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Munching

Munching

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2021-06-23

Like

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2021-06-24

Hope the good times continue

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2021-06-23

Hmmm

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2021-06-27

Hmmm

WallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote>

2021-06-24

Hmmm

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2021-06-21

Hmmm

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2021-06-16

You jump, I jump [Smile]

FOMC Preview: "It's Like The Titanic Running At Full Speed. In Fog. At Night"<blockquote>FOMC前瞻：“就像泰坦尼克号全速行驶。在雾中。在夜晚”</blockquote>

2021-07-27

Hmmm

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2021-06-23

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2021-06-23

🤨

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((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>6月26日（路透社）-：美国。法院驳回针对谷歌和Youtube的种族歧视诉讼。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A","09086":"华夏纳指-U","QNETCN":"纳斯达克中美互联网老虎指数","03086":"华夏纳指"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146009151","content_text":"June 26 (Reuters) - :U.S. Court Dismisses Racial Discrimination Suit Against Google And Youtube - Court Filing. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"QNETCN":0.6,"GOOGL":1,"03086":0.6,"09086":0.6,"GOOG":1}},"isVote":1,"tweetType":1,"viewCount":3054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124146691,"gmtCreate":1624755742213,"gmtModify":1631889388535,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124146691","repostId":"2146009942","repostType":4,"repost":{"id":"2146009942","kind":"highlight","pubTimestamp":1624753788,"share":"https://www.laohu8.com/m/news/2146009942?lang=zh_CN&edition=full","pubTime":"2021-06-27 08:29","market":"us","language":"en","title":"WallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2146009942","media":"MarketWatch","summary":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier ","content":"<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d405b1c6d77a8a133d45a970a1f21c\" tg-width=\"1260\" tg-height=\"896\"><span>Olivier Douliery/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>奥利维尔·杜利里/法新社，盖蒂图片社</span></p></blockquote></p><p> As the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"</p><p><blockquote>正如诗人约吉·贝拉曾经打趣的那样，“再也没有人去那里了——那里太拥挤了。”</blockquote></p><p> While Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.</p><p><blockquote>虽然贝拉在谈论20世纪60年代初一家受欢迎的佛罗里达餐厅，但他很容易在2021年夏天谈论WallStreeBets，因为许多使留言板成为金融现象的散户投资者现在正在放弃它，转而选择更新的子版块，称WallStreetBets已因主流金融对社交媒体对市场走势的力量的更好理解而受到损害。</blockquote></p><p> WallStreetBets became a household name in January as GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC Entertainment <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.</p><p><blockquote>WallStreetBets在一月份以游戏驿站的身份成为家喻户晓的名字<a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC院线<a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>其他模因股票以疯狂的空头挤压的形式宣布了它们的到来，这让华尔街紧随其后，对冲基金也陷入了困境。</blockquote></p><p> The irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"</p><p><blockquote>留言板不敬和内幕的语气为用户提供了一个分享股票技巧的平台，并对他们认为操纵市场结构以使大银行和基金受益的不公平行为感到愤怒。它还催生了散户投资者独特的有伤风化的沟通方式，称对方为“猿”，鼓励对方用“钻石手”持有轧空股票，并渴望以鸡块或“鸡块”的形式交易利润。”</blockquote></p><p> Users also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.</p><p><blockquote>用户还开始以“DDs”或深度潜水的形式分享详细的投资论文，利用他们自己的分析来推广一个新的股票代码，供该运动参与。</blockquote></p><p> But since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.</p><p><blockquote>但自1月份以来，WallStreetBets的成功已成为一个沉重的负担，该委员会的版主因该委员会1060万用户中的许多人认为规则执行不一致而受到批评，而且越来越多的人认为版主在害怕激怒华尔街和监管机构时过于安全。</blockquote></p><p> There is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.</p><p><blockquote>还有广泛的猜测认为，WallStreetBets的规模和受欢迎程度使其容易受到不良行为者的影响，他们试图通过向旧的对话线程发送带有特定股票代码的帖子来创建拉高和转储计划，这些帖子看起来像是社交媒体对该股票产生了新的兴趣。</blockquote></p><p> Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> The shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.</p><p><blockquote>这一转变让人想起，在这款流行的交易应用程序在1月份轧空高峰期间冻结了游戏驿站和其他股票的活动后，散户投资者是如何转向Robinhood的。这一决定引发了对Robinhood的愤怒，许多散户在社交媒体上声称该应用程序与挤压另一方的对冲基金和做市商勾结。</blockquote></p><p> Like the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.</p><p><blockquote>与Robinhood的外流一样，WallStreetBets的分裂也导致散户投资者转向新平台和其他更专注于投资、期权和个股的子平台。它甚至让他们有机会创建自己的董事会，例如r/Superstonk，这是一个面向游戏驿站投资者的Reddit子网站，从3月份开始发布一系列反WallStreetBets帖子，目前已拥有485,000名会员。</blockquote></p><p> \"WSB is the Robinhood of Reddit,\" <a href=\"https://laohu8.com/S/AONE\">one</a> user posted on Superstonk this week.</p><p><blockquote>“WSB是Reddit的罗宾汉，”<a href=\"https://laohu8.com/S/AONE\">一</a>用户本周在Superstonk上发帖。</blockquote></p><p> AMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.</p><p><blockquote>AMC和其他meme股票有自己越来越受欢迎的子Reddit，它们似乎是散户投资运动的下一次迭代，几乎没有失去动力的迹象。</blockquote></p><p> While the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.</p><p><blockquote>虽然1月份的狂热已经消退，但金融咨询公司Betterment最近的一项调查表明，大多数散户投资者都致力于在可预见的未来进行交易，按理说，他们交易的演变将发生在更小、更集中的subreddits上，比如Superstonk。</blockquote></p><p> As that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.</p><p><blockquote>随着在线迁移的继续，Reddit集会的母舰WallStreetBets将会有一种空巢的感觉。</blockquote></p><p> <b>LOOKING FORWARD</b></p><p><blockquote><b>向前看</b></blockquote></p><p> Meanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.</p><p><blockquote>与此同时，美国劳工部下周五发布了有关国会基础设施法案进展的好消息，本周美国股市再次攀升。</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>WallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</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\">\nWallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-27 08:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d405b1c6d77a8a133d45a970a1f21c\" tg-width=\"1260\" tg-height=\"896\"><span>Olivier Douliery/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>奥利维尔·杜利里/法新社，盖蒂图片社</span></p></blockquote></p><p> As the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"</p><p><blockquote>正如诗人约吉·贝拉曾经打趣的那样，“再也没有人去那里了——那里太拥挤了。”</blockquote></p><p> While Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.