! After all, households are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.\nSo long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.\nHere’s why inflation has peaked\nFirst, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.\nSecond, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.\nThird, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.\nFourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.\nFinally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.\nOur assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145419842,"gmtCreate":1626236428686,"gmtModify":1633928737678,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Nervousness is conditioned from long history of losses and frequent financial restatement.","listText":"Nervousness is conditioned from long history of losses and frequent financial restatement.","text":"Nervousness is conditioned from long history of losses and frequent financial restatement.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145419842","repostId":"1150580919","repostType":2,"repost":{"id":"1150580919","kind":"news","pubTimestamp":1626221598,"share":"https://www.laohu8.com/m/news/1150580919?lang=zh_CN&edition=full","pubTime":"2021-07-14 08:13","market":"us","language":"en","title":"Why Is Plug Power Stock Sinking Again on Tuesday?<blockquote>为什么普拉格能源股价周二再次下跌？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150580919","media":"Motley Fool","summary":"Investors continue to take notice of a fuel cell competitor's growing momentum.\n\nKey Points\n\nA fuel ","content":"<p>  Investors continue to take notice of a fuel cell competitor's growing momentum.  <b>Key Points</b></p><p><blockquote>投资者继续关注燃料电池竞争对手的增长势头。<b>要点</b></blockquote></p><p> <ul>  <li>A fuel cell vehicle manufacturer forecasts continued success in 2021 and into 2022.</li> </ul> <b>What happened</b></p><p><blockquote><ul><li>一家燃料电池汽车制造商预测2021年和2022年将继续取得成功。</li></ul><b>发生了什么</b></blockquote></p><p> Extending the 1.3% drop they suffered onMonday, shares of<b>Plug Power</b>(NASDAQ:PLUG)are continuing to slide today. Similar to yesterday, Plug Power didn't report anything on Tuesday that led investors to hit the sell button. Instead, the stock's fall is likely a reaction to the positive news that a noteworthy fuel cell peer shared this morning. Paring back some of its losses on the day, Plug Power's stock, which had dipped as much as 4.7% at one point today, was down 3.9% as of 3:55 p.m. EDT.</p><p><blockquote>延续了周一1.3%的跌幅，<b>普拉格能源</b>（纳斯达克：PLUG）今天继续下滑。与昨天类似，普拉格能源周二没有报告任何导致投资者按下卖出按钮的消息。相反，该股的下跌可能是对一位值得关注的燃料电池同行今天早上分享的积极消息的反应。普拉格能源股价今天一度下跌4.7%，截至下午3:55下跌3.9%，收复了当天的部分跌幅。美国东部时间。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> There's a new fuel cell name in town, Hyzon Motors, and investors focused on this niche of therenewable energyindustry are starting to take notice, adding it to their list of the usual fuel cell-oriented suspects:<b>Ballard Power Systems</b>,<b>Bloom Energy</b>, and<b>FuelCell Energy</b>. On track to merge with theSPAC<b>Decarbonization Plus Acquisition</b>(NASDAQ:DCRB), Hyzon Motors brands itself as \"a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy duty trucks, buses and coaches.\" And apparently, the company foresees good things happening in the rest of 2021 and into 2022.</p><p><blockquote>Hyzon Motors出现了一个新的燃料电池名称，专注于可再生能源行业这一利基市场的投资者开始注意到它，并将其添加到他们常见的燃料电池嫌疑人名单中：<b>巴拉德动力系统</b>,<b>布鲁姆能源</b>，和<b>燃料电池能源</b>.有望与theSPAC合并<b>脱碳加收购</b>（纳斯达克：DCRB），Hyzon Motors将自己标榜为“零排放氢燃料电池驱动商用车的全球供应商，包括重型卡车、公共汽车和长途汽车”。显然，该公司预计2021年剩余时间和2022年将会发生好事。</blockquote></p><p> Hyzon Motors reported today that it expects to achieve its 2021 sales guidance of $37 million. In addition, the company forecasts achieving its 2022 outlook as well, which includes revenue of $198 million and deliveries of 623 medium and heavy duty trucks. According to management, its optimism regarding the achieving of its 2022 forecast comes from the fact that the company's orders and non-binding memorandums of understanding have climbed to $83 million, representing an increase of over 100% from Feb. 12.</p><p><blockquote>Hyzon Motors今天报告称，预计2021年销售额将达到3700万美元。此外，该公司还预计将实现2022年的预期，其中包括1.98亿美元的收入和623辆中型和重型卡车的交付。管理层表示，其对实现2022年预测的乐观情绪来自于该公司的订单和非约束性谅解备忘录已攀升至8300万美元，较2月12日增长超过100%。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> While supplying fuel cell modules for these sorts of vehicles isn't Plug Power's bread and butter, the company has its sights on this market. On the company'sQ4 2020 conference call, for example, Plug Power CEO Andy Marsh addressed the company's interest in this, stating, \"We do have discussions going on in the United States and elsewhere, especially with a focus on heavy-duty vehicles.\" Later in the call, Marsh estimated that in 2024, when the company expects to exceed $1 billion in revenue, the transportation market will play an important role, saying that he and the rest of management \"expect to be in the $500 million range and the rest will be involved in large-scale stationary [power] and on-road vehicles.\"</p><p><blockquote>虽然为此类车辆供应燃料电池模块并不是普拉格能源的主要业务，但该公司已将目光投向了这个市场。例如，在公司2020年第四季度电话会议上，普拉格能源首席执行官Andy Marsh谈到了公司对此的兴趣，他表示：“我们确实在美国和其他地方进行了讨论，特别是重点关注重型车辆。”马什后来在《看涨期权》上估计，到2024年，当公司预计收入将超过10亿美元时，运输市场将发挥重要作用，并表示他和其他管理层“预计收入将在5亿美元范围内，其余的将涉及大型固定[动力]和公路车辆。”</blockquote></p><p> Should Plug Power investors panic after Hyzon's announcement? Absolutely not. The competition may ramp up, but Plug Power has established itself as a leader in the fuel cell industry -- one that may not be so easy to unseat. Shareholders, however, should continue to closely monitor Hyzon Motors since the company hasn't proven that it could make good on its optimistic forecasts yet. And even if it does achieve its guidance, it's far from a guarantee that Plug Power won't be able to grab its own slice of the transportation industry market share.</p><p><blockquote>Hyzon宣布这一消息后，普拉格能源投资者是否应该感到恐慌？绝对不行。竞争可能会加剧，但普拉格能源已经确立了自己在燃料电池行业的领导者地位——这一地位可能不那么容易被取代。然而，股东应继续密切关注Hyzon Motors，因为该公司尚未证明其能够兑现其乐观的预测。即使它确实实现了其指导，也远不能保证普拉格能源无法在运输行业市场份额中占据自己的份额。