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65ad2341

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2021-06-21

Interesting

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2021-06-19

Interesting, like and comment pls

Bank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</blockquote>

2021-06-28

Awesome, like and comment pls

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2021-06-26

Interesting, like and comment pls

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2021-07-26

LOL…

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2021-07-02

Nice

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2021-07-01

NIO lets get it

NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY<blockquote>蔚来2021年6月交付8083辆，同比增长116.1%</blockquote>

2021-06-28

Always good to have more cash

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2021-06-25

Interesting, like and comment pls

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2021-06-23

Doughnuts!

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09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. 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This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</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>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200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\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891496234,"gmtCreate":1628407639228,"gmtModify":1631887582722,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Oof","listText":"Oof","text":"Oof","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891496234","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899612761,"gmtCreate":1628177621253,"gmtModify":1631887582733,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899612761","repostId":"1173170520","repostType":4,"isVote":1,"tweetType":1,"viewCount":3055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899612862,"gmtCreate":1628177593356,"gmtModify":1631887582745,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899612862","repostId":"1175346944","repostType":4,"isVote":1,"tweetType":1,"viewCount":3077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899616544,"gmtCreate":1628177555888,"gmtModify":1631887582759,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899616544","repostId":"1158295123","repostType":4,"isVote":1,"tweetType":1,"viewCount":2239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805705846,"gmtCreate":1627904388185,"gmtModify":1631887582771,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805705846","repostId":"1193646270","repostType":4,"repost":{"id":"1193646270","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627891794,"share":"https://www.laohu8.com/m/news/1193646270?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:09","market":"us","language":"en","title":"NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193646270","media":"Tiger Newspress","summary":" $NIO Inc.$ delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.","content":"<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付量包括1,702辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,669辆ES6（该公司的五座高性能高级智能电动SUV）以及2,560辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付量包括1,702辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,669辆ES6（该公司的五座高性能高级智能电动SUV）以及2,560辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193646270","content_text":"(August 2) NIO Inc. delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.\nNIO rose about 1% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805702735,"gmtCreate":1627904355027,"gmtModify":1631887582785,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805702735","repostId":"1106026316","repostType":4,"repost":{"id":"1106026316","kind":"news","pubTimestamp":1627860338,"share":"https://www.laohu8.com/m/news/1106026316?lang=zh_CN&edition=full","pubTime":"2021-08-02 07:25","market":"us","language":"en","title":"Square Agrees to Acquire Afterpay for $29 Billion in All-Stock Deal<blockquote>Square同意以290亿美元的全股票交易收购Afterpay</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106026316","media":"The Wall Street Journal","summary":"(Updated on August 2, 2021 ET 04:19 AM)\n\n\nSquare fell over 5% in premarket trading.\n\nAustralian inst","content":"<p><i>(Updated on August 2, 2021 ET&nbsp;04:19 AM)</i></p><p><blockquote><i>（更新于美国东部时间2021年8月2日凌晨04:19）</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/d8c9726bd034485ce2cd75b32ca6f291\" tg-width=\"629\" tg-height=\"520\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p>   <b>Square fell over 5% in premarket trading.</b>  Australian installment-payment company positions its service as a cheaper, more responsible alternative to a credit card</p><p><blockquote><b>Square在盘前交易中下跌超过5%。</b>澳大利亚分期付款公司将其服务定位为更便宜、更负责任的信用卡替代品</blockquote></p><p> YDNEY—SquareInc.&nbsp;has agreed to an all-stock deal valued at around $29 billion to acquire Australia’s&nbsp;AfterpayLtd., an installment-payment company that positions its service as a cheaper and more responsible alternative to a credit card.</p><p><blockquote>Ydney-SquareInc.已同意一项价值约290亿美元的全股票交易，收购澳大利亚AfterpayLtd.，这是一家分期付款公司，将其服务定位为更便宜、更负责任的信用卡替代品。</blockquote></p><p> Square said it plans to integrate Afterpay into its Seller and Cash App business units, which would allow more retailers to offer so-called buy now, pay later services at checkout.</p><p><blockquote>Square表示，计划将Afterpay整合到其卖家和现金应用程序业务部门中，这将允许更多零售商在结账时提供所谓的“先买后付”服务。</blockquote></p><p> Afterpay’s technology allows users to&nbsp;pay for goods in four interest-free installments, while receiving the goods immediately. Customers pay a fee only if they miss an automated payment, a transgression that also locks their account until the balance is repaid. Afterpay says this limits bad debts, particularly in a downturn when job security is shaky and household finances are stretched.</p><p><blockquote>Afterpay的技术允许用户分四期免息分期付款购买商品，同时立即收到商品。客户只有在错过自动付款时才需要支付费用，这种违规行为也会锁定他们的账户，直到余额被偿还。Afterpay表示，这限制了坏账，特别是在经济低迷时期，工作保障不稳定，家庭财务捉襟见肘。</blockquote></p><p> Most of Afterpay’s revenue comes from retail merchants, which pay a percentage of the value of each order placed by customers, plus a fixed fee. The company is expanding across the U.S. through deals with retailers including Anthropologie and Free People.</p><p><blockquote>Afterpay的大部分收入来自零售商，零售商支付客户每笔订单价值的一定比例，外加固定费用。该公司正在通过与Anthropologie和Free People等零售商的交易在美国扩张。</blockquote></p><p> “Square and Afterpay have a shared purpose,” said Jack Dorsey, Square’s chief executive. “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”</p><p><blockquote>Square首席执行官杰克·多西(Jack Dorsey)表示：“Square和Afterpay有着共同的目标。”“我们建立业务是为了让金融体系更加公平、方便和包容，Afterpay已经建立了一个符合这些原则的值得信赖的品牌。”</blockquote></p><p> Afterpay, Australia’s largest tech company by market capitalization, said the deal implies a value of around 126.21 Australian dollars (about US$92.66) for each of its shares, representing a 31% premium to its closing price on Friday.</p><p><blockquote>澳大利亚市值最大的科技公司Afterpay表示，这笔交易意味着其每股价值约为126.21澳元（约合92.66美元），较上周五收盘价溢价31%。</blockquote></p><p> Afterpay said its shareholders will receive 0.375 share of Square Class A common stock for each Afterpay share that they own. It expects Afterpay shareholders will own around 18.5% of the combined company when the deal completes.</p><p><blockquote>Afterpay表示，其股东持有的每股Afterpay股票将获得0.375股Square A类普通股。预计交易完成后，Afterpay股东将拥有合并后公司约18.5%的股份。</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>Square Agrees to Acquire Afterpay for $29 Billion in All-Stock Deal<blockquote>Square同意以290亿美元的全股票交易收购Afterpay</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\">\nSquare Agrees to Acquire Afterpay for $29 Billion in All-Stock Deal<blockquote>Square同意以290亿美元的全股票交易收购Afterpay</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-08-02 07:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>(Updated on August 2, 2021 ET&nbsp;04:19 AM)</i></p><p><blockquote><i>（更新于美国东部时间2021年8月2日凌晨04:19）</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/d8c9726bd034485ce2cd75b32ca6f291\" tg-width=\"629\" tg-height=\"520\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p>   <b>Square fell over 5% in premarket trading.</b>  Australian installment-payment company positions its service as a cheaper, more responsible alternative to a credit card</p><p><blockquote><b>Square在盘前交易中下跌超过5%。</b>澳大利亚分期付款公司将其服务定位为更便宜、更负责任的信用卡替代品</blockquote></p><p> YDNEY—SquareInc.&nbsp;has agreed to an all-stock deal valued at around $29 billion to acquire Australia’s&nbsp;AfterpayLtd., an installment-payment company that positions its service as a cheaper and more responsible alternative to a credit card.</p><p><blockquote>Ydney-SquareInc.已同意一项价值约290亿美元的全股票交易，收购澳大利亚AfterpayLtd.，这是一家分期付款公司，将其服务定位为更便宜、更负责任的信用卡替代品。</blockquote></p><p> Square said it plans to integrate Afterpay into its Seller and Cash App business units, which would allow more retailers to offer so-called buy now, pay later services at checkout.</p><p><blockquote>Square表示，计划将Afterpay整合到其卖家和现金应用程序业务部门中，这将允许更多零售商在结账时提供所谓的“先买后付”服务。</blockquote></p><p> Afterpay’s technology allows users to&nbsp;pay for goods in four interest-free installments, while receiving the goods immediately. Customers pay a fee only if they miss an automated payment, a transgression that also locks their account until the balance is repaid. Afterpay says this limits bad debts, particularly in a downturn when job security is shaky and household finances are stretched.</p><p><blockquote>Afterpay的技术允许用户分四期免息分期付款购买商品，同时立即收到商品。客户只有在错过自动付款时才需要支付费用，这种违规行为也会锁定他们的账户，直到余额被偿还。Afterpay表示，这限制了坏账，特别是在经济低迷时期，工作保障不稳定，家庭财务捉襟见肘。</blockquote></p><p> Most of Afterpay’s revenue comes from retail merchants, which pay a percentage of the value of each order placed by customers, plus a fixed fee. The company is expanding across the U.S. through deals with retailers including Anthropologie and Free People.</p><p><blockquote>Afterpay的大部分收入来自零售商，零售商支付客户每笔订单价值的一定比例，外加固定费用。该公司正在通过与Anthropologie和Free People等零售商的交易在美国扩张。