</p><p><blockquote>虽然贝拉在谈论20世纪60年代初一家受欢迎的佛罗里达餐厅，但他很容易在2021年夏天谈论WallStreeBets，因为许多使留言板成为金融现象的散户投资者现在正在放弃它，转而选择更新的子版块，称WallStreetBets已因主流金融对社交媒体对市场走势的力量的更好理解而受到损害。</blockquote></p><p> WallStreetBets became a household name in January as GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC Entertainment <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.</p><p><blockquote>WallStreetBets在一月份以游戏驿站的身份成为家喻户晓的名字<a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC院线<a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>其他模因股票以疯狂的空头挤压的形式宣布了它们的到来，这让华尔街紧随其后，对冲基金也陷入了困境。</blockquote></p><p> The irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"</p><p><blockquote>留言板不敬和内幕的语气为用户提供了一个分享股票技巧的平台，并对他们认为操纵市场结构以使大银行和基金受益的不公平行为感到愤怒。它还催生了散户投资者独特的有伤风化的沟通方式，称对方为“猿”，鼓励对方用“钻石手”持有轧空股票，并渴望以鸡块或“鸡块”的形式交易利润。”</blockquote></p><p> Users also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.</p><p><blockquote>用户还开始以“DDs”或深度潜水的形式分享详细的投资论文，利用他们自己的分析来推广一个新的股票代码，供该运动参与。</blockquote></p><p> But since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.</p><p><blockquote>但自1月份以来，WallStreetBets的成功已成为一个沉重的负担，该委员会的版主因该委员会1060万用户中的许多人认为规则执行不一致而受到批评，而且越来越多的人认为版主在害怕激怒华尔街和监管机构时过于安全。</blockquote></p><p> There is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.</p><p><blockquote>还有广泛的猜测认为，WallStreetBets的规模和受欢迎程度使其容易受到不良行为者的影响，他们试图通过向旧的对话线程发送带有特定股票代码的帖子来创建拉高和转储计划，这些帖子看起来像是社交媒体对该股票产生了新的兴趣。</blockquote></p><p> Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> The shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.</p><p><blockquote>这一转变让人想起，在这款流行的交易应用程序在1月份轧空高峰期间冻结了游戏驿站和其他股票的活动后，散户投资者是如何转向Robinhood的。这一决定引发了对Robinhood的愤怒，许多散户在社交媒体上声称该应用程序与挤压另一方的对冲基金和做市商勾结。</blockquote></p><p> Like the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.</p><p><blockquote>与Robinhood的外流一样，WallStreetBets的分裂也导致散户投资者转向新平台和其他更专注于投资、期权和个股的子平台。它甚至让他们有机会创建自己的董事会，例如r/Superstonk，这是一个面向游戏驿站投资者的Reddit子网站，从3月份开始发布一系列反WallStreetBets帖子，目前已拥有485,000名会员。</blockquote></p><p> \"WSB is the Robinhood of Reddit,\" <a href=\"https://laohu8.com/S/AONE\">one</a> user posted on Superstonk this week.</p><p><blockquote>“WSB是Reddit的罗宾汉，”<a href=\"https://laohu8.com/S/AONE\">一</a>用户本周在Superstonk上发帖。</blockquote></p><p> AMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.</p><p><blockquote>AMC和其他meme股票有自己越来越受欢迎的子Reddit，它们似乎是散户投资运动的下一次迭代，几乎没有失去动力的迹象。</blockquote></p><p> While the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.</p><p><blockquote>虽然1月份的狂热已经消退，但金融咨询公司Betterment最近的一项调查表明，大多数散户投资者都致力于在可预见的未来进行交易，按理说，他们交易的演变将发生在更小、更集中的subreddits上，比如Superstonk。</blockquote></p><p> As that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.</p><p><blockquote>随着在线迁移的继续，Reddit集会的母舰WallStreetBets将会有一种空巢的感觉。</blockquote></p><p> <b>LOOKING FORWARD</b></p><p><blockquote><b>向前看</b></blockquote></p><p> Meanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.</p><p><blockquote>与此同时，美国劳工部下周五发布了有关国会基础设施法案进展的好消息，本周美国股市再次攀升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST\">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":{"AMC":"AMC院线",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146009942","content_text":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier Douliery/AFP via Getty Images\nAs the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"\nWhile Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.\nWallStreetBets became a household name in January as GameStop $(GME)$, AMC Entertainment $(AMC)$ and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.\nThe irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"\nUsers also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.\nBut since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.\nThere is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.\nAmong Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nThe shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.\nLike the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.\n\"WSB is the Robinhood of Reddit,\" one user posted on Superstonk this week.\nAMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.\nWhile the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.\nAs that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.\nLOOKING FORWARD\nMeanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next 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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":1624621822,"share":"https://www.laohu8.com/m/news/1123235741?lang=zh_CN&edition=full","pubTime":"2021-06-25 19:50","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123235741","media":"Tiger Newspress","summary":"(Update: June 25, 2021 at 08:33 a.m. ET)\n\nKey inflation indicator rises 3.4% in May from a year earl","content":"<p><i><b>(Update: June 25, 2021 at 08:33 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年6月25日上午08:33）</b></i></blockquote></p><p> <ul>  <li><b>Key inflation indicator rises 3.4% in May from a year earlier, as expected.</b></li>  <li>S&amp;P, Nasdaq futures at peaks ahead of crucial inflation report.</li>  <li>Nike, CarMax, Virgin Galactic &amp; more made the biggest moves in the premarket.</li> </ul> (June&nbsp;25)&nbsp;<b>The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones.</b>&nbsp;</p><p><blockquote><ul><li><b>5月份关键通胀指标同比上涨3.4%，符合预期。</b></li><li>标准普尔、纳斯达克期货在关键通胀报告发布前达到峰值。</li><li>耐克、CarMax、维珍银河等在盘前做出了最大的动作。</li></ul>（6月25日）<b>据道琼斯调查的经济学家称，5月份核心个人消费支出价格指数预计同比上涨3.4%。</b> </blockquote></p><p> <i>Related:&nbsp;</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>Key inflation indicator posts biggest year-over-year gain in nearly three decades</i></a></p><p><blockquote><i>相关：</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>关键通胀指标录得近三十年来最大同比涨幅</i></a></blockquote></p><p> <a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>Fed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps</i></a><i></i></p><p><blockquote><a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>随着储蓄率暴跌，美联储最喜欢的通胀指标飙升至1991年以来的最高水平</i></a><i></i></blockquote></p><p> S&amp;P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.</p><p><blockquote>标普期货交易创下历史新高，追随亚洲市场的强劲上涨，投资者在两党就基础设施支出达成初步协议后，为美联储首选的通胀数据做好准备，而美国银行在通过压力测试后上涨。