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Is Plug Power Stock Sinking Again on Tuesday?<blockquote>为什么普拉格能源股价周二再次下跌？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Is Plug Power Stock Sinking Again on Tuesday?<blockquote>为什么普拉格能源股价周二再次下跌？</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\">2021-07-14 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Investors continue to take notice of a fuel cell competitor's growing momentum.  <b>Key Points</b></p><p><blockquote>投资者继续关注燃料电池竞争对手的增长势头。<b>要点</b></blockquote></p><p> <ul>  <li>A fuel cell vehicle manufacturer forecasts continued success in 2021 and into 2022.</li> </ul> <b>What happened</b></p><p><blockquote><ul><li>一家燃料电池汽车制造商预测2021年和2022年将继续取得成功。</li></ul><b>发生了什么</b></blockquote></p><p> Extending the 1.3% drop they suffered onMonday, shares of<b>Plug Power</b>(NASDAQ:PLUG)are continuing to slide today. Similar to yesterday, Plug Power didn't report anything on Tuesday that led investors to hit the sell button. Instead, the stock's fall is likely a reaction to the positive news that a noteworthy fuel cell peer shared this morning. Paring back some of its losses on the day, Plug Power's stock, which had dipped as much as 4.7% at one point today, was down 3.9% as of 3:55 p.m. EDT.</p><p><blockquote>延续了周一1.3%的跌幅，<b>普拉格能源</b>（纳斯达克：PLUG）今天继续下滑。与昨天类似，普拉格能源周二没有报告任何导致投资者按下卖出按钮的消息。相反，该股的下跌可能是对一位值得关注的燃料电池同行今天早上分享的积极消息的反应。普拉格能源股价今天一度下跌4.7%，截至下午3:55下跌3.9%，收复了当天的部分跌幅。美国东部时间。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> There's a new fuel cell name in town, Hyzon Motors, and investors focused on this niche of therenewable energyindustry are starting to take notice, adding it to their list of the usual fuel cell-oriented suspects:<b>Ballard Power Systems</b>,<b>Bloom Energy</b>, and<b>FuelCell Energy</b>. On track to merge with theSPAC<b>Decarbonization Plus Acquisition</b>(NASDAQ:DCRB), Hyzon Motors brands itself as \"a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy duty trucks, buses and coaches.\" And apparently, the company foresees good things happening in the rest of 2021 and into 2022.</p><p><blockquote>Hyzon Motors出现了一个新的燃料电池名称，专注于可再生能源行业这一利基市场的投资者开始注意到它，并将其添加到他们常见的燃料电池嫌疑人名单中：<b>巴拉德动力系统</b>,<b>布鲁姆能源</b>，和<b>燃料电池能源</b>.有望与theSPAC合并<b>脱碳加收购</b>（纳斯达克：DCRB），Hyzon Motors将自己标榜为“零排放氢燃料电池驱动商用车的全球供应商，包括重型卡车、公共汽车和长途汽车”。显然，该公司预计2021年剩余时间和2022年将会发生好事。</blockquote></p><p> Hyzon Motors reported today that it expects to achieve its 2021 sales guidance of $37 million. In addition, the company forecasts achieving its 2022 outlook as well, which includes revenue of $198 million and deliveries of 623 medium and heavy duty trucks. According to management, its optimism regarding the achieving of its 2022 forecast comes from the fact that the company's orders and non-binding memorandums of understanding have climbed to $83 million, representing an increase of over 100% from Feb. 12.</p><p><blockquote>Hyzon Motors今天报告称，预计2021年销售额将达到3700万美元。此外，该公司还预计将实现2022年的预期，其中包括1.98亿美元的收入和623辆中型和重型卡车的交付。管理层表示，其对实现2022年预测的乐观情绪来自于该公司的订单和非约束性谅解备忘录已攀升至8300万美元，较2月12日增长超过100%。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> While supplying fuel cell modules for these sorts of vehicles isn't Plug Power's bread and butter, the company has its sights on this market. On the company'sQ4 2020 conference call, for example, Plug Power CEO Andy Marsh addressed the company's interest in this, stating, \"We do have discussions going on in the United States and elsewhere, especially with a focus on heavy-duty vehicles.\" Later in the call, Marsh estimated that in 2024, when the company expects to exceed $1 billion in revenue, the transportation market will play an important role, saying that he and the rest of management \"expect to be in the $500 million range and the rest will be involved in large-scale stationary [power] and on-road vehicles.\"</p><p><blockquote>虽然为此类车辆供应燃料电池模块并不是普拉格能源的主要业务，但该公司已将目光投向了这个市场。例如，在公司2020年第四季度电话会议上，普拉格能源首席执行官Andy Marsh谈到了公司对此的兴趣，他表示：“我们确实在美国和其他地方进行了讨论，特别是重点关注重型车辆。”马什后来在《看涨期权》上估计，到2024年，当公司预计收入将超过10亿美元时，运输市场将发挥重要作用，并表示他和其他管理层“预计收入将在5亿美元范围内，其余的将涉及大型固定[动力]和公路车辆。”</blockquote></p><p> Should Plug Power investors panic after Hyzon's announcement? Absolutely not. The competition may ramp up, but Plug Power has established itself as a leader in the fuel cell industry -- one that may not be so easy to unseat. Shareholders, however, should continue to closely monitor Hyzon Motors since the company hasn't proven that it could make good on its optimistic forecasts yet. And even if it does achieve its guidance, it's far from a guarantee that Plug Power won't be able to grab its own slice of the transportation industry market share.</p><p><blockquote>Hyzon宣布这一消息后，普拉格能源投资者是否应该感到恐慌？绝对不行。竞争可能会加剧，但普拉格能源已经确立了自己在燃料电池行业的领导者地位——这一地位可能不那么容易被取代。然而，股东应继续密切关注Hyzon Motors，因为该公司尚未证明其能够兑现其乐观的预测。即使它确实实现了其指导，也远不能保证普拉格能源无法在运输行业市场份额中占据自己的份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/13/why-is-plug-power-stock-sinking-again-on-tuesday/\">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":{"PLUG":"普拉格能源"},"source_url":"https://www.fool.com/investing/2021/07/13/why-is-plug-power-stock-sinking-again-on-tuesday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150580919","content_text":"Investors continue to take notice of a fuel cell competitor's growing momentum.\n\nKey Points\n\nA fuel cell vehicle manufacturer forecasts continued success in 2021 and into 2022.\n\nWhat happened\nExtending the 1.3% drop they suffered onMonday, shares ofPlug Power(NASDAQ:PLUG)are continuing to slide today. Similar to yesterday, Plug Power didn't report anything on Tuesday that led investors to hit the sell button. Instead, the stock's fall is likely a reaction to the positive news that a noteworthy fuel cell peer shared this morning. Paring back some of its losses on the day, Plug Power's stock, which had dipped as much as 4.7% at one point today, was down 3.9% as of 3:55 p.m. EDT.