</blockquote></p><p> “Square and Afterpay have a shared purpose,” said Jack Dorsey, Square’s chief executive. “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”</p><p><blockquote>Square首席执行官杰克·多西(Jack Dorsey)表示：“Square和Afterpay有着共同的目标。”“我们建立业务是为了让金融体系更加公平、方便和包容，Afterpay已经建立了一个符合这些原则的值得信赖的品牌。”</blockquote></p><p> Afterpay, Australia’s largest tech company by market capitalization, said the deal implies a value of around 126.21 Australian dollars (about US$92.66) for each of its shares, representing a 31% premium to its closing price on Friday.</p><p><blockquote>澳大利亚市值最大的科技公司Afterpay表示，这笔交易意味着其每股价值约为126.21澳元（约合92.66美元），较上周五收盘价溢价31%。</blockquote></p><p> Afterpay said its shareholders will receive 0.375 share of Square Class A common stock for each Afterpay share that they own. It expects Afterpay shareholders will own around 18.5% of the combined company when the deal completes.</p><p><blockquote>Afterpay表示，其股东持有的每股Afterpay股票将获得0.375股Square A类普通股。预计交易完成后，Afterpay股东将拥有合并后公司约18.5%的股份。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/square-agrees-to-acquire-afterpay-for-29-billion-in-all-stock-deal-11627855390?mod=hp_lead_pos3\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/square-agrees-to-acquire-afterpay-for-29-billion-in-all-stock-deal-11627855390?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106026316","content_text":"(Updated on August 2, 2021 ET 04:19 AM)\n\n\nSquare fell over 5% in premarket trading.\n\nAustralian installment-payment company positions its service as a cheaper, more responsible alternative to a credit card\nYDNEY—SquareInc. has agreed to an all-stock deal valued at around $29 billion to acquire Australia’s AfterpayLtd., an installment-payment company that positions its service as a cheaper and more responsible alternative to a credit card.\nSquare said it plans to integrate Afterpay into its Seller and Cash App business units, which would allow more retailers to offer so-called buy now, pay later services at checkout.\nAfterpay’s technology allows users to pay for goods in four interest-free installments, while receiving the goods immediately. Customers pay a fee only if they miss an automated payment, a transgression that also locks their account until the balance is repaid. Afterpay says this limits bad debts, particularly in a downturn when job security is shaky and household finances are stretched.\nMost of Afterpay’s revenue comes from retail merchants, which pay a percentage of the value of each order placed by customers, plus a fixed fee. The company is expanding across the U.S. through deals with retailers including Anthropologie and Free People.\n“Square and Afterpay have a shared purpose,” said Jack Dorsey, Square’s chief executive. “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”\nAfterpay, Australia’s largest tech company by market capitalization, said the deal implies a value of around 126.21 Australian dollars (about US$92.66) for each of its shares, representing a 31% premium to its closing price on Friday.\nAfterpay said its shareholders will receive 0.375 share of Square Class A common stock for each Afterpay share that they own. It expects Afterpay shareholders will own around 18.5% of the combined company when the deal completes.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805702602,"gmtCreate":1627904334306,"gmtModify":1631887582797,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nah","listText":"Nah","text":"Nah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805702602","repostId":"2156161791","repostType":4,"isVote":1,"tweetType":1,"viewCount":2811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805291241,"gmtCreate":1627881254283,"gmtModify":1631887582810,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nah","listText":"Nah","text":"Nah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805291241","repostId":"2156169749","repostType":4,"isVote":1,"tweetType":1,"viewCount":3058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805888844,"gmtCreate":1627869895488,"gmtModify":1633755765116,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Marcro outlook, totally not following the company product…. This same&nbsp;review can be used for many othercompanies lol","listText":"Marcro outlook, totally not following the company product…. This same&nbsp;review can be used for many othercompanies lol","text":"Marcro outlook, totally not following the company product…. This same review can be used for many othercompanies lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805888844","repostId":"1147877145","repostType":4,"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809258501,"gmtCreate":1627374230703,"gmtModify":1633765612325,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809258501","repostId":"1142907091","repostType":4,"repost":{"id":"1142907091","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627373467,"share":"https://www.laohu8.com/m/news/1142907091?lang=zh_CN&edition=full","pubTime":"2021-07-27 16:11","market":"us","language":"en","title":"Hot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142907091","media":"Tiger Newspress","summary":"Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi G","content":"<p>Hot Chinese concept stocks resumed downward&nbsp;in premarket trading.Bilibili&nbsp;and&nbsp;NetEase&nbsp;fell&nbsp;7%,DiDi Global,JD.com&nbsp;and&nbsp;Pinduoduo&nbsp;fell&nbsp;6%,Baidu&nbsp;fell&nbsp;5%,Xpeng Motors&nbsp;fell&nbsp;4%,Alibaba,Nio&nbsp;and Li Auto&nbsp;fell&nbsp;3%.</p><p><blockquote>热点中概股盘前恢复下行，哔哩哔哩、网易跌7%，滴滴全球、京东、拼多多跌6%，百度跌5%，小鹏汽车跌4%，阿里巴巴-SW、蔚来、理想汽车跌3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d3f423af5595483b1ce34aa42d60cc7\" tg-width=\"355\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHot Chinese concept stocks resumed downward in premarket trading<blockquote>热门中概股盘前恢复下行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-27 16:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot Chinese concept stocks resumed downward&nbsp;in premarket trading.Bilibili&nbsp;and&nbsp;NetEase&nbsp;fell&nbsp;7%,DiDi Global,JD.com&nbsp;and&nbsp;Pinduoduo&nbsp;fell&nbsp;6%,Baidu&nbsp;fell&nbsp;5%,Xpeng Motors&nbsp;fell&nbsp;4%,Alibaba,Nio&nbsp;and Li Auto&nbsp;fell&nbsp;3%.</p><p><blockquote>热点中概股盘前恢复下行，哔哩哔哩、网易跌7%，滴滴全球、京东、拼多多跌6%，百度跌5%，小鹏汽车跌4%，阿里巴巴-SW、蔚来、理想汽车跌3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d3f423af5595483b1ce34aa42d60cc7\" tg-width=\"355\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","PDD":"拼多多","NIO":"蔚来","JD":"京东","BIDU":"百度","DIDI":"滴滴(已退市)","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142907091","content_text":"Hot Chinese concept stocks resumed downward in premarket trading.Bilibili and NetEase fell 7%,DiDi Global,JD.com and Pinduoduo fell 6%,Baidu fell 5%,Xpeng Motors fell 4%,Alibaba,Nio and Li Auto fell 3%.","news_type":1,"symbols_score_info":{"BABA":0.9,"DIDI":0.9,"XPEV":0.9,"PDD":0.9,"LI":0.9,"BIDU":0.9,"NIO":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809194160,"gmtCreate":1627351317150,"gmtModify":1633765832706,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809194160","repostId":"1181076494","repostType":4,"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809192649,"gmtCreate":1627351265181,"gmtModify":1633765834215,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809192649","repostId":"2154967835","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809196733,"gmtCreate":1627351242822,"gmtModify":1633765834685,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809196733","repostId":"2154969181","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800897675,"gmtCreate":1627289596197,"gmtModify":1633766481612,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Accelerated","listText":"Accelerated","text":"Accelerated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800897675","repostId":"1116690230","repostType":4,"repost":{"id":"1116690230","kind":"news","pubTimestamp":1627285542,"share":"https://www.laohu8.com/m/news/1116690230?lang=zh_CN&edition=full","pubTime":"2021-07-26 15:45","market":"us","language":"en","title":"Forget Cloud, YouTube Will Lead Alphabet To Exponential Growth<blockquote>忘记云，YouTube将引领Alphabet实现指数级增长</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116690230","media":"seekingalpha","summary":"Summary\n\nGoogle continues to deliver outstanding growth, and YouTube is the best-performing segment.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Google continues to deliver outstanding growth, and YouTube is the best-performing segment.</li>  <li>The YouTube platform is poised to keep growing and further increase user monetization.</li>  <li>Our forecast suggests Google could bring in over $1 trillion in revenues by 2030 with a $14,000 share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3bc76d8cff230ecce9779683bdf577ed\" tg-width=\"490\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Lauren Nicole/DigitalVision via Getty Images</span></p><p><blockquote><ul><li>谷歌继续实现出色的增长，YouTube是表现最好的细分市场。</li><li>YouTube平台将继续增长，并进一步增加用户货币化。</li><li>我们的预测表明，到2030年，谷歌的收入可能会超过1万亿美元，股价为14,000美元。</li></ul><p class=\"t-img-caption\"><span>劳伦·妮可/DigitalVision来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Alphabet Inc. (GOOG)(GOOGL) has been one of the best-performing companies and stocks of the last decade. The company makes most of its revenue from search ads, but it has faster growing and more promising segments, such as “YouTube'' and “Cloud”. While most investors focus on the potential of Cloud, I believe that revenue from YouTube ads and YouTube subscriptions is the key factor that will allow the company to outperform, maintain a premium valuation, and ultimately reach a price of $14,000 with revenues of +$1 trillion.</p><p><blockquote>Alphabet公司（GOOG）（GOOGL）是过去十年中表现最好的公司和股票之一。该公司的大部分收入来自搜索广告，但它有增长更快、更有前途的细分市场，例如“YouTube”和“云”。虽然大多数投资者都关注云的潜力，但我相信YouTube广告和YouTube订阅的收入是使该公司跑赢大盘、维持溢价估值并最终达到14,000美元、收入超过1万亿美元的关键因素。</blockquote></p><p> <b>YouTube in Numbers</b></p><p><blockquote><b>YouTube的数字</b></blockquote></p><p> YouTube was originally conceived by three ex PayPal (PYPL) employees in 2005 and quickly acquired by Google in 2006 for $1.65 billion. WhenYouTube began, it received around 30,000 views per day. Today, it is the second most popular website in the world, with over 30 million visitors per day and 300 hours of content uploaded every minute.