</blockquote></p><p> At 7:58&nbsp;am ET S&amp;P futures were up 5pts or 0.12%, Dow Jones futs were up&nbsp;120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%.&nbsp;<b>Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.</b></p><p><blockquote>美国东部时间上午7:58，标准普尔期货上涨5点或0.12%，道琼斯期货上涨120点或0.35%，纳斯达克期货上涨10.5点或+0.07%。<b>全球股市有望创下4月份以来最大单周涨幅，延续第五个月涨幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3595ef2646654cdba23a65657d7cb0d5\" tg-width=\"1242\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. <b>And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.</b></p><p><blockquote>美国劳工部周四上午发布的每周失业救济申请报告显示，新申请失业救济人数有所下降，尽管改善幅度略弱于预期，这表明美国仍在持续复苏。<b>周五，投资者将密切关注经济分析局关于核心个人消费支出（PCE）的报告，该报告是美联储首选的通胀指标。预计5月份这一数字将比去年增长3.4%，为1992年以来的最快增幅。</b></blockquote></p><p> On Thursday, the Nasdaq and the S&amp;P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks&nbsp;passed&nbsp;the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.</p><p><blockquote>周四，纳斯达克和标普500指数收于历史新高，而在乔·拜登接受1.2万亿美元的两党参议院支出协议后，道琼斯指数上涨近1%，数据显示劳动力市场复苏已步入正轨，尽管速度较慢。在所有华尔街银行通过美联储压力测试后，美国银行、摩根大通和花旗集团等美国主要银行在盘前交易中均走高，为超过1400亿美元的支出铺平了道路。运动鞋制造商耐克(Nike)在盘前交易中飙升12%，此前该公司预测全年销售额高于华尔街预期，促使几位分析师上调价格预测，并帮助道指期货上涨0.3%。出于同情，阿迪达斯股价上涨5.1%，至17个月高点，而电力生产商Iberdrola股价下跌2.1%，至3月初以来的最低水平。劳动力短缺的最新证据来自联邦快递公司，这家美国快递公司因招聘困难而未能达到2022年盈利预期。其股价下跌3.8%。</blockquote></p><p> Here are some of the other big premarket U.S. movers today:</p><p><blockquote>以下是今天美国其他一些重要的盘前走势：</blockquote></p><p> <ul>  <li>Blank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.</li>  <li>Cannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.</li>  <li>Netflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.</li>  <li>Nokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.</li> </ul> <b>Stocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic &amp; more</b></p><p><blockquote><ul><li>空白支票公司Property Solutions Acquisition(PSAC)表示，SEC已宣布其与电动汽车制造商法拉第未来合并的注册声明生效，该公司股价上涨16%。</li><li>大麻二酚产品销售商Grove(GRVI)飙升35%，进一步高于昨天每股5美元的IPO价格。</li><li>瑞士信贷将Netflix(NFLX)股票评级上调至跑赢大盘后，该股上涨1.3%，预计2021年第四季度的用户增长将正常化。CS对美国消费者的一项调查强化了流媒体平台强大的竞争地位和高用户满意度。</li><li>高盛将这家电信设备制造商的评级从中性上调至买入并上调目标价后，诺基亚美国ADR(NOK)上涨2.9%。</li></ul><b>盘前涨幅最大的股票：耐克、CarMax、维珍银河等</b></blockquote></p><p> <b>1)&nbsp;Nike(NKE)</b> – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.</p><p><blockquote><b>1）耐克（NKE）</b>-耐克报告季度收益为每股93美分，远高于每股51美分的普遍预期。收入大幅超出预期，首次超过120亿美元。耐克受益于对其鞋子和服装被压抑的需求，通过其应用程序和网站的直销增长了73%。耐克股价盘前飙升12.5%。</blockquote></p><p> <b>2)&nbsp;CarMax(KMX) </b>– CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.</p><p><blockquote><b>2)CarMax(KMX)</b>-汽车零售商CarMax公布最新季度的销售额和利润好于预期，该公司股价在盘前交易中上涨5.9%。CarMax每股超出市场普遍预期1美元，季度利润为2.63美元，这得益于大流行引发的对汽车而非公共交通的偏好。</blockquote></p><p></p><p> <b>3)&nbsp;Virgin Galactic(SPCE) </b>– Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.</p><p><blockquote><b>3）维珍银河（SPCE）</b>-在美国联邦航空管理局批准维珍航空将付费客户送上太空后，维珍航空股价在盘前飙升11.5%。这是美国联邦航空局首次获得此类批准，此前维珍银河在5月份成功试飞。</blockquote></p><p> <b>4)&nbsp;FedEx(FDX) </b>– FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.</p><p><blockquote><b>4)联邦快递(FDX)</b>-联邦快递每股收益超出预期2美分，季度收益为每股5.01美元。送货服务的收入也超出了预期。首席执行官弗雷德·史密斯(Fred Smith)表示，由于无法找到足够的工人，运营受到了限制，该公司今年将增加22%的资本支出，以应对交货延误。该股在盘前交易中下跌3.9%。</blockquote></p><p> <b>5)&nbsp;Tesla(TSLA) </b>– Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.</p><p><blockquote><b>5）特斯拉（TSLA）</b>-据松下发言人称，日本电子巨头松下在最近一财年以约36亿美元的价格出售了其在特斯拉的全部股份。松下是特斯拉的早期投资者，也是该汽车制造商的主要电池供应商。</blockquote></p><p> <b>6)&nbsp;Netflix(NFLX)</b> – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.</p><p><blockquote><b>6)Netflix(NFLX)</b>–Netflix盘前上涨1.3%，此前瑞士信贷将评级从“中性”上调至“跑赢大盘”。该银行表示，预计用户增长将正常化，最近的消费者调查增强了Netflix强大的竞争地位。</blockquote></p><p> <b>7)&nbsp;BlackBerry(BB) </b>– BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.</p><p><blockquote><b>7）黑莓（BB）</b>-黑莓公布最近一个季度亏损小于预期，该公司股价在盘前交易中上涨1.3%。由于电动汽车销量的猛增提振了对黑莓QNX软件的需求，这家安全和通信软件制造商的收入也好于预期。</blockquote></p><p> <b>8)&nbsp;JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C)</b> – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.</p><p><blockquote><b>8)摩根大通(JPM)、富国银行(WFC)、美国银行(BAC)、花旗集团(C)</b>-在美联储对接受最新一轮压力测试的所有23家银行给予及格分数后，大型银行股今天受到关注。在这些结果公布后，美联储表示将取消对股息和股票回购的临时限制。</blockquote></p><p> <b>9)&nbsp;Twilio(TWLO),Asana(ASAN)</b> – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.</p><p><blockquote><b>9）Twilio（TWLO）、Asana（ASAN）</b>-Twilio和Asana已同意将其股票在长期证券交易所上市，这是一家总部位于硅谷的公司，旨在专注于长期投资。他们也将继续在纽约证券交易所上市。这两家云软件公司是长期交易所的早期投资者。Asana在盘前交易中上涨3.3%。</blockquote></p><p> <b>10)&nbsp;Credit Suisse(CS)</b> – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.</p><p><blockquote><b>10)瑞士信贷(CS)</b>-据接受路透社采访的知情人士透露，瑞士信贷正在考虑各种改革计划，包括可能与竞争对手欧洲银行（UBS）合并。瑞士信贷盘前上涨1.2%。</blockquote></p><p> <b>11)&nbsp;Doximity(DOCS) </b>– The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.</p><p><blockquote><b>11）Doximity（DOCS）</b>-这家医生社交网络以每股26美元的价格上市，首日收盘价为53美元，盘前股价下跌3.9%。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-25 19:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><i><b>(Update: June 25, 2021 at 08:33 a.m. ET)</b></i></p><p><blockquote><i><b>（更新：美国东部时间2021年6月25日上午08:33）</b></i></blockquote></p><p> <ul>  <li><b>Key inflation indicator rises 3.4% in May from a year earlier, as expected.</b></li>  <li>S&amp;P, Nasdaq futures at peaks ahead of crucial inflation report.</li>  <li>Nike, CarMax, Virgin Galactic &amp; more made the biggest moves in the premarket.</li> </ul> (June&nbsp;25)&nbsp;<b>The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones.</b>&nbsp;</p><p><blockquote><ul><li><b>5月份关键通胀指标同比上涨3.4%，符合预期。</b></li><li>标准普尔、纳斯达克期货在关键通胀报告发布前达到峰值。</li><li>耐克、CarMax、维珍银河等在盘前做出了最大的动作。</li></ul>（6月25日）<b>据道琼斯调查的经济学家称，5月份核心个人消费支出价格指数预计同比上涨3.4%。</b> </blockquote></p><p> <i>Related:&nbsp;</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>Key inflation indicator posts biggest year-over-year gain in nearly three decades</i></a></p><p><blockquote><i>相关：</i><a href=\"https://laohu8.com/NW/1107282210\" target=\"_blank\"><i>关键通胀指标录得近三十年来最大同比涨幅</i></a></blockquote></p><p> <a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>Fed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps</i></a><i></i></p><p><blockquote><a href=\"https://laohu8.com/NW/1166582624\" target=\"_blank\"><i>随着储蓄率暴跌，美联储最喜欢的通胀指标飙升至1991年以来的最高水平</i></a><i></i></blockquote></p><p> S&amp;P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.