\nSo what\nThere's a new fuel cell name in town, Hyzon Motors, and investors focused on this niche of therenewable energyindustry are starting to take notice, adding it to their list of the usual fuel cell-oriented suspects:Ballard Power Systems,Bloom Energy, andFuelCell Energy. On track to merge with theSPACDecarbonization Plus Acquisition(NASDAQ:DCRB), Hyzon Motors brands itself as \"a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy duty trucks, buses and coaches.\" And apparently, the company foresees good things happening in the rest of 2021 and into 2022.\nHyzon Motors reported today that it expects to achieve its 2021 sales guidance of $37 million. In addition, the company forecasts achieving its 2022 outlook as well, which includes revenue of $198 million and deliveries of 623 medium and heavy duty trucks. According to management, its optimism regarding the achieving of its 2022 forecast comes from the fact that the company's orders and non-binding memorandums of understanding have climbed to $83 million, representing an increase of over 100% from Feb. 12.\nNow what\nWhile supplying fuel cell modules for these sorts of vehicles isn't Plug Power's bread and butter, the company has its sights on this market. On the company'sQ4 2020 conference call, for example, Plug Power CEO Andy Marsh addressed the company's interest in this, stating, \"We do have discussions going on in the United States and elsewhere, especially with a focus on heavy-duty vehicles.\" Later in the call, Marsh estimated that in 2024, when the company expects to exceed $1 billion in revenue, the transportation market will play an important role, saying that he and the rest of management \"expect to be in the $500 million range and the rest will be involved in large-scale stationary [power] and on-road vehicles.\"\nShould Plug Power investors panic after Hyzon's announcement? Absolutely not. The competition may ramp up, but Plug Power has established itself as a leader in the fuel cell industry -- one that may not be so easy to unseat. Shareholders, however, should continue to closely monitor Hyzon Motors since the company hasn't proven that it could make good on its optimistic forecasts yet. And even if it does achieve its guidance, it's far from a guarantee that Plug Power won't be able to grab its own slice of the transportation industry market share.","news_type":1,"symbols_score_info":{"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146943253,"gmtCreate":1626051223172,"gmtModify":1633930676475,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"What about the deleveraging and housing bubble?","listText":"What about the deleveraging and housing bubble?","text":"What about the deleveraging and housing bubble?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146943253","repostId":"1128954643","repostType":4,"isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146925349,"gmtCreate":1626050602681,"gmtModify":1633930691168,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"The past year have&nbsp;shown that all the gloom and doom has little impact on financial markets while money supply do.","listText":"The past year have&nbsp;shown that all the gloom and doom has little impact on financial markets while money supply do.","text":"The past year have shown that all the gloom and doom has little impact on financial markets while money supply do.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146925349","repostId":"1161725031","repostType":4,"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141455148,"gmtCreate":1625887716084,"gmtModify":1633936361641,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.&nbsp;","listText":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.&nbsp;","text":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141455148","repostId":"1162091150","repostType":4,"isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143413078,"gmtCreate":1625808308694,"gmtModify":1633937099556,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Wouldn't this weak economic growth be a catalyst for more inflated stock prices as less money is put into productive investment?&nbsp;","listText":"Wouldn't this weak economic growth be a catalyst for more inflated stock prices as less money is put into productive investment?&nbsp;","text":"Wouldn't this weak economic growth be a catalyst for more inflated stock prices as less money is put into productive investment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143413078","repostId":"1119741032","repostType":4,"repost":{"id":"1119741032","kind":"news","pubTimestamp":1625803532,"share":"https://www.laohu8.com/m/news/1119741032?lang=zh_CN&edition=full","pubTime":"2021-07-09 12:05","market":"hk","language":"en","title":"5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119741032","media":"24/7 wall street","summary":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as ","content":"<p><a href=\"https://laohu8.com/S/JE\">Just</a> last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上个月，我们被警告说，随着通胀和美联储联手结束我们多年来陷入的大规模低利率模式，利率已准备好大幅走高。然后，利率似乎突然大幅走低，10年期国债收益率从5月底的近1.70%降至1.32%。基准30年期国债回到1.94%的水平。这是自去年冬天以来的最低利率水平。</blockquote></p><p> For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p><p><blockquote>对于收益投资者来说，这是十多年来问题的又一次挫折。虽然利率肯定会再次上升，<a href=\"https://laohu8.com/S/AONE\">一</a>事情似乎是肯定的：在经济恢复全面强劲之前，美联储不会加息。美联储近期唯一准备采取的举措是开始缩减每月1200亿美元的国债和抵押贷款债务购买规模。</blockquote></p><p> We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p><p><blockquote>我们筛选了美国银行证券研究领域，寻找支付至少4%股息的买入评级蓝筹股。我们发现了五种现在对成长型和收益型投资者非常有吸引力的股票。虽然所有报告都被评为买入，但重要的是要记住，任何分析师报告都不应用作任何买入或卖出决策的唯一依据。</blockquote></p><p> <a href=\"https://laohu8.com/S/MO\">Altria</a></p><p><blockquote><a href=\"https://laohu8.com/S/MO\">奥驰亚</a></blockquote></p><p> This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p><p><blockquote>这家烟草产品制造商现在为价值投资者提供了一个很好的切入点，但最近由于卷烟销售放缓而受到打击。奥驰亚集团公司（纽约证券交易所股票代码：MO）是<a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>美国（香烟），UST（无烟），约翰米德尔顿（雪茄），Ste。米歇尔葡萄酒庄园和菲利普莫里斯资本。PMUSA在美国卷烟市场占据51%的份额，由其顶级卷烟品牌万宝路引领。</blockquote></p><p> Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p><p><blockquote>奥驰亚还拥有全球最大啤酒制造商百威英博10%以上的股份。