</p><p><blockquote>YouTube最初是由三名前PayPal(PYPL)员工于2005年构思的，并于2006年迅速被谷歌以16.5亿美元收购。当YouTube开始时，它每天收到大约30,000次浏览。今天，它是世界上第二大最受欢迎的网站，每天有超过3000万访问者，每分钟上传300小时的内容。</blockquote></p><p> YouTube’s growth since its inception has been staggering, and, in terms of revenue, it is actually Google’s fastest-growing segment as of the last quarter:</p><p><blockquote>YouTube自成立以来的增长令人震惊，就收入而言，它实际上是谷歌上季度增长最快的部门：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac38e8a4000826c38acb02a73c62652b\" tg-width=\"1178\" tg-height=\"950\" width=\"100%\" height=\"auto\"><span>Source:10-Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：10-Q</span></p></blockquote></p><p> Google Search &amp; Other is where the bulk of revenue comes from, and this segment grew at a rate of 30% YoY.YouTube Ads, which accounts for a little over 10% of overall revenues, grew to the tune of 48.7%. This growth rate is even higher than Google Cloud, which increased by 45.73%. Furthermore, we must also take into account that theYouTube platform is also responsible for part of the revenues contained in Google Other. This segment includes revenues fromYouTube’s subscription services such asYouTube TV andYouTube Premium.</p><p><blockquote>谷歌搜索和其他是大部分收入的来源，该细分市场同比增长30%。YouTube广告占总收入的10%多一点，增长了48.7%。这一增速甚至高于谷歌云，后者增长了45.73%。此外，我们还必须考虑到，YouTube平台也负责Google Other中包含的部分收入。该部门包括YouTube TV和YouTube Premium等YouTube订阅服务的收入。</blockquote></p><p> Looking solely at the numbers, it is clear thatYouTube is a key segment driving growth in the company. But what can we expect ofYouTube going forward? And what makes it better than the competition?</p><p><blockquote>仅从数字来看，很明显YouTube是推动公司增长的关键细分市场。但是我们对YouTube的未来有什么期待呢？是什么让它比竞争对手更好？</blockquote></p><p> <b>What makes</b><b>YouTube a great business?</b></p><p><blockquote><b>是什么造就了</b><b>YouTube是一个伟大的企业？</b></blockquote></p><p> In a previous&nbsp;article on Visa(V), I discussed how the company showcases the 7 different business moats that Hamilton Helmer puts forward in his book&nbsp;7 Powers. Looking atYouTube, we can also identify these compelling moats, which protect it from the competition and set it apart from other businesses.</p><p><blockquote>在之前关于Visa(V)的文章中，我讨论了该公司如何展示汉密尔顿·赫尔默(Hamilton Helmer)在其著作《7种权力》中提出的7种不同的商业护城河。看看YouTube，我们还可以发现这些引人注目的护城河，这些护城河保护它免受竞争并将其与其他企业区分开来。</blockquote></p><p> <b>Scale and Network Effect</b></p><p><blockquote><b>规模与网络效应</b></blockquote></p><p> Due to the nature of the platform,YouTube enjoys both scale and network effects.YouTube can add more users without hardly increasing its costs. There may be some costs associated with hosting and even regulating content, but it is negligible. Any competitor wanting to enter this space would have to spend a considerable amount, just to get anywhere near having the infrastructure and contentYouTube has.</p><p><blockquote>由于平台的性质，YouTube同时享有规模效应和网络效应。YouTube可以在几乎不增加成本的情况下增加更多用户。托管甚至监管内容可能会有一些成本，但可以忽略不计。任何想要进入这个领域的竞争对手都必须花费大量资金，才能接近YouTube所拥有的基础设施和内容。</blockquote></p><p> On top of that, with every new user/creator, the value of the network increases. The more people upload onYouTube, the more content there is available, which leads to more views and in turn, leads to more incentives to upload content toYouTube.</p><p><blockquote>最重要的是，随着每一个新用户/创建者，网络的价值都会增加。上传到YouTube的人越多，可用的内容就越多，这会导致更多的浏览量，反过来，也会导致更多的动机将内容上传到YouTube。</blockquote></p><p> <b>Switching costs and Branding</b></p><p><blockquote><b>转换成本和品牌</b></blockquote></p><p> As far users go, there are indeed no real switching costs, but these come into play for creators. Those who have built a following onYouTube have strong incentives to continue growing their audience on the platform. Ultimately,YouTube offers both a compelling reward system for creators and access to the largest audience the internet has to offer.</p><p><blockquote>就用户而言，确实没有真正的转换成本，但这些成本对创作者来说会发挥作用。那些在YouTube上建立了追随者的人有强烈的动机继续在该平台上增加他们的观众。最终，YouTube为创作者提供了一个引人注目的奖励系统，并接触到了互联网所能提供的最大受众。</blockquote></p><p> As far as branding goes, we could certainly say thatYouTube excels in this arena. This can be seen by the fact thatYouTube has even become a commonly used verb and “YouTuber” is even used as a job title.YouTube is the go-to place around the world if you want to find any form of video content.</p><p><blockquote>就品牌而言，我们可以肯定地说YouTube在这一领域表现出色。这可以从YouTube甚至成为一个常用的动词，“YouTuber”甚至被用作一个职位头衔这一事实中看出。如果你想找到任何形式的视频内容，YouTube是世界各地的首选。</blockquote></p><p> <b>Counter positioning and Process Power</b></p><p><blockquote><b>计数器定位和过程功率</b></blockquote></p><p> Counter-positioning refers to the idea that a company has a disruptive business model that others can’t copy. In this case, we have to think, is there a business model which could compete withYouTube and that the company can’t copy/absorb?</p><p><blockquote>反向定位是指认为一家公司拥有别人无法复制的颠覆性商业模式。在这种情况下，我们不得不思考，有没有一种商业模式可以与YouTube竞争，而该公司无法复制/吸收？</blockquote></p><p></p><p> We actually have a perfect example of this happening in how companies likeSpotify(SPOT) are trying to compete with Google by offering content through subscriptions. However, in the last few years, we have seenYouTube launch its own subscription options, competing head-on with Spotify. Furthermore, Google also can absorb any competitor that it deems it can’t compete with head-on.</p><p><blockquote>事实上，我们有一个很好的例子，像Spotify(SPOT)这样的公司试图通过订阅提供内容来与谷歌竞争。然而，在过去几年中，我们看到YouTube推出了自己的订阅选项，与Spotify正面竞争。此外，谷歌还可以吸收任何它认为无法正面竞争的竞争对手。</blockquote></p><p> Process power can be defined as “embedded company organisation and activity sets which enable lower costs and/or superior product.” In the case ofYouTube, the “process power” is their algorithm and access to data, which allows them to serve both optimal content and advertising. Google’s access to data is unrivalled, and this is what allows it to be much more efficient.</p><p><blockquote>流程能力可以定义为“嵌入式公司组织和活动集，可实现更低的成本和/或更好的产品。”就YouTube而言，“处理能力”是他们的算法和对数据的访问，这使他们能够提供最佳内容和广告。谷歌对数据的访问是无与伦比的，这也是它效率更高的原因。</blockquote></p><p> <b>Cornered resource</b></p><p><blockquote><b>被垄断的资源</b></blockquote></p><p> Lastly, we have the cornered resource. This means having exclusive access to a valuable resource. Patents are an example of this. In the case ofYouTube, there are a few elements that we could call cornered resources. The data that Google has access to, could be an example of this. Another exclusive resource thatYouTube has is its “YouTubers”. These individuals are providing content to Google for free daily. This content can indeed find its way to other platforms, butYouTube offers these creators attractive payment terms and a huge audience.</p><p><blockquote>最后，我们有被垄断的资源。这意味着拥有对有价值资源的独占访问权。专利就是一个例子。就YouTube而言，有一些元素我们可以看涨期权垄断资源。谷歌可以访问的数据可能就是一个例子。YouTube拥有的另一个独家资源是它的“YouTubers”。这些人每天免费向谷歌提供内容。这些内容确实可以到达其他平台，但YouTube为这些创作者提供了有吸引力的支付条件和庞大的受众。</blockquote></p><p> <b>The future of</b>&nbsp;<b>YouTube Revenues</b></p><p><blockquote><b>的未来</b> <b>YouTube收入</b></blockquote></p><p> The only question that remains to be answered, is how will Google best monetizeYouTube? For the time being,YouTube’s main source of revenue is advertising. In recent quarters, the company has found particular success with direct-response ads, which create a sense of urgency and have a clear call-to-action.</p><p><blockquote>唯一有待回答的问题是，谷歌将如何最好地将YouTube货币化？就目前而言，YouTube的主要收入来源是广告。最近几个季度，该公司在直接响应广告方面取得了特别成功，这种广告营造了一种紧迫感，并具有明确的行动看涨期权。</blockquote></p><p> In terms of advertising, what setsYouTube apart though, is its incredibly powerful AI, and it can offer something that traditional TV just can’t do. This was best described by Loup Ventures Managing Partner Gene Munster:</p><p><blockquote>在广告方面，YouTube的与众不同之处在于其令人难以置信的强大人工智能，它可以提供传统电视无法提供的东西。Loup Ventures管理合伙人Gene Munster对此进行了最好的描述：</blockquote></p><p>   YouTube is now best positioned to deliver on something we’ve talked about for a decade, which is two people watching the same live event but getting different ads.  Source:CNBC</p><p><blockquote>YouTube现在最有能力提供我们已经谈论了十年的东西，即两个人观看同一个直播活动，但收到不同的广告。资料来源：CNBC</blockquote></p><p> YouTube is known for its user-generated content, but it’s just a matter of time before it moves into areas such as live sports and TV shows.</p><p><blockquote>YouTube以其用户生成的内容而闻名，但它进入体育直播和电视节目等领域只是时间问题。</blockquote></p><p> The most important step will be to increase the revenues coming from sellingYouTube as a service.YouTube Premium has been growing rapidly since 2015, and it could be an even larger source of revenue for Google than advertising. Ultimately, Google could unlock massive value by bundling together its services.YouTube Premium Cloud, for example, could all be part of one package. It’s all about building an ecosystem around the brand.</p><p><blockquote>最重要的一步将是增加销售YouTube即服务的收入。YouTube Premium自2015年以来一直在快速增长，对于谷歌来说，它可能是比广告更大的收入来源。最终，谷歌可以通过将其服务捆绑在一起来释放巨大的价值。例如，YouTube Premium Cloud可以全部成为一个包的一部分。这一切都是为了围绕品牌建立一个生态系统。</blockquote></p><p> <b>Forecast and Valuation</b></p><p><blockquote><b>预测与估值</b></blockquote></p><p> If we look at Alphabet’s revenue, it has a remarkably consistent growth pattern for a 10-year period.</p><p><blockquote>如果我们看看Alphabet的收入，就会发现它在10年的时间里有着非常一致的增长模式。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/879a040103c53eb5da2bc1e79c288a65\" tg-width=\"551\" tg-height=\"298\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The polynomial function you can see above is the most fitting mathematical expression to describe it. The R2 value is the measure of fit, which you can see is quite close to 100%. This function forecasts a slowly diminishing growth rate, from 18% in 2021 to 10% in 2030 in this case, which would take revenues to $600 billion in nine and a half years. The thing is, with growth rates dropping below 10% as the business becomes more consolidated, valuation multiples would likely come closer to the average for the sector. Let's compare the Price to Sales ratio, for example, which is currently at 8.70 (GAAP TTM) for Alphabet. If this were to change to the sector median ratio of 2.03, the share price would be only $1800.