</p><p><blockquote>标普期货交易创下历史新高，追随亚洲市场的强劲上涨，投资者在两党就基础设施支出达成初步协议后，为美联储首选的通胀数据做好准备，而美国银行在通过压力测试后上涨。</blockquote></p><p> At 7:58&nbsp;am ET S&amp;P futures were up 5pts or 0.12%, Dow Jones futs were up&nbsp;120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%.&nbsp;<b>Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.</b></p><p><blockquote>美国东部时间上午7:58，标准普尔期货上涨5点或0.12%，道琼斯期货上涨120点或0.35%，纳斯达克期货上涨10.5点或+0.07%。<b>全球股市有望创下4月份以来最大单周涨幅，延续第五个月涨幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3595ef2646654cdba23a65657d7cb0d5\" tg-width=\"1242\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. <b>And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.</b></p><p><blockquote>美国劳工部周四上午发布的每周失业救济申请报告显示，新申请失业救济人数有所下降，尽管改善幅度略弱于预期，这表明美国仍在持续复苏。<b>周五，投资者将密切关注经济分析局关于核心个人消费支出（PCE）的报告，该报告是美联储首选的通胀指标。预计5月份这一数字将比去年增长3.4%，为1992年以来的最快增幅。</b></blockquote></p><p> On Thursday, the Nasdaq and the S&amp;P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks&nbsp;passed&nbsp;the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.</p><p><blockquote>周四，纳斯达克和标普500指数收于历史新高，而在乔·拜登接受1.2万亿美元的两党参议院支出协议后，道琼斯指数上涨近1%，数据显示劳动力市场复苏已步入正轨，尽管速度较慢。在所有华尔街银行通过美联储压力测试后，美国银行、摩根大通和花旗集团等美国主要银行在盘前交易中均走高，为超过1400亿美元的支出铺平了道路。运动鞋制造商耐克(Nike)在盘前交易中飙升12%，此前该公司预测全年销售额高于华尔街预期，促使几位分析师上调价格预测，并帮助道指期货上涨0.3%。出于同情，阿迪达斯股价上涨5.1%，至17个月高点，而电力生产商Iberdrola股价下跌2.1%，至3月初以来的最低水平。劳动力短缺的最新证据来自联邦快递公司，这家美国快递公司因招聘困难而未能达到2022年盈利预期。其股价下跌3.8%。</blockquote></p><p> Here are some of the other big premarket U.S. movers today:</p><p><blockquote>以下是今天美国其他一些重要的盘前走势：</blockquote></p><p> <ul>  <li>Blank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.</li>  <li>Cannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.</li>  <li>Netflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.</li>  <li>Nokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.</li> </ul> <b>Stocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic &amp; more</b></p><p><blockquote><ul><li>空白支票公司Property Solutions Acquisition(PSAC)表示，SEC已宣布其与电动汽车制造商法拉第未来合并的注册声明生效，该公司股价上涨16%。</li><li>大麻二酚产品销售商Grove(GRVI)飙升35%，进一步高于昨天每股5美元的IPO价格。</li><li>瑞士信贷将Netflix(NFLX)股票评级上调至跑赢大盘后，该股上涨1.3%，预计2021年第四季度的用户增长将正常化。CS对美国消费者的一项调查强化了流媒体平台强大的竞争地位和高用户满意度。</li><li>高盛将这家电信设备制造商的评级从中性上调至买入并上调目标价后，诺基亚美国ADR(NOK)上涨2.9%。</li></ul><b>盘前涨幅最大的股票：耐克、CarMax、维珍银河等</b></blockquote></p><p> <b>1)&nbsp;Nike(NKE)</b> – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.</p><p><blockquote><b>1）耐克（NKE）</b>-耐克报告季度收益为每股93美分，远高于每股51美分的普遍预期。收入大幅超出预期，首次超过120亿美元。耐克受益于对其鞋子和服装被压抑的需求，通过其应用程序和网站的直销增长了73%。耐克股价盘前飙升12.5%。</blockquote></p><p> <b>2)&nbsp;CarMax(KMX) </b>– CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.</p><p><blockquote><b>2)CarMax(KMX)</b>-汽车零售商CarMax公布最新季度的销售额和利润好于预期，该公司股价在盘前交易中上涨5.9%。CarMax每股超出市场普遍预期1美元，季度利润为2.63美元，这得益于大流行引发的对汽车而非公共交通的偏好。</blockquote></p><p></p><p> <b>3)&nbsp;Virgin Galactic(SPCE) </b>– Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.</p><p><blockquote><b>3）维珍银河（SPCE）</b>-在美国联邦航空管理局批准维珍航空将付费客户送上太空后，维珍航空股价在盘前飙升11.5%。这是美国联邦航空局首次获得此类批准，此前维珍银河在5月份成功试飞。</blockquote></p><p> <b>4)&nbsp;FedEx(FDX) </b>– FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.</p><p><blockquote><b>4)联邦快递(FDX)</b>-联邦快递每股收益超出预期2美分，季度收益为每股5.01美元。送货服务的收入也超出了预期。首席执行官弗雷德·史密斯(Fred Smith)表示，由于无法找到足够的工人，运营受到了限制，该公司今年将增加22%的资本支出，以应对交货延误。该股在盘前交易中下跌3.9%。</blockquote></p><p> <b>5)&nbsp;Tesla(TSLA) </b>– Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.</p><p><blockquote><b>5）特斯拉（TSLA）</b>-据松下发言人称，日本电子巨头松下在最近一财年以约36亿美元的价格出售了其在特斯拉的全部股份。松下是特斯拉的早期投资者，也是该汽车制造商的主要电池供应商。</blockquote></p><p> <b>6)&nbsp;Netflix(NFLX)</b> – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.</p><p><blockquote><b>6)Netflix(NFLX)</b>–Netflix盘前上涨1.3%，此前瑞士信贷将评级从“中性”上调至“跑赢大盘”。该银行表示，预计用户增长将正常化，最近的消费者调查增强了Netflix强大的竞争地位。</blockquote></p><p> <b>7)&nbsp;BlackBerry(BB) </b>– BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.</p><p><blockquote><b>7）黑莓（BB）</b>-黑莓公布最近一个季度亏损小于预期，该公司股价在盘前交易中上涨1.3%。由于电动汽车销量的猛增提振了对黑莓QNX软件的需求，这家安全和通信软件制造商的收入也好于预期。</blockquote></p><p> <b>8)&nbsp;JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C)</b> – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.</p><p><blockquote><b>8)摩根大通(JPM)、富国银行(WFC)、美国银行(BAC)、花旗集团(C)</b>-在美联储对接受最新一轮压力测试的所有23家银行给予及格分数后，大型银行股今天受到关注。在这些结果公布后，美联储表示将取消对股息和股票回购的临时限制。</blockquote></p><p> <b>9)&nbsp;Twilio(TWLO),Asana(ASAN)</b> – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.</p><p><blockquote><b>9）Twilio（TWLO）、Asana（ASAN）</b>-Twilio和Asana已同意将其股票在长期证券交易所上市，这是一家总部位于硅谷的公司，旨在专注于长期投资。他们也将继续在纽约证券交易所上市。这两家云软件公司是长期交易所的早期投资者。Asana在盘前交易中上涨3.3%。</blockquote></p><p> <b>10)&nbsp;Credit Suisse(CS)</b> – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.</p><p><blockquote><b>10)瑞士信贷(CS)</b>-据接受路透社采访的知情人士透露，瑞士信贷正在考虑各种改革计划，包括可能与竞争对手欧洲银行（UBS）合并。瑞士信贷盘前上涨1.2%。</blockquote></p><p> <b>11)&nbsp;Doximity(DOCS) </b>– The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.</p><p><blockquote><b>11）Doximity（DOCS）</b>-这家医生社交网络以每股26美元的价格上市，首日收盘价为53美元，盘前股价下跌3.9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123235741","content_text":"(Update: June 25, 2021 at 08:33 a.m. ET)\n\nKey inflation indicator rises 3.4% in May from a year earlier, as expected.\nS&P, Nasdaq futures at peaks ahead of crucial inflation report.\nNike, CarMax, Virgin Galactic & more made the biggest moves in the premarket.\n\n(June 25) The core personal consumption expenditures price index for May was expected to rise 3.4% on a year-over-year basis, according to economists surveyed by Dow Jones. \nRelated: Key inflation indicator posts biggest year-over-year gain in nearly three decades\nFed's Favorite Inflation Indicator Surges To Highest Since 1991 As Savings Rate Slumps\nS&P futures traded at record highs, tracking strong gains in Asian markets, as investors braced for the Fed's preferred inflation data following a tentative bipartisan agreement on infrastructure spending, while U.S. lenders rose after clearing stress tests.