2008年3月，它将国际卷烟业务分拆给股东。2018年12月，该公司收购了Juul Labs 35%的股份，并以18亿美元收购了大麻公司Cronus 45%的股份。</blockquote></p><p> BofA Securities is very favorable toward the company’s plans for the future:</p><p><blockquote>美银证券非常看好该公司的未来计划：</blockquote></p><p>   Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.  Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p><p><blockquote>管理层在CAGNY（消费者分析师小组<a href=\"https://laohu8.com/S/NWY\">纽约</a>）讨论了企业对ESG的新关注、IQOS计划及其“超越吸烟”10年计划的更多细节。Smokeables（香烟/雪茄）仍将是其战略的重要组成部分，为其长期增长和股东回报提供资金。在过去的5年里，尽管数量下降，吸烟和其他综合收入仍以5.5%的复合年增长率增长。股东获得7.35%的股息。分析师对该股的目标价为58美元，而共识目标价较低，为53.89美元。奥驰亚股价周三收于每股46.79美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/CVX\">Chevron</a></p><p><blockquote><a href=\"https://laohu8.com/S/CVX\">雪佛龙</a></blockquote></p><p> This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p><p><blockquote>对于较为保守的投资者来说，这家能源巨头是在该行业定位的可靠途径。雪佛龙公司（纽约证券交易所股票代码：CVX）是一家总部位于美国的综合性石油和天然气公司，在勘探和生产、炼油和营销、运输和石化领域开展全球业务。该公司拥有可观的股息，并在天然气和液化天然气领域拥有稳固的地位。</blockquote></p><p> With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p><p><blockquote>凭借各大巨头中最强大的财务基础，加上有吸引力的相对资产基础，华尔街的许多人认为雪佛龙提供了最直接的正风险/回报。尽管目前的情况不值得大力关注产量增长，但雪佛龙拥有众多中期驱动因素（<a href=\"https://laohu8.com/S/NBL\">高尚的</a>一体化、二叠纪、TCO/WPMP扩张、墨西哥湾勘探、Vaca Muerta等）应该会支持未来几年的生产水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/IBM\">IBM</a></p><p><blockquote><a href=\"https://laohu8.com/S/IBM\">IBM</a></blockquote></p><p> This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p><p><blockquote>这家老派科技巨头仍然为投资者提供了一个非常坚实的切入点。国际商业机器公司（纽约证券交易所代码：IBM）是一家领先的企业解决方案提供商，提供广泛的信息技术（IT）硬件、商业和IT服务以及全套软件解决方案。</blockquote></p><p> The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p><p><blockquote>该公司将其硬件产品与其软件和服务产品相集成，以提供高价值的解决方案。分析师将该公司在公共云领域的潜力作为他们对未来前景持积极态度的原因。</blockquote></p><p> CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p><p><blockquote>自2012年以来一直担任该职位的首席执行官吉尼·罗梅蒂(Ginni Rommety)于1月份辞职，股市以非常积极的方式迎接这一消息。领导该公司云计算业务的Arvind Krishna成为新任首席执行官。罗睿兰将继续担任执行董事会主席直至今年年底。</blockquote></p><p></p><p> Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p><p><blockquote>IBM股票持有人获得4.69%的股息。美国银行证券175美元的目标价远高于144.14美元的共识价。该股周三收于139.82美元。</blockquote></p><p> Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p><p><blockquote>股东获得5.21%的股息，分析师认为股息将保持在当前水平。美国银行证券的目标价为125美元，而共识目标价为122.48美元，周三雪佛龙股票最后一次交易价格为每股102.93美元。</blockquote></p><p> LyondellBasell</p><p><blockquote>利安德巴塞尔</blockquote></p><p> This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p><p><blockquote>这家拥有良好资产负债表的顶级化工公司是保守投资者的另一个可靠选择。利安德巴塞尔工业公司（纽约证券交易所股票代码：LYB）生产化学品和聚合物、精炼原油、生产汽油混合成分以及开发和许可聚合物生产技术。</blockquote></p><p> Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p><p><blockquote>超过一半的收入来自该公司的烯烃和聚烯烃美洲部门，该部门的成本与该地区廉价天然气的价格相关。<a href=\"https://laohu8.com/S/UBNK\">团结的</a>国家，而销售价格与石油价格相关。该公司奉行低成本、高投资资本回报率的战略，消除瓶颈，并向股东提供现金回报。</blockquote></p><p> Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p><p><blockquote>请注意，去瓶颈是识别石油和天然气设施中限制产品流动的特定区域或设备（称为瓶颈）并对其进行优化的过程，以便提高工厂的整体产能。</blockquote></p><p> The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p><p><blockquote>该公司提供4.50%的股息。美银证券将目标价定为117美元。共识目标为118.41美元，利安德巴塞尔股票周三收于每股100.40美元。</blockquote></p><p></p>","source":"lsy1620372341666","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>5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</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\">\n5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge<blockquote>随着利率暴跌，值得买入并获得巨额股息的5只蓝筹股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">24/7 wall street</strong><span class=\"h-time small\">2021-07-09 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上个月，我们被警告说，随着通胀和美联储联手结束我们多年来陷入的大规模低利率模式，利率已准备好大幅走高。然后，利率似乎突然大幅走低，10年期国债收益率从5月底的近1.70%降至1.32%。基准30年期国债回到1.94%的水平。这是自去年冬天以来的最低利率水平。</blockquote></p><p> For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p><p><blockquote>对于收益投资者来说，这是十多年来问题的又一次挫折。虽然利率肯定会再次上升，<a href=\"https://laohu8.com/S/AONE\">一</a>事情似乎是肯定的：在经济恢复全面强劲之前，美联储不会加息。美联储近期唯一准备采取的举措是开始缩减每月1200亿美元的国债和抵押贷款债务购买规模。</blockquote></p><p> We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p><p><blockquote>我们筛选了美国银行证券研究领域，寻找支付至少4%股息的买入评级蓝筹股。我们发现了五种现在对成长型和收益型投资者非常有吸引力的股票。虽然所有报告都被评为买入，但重要的是要记住，任何分析师报告都不应用作任何买入或卖出决策的唯一依据。</blockquote></p><p> <a href=\"https://laohu8.com/S/MO\">Altria</a></p><p><blockquote><a href=\"https://laohu8.com/S/MO\">奥驰亚</a></blockquote></p><p> This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p><p><blockquote>这家烟草产品制造商现在为价值投资者提供了一个很好的切入点，但最近由于卷烟销售放缓而受到打击。奥驰亚集团公司（纽约证券交易所股票代码：MO）是<a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>美国（香烟），UST（无烟），约翰米德尔顿（雪茄），Ste。米歇尔葡萄酒庄园和菲利普莫里斯资本。PMUSA在美国卷烟市场占据51%的份额，由其顶级卷烟品牌万宝路引领。</blockquote></p><p> Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p><p><blockquote>奥驰亚还拥有全球最大啤酒制造商百威英博10%以上的股份。2008年3月，它将国际卷烟业务分拆给股东。2018年12月，该公司收购了Juul Labs 35%的股份，并以18亿美元收购了大麻公司Cronus 45%的股份。</blockquote></p><p> BofA Securities is very favorable toward the company’s plans for the future:</p><p><blockquote>美银证券非常看好该公司的未来计划：</blockquote></p><p>   Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.  Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p><p><blockquote>管理层在CAGNY（消费者分析师小组<a href=\"https://laohu8.com/S/NWY\">纽约</a>）讨论了企业对ESG的新关注、IQOS计划及其“超越吸烟”10年计划的更多细节。Smokeables（香烟/雪茄）仍将是其战略的重要组成部分，为其长期增长和股东回报提供资金。在过去的5年里，尽管数量下降，吸烟和其他综合收入仍以5.5%的复合年增长率增长。股东获得7.35%的股息。分析师对该股的目标价为58美元，而共识目标价较低，为53.89美元。奥驰亚股价周三收于每股46.79美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/CVX\">Chevron</a></p><p><blockquote><a href=\"https://laohu8.com/S/CVX\">雪佛龙</a></blockquote></p><p> This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p><p><blockquote>对于较为保守的投资者来说，这家能源巨头是在该行业定位的可靠途径。雪佛龙公司（纽约证券交易所股票代码：CVX）是一家总部位于美国的综合性石油和天然气公司，在勘探和生产、炼油和营销、运输和石化领域开展全球业务。该公司拥有可观的股息，并在天然气和液化天然气领域拥有稳固的地位。</blockquote></p><p> With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p><p><blockquote>凭借各大巨头中最强大的财务基础，加上有吸引力的相对资产基础，华尔街的许多人认为雪佛龙提供了最直接的正风险/回报。尽管目前的情况不值得大力关注产量增长，但雪佛龙拥有众多中期驱动因素（<a href=\"https://laohu8.com/S/NBL\">高尚的</a>一体化、二叠纪、TCO/WPMP扩张、墨西哥湾勘探、Vaca Muerta等）应该会支持未来几年的生产水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/IBM\">IBM</a></p><p><blockquote><a href=\"https://laohu8.com/S/IBM\">IBM</a></blockquote></p><p> This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p><p><blockquote>这家老派科技巨头仍然为投资者提供了一个非常坚实的切入点。