</p><p><blockquote>你在上面看到的多项式函数是描述它最合适的数学表达式。R2值是拟合度的度量，您可以看到它非常接近100%。该函数预测增长率将缓慢下降，在本例中从2021年的18%降至2030年的10%，这将使收入在九年半内达到6000亿美元。问题是，随着业务更加整合，增长率降至10%以下，估值倍数可能会更接近该行业的平均水平。例如，让我们比较一下Alphabet目前的市销率为8.70（GAAP TTM）。如果这一比率变为行业中位数2.03，股价将仅为1800美元。</blockquote></p><p> You could and should argue that Alphabet’s superior sales multiple accounts for not only growth but also profitability, since the Price to Earnings ratio is also superior to the sector median (29.79 vs. 22.85), but not nearly by as much. To simplify, let’s say that the PE ratio is 30% higher than the sector median because of superior growth and that the PS ratio is 4.29 times as high as the sector median mainly because of profitability. If we take out the 30% growth factor it should only be 3.29 times higher than the sector median, which is a PS ratio of 6.67. At that ratio a revenue of $600bn without having the shares trading at $5,900. Starting at the current price of his means a yearly return of about 9%.</p><p><blockquote>你可以也应该认为，Alphabet卓越的销售倍数不仅是增长的原因，也是盈利能力的原因，因为市盈率也优于行业中位数（29.79比22.85），但相差不远。简单来说，假设市盈率比行业中位数高30%是因为增长出色，而市盈率比行业中位数高4.29倍主要是因为盈利能力。如果我们剔除30%的增长因素，它应该只比行业中位数高3.29倍，即市盈率为6.67。按照这个比率，如果股价不是5900美元，收入将达到6000亿美元。以他目前的价格开始意味着年回报率约为9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d96d9d77fc4e470238961090adc80ef\" tg-width=\"551\" tg-height=\"298\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As you can see, the exponential trendline is also a remarkably good fit. This would forecast a constant growth of 19% per year, reaching $1.1 trillion in revenues.</p><p><blockquote>正如您所看到的，指数趋势线也非常适合。预计每年将持续增长19%，收入将达到1.1万亿美元。</blockquote></p><p></p><p> If this is maintained, not only will revenue be higher, but also with a growth rate that isn’t diminishing, current above-average valuation multiples would still be justified. With this 1.1 trillion in revenues and a PS ratio of 8.7, as it is currently, the share price could reach over $14,000 by 2030, which is of course a 19% yearly return from the current price.</p><p><blockquote>如果这种情况持续下去，不仅收入会更高，而且增长率不会下降，目前高于平均水平的估值倍数仍然是合理的。以目前1.1万亿美元的收入和8.7的市盈率，到2030年股价可能会超过14,000美元，这当然是当前价格19%的年回报率。</blockquote></p><p> I would risk stating the obvious if I just said that differences in growth sustained in the long run can have a large effect on the value of a company, but it is useful to put it into numbers for some perspective.</p><p><blockquote>如果我只是说长期持续增长的差异会对公司的价值产生很大影响，我会冒险陈述显而易见的事实，但从某种角度来看，将其转化为数字是有用的。</blockquote></p><p> Speaking of Alphabet’s growth, let’s see what is happening with one of its promising segments, YouTube. This platform has given Alphabet increased revenues since its acquisition. Revenues have been mostly in the form of advertising, but this could shift in the coming years. YouTube had approximately 2.3bn users in 2020, having almost doubled in five years. If this trend continues, it could count as many as 6.9bn users by 2030.</p><p><blockquote>说到Alphabet的增长，让我们看看其最有前途的细分市场之一YouTube正在发生什么。自收购以来，该平台为Alphabet带来了更多收入。收入主要以广告形式出现，但这种情况在未来几年可能会发生变化。2020年，YouTube拥有约23亿用户，五年内几乎翻了一番。如果这一趋势持续下去，到2030年，它的用户数量可能高达69亿。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b131552843a9861df18d8828d753f5a2\" tg-width=\"405\" tg-height=\"238\" width=\"100%\" height=\"auto\"><span>Source:YouTube Revenue and Usage Statistics (2021) - Business of Apps</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：YouTube收入和使用统计（2021年）-应用程序业务</span></p></blockquote></p><p> Ad revenue per user is also growing consistently, especially as the platform increases the presence of advertising to push the premium subscription. We have made a forecast based on the data from the last 4 years, which is how long this segment has been disclosed separately in Alphabet’s statements of operations.</p><p><blockquote>每用户的广告收入也在持续增长，特别是随着平台增加广告的存在以推动高级订阅。我们根据过去4年的数据进行了预测，这是该部门在Alphabet运营报表中单独披露的时间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb814b6721a846c98a84a865b39ed716\" tg-width=\"409\" tg-height=\"232\" width=\"100%\" height=\"auto\"><span>Source: Author’s work based on Source: YouTube Revenue and Usage Statistics (2021) - Business of Apps and company records.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者的工作基于来源：YouTube收入和使用统计（2021）——应用和公司记录的业务。</span></p></blockquote></p><p> YouTube has been attempting a higher monetization of its nearly 2.3bn users by pushing premium subscriptions. The prices are not fixed around the globe, but in the US, where most of the revenue is made, it is $11.99 a month or $119.88 per year. This is significantly higher than the ad revenue per user, and although the percentage of premium users is small, it is also true that it has increased ten-fold since 2015. If the trend continues it could hit almost 12% of total users by 2030.</p><p><blockquote>YouTube一直试图通过推广付费订阅来提高其近23亿用户的盈利能力。全球范围内的价格并不固定，但在大部分收入来源的美国，价格为每月11.99美元或每年119.88美元。这明显高于每用户的广告收入，尽管高级用户的比例很小，但自2015年以来增长了十倍也是事实。如果这一趋势继续下去，到2030年，它可能会达到总用户的近12%。</blockquote></p><p> Source: Author’s work based on YouTube Revenue and Usage Statistics (2021) - Business of Apps</p><p><blockquote>资料来源：作者基于YouTube收入和使用统计数据的工作（2021年）-应用程序业务</blockquote></p><p> If we add together the forecast for total users, percentage of premium users and projected ad revenue per (non-premium) user, we come to a forecast of what YouTube’s revenue path could look like in the coming years. You can see it summarized in this table.</p><p><blockquote>如果我们将对总用户、付费用户百分比和每个（非付费）用户的预计广告收入的预测加在一起，我们就可以预测YouTube未来几年的收入路径。你可以在这个表中看到它的总结。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc620a5b88c2bcb30f76020d0f07924c\" tg-width=\"1280\" tg-height=\"535\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This forecast suggests that YouTube could bring in revenues close to $300bn by 2030, representing a CAGR of 28% from 2020. This combined with promising prospects for the cloud business and a seemingly continuous growth of its search engine revenue, would suggest that the overall Alphabet revenue will be closer to the $1.1tn mark than the $600bn, out of the two scenarios discussed earlier. If this is the case and it becomes apparent with further news on performance, and the market perceives as we do a likely long-term return near 19%, there will be plenty of room for a higher stock price shortly.</p><p><blockquote>这一预测表明，到2030年，YouTube的收入可能接近3000亿美元，比2020年的复合年增长率为28%。再加上云业务的光明前景及其搜索引擎收入似乎持续增长，这表明Alphabet的整体收入将接近1.1万亿美元大关，而不是之前讨论的两种情况中的6000亿美元。如果是这种情况，并且随着业绩的进一步消息而变得明显，并且市场认为我们的长期回报率可能接近19%，那么股价很快就会有很大的上涨空间。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> I believe that Google’s revenues are more likely to follow the exponential growth path laid out above. This is supported byYouTube’s increasing growth and profitability prospects. In my humble opinion, Google is set to be one of the best-performing companies of the next decade, and committing part of your portfolio to this company is a decision you won’t regret.</p><p><blockquote>我相信谷歌的收入更有可能遵循上面列出的指数增长路径。这得到了YouTube不断增长的增长和盈利前景的支持。依我拙见，谷歌将成为未来十年表现最好的公司之一，将你的部分投资组合投入到这家公司是一个你不会后悔的决定。</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>Forget Cloud, YouTube Will Lead Alphabet To Exponential Growth<blockquote>忘记云，YouTube将引领Alphabet实现指数级增长</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\">\nForget Cloud, YouTube Will Lead Alphabet To Exponential Growth<blockquote>忘记云，YouTube将引领Alphabet实现指数级增长</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-26 15:45</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>Google continues to deliver outstanding growth, and YouTube is the best-performing segment.</li>  <li>The YouTube platform is poised to keep growing and further increase user monetization.</li>  <li>Our forecast suggests Google could bring in over $1 trillion in revenues by 2030 with a $14,000 share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3bc76d8cff230ecce9779683bdf577ed\" tg-width=\"490\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Lauren Nicole/DigitalVision via Getty Images</span></p><p><blockquote><ul><li>谷歌继续实现出色的增长，YouTube是表现最好的细分市场。</li><li>YouTube平台将继续增长，并进一步增加用户货币化。</li><li>我们的预测表明，到2030年，谷歌的收入可能会超过1万亿美元，股价为14,000美元。</li></ul><p class=\"t-img-caption\"><span>劳伦·妮可/DigitalVision来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Alphabet Inc. (GOOG)(GOOGL) has been one of the best-performing companies and stocks of the last decade. The company makes most of its revenue from search ads, but it has faster growing and more promising segments, such as “YouTube'' and “Cloud”. While most investors focus on the potential of Cloud, I believe that revenue from YouTube ads and YouTube subscriptions is the key factor that will allow the company to outperform, maintain a premium valuation, and ultimately reach a price of $14,000 with revenues of +$1 trillion.</p><p><blockquote>Alphabet公司（GOOG）（GOOGL）是过去十年中表现最好的公司和股票之一。该公司的大部分收入来自搜索广告，但它有增长更快、更有前途的细分市场，例如“YouTube”和“云”。虽然大多数投资者都关注云的潜力，但我相信YouTube广告和YouTube订阅的收入是使该公司跑赢大盘、维持溢价估值并最终达到14,000美元、收入超过1万亿美元的关键因素。</blockquote></p><p> <b>YouTube in Numbers</b></p><p><blockquote><b>YouTube的数字</b></blockquote></p><p> YouTube was originally conceived by three ex PayPal (PYPL) employees in 2005 and quickly acquired by Google in 2006 for $1.65 billion. WhenYouTube began, it received around 30,000 views per day. Today, it is the second most popular website in the world, with over 30 million visitors per day and 300 hours of content uploaded every minute.</p><p><blockquote>YouTube最初是由三名前PayPal(PYPL)员工于2005年构思的，并于2006年迅速被谷歌以16.5亿美元收购。当YouTube开始时，它每天收到大约30,000次浏览。今天，它是世界上第二大最受欢迎的网站，每天有超过3000万访问者，每分钟上传300小时的内容。</blockquote></p><p> YouTube’s growth since its inception has been staggering, and, in terms of revenue, it is actually Google’s fastest-growing segment as of the last quarter:</p><p><blockquote>YouTube自成立以来的增长令人震惊，就收入而言，它实际上是谷歌上季度增长最快的部门：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac38e8a4000826c38acb02a73c62652b\" tg-width=\"1178\" tg-height=\"950\" width=\"100%\" height=\"auto\"><span>Source:10-Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：10-Q</span></p></blockquote></p><p> Google Search &amp; Other is where the bulk of revenue comes from, and this segment grew at a rate of 30% YoY.YouTube Ads, which accounts for a little over 10% of overall revenues, grew to the tune of 48.7%. This growth rate is even higher than Google Cloud, which increased by 45.73%. Furthermore, we must also take into account that theYouTube platform is also responsible for part of the revenues contained in Google Other. This segment includes revenues fromYouTube’s subscription services such asYouTube TV andYouTube Premium.