\nAt 7:58 am ET S&P futures were up 5pts or 0.12%, Dow Jones futs were up 120 or 0.35% and Nasdaq futs were up 10.5 or +0.07%. Global stocks are poised for their biggest weekly advance since April, extending their fifth monthly gain.\n\nIn a sign of the ongoing recovery still under way in the U.S., the Labor Department'sweekly jobless claims report out Thursday morningshowed a drop in new filings, even as the margin of improvement came in slightly weaker than expected. And on Friday, investors will be closely watching the Bureau of Economic Analysis' reported on core personal consumption expenditures (PCE), which serves as the Federal Reserve's preferred inflation gauge. This is expected to have risen by 3.4% in May over last year, marking the fastest increase since 1992.\nOn Thursday, the Nasdaq and the S&P 500 indexes closed at record highs, while the Dow jumped almost 1% after Joe Biden embraced the $1.2 trillion bipartisan Senate spending deal and as data showed a labor market recovery was on track, albeit at a slower pace. Major US banks such as Bank of America, JPMorgan Chase and Citigroup were all higher in premarket trading after all Wall Street banks passed the Federal Reserve’s stress tests, paving the way for over $140 billion in payouts. Nike surged 12% in premarket trading after sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates prompting several analysts to raise their price projections, and helping Dow futures rise 0.3%. In sympathy, Adidas jumped 5.1% to 17-month high, while electricity producer Iberdrola dropped 2.1% to the lowest since early March. The latest evidence of a labor shortage came from FedEx Corp as the U.S. delivery firm missed 2022 earnings forecast due to hiring difficulties. Its shares shed 3.8%.\nHere are some of the other big premarket U.S. movers today:\n\nBlank-check firm Property Solutions Acquisition (PSAC) rises 16% after it said the registration statement on its merger with electric vehicle maker Faraday Future had been declared effective by the SEC.\nCannabidiol product seller Grove (GRVI) surges 35% rising further above yesterday’s IPO price of $5 per share.\nNetflix (NFLX) gains 1.3% after Credit Suisse upgraded the stock to outperform, with subscriber growth expected to normalize in 4Q21. A survey by CS of U.S. consumers reinforced the stream platform’s strong competitive position and high user satisfaction.\nNokia’s U.S. ADRs (NOK) rise 2.9% after Goldman Sachs upgrades the telecom equipment maker to buy from neutral and raises price targets.\n\nStocks making the biggest moves in the premarket: Nike, CarMax, Virgin Galactic & more\n1) Nike(NKE) – Nikereported quarterly earnings of 93 cents per share, well above the 51 cents a share consensus estimate. Revenue beat forecasts by a wide margin and exceeded $12 billion for the first time. Nike benefited from pent-up demand for its shoes and apparel, and saw a 73% jump in direct sales through its apps and websites. Nike shares soared 12.5% in the premarket.\n2) CarMax(KMX) – CarMax shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.\n3) Virgin Galactic(SPCE) – Virgin shares surged 11.5% in the premarket after the Federal Aviation Administration granted approval for Virgin to fly paying customers into space. It’s the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.\n4) FedEx(FDX) – FedEx beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service’s revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.\n5) Tesla(TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.\n6) Netflix(NFLX) – Netflix rose 1.3% in the premarket following an upgrade to “outperform” from “neutral” at Credit Suisse. The bank said it expects subscriber growth to normalize and that its recent consumer survey reinforced Netflix’s strong competitive position.\n7) BlackBerry(BB) – BlackBerry shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry’s QNX software.\n8) JPMorgan Chase(JPM),Wells Fargo(WFC),Bank of America(BAC),Citigroup(C) – Big bank stocks are on watch today after the Federal Reservegave passing marksto all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.\n9) Twilio(TWLO),Asana(ASAN) – Twilio and Asana have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.\n10) Credit Suisse(CS) – Credit Suisse is mulling various overhaul plans including a possible merger with rival European bankUBS(UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.\n11) Doximity(DOCS) – The social network for doctors saw its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at 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see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123008920","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</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>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</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>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率将扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">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":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123001915,"gmtCreate":1624401860837,"gmtModify":1634006814888,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123001915","repostId":"2145063746","repostType":2,"repost":{"id":"2145063746","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624383145,"share":"https://www.laohu8.com/m/news/2145063746?lang=zh_CN&edition=full","pubTime":"2021-06-23 01:32","market":"us","language":"en","title":"China's Full Truck Alliance opens up 18%, valued at over $24 bln in market debut<blockquote>中国全卡联盟开盘上涨18%，上市估值超过240亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145063746","media":"Reuters","summary":"June 22 (Reuters) - China's Full Truck Alliance Co Ltd  was valued at over $24 billion in its market","content":"<p><html><body>June 22 (Reuters) - China's Full Truck Alliance Co Ltd</p><p><blockquote><html><body>路透6月22日-中国全卡联盟有限公司</body></html></blockquote></p><p>  was valued at over $24 billion in its market debut on Tuesday, after the company's American Depositary Shares (ADSs) opened 18% above their offer price.</p><p><blockquote>周二，该公司的美国存托股票(ADSs)开盘价比发行价高出18%，该公司在首次上市时估值超过240亿美元。