国际商业机器公司（纽约证券交易所代码：IBM）是一家领先的企业解决方案提供商，提供广泛的信息技术（IT）硬件、商业和IT服务以及全套软件解决方案。</blockquote></p><p> The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p><p><blockquote>该公司将其硬件产品与其软件和服务产品相集成，以提供高价值的解决方案。分析师将该公司在公共云领域的潜力作为他们对未来前景持积极态度的原因。</blockquote></p><p> CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p><p><blockquote>自2012年以来一直担任该职位的首席执行官吉尼·罗梅蒂(Ginni Rommety)于1月份辞职，股市以非常积极的方式迎接这一消息。领导该公司云计算业务的Arvind Krishna成为新任首席执行官。罗睿兰将继续担任执行董事会主席直至今年年底。</blockquote></p><p></p><p> Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p><p><blockquote>IBM股票持有人获得4.69%的股息。美国银行证券175美元的目标价远高于144.14美元的共识价。该股周三收于139.82美元。</blockquote></p><p> Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p><p><blockquote>股东获得5.21%的股息，分析师认为股息将保持在当前水平。美国银行证券的目标价为125美元，而共识目标价为122.48美元，周三雪佛龙股票最后一次交易价格为每股102.93美元。</blockquote></p><p> LyondellBasell</p><p><blockquote>利安德巴塞尔</blockquote></p><p> This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p><p><blockquote>这家拥有良好资产负债表的顶级化工公司是保守投资者的另一个可靠选择。利安德巴塞尔工业公司（纽约证券交易所股票代码：LYB）生产化学品和聚合物、精炼原油、生产汽油混合成分以及开发和许可聚合物生产技术。</blockquote></p><p> Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p><p><blockquote>超过一半的收入来自该公司的烯烃和聚烯烃美洲部门，该部门的成本与该地区廉价天然气的价格相关。<a href=\"https://laohu8.com/S/UBNK\">团结的</a>国家，而销售价格与石油价格相关。该公司奉行低成本、高投资资本回报率的战略，消除瓶颈，并向股东提供现金回报。</blockquote></p><p> Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p><p><blockquote>请注意，去瓶颈是识别石油和天然气设施中限制产品流动的特定区域或设备（称为瓶颈）并对其进行优化的过程，以便提高工厂的整体产能。</blockquote></p><p> The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p><p><blockquote>该公司提供4.50%的股息。美银证券将目标价定为117美元。共识目标为118.41美元，利安德巴塞尔股票周三收于每股100.40美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/\">24/7 wall 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":{},"source_url":"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741032","content_text":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.\nFor income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, one thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.\nWe screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.\nAltria\nThis maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of Philip Morris USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.\nAltria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.\nBofA Securities is very favorable toward the company’s plans for the future:\n\n Management presented at CAGNY (Consumer Analyst Group of New York) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n\nShareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.\nChevron\nThis energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.\nWith the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (Noble integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.\nIBM\nThis old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.\nThe company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.\nCEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.\nHolders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.\nShareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.\nLyondellBasell\nThis top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.\nOver half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the United States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.\nNote that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.\nThe company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159056248,"gmtCreate":1624932609084,"gmtModify":1633946822339,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582170357244455","idStr":"3582170357244455"},"themes":[],"htmlText":"Mkt euphoria only need an excuse to extend the frenzy","listText":"Mkt euphoria only need an excuse to extend the frenzy","text":"Mkt euphoria only need an excuse to extend the frenzy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159056248","repostId":"1186859089","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":832963272,"gmtCreate":1629560811596,"gmtModify":1633684037159,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.&nbsp;","listText":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.&nbsp;","text":"I guess it has more to do with the timing of tapering comes at a time of covid resurgence and anti-globalisation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832963272","repostId":"1102227761","repostType":4,"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":878096048,"gmtCreate":1637120130038,"gmtModify":1637120130122,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?&nbsp;","listText":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?&nbsp;","text":"We have a case where both bond and stock markets seem immune to record inflation seen in the last 30 years. Is this a sign that there is too much money in the system? Or is this a generation that has has no idea what inflation really mean?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/878096048","repostId":"2183984000","repostType":4,"repost":{"id":"2183984000","kind":"news","pubTimestamp":1637118789,"share":"https://www.laohu8.com/m/news/2183984000?lang=zh_CN&edition=full","pubTime":"2021-11-17 11:13","market":"us","language":"en","title":"The bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183984000","media":"Yahoo Finance","summary":"The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still f","content":"<p><div> The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs. Goldman said Tuesday it expects ...</p><p><blockquote><div>高盛表示，2022年的投资格局可能与2021年有很大不同，但标普500仍有更多收益的背景。高盛周二表示，预计...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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 bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</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 bull market will continue in 2022: Goldman Sachs<blockquote>高盛：2022年牛市将持续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-17 11:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs. Goldman said Tuesday it expects ...