</p><p><blockquote>谷歌搜索和其他是大部分收入的来源，该细分市场同比增长30%。YouTube广告占总收入的10%多一点，增长了48.7%。这一增速甚至高于谷歌云，后者增长了45.73%。此外，我们还必须考虑到，YouTube平台也负责Google Other中包含的部分收入。该部门包括YouTube TV和YouTube Premium等YouTube订阅服务的收入。</blockquote></p><p> Looking solely at the numbers, it is clear thatYouTube is a key segment driving growth in the company. But what can we expect ofYouTube going forward? And what makes it better than the competition?</p><p><blockquote>仅从数字来看，很明显YouTube是推动公司增长的关键细分市场。但是我们对YouTube的未来有什么期待呢？是什么让它比竞争对手更好？</blockquote></p><p> <b>What makes</b><b>YouTube a great business?</b></p><p><blockquote><b>是什么造就了</b><b>YouTube是一个伟大的企业？</b></blockquote></p><p> In a previous&nbsp;article on Visa(V), I discussed how the company showcases the 7 different business moats that Hamilton Helmer puts forward in his book&nbsp;7 Powers. Looking atYouTube, we can also identify these compelling moats, which protect it from the competition and set it apart from other businesses.</p><p><blockquote>在之前关于Visa(V)的文章中，我讨论了该公司如何展示汉密尔顿·赫尔默(Hamilton Helmer)在其著作《7种权力》中提出的7种不同的商业护城河。看看YouTube，我们还可以发现这些引人注目的护城河，这些护城河保护它免受竞争并将其与其他企业区分开来。</blockquote></p><p> <b>Scale and Network Effect</b></p><p><blockquote><b>规模与网络效应</b></blockquote></p><p> Due to the nature of the platform,YouTube enjoys both scale and network effects.YouTube can add more users without hardly increasing its costs. There may be some costs associated with hosting and even regulating content, but it is negligible. Any competitor wanting to enter this space would have to spend a considerable amount, just to get anywhere near having the infrastructure and contentYouTube has.</p><p><blockquote>由于平台的性质，YouTube同时享有规模效应和网络效应。YouTube可以在几乎不增加成本的情况下增加更多用户。托管甚至监管内容可能会有一些成本，但可以忽略不计。任何想要进入这个领域的竞争对手都必须花费大量资金，才能接近YouTube所拥有的基础设施和内容。</blockquote></p><p> On top of that, with every new user/creator, the value of the network increases. The more people upload onYouTube, the more content there is available, which leads to more views and in turn, leads to more incentives to upload content toYouTube.</p><p><blockquote>最重要的是，随着每一个新用户/创建者，网络的价值都会增加。上传到YouTube的人越多，可用的内容就越多，这会导致更多的浏览量，反过来，也会导致更多的动机将内容上传到YouTube。</blockquote></p><p> <b>Switching costs and Branding</b></p><p><blockquote><b>转换成本和品牌</b></blockquote></p><p> As far users go, there are indeed no real switching costs, but these come into play for creators. Those who have built a following onYouTube have strong incentives to continue growing their audience on the platform. Ultimately,YouTube offers both a compelling reward system for creators and access to the largest audience the internet has to offer.</p><p><blockquote>就用户而言，确实没有真正的转换成本，但这些成本对创作者来说会发挥作用。那些在YouTube上建立了追随者的人有强烈的动机继续在该平台上增加他们的观众。最终，YouTube为创作者提供了一个引人注目的奖励系统，并接触到了互联网所能提供的最大受众。</blockquote></p><p> As far as branding goes, we could certainly say thatYouTube excels in this arena. This can be seen by the fact thatYouTube has even become a commonly used verb and “YouTuber” is even used as a job title.YouTube is the go-to place around the world if you want to find any form of video content.</p><p><blockquote>就品牌而言，我们可以肯定地说YouTube在这一领域表现出色。这可以从YouTube甚至成为一个常用的动词，“YouTuber”甚至被用作一个职位头衔这一事实中看出。如果你想找到任何形式的视频内容，YouTube是世界各地的首选。</blockquote></p><p> <b>Counter positioning and Process Power</b></p><p><blockquote><b>计数器定位和过程功率</b></blockquote></p><p> Counter-positioning refers to the idea that a company has a disruptive business model that others can’t copy. In this case, we have to think, is there a business model which could compete withYouTube and that the company can’t copy/absorb?</p><p><blockquote>反向定位是指认为一家公司拥有别人无法复制的颠覆性商业模式。在这种情况下，我们不得不思考，有没有一种商业模式可以与YouTube竞争，而该公司无法复制/吸收？</blockquote></p><p></p><p> We actually have a perfect example of this happening in how companies likeSpotify(SPOT) are trying to compete with Google by offering content through subscriptions. However, in the last few years, we have seenYouTube launch its own subscription options, competing head-on with Spotify. Furthermore, Google also can absorb any competitor that it deems it can’t compete with head-on.</p><p><blockquote>事实上，我们有一个很好的例子，像Spotify(SPOT)这样的公司试图通过订阅提供内容来与谷歌竞争。然而，在过去几年中，我们看到YouTube推出了自己的订阅选项，与Spotify正面竞争。此外，谷歌还可以吸收任何它认为无法正面竞争的竞争对手。</blockquote></p><p> Process power can be defined as “embedded company organisation and activity sets which enable lower costs and/or superior product.” In the case ofYouTube, the “process power” is their algorithm and access to data, which allows them to serve both optimal content and advertising. Google’s access to data is unrivalled, and this is what allows it to be much more efficient.</p><p><blockquote>流程能力可以定义为“嵌入式公司组织和活动集，可实现更低的成本和/或更好的产品。”就YouTube而言，“处理能力”是他们的算法和对数据的访问，这使他们能够提供最佳内容和广告。谷歌对数据的访问是无与伦比的，这也是它效率更高的原因。</blockquote></p><p> <b>Cornered resource</b></p><p><blockquote><b>被垄断的资源</b></blockquote></p><p> Lastly, we have the cornered resource. This means having exclusive access to a valuable resource. Patents are an example of this. In the case ofYouTube, there are a few elements that we could call cornered resources. The data that Google has access to, could be an example of this. Another exclusive resource thatYouTube has is its “YouTubers”. These individuals are providing content to Google for free daily. This content can indeed find its way to other platforms, butYouTube offers these creators attractive payment terms and a huge audience.</p><p><blockquote>最后，我们有被垄断的资源。这意味着拥有对有价值资源的独占访问权。专利就是一个例子。就YouTube而言，有一些元素我们可以看涨期权垄断资源。谷歌可以访问的数据可能就是一个例子。YouTube拥有的另一个独家资源是它的“YouTubers”。这些人每天免费向谷歌提供内容。这些内容确实可以到达其他平台，但YouTube为这些创作者提供了有吸引力的支付条件和庞大的受众。</blockquote></p><p> <b>The future of</b>&nbsp;<b>YouTube Revenues</b></p><p><blockquote><b>的未来</b> <b>YouTube收入</b></blockquote></p><p> The only question that remains to be answered, is how will Google best monetizeYouTube? For the time being,YouTube’s main source of revenue is advertising. In recent quarters, the company has found particular success with direct-response ads, which create a sense of urgency and have a clear call-to-action.</p><p><blockquote>唯一有待回答的问题是，谷歌将如何最好地将YouTube货币化？就目前而言，YouTube的主要收入来源是广告。最近几个季度，该公司在直接响应广告方面取得了特别成功，这种广告营造了一种紧迫感，并具有明确的行动看涨期权。</blockquote></p><p> In terms of advertising, what setsYouTube apart though, is its incredibly powerful AI, and it can offer something that traditional TV just can’t do. This was best described by Loup Ventures Managing Partner Gene Munster:</p><p><blockquote>在广告方面，YouTube的与众不同之处在于其令人难以置信的强大人工智能，它可以提供传统电视无法提供的东西。Loup Ventures管理合伙人Gene Munster对此进行了最好的描述：</blockquote></p><p>   YouTube is now best positioned to deliver on something we’ve talked about for a decade, which is two people watching the same live event but getting different ads.  Source:CNBC</p><p><blockquote>YouTube现在最有能力提供我们已经谈论了十年的东西，即两个人观看同一个直播活动，但收到不同的广告。资料来源：CNBC</blockquote></p><p> YouTube is known for its user-generated content, but it’s just a matter of time before it moves into areas such as live sports and TV shows.</p><p><blockquote>YouTube以其用户生成的内容而闻名，但它进入体育直播和电视节目等领域只是时间问题。</blockquote></p><p> The most important step will be to increase the revenues coming from sellingYouTube as a service.YouTube Premium has been growing rapidly since 2015, and it could be an even larger source of revenue for Google than advertising. Ultimately, Google could unlock massive value by bundling together its services.YouTube Premium Cloud, for example, could all be part of one package. It’s all about building an ecosystem around the brand.</p><p><blockquote>最重要的一步将是增加销售YouTube即服务的收入。YouTube Premium自2015年以来一直在快速增长，对于谷歌来说，它可能是比广告更大的收入来源。最终，谷歌可以通过将其服务捆绑在一起来释放巨大的价值。例如，YouTube Premium Cloud可以全部成为一个包的一部分。这一切都是为了围绕品牌建立一个生态系统。</blockquote></p><p> <b>Forecast and Valuation</b></p><p><blockquote><b>预测与估值</b></blockquote></p><p> If we look at Alphabet’s revenue, it has a remarkably consistent growth pattern for a 10-year period.</p><p><blockquote>如果我们看看Alphabet的收入，就会发现它在10年的时间里有着非常一致的增长模式。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/879a040103c53eb5da2bc1e79c288a65\" tg-width=\"551\" tg-height=\"298\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The polynomial function you can see above is the most fitting mathematical expression to describe it. The R2 value is the measure of fit, which you can see is quite close to 100%. This function forecasts a slowly diminishing growth rate, from 18% in 2021 to 10% in 2030 in this case, which would take revenues to $600 billion in nine and a half years. The thing is, with growth rates dropping below 10% as the business becomes more consolidated, valuation multiples would likely come closer to the average for the sector. Let's compare the Price to Sales ratio, for example, which is currently at 8.70 (GAAP TTM) for Alphabet. If this were to change to the sector median ratio of 2.03, the share price would be only $1800.</p><p><blockquote>你在上面看到的多项式函数是描述它最合适的数学表达式。R2值是拟合度的度量，您可以看到它非常接近100%。该函数预测增长率将缓慢下降，在本例中从2021年的18%降至2030年的10%，这将使收入在九年半内达到6000亿美元。问题是，随着业务更加整合，增长率降至10%以下，估值倍数可能会更接近该行业的平均水平。例如，让我们比较一下Alphabet目前的市销率为8.70（GAAP TTM）。如果这一比率变为行业中位数2.03，股价将仅为1800美元。</blockquote></p><p> You could and should argue that Alphabet’s superior sales multiple accounts for not only growth but also profitability, since the Price to Earnings ratio is also superior to the sector median (29.79 vs. 22.85), but not nearly by as much. To simplify, let’s say that the PE ratio is 30% higher than the sector median because of superior growth and that the PS ratio is 4.29 times as high as the sector median mainly because of profitability. If we take out the 30% growth factor it should only be 3.29 times higher than the sector median, which is a PS ratio of 6.67. At that ratio a revenue of $600bn without having the shares trading at $5,900. Starting at the current price of his means a yearly return of about 9%.