</blockquote></p><p> (Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)</p><p><blockquote>（Niket Nishant班加罗尔报道；Devika Syamnath编辑）</blockquote></p><p>((Niket.Nishant@thomsonreuters.com;))</p><p><blockquote>（（Niket.Nishant@thomsonreuters.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Full Truck Alliance opens up 18%, valued at over $24 bln in market debut<blockquote>中国全卡联盟开盘上涨18%，上市估值超过240亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Full Truck Alliance opens up 18%, valued at over $24 bln in market debut<blockquote>中国全卡联盟开盘上涨18%，上市估值超过240亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 01:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - China's Full Truck Alliance Co Ltd</p><p><blockquote><html><body>路透6月22日-中国全卡联盟有限公司</body></html></blockquote></p><p>  was valued at over $24 billion in its market debut on Tuesday, after the company's American Depositary Shares (ADSs) opened 18% above their offer price.</p><p><blockquote>周二，该公司的美国存托股票(ADSs)开盘价比发行价高出18%，该公司在首次上市时估值超过240亿美元。</blockquote></p><p> (Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)</p><p><blockquote>（Niket Nishant班加罗尔报道；Devika Syamnath编辑）</blockquote></p><p>((Niket.Nishant@thomsonreuters.com;))</p><p><blockquote>（（Niket.Nishant@thomsonreuters.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YMM":"满帮"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145063746","content_text":"June 22 (Reuters) - China's Full Truck Alliance Co Ltd  was valued at over $24 billion in its market debut on Tuesday, after the company's American Depositary Shares (ADSs) opened 18% above their offer price. (Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)((Niket.Nishant@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"YMM":0.9}},"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123009836,"gmtCreate":1624401758525,"gmtModify":1634006816685,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123009836","repostId":"2145657710","repostType":2,"repost":{"id":"2145657710","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1624390489,"share":"https://www.laohu8.com/m/news/2145657710?lang=zh_CN&edition=full","pubTime":"2021-06-23 03:34","market":"us","language":"en","title":"Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145657710","media":"T-Reuters","summary":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Au","content":"<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</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\">\nLynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 03:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","TISI":"Team Inc","BGC":"BGC GROUP"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145657710","content_text":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"BGC":1,"TISI":1,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":123065498,"gmtCreate":1624404010614,"gmtModify":1634006764952,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/123065498","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121760374,"gmtCreate":1624492740698,"gmtModify":1631884323446,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Hope the good times continue","listText":"Hope the good times continue","text":"Hope the good times 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08:29","market":"us","language":"en","title":"WallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2146009942","media":"MarketWatch","summary":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier ","content":"<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d405b1c6d77a8a133d45a970a1f21c\" tg-width=\"1260\" tg-height=\"896\"><span>Olivier Douliery/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>奥利维尔·杜利里/法新社，盖蒂图片社</span></p></blockquote></p><p> As the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"</p><p><blockquote>正如诗人约吉·贝拉曾经打趣的那样，“再也没有人去那里了——那里太拥挤了。”</blockquote></p><p> While Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.</p><p><blockquote>虽然贝拉在谈论20世纪60年代初一家受欢迎的佛罗里达餐厅，但他很容易在2021年夏天谈论WallStreeBets，因为许多使留言板成为金融现象的散户投资者现在正在放弃它，转而选择更新的子版块，称WallStreetBets已因主流金融对社交媒体对市场走势的力量的更好理解而受到损害。</blockquote></p><p> WallStreetBets became a household name in January as GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC Entertainment <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.</p><p><blockquote>WallStreetBets在一月份以游戏驿站的身份成为家喻户晓的名字<a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC院线<a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>其他模因股票以疯狂的空头挤压的形式宣布了它们的到来，这让华尔街紧随其后，对冲基金也陷入了困境。</blockquote></p><p> The irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"</p><p><blockquote>留言板不敬和内幕的语气为用户提供了一个分享股票技巧的平台，并对他们认为操纵市场结构以使大银行和基金受益的不公平行为感到愤怒。它还催生了散户投资者独特的有伤风化的沟通方式，称对方为“猿”，鼓励对方用“钻石手”持有轧空股票，并渴望以鸡块或“鸡块”的形式交易利润。”</blockquote></p><p> Users also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.</p><p><blockquote>用户还开始以“DDs”或深度潜水的形式分享详细的投资论文，利用他们自己的分析来推广一个新的股票代码，供该运动参与。</blockquote></p><p> But since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.</p><p><blockquote>但自1月份以来，WallStreetBets的成功已成为一个沉重的负担，该委员会的版主因该委员会1060万用户中的许多人认为规则执行不一致而受到批评，而且越来越多的人认为版主在害怕激怒华尔街和监管机构时过于安全。</blockquote></p><p> There is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.</p><p><blockquote>还有广泛的猜测认为，WallStreetBets的规模和受欢迎程度使其容易受到不良行为者的影响，他们试图通过向旧的对话线程发送带有特定股票代码的帖子来创建拉高和转储计划，这些帖子看起来像是社交媒体对该股票产生了新的兴趣。</blockquote></p><p> Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> The shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.</p><p><blockquote>这一转变让人想起，在这款流行的交易应用程序在1月份轧空高峰期间冻结了游戏驿站和其他股票的活动后，散户投资者是如何转向Robinhood的。这一决定引发了对Robinhood的愤怒，许多散户在社交媒体上声称该应用程序与挤压另一方的对冲基金和做市商勾结。</blockquote></p><p> Like the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.</p><p><blockquote>与Robinhood的外流一样，WallStreetBets的分裂也导致散户投资者转向新平台和其他更专注于投资、期权和个股的子平台。它甚至让他们有机会创建自己的董事会，例如r/Superstonk，这是一个面向游戏驿站投资者的Reddit子网站，从3月份开始发布一系列反WallStreetBets帖子，目前已拥有485,000名会员。</blockquote></p><p> \"WSB is the Robinhood of Reddit,\" <a href=\"https://laohu8.com/S/AONE\">one</a> user posted on Superstonk this week.</p><p><blockquote>“WSB是Reddit的罗宾汉，”<a href=\"https://laohu8.com/S/AONE\">一</a>用户本周在Superstonk上发帖。</blockquote></p><p> AMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.