</p><p><blockquote><div>高盛表示，2022年的投资格局可能与2021年有很大不同，但标普500仍有更多收益的背景。高盛周二表示，预计...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html\">Yahoo Finance</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://finance.yahoo.com/news/the-bull-market-will-continue-in-2022-goldman-sachs-115009438.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183984000","content_text":"The investing landscape will likely be much different in 2022 than 2021, but the backdrop is still fertile for more gains on the S&P 500, according to Goldman Sachs.\nGoldman said Tuesday it expects the S&P 500 (^GSPC) to rise 9% to 5,100 by the end of 2022. If achieved, that would mark a 10% total return including dividends. Through Tuesday, the S&P 500 had advanced about 25% so far in 2021.\n\"The equity bull market will continue,\" said David Kostin, Goldman Sachs chief U.S. equity strategist.\nKostin lists several reasons for his optimism.\nCorporate tax rates will probably remain unchanged next year and remain a tailwind to profits, contends Kostin. S&P 500 earnings will grow by 8% in 2022 to $226 a share based on Kostin's modeling. Kostin sees sales for S&P 500 companies increased by 9% year-over-year.\nInvestors will therefore be keen on further increasing their allocations to stocks.\n\"Households own half of the $28 trillion in U.S. cash assets, an increase of $3 trillion since before the pandemic. We expect households will shift some of this capital into equities over time,\" adds Kostin.\nWhile those are supporting factors for stocks, Kostin cautions next year will not be without its risks that keeps returns lower than the red-hot ones seen in 2021.\n\"Decelerating economic growth, a tightening Fed, and rising real yields suggest investors should expect modestly below-average returns next year,\" Kostin warns.\nAccording to Goldman's data, the S&P 500 has historically generated an average 12-month return of 8% in environments of positive but slowing economic activity and rising interest rates.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3943,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4091891386414570","authorId":"4091891386414570","name":"Michane","avatar":"https://static.tigerbbs.com/e34d5ed60a80aa56ff9a8771c943602c","crmLevel":12,"crmLevelSwitch":0,"idStr":"4091891386414570","authorIdStr":"4091891386414570"},"content":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]","text":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]","html":"With Covid more than a year.. almost everyone can't travel & with less shopping outside, also less partying.. so in this modern age, new way of saving money is to put money in the stock market [微笑]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":175935102,"gmtCreate":1627001847006,"gmtModify":1633768921686,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Giving Federal Reserve some time from tapering.","listText":"Giving Federal Reserve some time from tapering.","text":"Giving Federal Reserve some time from tapering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175935102","repostId":"2153677788","repostType":4,"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177939488,"gmtCreate":1627174607944,"gmtModify":1633767525942,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Success does not usually replicates as it has more to do with timing and circumstances.&nbsp;","listText":"Success does not usually replicates as it has more to do with timing and circumstances.&nbsp;","text":"Success does not usually replicates as it has more to do with timing and circumstances.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177939488","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售价格较高的汽车，与宝马、梅赛德斯和雷克萨斯等品牌竞争。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在近期。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</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>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售价格较高的汽车，与宝马、梅赛德斯和雷克萨斯等品牌竞争。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在近期。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">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":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177994516,"gmtCreate":1627174397235,"gmtModify":1633767528977,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Could rhetoric disguise hypocritical behaviour?&nbsp;","listText":"Could rhetoric disguise hypocritical behaviour?&nbsp;","text":"Could rhetoric disguise hypocritical behaviour?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177994516","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohu8.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</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 was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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 was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":2857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141455148,"gmtCreate":1625887716084,"gmtModify":1633936361641,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.&nbsp;","listText":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.&nbsp;","text":"Should compare with other upcoming online retailer as Amazon has a much more diversified business beyond retailing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141455148","repostId":"1162091150","repostType":4,"isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179730487,"gmtCreate":1626575810149,"gmtModify":1633925757181,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.&nbsp;","listText":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.&nbsp;","text":"Too much of any may not be a good thing. Should instead use capacity to inoculate the entire world. Meanwhile embrace new \"normal\" way of living and not insist on reverting to the past.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179730487","repostId":"2152811496","repostType":2,"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145413244,"gmtCreate":1626236554288,"gmtModify":1633928736727,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"What about supply dislocation?