</p><p><blockquote>你可以也应该认为，Alphabet卓越的销售倍数不仅是增长的原因，也是盈利能力的原因，因为市盈率也优于行业中位数（29.79比22.85），但相差不远。简单来说，假设市盈率比行业中位数高30%是因为增长出色，而市盈率比行业中位数高4.29倍主要是因为盈利能力。如果我们剔除30%的增长因素，它应该只比行业中位数高3.29倍，即市盈率为6.67。按照这个比率，如果股价不是5900美元，收入将达到6000亿美元。以他目前的价格开始意味着年回报率约为9%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d96d9d77fc4e470238961090adc80ef\" tg-width=\"551\" tg-height=\"298\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As you can see, the exponential trendline is also a remarkably good fit. This would forecast a constant growth of 19% per year, reaching $1.1 trillion in revenues.</p><p><blockquote>正如您所看到的，指数趋势线也非常适合。预计每年将持续增长19%，收入将达到1.1万亿美元。</blockquote></p><p></p><p> If this is maintained, not only will revenue be higher, but also with a growth rate that isn’t diminishing, current above-average valuation multiples would still be justified. With this 1.1 trillion in revenues and a PS ratio of 8.7, as it is currently, the share price could reach over $14,000 by 2030, which is of course a 19% yearly return from the current price.</p><p><blockquote>如果这种情况持续下去，不仅收入会更高，而且增长率不会下降，目前高于平均水平的估值倍数仍然是合理的。以目前1.1万亿美元的收入和8.7的市盈率，到2030年股价可能会超过14,000美元，这当然是当前价格19%的年回报率。</blockquote></p><p> I would risk stating the obvious if I just said that differences in growth sustained in the long run can have a large effect on the value of a company, but it is useful to put it into numbers for some perspective.</p><p><blockquote>如果我只是说长期持续增长的差异会对公司的价值产生很大影响，我会冒险陈述显而易见的事实，但从某种角度来看，将其转化为数字是有用的。</blockquote></p><p> Speaking of Alphabet’s growth, let’s see what is happening with one of its promising segments, YouTube. This platform has given Alphabet increased revenues since its acquisition. Revenues have been mostly in the form of advertising, but this could shift in the coming years. YouTube had approximately 2.3bn users in 2020, having almost doubled in five years. If this trend continues, it could count as many as 6.9bn users by 2030.</p><p><blockquote>说到Alphabet的增长，让我们看看其最有前途的细分市场之一YouTube正在发生什么。自收购以来，该平台为Alphabet带来了更多收入。收入主要以广告形式出现，但这种情况在未来几年可能会发生变化。2020年，YouTube拥有约23亿用户，五年内几乎翻了一番。如果这一趋势持续下去，到2030年，它的用户数量可能高达69亿。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b131552843a9861df18d8828d753f5a2\" tg-width=\"405\" tg-height=\"238\" width=\"100%\" height=\"auto\"><span>Source:YouTube Revenue and Usage Statistics (2021) - Business of Apps</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：YouTube收入和使用统计（2021年）-应用程序业务</span></p></blockquote></p><p> Ad revenue per user is also growing consistently, especially as the platform increases the presence of advertising to push the premium subscription. We have made a forecast based on the data from the last 4 years, which is how long this segment has been disclosed separately in Alphabet’s statements of operations.</p><p><blockquote>每用户的广告收入也在持续增长，特别是随着平台增加广告的存在以推动高级订阅。我们根据过去4年的数据进行了预测，这是该部门在Alphabet运营报表中单独披露的时间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb814b6721a846c98a84a865b39ed716\" tg-width=\"409\" tg-height=\"232\" width=\"100%\" height=\"auto\"><span>Source: Author’s work based on Source: YouTube Revenue and Usage Statistics (2021) - Business of Apps and company records.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者的工作基于来源：YouTube收入和使用统计（2021）——应用和公司记录的业务。</span></p></blockquote></p><p> YouTube has been attempting a higher monetization of its nearly 2.3bn users by pushing premium subscriptions. The prices are not fixed around the globe, but in the US, where most of the revenue is made, it is $11.99 a month or $119.88 per year. This is significantly higher than the ad revenue per user, and although the percentage of premium users is small, it is also true that it has increased ten-fold since 2015. If the trend continues it could hit almost 12% of total users by 2030.</p><p><blockquote>YouTube一直试图通过推广付费订阅来提高其近23亿用户的盈利能力。全球范围内的价格并不固定，但在大部分收入来源的美国，价格为每月11.99美元或每年119.88美元。这明显高于每用户的广告收入，尽管高级用户的比例很小，但自2015年以来增长了十倍也是事实。如果这一趋势继续下去，到2030年，它可能会达到总用户的近12%。</blockquote></p><p> Source: Author’s work based on YouTube Revenue and Usage Statistics (2021) - Business of Apps</p><p><blockquote>资料来源：作者基于YouTube收入和使用统计数据的工作（2021年）-应用程序业务</blockquote></p><p> If we add together the forecast for total users, percentage of premium users and projected ad revenue per (non-premium) user, we come to a forecast of what YouTube’s revenue path could look like in the coming years. You can see it summarized in this table.</p><p><blockquote>如果我们将对总用户、付费用户百分比和每个（非付费）用户的预计广告收入的预测加在一起，我们就可以预测YouTube未来几年的收入路径。你可以在这个表中看到它的总结。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc620a5b88c2bcb30f76020d0f07924c\" tg-width=\"1280\" tg-height=\"535\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This forecast suggests that YouTube could bring in revenues close to $300bn by 2030, representing a CAGR of 28% from 2020. This combined with promising prospects for the cloud business and a seemingly continuous growth of its search engine revenue, would suggest that the overall Alphabet revenue will be closer to the $1.1tn mark than the $600bn, out of the two scenarios discussed earlier. If this is the case and it becomes apparent with further news on performance, and the market perceives as we do a likely long-term return near 19%, there will be plenty of room for a higher stock price shortly.</p><p><blockquote>这一预测表明，到2030年，YouTube的收入可能接近3000亿美元，比2020年的复合年增长率为28%。再加上云业务的光明前景及其搜索引擎收入似乎持续增长，这表明Alphabet的整体收入将接近1.1万亿美元大关，而不是之前讨论的两种情况中的6000亿美元。如果是这种情况，并且随着业绩的进一步消息而变得明显，并且市场认为我们的长期回报率可能接近19%，那么股价很快就会有很大的上涨空间。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> I believe that Google’s revenues are more likely to follow the exponential growth path laid out above. This is supported byYouTube’s increasing growth and profitability prospects. In my humble opinion, Google is set to be one of the best-performing companies of the next decade, and committing part of your portfolio to this company is a decision you won’t regret.</p><p><blockquote>我相信谷歌的收入更有可能遵循上面列出的指数增长路径。这得到了YouTube不断增长的增长和盈利前景的支持。依我拙见，谷歌将成为未来十年表现最好的公司之一，将你的部分投资组合投入到这家公司是一个你不会后悔的决定。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441312-forget-cloud-youtube-will-lead-alphabet-to-exponential-growth\">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":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://seekingalpha.com/article/4441312-forget-cloud-youtube-will-lead-alphabet-to-exponential-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116690230","content_text":"Summary\n\nGoogle continues to deliver outstanding growth, and YouTube is the best-performing segment.\nThe YouTube platform is poised to keep growing and further increase user monetization.\nOur forecast suggests Google could bring in over $1 trillion in revenues by 2030 with a $14,000 share price.\n\nLauren Nicole/DigitalVision via Getty Images\nThesis Summary\nAlphabet Inc. (GOOG)(GOOGL) has been one of the best-performing companies and stocks of the last decade. The company makes most of its revenue from search ads, but it has faster growing and more promising segments, such as “YouTube'' and “Cloud”. While most investors focus on the potential of Cloud, I believe that revenue from YouTube ads and YouTube subscriptions is the key factor that will allow the company to outperform, maintain a premium valuation, and ultimately reach a price of $14,000 with revenues of +$1 trillion.\nYouTube in Numbers\nYouTube was originally conceived by three ex PayPal (PYPL) employees in 2005 and quickly acquired by Google in 2006 for $1.65 billion. WhenYouTube began, it received around 30,000 views per day. Today, it is the second most popular website in the world, with over 30 million visitors per day and 300 hours of content uploaded every minute.\nYouTube’s growth since its inception has been staggering, and, in terms of revenue, it is actually Google’s fastest-growing segment as of the last quarter:\nSource:10-Q\nGoogle Search & Other is where the bulk of revenue comes from, and this segment grew at a rate of 30% YoY.YouTube Ads, which accounts for a little over 10% of overall revenues, grew to the tune of 48.7%. This growth rate is even higher than Google Cloud, which increased by 45.73%. Furthermore, we must also take into account that theYouTube platform is also responsible for part of the revenues contained in Google Other. This segment includes revenues fromYouTube’s subscription services such asYouTube TV andYouTube Premium.\nLooking solely at the numbers, it is clear thatYouTube is a key segment driving growth in the company. But what can we expect ofYouTube going forward? And what makes it better than the competition?\nWhat makesYouTube a great business?\nIn a previous article on Visa(V), I discussed how the company showcases the 7 different business moats that Hamilton Helmer puts forward in his book 7 Powers. Looking atYouTube, we can also identify these compelling moats, which protect it from the competition and set it apart from other businesses.\nScale and Network Effect\nDue to the nature of the platform,YouTube enjoys both scale and network effects.YouTube can add more users without hardly increasing its costs. There may be some costs associated with hosting and even regulating content, but it is negligible. Any competitor wanting to enter this space would have to spend a considerable amount, just to get anywhere near having the infrastructure and contentYouTube has.\nOn top of that, with every new user/creator, the value of the network increases. The more people upload onYouTube, the more content there is available, which leads to more views and in turn, leads to more incentives to upload content toYouTube.\nSwitching costs and Branding\nAs far users go, there are indeed no real switching costs, but these come into play for creators. Those who have built a following onYouTube have strong incentives to continue growing their audience on the platform. Ultimately,YouTube offers both a compelling reward system for creators and access to the largest audience the internet has to offer.