</p><p><blockquote>AMC和其他meme股票有自己越来越受欢迎的子Reddit，它们似乎是散户投资运动的下一次迭代，几乎没有失去动力的迹象。</blockquote></p><p> While the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.</p><p><blockquote>虽然1月份的狂热已经消退，但金融咨询公司Betterment最近的一项调查表明，大多数散户投资者都致力于在可预见的未来进行交易，按理说，他们交易的演变将发生在更小、更集中的subreddits上，比如Superstonk。</blockquote></p><p> As that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.</p><p><blockquote>随着在线迁移的继续，Reddit集会的母舰WallStreetBets将会有一种空巢的感觉。</blockquote></p><p> <b>LOOKING FORWARD</b></p><p><blockquote><b>向前看</b></blockquote></p><p> Meanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.</p><p><blockquote>与此同时，美国劳工部下周五发布了有关国会基础设施法案进展的好消息，本周美国股市再次攀升。</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>WallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWallStreetBets is dying, long live the WallStreetBets movement<blockquote>WallStreetBets正在消亡，WallStreetBets运动万岁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-27 08:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d405b1c6d77a8a133d45a970a1f21c\" tg-width=\"1260\" tg-height=\"896\"><span>Olivier Douliery/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>奥利维尔·杜利里/法新社，盖蒂图片社</span></p></blockquote></p><p> As the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"</p><p><blockquote>正如诗人约吉·贝拉曾经打趣的那样，“再也没有人去那里了——那里太拥挤了。”</blockquote></p><p> While Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.</p><p><blockquote>虽然贝拉在谈论20世纪60年代初一家受欢迎的佛罗里达餐厅，但他很容易在2021年夏天谈论WallStreeBets，因为许多使留言板成为金融现象的散户投资者现在正在放弃它，转而选择更新的子版块，称WallStreetBets已因主流金融对社交媒体对市场走势的力量的更好理解而受到损害。</blockquote></p><p> WallStreetBets became a household name in January as GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC Entertainment <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.</p><p><blockquote>WallStreetBets在一月份以游戏驿站的身份成为家喻户晓的名字<a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC院线<a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>其他模因股票以疯狂的空头挤压的形式宣布了它们的到来，这让华尔街紧随其后，对冲基金也陷入了困境。</blockquote></p><p> The irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"</p><p><blockquote>留言板不敬和内幕的语气为用户提供了一个分享股票技巧的平台，并对他们认为操纵市场结构以使大银行和基金受益的不公平行为感到愤怒。它还催生了散户投资者独特的有伤风化的沟通方式，称对方为“猿”，鼓励对方用“钻石手”持有轧空股票，并渴望以鸡块或“鸡块”的形式交易利润。”</blockquote></p><p> Users also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.</p><p><blockquote>用户还开始以“DDs”或深度潜水的形式分享详细的投资论文，利用他们自己的分析来推广一个新的股票代码，供该运动参与。</blockquote></p><p> But since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.</p><p><blockquote>但自1月份以来，WallStreetBets的成功已成为一个沉重的负担，该委员会的版主因该委员会1060万用户中的许多人认为规则执行不一致而受到批评，而且越来越多的人认为版主在害怕激怒华尔街和监管机构时过于安全。</blockquote></p><p> There is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.</p><p><blockquote>还有广泛的猜测认为，WallStreetBets的规模和受欢迎程度使其容易受到不良行为者的影响，他们试图通过向旧的对话线程发送带有特定股票代码的帖子来创建拉高和转储计划，这些帖子看起来像是社交媒体对该股票产生了新的兴趣。</blockquote></p><p> Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p><p><blockquote>在已经离开的Reddit用户中，WallStreetBets通常被称为“融化的潜艇”。</blockquote></p><p> The shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.</p><p><blockquote>这一转变让人想起，在这款流行的交易应用程序在1月份轧空高峰期间冻结了游戏驿站和其他股票的活动后，散户投资者是如何转向Robinhood的。这一决定引发了对Robinhood的愤怒，许多散户在社交媒体上声称该应用程序与挤压另一方的对冲基金和做市商勾结。</blockquote></p><p> Like the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.</p><p><blockquote>与Robinhood的外流一样，WallStreetBets的分裂也导致散户投资者转向新平台和其他更专注于投资、期权和个股的子平台。它甚至让他们有机会创建自己的董事会，例如r/Superstonk，这是一个面向游戏驿站投资者的Reddit子网站，从3月份开始发布一系列反WallStreetBets帖子，目前已拥有485,000名会员。</blockquote></p><p> \"WSB is the Robinhood of Reddit,\" <a href=\"https://laohu8.com/S/AONE\">one</a> user posted on Superstonk this week.</p><p><blockquote>“WSB是Reddit的罗宾汉，”<a href=\"https://laohu8.com/S/AONE\">一</a>用户本周在Superstonk上发帖。</blockquote></p><p> AMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.</p><p><blockquote>AMC和其他meme股票有自己越来越受欢迎的子Reddit，它们似乎是散户投资运动的下一次迭代，几乎没有失去动力的迹象。</blockquote></p><p> While the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.</p><p><blockquote>虽然1月份的狂热已经消退，但金融咨询公司Betterment最近的一项调查表明，大多数散户投资者都致力于在可预见的未来进行交易，按理说，他们交易的演变将发生在更小、更集中的subreddits上，比如Superstonk。</blockquote></p><p> As that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.</p><p><blockquote>随着在线迁移的继续，Reddit集会的母舰WallStreetBets将会有一种空巢的感觉。</blockquote></p><p> <b>LOOKING FORWARD</b></p><p><blockquote><b>向前看</b></blockquote></p><p> Meanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.</p><p><blockquote>与此同时，美国劳工部下周五发布了有关国会基础设施法案进展的好消息，本周美国股市再次攀升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST\">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":{"AMC":"AMC院线",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146009942","content_text":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier Douliery/AFP via Getty Images\nAs the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"\nWhile Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.\nWallStreetBets became a household name in January as GameStop $(GME)$, AMC Entertainment $(AMC)$ and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.\nThe irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"\nUsers also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.\nBut since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.\nThere is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.\nAmong Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nThe shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.\nLike the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.\n\"WSB is the Robinhood of Reddit,\" one user posted on Superstonk this week.\nAMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.\nWhile the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.\nAs that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.