&nbsp;","listText":"What about supply dislocation?&nbsp;","text":"What about supply dislocation?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145413244","repostId":"1148011457","repostType":4,"repost":{"id":"1148011457","kind":"news","pubTimestamp":1626226288,"share":"https://www.laohu8.com/m/news/1148011457?lang=zh_CN&edition=full","pubTime":"2021-07-14 09:31","market":"us","language":"en","title":"This surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148011457","media":"MarketWatch","summary":"Market share trumps pricing power.\n\nInflationsurged in June, but it is now at or near its peak for t","content":"<p>  <b>Market share trumps pricing power.</b>  Inflationsurged in June, but it is now at or near its peak for this cycle.</p><p><blockquote><b>市场份额胜过定价权。</b>6月份通胀飙升，但目前已达到或接近本周期的峰值。</blockquote></p><p> What will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?</p><p><blockquote>从现在开始，将决定消费者价格通胀路径的是企业如何回答一个关键问题：保护利润率和保护市场份额哪个更重要？</blockquote></p><p> There is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.</p><p><blockquote>毫无疑问，投入成本飙升。支付更高的工资来吸引新员工并留住现有员工确实会增加运营费用。在关键商品上的支出增加也是如此。因此，将这些更高的成本转嫁给客户的诱惑很大。</blockquote></p><p> <b>Calculated risk</b></p><p><blockquote><b>计算风险</b></blockquote></p><p> But it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.</p><p><blockquote>但这也是一个经过计算的风险。人们总是担心长期客户会离开，转而与突然看到通过降价脱颖而出的机会的竞争对手做生意。如果说各种规模的公司都吸取了一个惨痛的教训，那就是一旦失去市场份额，想要夺回市场份额是极其困难和昂贵的。</blockquote></p><p> What June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.</p><p><blockquote>6月份消费者价格指数上涨0.9%告诉我们，大多数企业发现他们的运营费用增长太多、太快，根本无法吸收。他们不得不通过向消费者收取更多费用来弥补利润的萎缩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd8661c9e62b57cf95d3d61da103d77a\" tg-width=\"1260\" tg-height=\"710\">Again, it’s a calculated risk and probably a safe one…for now! After all, households&nbsp;are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.</p><p><blockquote>再说一次，这是一个经过计算的风险，而且可能是安全的…就目前而言！毕竟，家庭现金充裕，渴望消费，这意味着美国人此时不太可能对价格敏感。我们已经几十年没有见过这样的定价权了。过去12个月通胀率上涨5.4%，为2008年夏季以来最快涨幅，核心CPI大幅上涨4.5%，为1991年以来最大涨幅。</blockquote></p><p> So long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.</p><p><blockquote>只要定价权不威胁市场份额，通胀就会继续攀升。但历史表明，这种情况不会持续太久。价格竞争将在今年下半年重新出现，并在2022年更加激烈，这应该会缓解通胀压力。原因如下。</blockquote></p><p> <b>Here’s why inflation has peaked</b></p><p><blockquote><b>这就是通货膨胀见顶的原因</b></blockquote></p><p> First, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.</p><p><blockquote>首先，随着华盛顿从财政刺激转向财政紧缩，我们预计家庭消费将相应缓解。</blockquote></p><p> Second, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.</p><p><blockquote>其次，过去一年消费者被压抑的需求大幅增加，为经济提供了巨大的前进动力。但随着需求得到满足，这种支出驱动将失去动力。</blockquote></p><p> Third, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.</p><p><blockquote>第三，毫无疑问，美联储正准备缩减对抵押贷款支持证券和美国国债的购买。无论是今年年底还是明年初开始缩减量化宽松，一旦他们这样做，借贷成本都会增加。这将减缓房屋销售和资本投资。</blockquote></p><p> Fourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.</p><p><blockquote>第四，上半年的供应链瓶颈开始缓解。货船正在以更快的速度卸货，尤其是在西海岸。物流的改善为大宗商品和成品价格的走低奠定了基础。</blockquote></p><p> Finally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.</p><p><blockquote>最后，我要说，这将是一些不情愿，尽管我们希望宣布战胜新冠肺炎病毒，但这样做还为时过早。新变种（Delta、Delta plus和现在的Lambda）在美国的出现，加上让70%至80%的美国人口完全接种疫苗的挑战（根据CDC的数据，截至今天，这一数字仅为48%），引发了秋冬季另一波感染的担忧。这也可能会给经济带来一些压力。</blockquote></p><p> Our assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.</p><p><blockquote>我们的评估是，我们已接近通胀周期的顶峰，联邦公开市场委员会的大多数投票成员都认同这一普遍情绪。随着消费者寻求更多交易，以及企业重新专注于锁定（如果不是扩大）市场份额，推动价格竞争和降低零售价格的力量必然会出现。</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>This surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</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\">\nThis surge in inflation will soon be history — because companies will sacrifice profit for market share<blockquote>这种通胀飙升很快将成为历史——因为公司将牺牲利润来换取市场份额</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-14 09:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Market share trumps pricing power.</b>  Inflationsurged in June, but it is now at or near its peak for this cycle.</p><p><blockquote><b>市场份额胜过定价权。</b>6月份通胀飙升，但目前已达到或接近本周期的峰值。</blockquote></p><p> What will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?</p><p><blockquote>从现在开始，将决定消费者价格通胀路径的是企业如何回答一个关键问题：保护利润率和保护市场份额哪个更重要？</blockquote></p><p> There is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.</p><p><blockquote>毫无疑问，投入成本飙升。支付更高的工资来吸引新员工并留住现有员工确实会增加运营费用。在关键商品上的支出增加也是如此。因此，将这些更高的成本转嫁给客户的诱惑很大。</blockquote></p><p> <b>Calculated risk</b></p><p><blockquote><b>计算风险</b></blockquote></p><p> But it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.</p><p><blockquote>但这也是一个经过计算的风险。人们总是担心长期客户会离开，转而与突然看到通过降价脱颖而出的机会的竞争对手做生意。如果说各种规模的公司都吸取了一个惨痛的教训，那就是一旦失去市场份额，想要夺回市场份额是极其困难和昂贵的。</blockquote></p><p> What June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.</p><p><blockquote>6月份消费者价格指数上涨0.9%告诉我们，大多数企业发现他们的运营费用增长太多、太快，根本无法吸收。他们不得不通过向消费者收取更多费用来弥补利润的萎缩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd8661c9e62b57cf95d3d61da103d77a\" tg-width=\"1260\" tg-height=\"710\">Again, it’s a calculated risk and probably a safe one…for now! After all, households&nbsp;are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.</p><p><blockquote>再说一次，这是一个经过计算的风险，而且可能是安全的…就目前而言！毕竟，家庭现金充裕，渴望消费，这意味着美国人此时不太可能对价格敏感。我们已经几十年没有见过这样的定价权了。过去12个月通胀率上涨5.4%，为2008年夏季以来最快涨幅，核心CPI大幅上涨4.5%，为1991年以来最大涨幅。</blockquote></p><p> So long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.</p><p><blockquote>只要定价权不威胁市场份额，通胀就会继续攀升。但历史表明，这种情况不会持续太久。价格竞争将在今年下半年重新出现，并在2022年更加激烈，这应该会缓解通胀压力。原因如下。</blockquote></p><p> <b>Here’s why inflation has peaked</b></p><p><blockquote><b>这就是通货膨胀见顶的原因</b></blockquote></p><p> First, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.</p><p><blockquote>首先，随着华盛顿从财政刺激转向财政紧缩，我们预计家庭消费将相应缓解。</blockquote></p><p> Second, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.</p><p><blockquote>其次，过去一年消费者被压抑的需求大幅增加，为经济提供了巨大的前进动力。但随着需求得到满足，这种支出驱动将失去动力。</blockquote></p><p> Third, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.