\nAs far as branding goes, we could certainly say thatYouTube excels in this arena. This can be seen by the fact thatYouTube has even become a commonly used verb and “YouTuber” is even used as a job title.YouTube is the go-to place around the world if you want to find any form of video content.\nCounter positioning and Process Power\nCounter-positioning refers to the idea that a company has a disruptive business model that others can’t copy. In this case, we have to think, is there a business model which could compete withYouTube and that the company can’t copy/absorb?\nWe actually have a perfect example of this happening in how companies likeSpotify(SPOT) are trying to compete with Google by offering content through subscriptions. However, in the last few years, we have seenYouTube launch its own subscription options, competing head-on with Spotify. Furthermore, Google also can absorb any competitor that it deems it can’t compete with head-on.\nProcess power can be defined as “embedded company organisation and activity sets which enable lower costs and/or superior product.” In the case ofYouTube, the “process power” is their algorithm and access to data, which allows them to serve both optimal content and advertising. Google’s access to data is unrivalled, and this is what allows it to be much more efficient.\nCornered resource\nLastly, we have the cornered resource. This means having exclusive access to a valuable resource. Patents are an example of this. In the case ofYouTube, there are a few elements that we could call cornered resources. The data that Google has access to, could be an example of this. Another exclusive resource thatYouTube has is its “YouTubers”. These individuals are providing content to Google for free daily. This content can indeed find its way to other platforms, butYouTube offers these creators attractive payment terms and a huge audience.\nThe future of YouTube Revenues\nThe only question that remains to be answered, is how will Google best monetizeYouTube? For the time being,YouTube’s main source of revenue is advertising. In recent quarters, the company has found particular success with direct-response ads, which create a sense of urgency and have a clear call-to-action.\nIn terms of advertising, what setsYouTube apart though, is its incredibly powerful AI, and it can offer something that traditional TV just can’t do. This was best described by Loup Ventures Managing Partner Gene Munster:\n\n YouTube is now best positioned to deliver on something we’ve talked about for a decade, which is two people watching the same live event but getting different ads.\n\nSource:CNBC\nYouTube is known for its user-generated content, but it’s just a matter of time before it moves into areas such as live sports and TV shows.\nThe most important step will be to increase the revenues coming from sellingYouTube as a service.YouTube Premium has been growing rapidly since 2015, and it could be an even larger source of revenue for Google than advertising. Ultimately, Google could unlock massive value by bundling together its services.YouTube Premium Cloud, for example, could all be part of one package. It’s all about building an ecosystem around the brand.\nForecast and Valuation\nIf we look at Alphabet’s revenue, it has a remarkably consistent growth pattern for a 10-year period.\n\nThe polynomial function you can see above is the most fitting mathematical expression to describe it. The R2 value is the measure of fit, which you can see is quite close to 100%. This function forecasts a slowly diminishing growth rate, from 18% in 2021 to 10% in 2030 in this case, which would take revenues to $600 billion in nine and a half years. The thing is, with growth rates dropping below 10% as the business becomes more consolidated, valuation multiples would likely come closer to the average for the sector. Let's compare the Price to Sales ratio, for example, which is currently at 8.70 (GAAP TTM) for Alphabet. If this were to change to the sector median ratio of 2.03, the share price would be only $1800.\nYou could and should argue that Alphabet’s superior sales multiple accounts for not only growth but also profitability, since the Price to Earnings ratio is also superior to the sector median (29.79 vs. 22.85), but not nearly by as much. To simplify, let’s say that the PE ratio is 30% higher than the sector median because of superior growth and that the PS ratio is 4.29 times as high as the sector median mainly because of profitability. If we take out the 30% growth factor it should only be 3.29 times higher than the sector median, which is a PS ratio of 6.67. At that ratio a revenue of $600bn without having the shares trading at $5,900. Starting at the current price of his means a yearly return of about 9%.\n\nAs you can see, the exponential trendline is also a remarkably good fit. This would forecast a constant growth of 19% per year, reaching $1.1 trillion in revenues.\nIf this is maintained, not only will revenue be higher, but also with a growth rate that isn’t diminishing, current above-average valuation multiples would still be justified. With this 1.1 trillion in revenues and a PS ratio of 8.7, as it is currently, the share price could reach over $14,000 by 2030, which is of course a 19% yearly return from the current price.\nI would risk stating the obvious if I just said that differences in growth sustained in the long run can have a large effect on the value of a company, but it is useful to put it into numbers for some perspective.\nSpeaking of Alphabet’s growth, let’s see what is happening with one of its promising segments, YouTube. This platform has given Alphabet increased revenues since its acquisition. Revenues have been mostly in the form of advertising, but this could shift in the coming years. YouTube had approximately 2.3bn users in 2020, having almost doubled in five years. If this trend continues, it could count as many as 6.9bn users by 2030.\nSource:YouTube Revenue and Usage Statistics (2021) - Business of Apps\nAd revenue per user is also growing consistently, especially as the platform increases the presence of advertising to push the premium subscription. We have made a forecast based on the data from the last 4 years, which is how long this segment has been disclosed separately in Alphabet’s statements of operations.\nSource: Author’s work based on Source: YouTube Revenue and Usage Statistics (2021) - Business of Apps and company records.\nYouTube has been attempting a higher monetization of its nearly 2.3bn users by pushing premium subscriptions. The prices are not fixed around the globe, but in the US, where most of the revenue is made, it is $11.99 a month or $119.88 per year. This is significantly higher than the ad revenue per user, and although the percentage of premium users is small, it is also true that it has increased ten-fold since 2015. If the trend continues it could hit almost 12% of total users by 2030.\nSource: Author’s work based on YouTube Revenue and Usage Statistics (2021) - Business of Apps\nIf we add together the forecast for total users, percentage of premium users and projected ad revenue per (non-premium) user, we come to a forecast of what YouTube’s revenue path could look like in the coming years. You can see it summarized in this table.\n\nThis forecast suggests that YouTube could bring in revenues close to $300bn by 2030, representing a CAGR of 28% from 2020. This combined with promising prospects for the cloud business and a seemingly continuous growth of its search engine revenue, would suggest that the overall Alphabet revenue will be closer to the $1.1tn mark than the $600bn, out of the two scenarios discussed earlier. If this is the case and it becomes apparent with further news on performance, and the market perceives as we do a likely long-term return near 19%, there will be plenty of room for a higher stock price shortly.\nTakeaway\nI believe that Google’s revenues are more likely to follow the exponential growth path laid out above. This is supported byYouTube’s increasing growth and profitability prospects. In my humble opinion, Google is set to be one of the best-performing companies of the next decade, and committing part of your portfolio to this company is a decision you won’t regret.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800894592,"gmtCreate":1627289563716,"gmtModify":1633766481958,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Again","listText":"Again","text":"Again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800894592","repostId":"1176724863","repostType":4,"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800895275,"gmtCreate":1627289515397,"gmtModify":1633766482427,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"LOL…","listText":"LOL…","text":"LOL…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800895275","repostId":"2154931205","repostType":4,"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800076532,"gmtCreate":1627268681426,"gmtModify":1633766675226,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800076532","repostId":"1177294462","repostType":4,"isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174255928,"gmtCreate":1627104652664,"gmtModify":1633767908195,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"LOL","listText":"LOL","text":"LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174255928","repostId":"1124707956","repostType":4,"repost":{"id":"1124707956","kind":"news","pubTimestamp":1627053121,"share":"https://www.laohu8.com/m/news/1124707956?lang=zh_CN&edition=full","pubTime":"2021-07-23 23:12","market":"us","language":"en","title":"Hedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124707956","media":"zerohedge","summary":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17 and t","content":"<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p><p><blockquote>不能说高盛的客户对高盛的交易记录太有信心。</blockquote></p><p> As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&amp;P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p><p><blockquote>当高盛的流量交易员约翰·弗洛德(John Flood)周一敦促客户“不要逢低买入”时，他们就这样做了。周一，随着标准普尔指数跌至4,220点，高盛的大宗经纪服务观察到对冲基金逢低买入激增。