\nLOOKING FORWARD\nMeanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":3318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121762660,"gmtCreate":1624492935250,"gmtModify":1634005421867,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121762660","repostId":"1170004118","repostType":4,"isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167042417,"gmtCreate":1624240779039,"gmtModify":1634009056693,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167042417","repostId":"1121306615","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160665470,"gmtCreate":1623796371090,"gmtModify":1634028226811,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"You jump, I jump [Smile]&nbsp;","listText":"You jump, I jump [Smile]&nbsp;","text":"You jump, I jump [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/160665470","repostId":"1187337744","repostType":4,"repost":{"id":"1187337744","kind":"news","pubTimestamp":1623770439,"share":"https://www.laohu8.com/m/news/1187337744?lang=zh_CN&edition=full","pubTime":"2021-06-15 23:20","market":"us","language":"en","title":"FOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻：“就像泰坦尼克号全速行驶。在雾中。在夜晚”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187337744","media":"zerohedge","summary":"Perhaps it's prudent to ease up on the throttle.","content":"<p>There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.</p><p><blockquote>本周有一个FOMC会议，我们预计周三下午2:00会有一份政策声明。许多评论人士称这次FOMC会议是近年来“最重要的”会议。</blockquote></p><p> <u><i><b>Big picture … did the Fed move the goal posts?</b></i></u></p><p><blockquote><u><i><b>大局…美联储移动了球门柱吗？</b></i></u></blockquote></p><p> Let's look at some numbers.</p><p><blockquote>我们来看一些数字。</blockquote></p><p> Monthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -<b>these are real scary when they're annualized</b>.</p><p><blockquote>月度通胀：工资增长+.5%，PCE+.7%，PPI+.6%，CPI+.7%-<b>当它们按年计算时，真的很可怕</b>.</blockquote></p><p> GDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.</p><p><blockquote>在下一次报告中，国内生产总值预计为6.4%，失业率预计为5.5%。</blockquote></p><p> With these numbers, U.S. monetary is still \"<b>all in.\"</b></p><p><blockquote>有了这些数字，美国货币仍然“<b>全押。”</b></blockquote></p><p> Overnight rates are at 0% and QE running at $120 billion a month.</p><p><blockquote>隔夜利率为0%，量化宽松每月投入1200亿美元。</blockquote></p><p> <b>On top of that, there will be more stimulus as the economy continues to reopen.</b></p><p><blockquote><b>最重要的是，随着经济继续重新开放，将会有更多刺激措施。</b></blockquote></p><p> In my book, this economic situation calls for attention.</p><p><blockquote>在我的书中，这种经济形势引起了评级的关注。</blockquote></p><p> <u><i><b>It's like the Titanic running at full speed. In fog. At night.</b></i></u></p><p><blockquote><u><i><b>就像全速行驶的泰坦尼克号。在雾中。在晚上。</b></i></u></blockquote></p><p> Perhaps it's prudent to ease up on the throttle.</p><p><blockquote>也许放松油门是谨慎的做法。</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>FOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻：“就像泰坦尼克号全速行驶。在雾中。在夜晚”</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\">\nFOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻：“就像泰坦尼克号全速行驶。在雾中。在夜晚”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 23:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.</p><p><blockquote>本周有一个FOMC会议，我们预计周三下午2:00会有一份政策声明。许多评论人士称这次FOMC会议是近年来“最重要的”会议。</blockquote></p><p> <u><i><b>Big picture … did the Fed move the goal posts?</b></i></u></p><p><blockquote><u><i><b>大局…美联储移动了球门柱吗？</b></i></u></blockquote></p><p> Let's look at some numbers.</p><p><blockquote>我们来看一些数字。</blockquote></p><p> Monthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -<b>these are real scary when they're annualized</b>.</p><p><blockquote>月度通胀：工资增长+.5%，PCE+.7%，PPI+.6%，CPI+.7%-<b>当它们按年计算时，真的很可怕</b>.</blockquote></p><p> GDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.</p><p><blockquote>在下一次报告中，国内生产总值预计为6.4%，失业率预计为5.5%。</blockquote></p><p> With these numbers, U.S. monetary is still \"<b>all in.\"</b></p><p><blockquote>有了这些数字，美国货币仍然“<b>全押。”</b></blockquote></p><p> Overnight rates are at 0% and QE running at $120 billion a month.</p><p><blockquote>隔夜利率为0%，量化宽松每月投入1200亿美元。</blockquote></p><p> <b>On top of that, there will be more stimulus as the economy continues to reopen.</b></p><p><blockquote><b>最重要的是，随着经济继续重新开放，将会有更多刺激措施。</b></blockquote></p><p> In my book, this economic situation calls for attention.</p><p><blockquote>在我的书中，这种经济形势引起了评级的关注。</blockquote></p><p> <u><i><b>It's like the Titanic running at full speed. In fog. At night.</b></i></u></p><p><blockquote><u><i><b>就像全速行驶的泰坦尼克号。在雾中。在晚上。</b></i></u></blockquote></p><p> Perhaps it's prudent to ease up on the throttle.</p><p><blockquote>也许放松油门是谨慎的做法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/fomc-preview-its-titanic-running-full-speed-fog-night\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/fomc-preview-its-titanic-running-full-speed-fog-night","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187337744","content_text":"There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.\nBig picture … did the Fed move the goal posts?\nLet's look at some numbers.\nMonthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -these are real scary when they're annualized.\nGDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.\nWith these numbers, U.S. monetary is still \"all in.\"\nOvernight rates are at 0% and QE running at $120 billion a month.\nOn top of that, there will be more stimulus as the economy continues to reopen.\nIn my book, this economic situation calls for attention.\nIt's like the Titanic running at full speed. In fog. At night.\nPerhaps it's prudent to ease up on the throttle.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809988650,"gmtCreate":1627344164070,"gmtModify":1631889388510,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809988650","repostId":"1186319253","repostType":4,"isVote":1,"tweetType":1,"viewCount":3069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123008497,"gmtCreate":1624402009019,"gmtModify":1634006813285,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123008497","repostId":"1116451605","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129774321,"gmtCreate":1624401580763,"gmtModify":1634006819523,"author":{"id":"3585889470457472","authorId":"3585889470457472","name":"Munching","avatar":"https://static.tigerbbs.com/7994afc48f9078fd5f5d157fbe40ab8d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889470457472","idStr":"3585889470457472"},"themes":[],"htmlText":"🤨&nbsp;","listText":"🤨&nbsp;","text":"🤨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129774321","repostId":"1156381928","repostType":4,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}