</p><p><blockquote>第三，毫无疑问，美联储正准备缩减对抵押贷款支持证券和美国国债的购买。无论是今年年底还是明年初开始缩减量化宽松，一旦他们这样做，借贷成本都会增加。这将减缓房屋销售和资本投资。</blockquote></p><p> Fourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.</p><p><blockquote>第四，上半年的供应链瓶颈开始缓解。货船正在以更快的速度卸货，尤其是在西海岸。物流的改善为大宗商品和成品价格的走低奠定了基础。</blockquote></p><p> Finally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.</p><p><blockquote>最后，我要说，这将是一些不情愿，尽管我们希望宣布战胜新冠肺炎病毒，但这样做还为时过早。新变种（Delta、Delta plus和现在的Lambda）在美国的出现，加上让70%至80%的美国人口完全接种疫苗的挑战（根据CDC的数据，截至今天，这一数字仅为48%），引发了秋冬季另一波感染的担忧。这也可能会给经济带来一些压力。</blockquote></p><p> Our assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.</p><p><blockquote>我们的评估是，我们已接近通胀周期的顶峰，联邦公开市场委员会的大多数投票成员都认同这一普遍情绪。随着消费者寻求更多交易，以及企业重新专注于锁定（如果不是扩大）市场份额，推动价格竞争和降低零售价格的力量必然会出现。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/five-reasons-weve-seen-the-peak-of-inflation-for-this-cycle-11626195636?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":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/five-reasons-weve-seen-the-peak-of-inflation-for-this-cycle-11626195636?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148011457","content_text":"Market share trumps pricing power.\n\nInflationsurged in June, but it is now at or near its peak for this cycle.\nWhat will determine the path of consumer-price inflation from this point on is how companies answer a key question: What is more important, protecting profit margins or protecting market share?\nThere is no doubt that input costs have soared. Paying higher wages to attract new workers and retain current employees does raise operating expenses. So does spending more on key commodities. The temptation therefore to pass those higher costs on to customers is strong.\nCalculated risk\nBut it is also a calculated risk. There is always the fear that longtime clients will walk away and instead do business with a competitor who suddenly sees an opportunity to stand out from the pack by dropping prices. And if there is one painful lesson companies of all sizes have learned it is that once you lose market share, it is hellishly difficult and expensive to get it back.\nWhat June’s 0.9% jump in the consumer price index tells us is that most businesses found their operating expenses increased way too much and way too quickly to simply be absorbed. They had to make up for those shrinking margins by charging consumers more.\nAgain, it’s a calculated risk and probably a safe one…for now! After all, households are flush with cash and eager to spend, and that means Americans are less likely to be price sensitive at this time. We haven’t seen such pricing power in decades. Inflation has risen by 5.4% over the past 12 months, the fastest gain since the summer of 2008, with core CPI up a sharp 4.5%, the most since 1991.\nSo long as pricing power doesn’t threaten market share, inflation will continue to creep higher. But history has shown this cannot last long. Price competition will re-emerge in the second half of the year and more vigorously in 2022 and that should soften inflation pressures. Here’s why.\nHere’s why inflation has peaked\nFirst, as Washington transitions from fiscal stimulus to fiscal restraint, we expect to see household consumption ease accordingly.\nSecond, the enormous buildup in pent-up demand by consumers over the past year provided the economy with much forward momentum. But as demand is being satisfied, this spending drive will lose momentum.\nThird, there is little doubt the Federal Reserve is gearing up to scale back purchases of mortgage-backed securities and Treasuries. Whether it begins to taper quantitative easing at the end of this year or early next, once they do, the cost of borrowing will increase. That will slow both home sales and capital investments.\nFourth, the supply-chain bottlenecks of the first half have begun to ease. Cargo ships are being unloaded at a faster pace, especially on the West Coast. This improvement in logistics sets the stage for the price of commodities and finished goods to drift lower.\nFinally, and I say this will some reluctance, as much as we wish to declare victory over the COVID-19 virus, it would be premature to do so. The appearance of new variants (Delta, Delta plus and now Lambda) in the U.S., combined with the challenge of getting 70% to 80% of the U.S. population fully vaccinated (the figure is only 48% as of today, according to the CDC) raises the specter of another wave of infections in the fall and winter. That, too, could also take some wind out of the economy.\nOur assessment is we are near the peak in the inflation cycle and most voting members on the Federal Open Market Committee share this general sentiment. The forces that drive price competition and bring down retail prices are bound to emerge as consumers seek out more deals and as firms refocus on locking in, if not expanding, their market share.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159056248,"gmtCreate":1624932609084,"gmtModify":1633946822339,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"Mkt euphoria only need an excuse to extend the frenzy","listText":"Mkt euphoria only need an excuse to extend the frenzy","text":"Mkt euphoria only need an excuse to extend the frenzy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159056248","repostId":"1186859089","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802138113,"gmtCreate":1627729974032,"gmtModify":1633756760334,"author":{"id":"3582170357244455","authorId":"3582170357244455","name":"Crafty88","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582170357244455","authorIdStr":"3582170357244455"},"themes":[],"htmlText":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.&nbsp;","listText":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.&nbsp;","text":"While a good jobs report is no certainty but a resurgence of covid will certainly be on the back of investors mind.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802138113","repostId":"1106964638","repostType":4,"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}