然而，这些对冲基金显然不确定接下来会发生什么，然后继续抛售涨势并<b>周二，GS Prime book出现自6月17日以来最大的单日净卖出</b>（与过去一年的平均每日净流量相比-2.2 SDs）以及自2019年11月以来最大的单一名称净卖出，由多空销售推动（1.6比1），因为所有地区均净卖出北美和亚洲DM以美元计算，并由多空销售推动（2.5比1）。这种防御性定位在周一后的大部分时间里一直持续。</blockquote></p><p> Some more observations from Goldman Prime on the post-bottom action:</p><p><blockquote>Goldman Prime对触底后行动的更多观察：</blockquote></p><p> <ul>  <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li>  <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li>  <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li>  <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li> </ul> <ol>  <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li>  <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li> </ol> <ul>  <li><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p><p><blockquote><ul><li>个股出现了自19年11月以来最大的单日美元净卖出（-4.0 SDs），远远超过了宏观产品（指数和ETF合计）的净买入。</li><li>11个行业中有8个行业被净卖出，以医疗保健、工业、消费光盘和公用事业为首，而信息技术、能源和金融则被净买入。</li><li>尽管整体净交易活动出现逆转，但周一突出的潜在主题在周二普遍延续。</li><li><b>购买呆在家里（GSXUSTAY</b>)与连续第二天销售出去(GSXUPAND)。</li></ul><ol><li>在多头买盘的推动下，GSXUSTAY的成分股再次集体净买入，并出现了自6月28日以来最大的单日美元净买入。</li><li>GSXUPAND成员连续第二天集体净卖出，原因是避险资金流动，多头买入超过空头回补。也就是说，与我们周一看到的情况相比，该集团的净抛售速度显着放缓。</li></ol><ul><li><b>再次购买昂贵的软件（GSCBSF8X）</b>-篮子成分股连续第二天被净买入，并出现年初至今最大的单日美元净买入，这完全是由多头买入推动的。</li></ul></blockquote></p><p></li>  <li><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p><p><blockquote><li><b>FAAMG中的风险规避</b>)-TMT大型股总体上出现小幅净卖出，完全由多头销售推动，尽管净流量因个别名称而有所不同。该集团在过去10个交易日中有9个交易日（7/19除外）出现净卖出。</li></blockquote></p><p></li> </ul> And visually:</p><p><blockquote>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p><p><blockquote>这对对冲基金业绩意味着什么？高盛指出，尽管出现了拉锯，基本面LS经理连续第三天经历了正的阿尔法和MTD</blockquote></p><p> <b>Yesterday (July 20th)</b></p><p><blockquote><b>昨日（7月20日）</b></blockquote></p><p> <ul>  <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li>  <li>Systematic LS -0.2%</li> </ul> <b>July MTD</b></p><p><blockquote><ul><li>基本面LS+0.8%(alpha+0.2%)vs MSCI TR+1.0%。</li><li>系统LS–0.2%</li></ul><b>7月MTD</b></blockquote></p><p> <ul>  <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li>  <li>Systematic LS +1.5%</li> </ul> <b>2021 YTD</b></p><p><blockquote><ul><li>基本面LS-0.7%(alpha+0.9%)vs MSCI TR-0.3%</li><li>系统LS+1.5%</li></ul><b>2021年初至今</b></blockquote></p><p> <ul>  <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li>  <li>Systematic LS +12.2%</li> </ul> <img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p><p><blockquote><ul><li>基本面LS+2.6%(alpha-5.7%)vs MSCI TR+12.7%</li><li>系统LS+12.2%</li></ul>最后，在定位方面，高盛观察到整体杠杆已下降MTD；虽然基本LS总收入现在仅为一年的第19百分位，但净收入仍然相对较高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</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\">\nHedge Funds Dump The Rally After Buying The Dip<blockquote>对冲基金逢低买入后抛售涨势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-23 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p><p><blockquote>不能说高盛的客户对高盛的交易记录太有信心。</blockquote></p><p> As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&amp;P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p><p><blockquote>当高盛的流量交易员约翰·弗洛德(John Flood)周一敦促客户“不要逢低买入”时，他们就这样做了。周一，随着标准普尔指数跌至4,220点，高盛的大宗经纪服务观察到对冲基金逢低买入激增。然而，这些对冲基金显然不确定接下来会发生什么，然后继续抛售涨势并<b>周二，GS Prime book出现自6月17日以来最大的单日净卖出</b>（与过去一年的平均每日净流量相比-2.2 SDs）以及自2019年11月以来最大的单一名称净卖出，由多空销售推动（1.6比1），因为所有地区均净卖出北美和亚洲DM以美元计算，并由多空销售推动（2.5比1）。这种防御性定位在周一后的大部分时间里一直持续。</blockquote></p><p> Some more observations from Goldman Prime on the post-bottom action:</p><p><blockquote>Goldman Prime对触底后行动的更多观察：</blockquote></p><p> <ul>  <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li>  <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li>  <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li>  <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li> </ul> <ol>  <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li>  <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li> </ol> <ul>  <li><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p><p><blockquote><ul><li>个股出现了自19年11月以来最大的单日美元净卖出（-4.0 SDs），远远超过了宏观产品（指数和ETF合计）的净买入。</li><li>11个行业中有8个行业被净卖出，以医疗保健、工业、消费光盘和公用事业为首，而信息技术、能源和金融则被净买入。</li><li>尽管整体净交易活动出现逆转，但周一突出的潜在主题在周二普遍延续。</li><li><b>购买呆在家里（GSXUSTAY</b>)与连续第二天销售出去(GSXUPAND)。</li></ul><ol><li>在多头买盘的推动下，GSXUSTAY的成分股再次集体净买入，并出现了自6月28日以来最大的单日美元净买入。</li><li>GSXUPAND成员连续第二天集体净卖出，原因是避险资金流动，多头买入超过空头回补。也就是说，与我们周一看到的情况相比，该集团的净抛售速度显着放缓。</li></ol><ul><li><b>再次购买昂贵的软件（GSCBSF8X）</b>-篮子成分股连续第二天被净买入，并出现年初至今最大的单日美元净买入，这完全是由多头买入推动的。</li></ul></blockquote></p><p></li>  <li><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p><p><blockquote><li><b>FAAMG中的风险规避</b>)-TMT大型股总体上出现小幅净卖出，完全由多头销售推动，尽管净流量因个别名称而有所不同。该集团在过去10个交易日中有9个交易日（7/19除外）出现净卖出。</li></blockquote></p><p></li> </ul> And visually:</p><p><blockquote>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p><p><blockquote>这对对冲基金业绩意味着什么？高盛指出，尽管出现了拉锯，基本面LS经理连续第三天经历了正的阿尔法和MTD</blockquote></p><p> <b>Yesterday (July 20th)</b></p><p><blockquote><b>昨日（7月20日）</b></blockquote></p><p> <ul>  <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li>  <li>Systematic LS -0.2%</li> </ul> <b>July MTD</b></p><p><blockquote><ul><li>基本面LS+0.8%(alpha+0.2%)vs MSCI TR+1.0%。</li><li>系统LS–0.2%</li></ul><b>7月MTD</b></blockquote></p><p> <ul>  <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li>  <li>Systematic LS +1.5%</li> </ul> <b>2021 YTD</b></p><p><blockquote><ul><li>基本面LS-0.7%(alpha+0.9%)vs MSCI TR-0.3%</li><li>系统LS+1.5%</li></ul><b>2021年初至今</b></blockquote></p><p> <ul>  <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li>  <li>Systematic LS +12.2%</li> </ul> <img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p><p><blockquote><ul><li>基本面LS+2.6%(alpha-5.7%)vs MSCI TR+12.7%</li><li>系统LS+12.2%</li></ul>最后，在定位方面，高盛观察到整体杠杆已下降MTD；虽然基本LS总收入现在仅为一年的第19百分位，但净收入仍然相对较高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124707956","content_text":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.\nSome more observations from Goldman Prime on the post-bottom action:\n\nSingle names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).\n8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.\nDespite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.\nBuying Stay at Home (GSXUSTAY) vs. Selling Go Outside (GSXUPAND) for a second straight day.\n\n\nConstituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.\nMembers of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.\n\n\nBuying Expensive Software (GSCBSF8X) again– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.\nRisk-off in FAAMG (GSTMTMEG) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).\n\nAnd visually:\n\nWhat does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD\nYesterday (July 20th)\n\nFundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.\nSystematic LS -0.2%\n\nJuly MTD\n\nFundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%\nSystematic LS +1.5%\n\n2021 YTD\n\nFundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%\nSystematic LS +12.2%\n\nFinally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":167079646,"gmtCreate":1624240913485,"gmtModify":1634009053072,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/167079646","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165951114,"gmtCreate":1624089275338,"gmtModify":1634010791031,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Interesting, like and comment pls","listText":"Interesting, like and comment pls","text":"Interesting, like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/165951114","repostId":"1119296361","repostType":4,"repost":{"id":"1119296361","kind":"news","pubTimestamp":1624028454,"share":"https://www.laohu8.com/m/news/1119296361?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:00","market":"us","language":"en","title":"Bank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119296361","media":"Barrons","summary":"Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier","content":"<p>Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.</p><p><blockquote>当美联储发布6月份货币政策声明时，银行股上涨，该声明指出加息时间早于预期。周四，他们是市场最大的输家之一。</blockquote></p><p> There’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.</p><p><blockquote>这是有充分理由的。银行通常通过短期借钱和长期借钱来赚钱，并从利差中获利。当长期利率上升速度快于短期利率时，银行利润率通常会提高，而当情况相反时，利润会恶化。</blockquote></p><p> After Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&amp;P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&amp;P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%</p><p><blockquote>周三会议结束后，10年期国债收益率大幅反弹，上涨0.071%至1.569%，而两年期国债收益率上涨0.038个百分点至0.203%，两者利差达到1.366个百分点。这种扩大使得金融业，尤其是银行股成为少数几个对美联储周三的声明做出积极反应的行业之一。SPDR S&amp;P Bank ETF(KBE)上涨0.9%，摩根大通(JPM)上涨0.7%，尽管标准普尔500指数下跌0.5%，道琼斯工业平均指数下跌0.8%，纳斯达克综合指数下跌0.2%</blockquote></p><p> The market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&amp;P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&amp;P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.</p><p><blockquote>然而，市场已经改变了主意。10年期国债收益率跌至1.498%，两年期国债收益率升至0.238%，差距为1.26个百分点。对于银行等利率敏感行业来说，所谓的收益率曲线变平是个坏消息。SPDR S&amp;P Bank ETF周四下跌4.5%，周五盘前交易下跌1%。摩根大通周四下跌2.9%，周五下跌约1%。周五标普500期货下跌0.6%，道指期货下跌0.8%。纳斯达克综合指数期货下跌0.4%。</blockquote></p><p> Why the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.</p><p><blockquote>市场为何大转变？为了让收益率继续上升，经济需要表明它正在迅速复苏。否则，投资者将押注美国在2008年金融危机后经历的缓慢增长。Evercore ISI策略师丹尼斯·德布斯切尔(Dennis DeBusschere)表示，由于周四初请失业金人数大幅下降，并在六周下降后首次上升，市场决定关注后者，而不是前者。他写道：“相对于所有人之前的想法，经济前景面临的风险是急剧转向鹰派，同时劳动力市场并不像美联储假设的那么强劲。”</blockquote></p><p> Until that changes, it will be hard for bank stocks to bounce back.</p><p><blockquote>在这种情况改变之前，银行股将很难反弹。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</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\">\nBank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.</p><p><blockquote>当美联储发布6月份货币政策声明时，银行股上涨，该声明指出加息时间早于预期。周四，他们是市场最大的输家之一。</blockquote></p><p> There’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.</p><p><blockquote>这是有充分理由的。银行通常通过短期借钱和长期借钱来赚钱，并从利差中获利。当长期利率上升速度快于短期利率时，银行利润率通常会提高，而当情况相反时，利润会恶化。</blockquote></p><p> After Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&amp;P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&amp;P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%</p><p><blockquote>周三会议结束后，10年期国债收益率大幅反弹，上涨0.071%至1.569%，而两年期国债收益率上涨0.038个百分点至0.203%，两者利差达到1.366个百分点。这种扩大使得金融业，尤其是银行股成为少数几个对美联储周三的声明做出积极反应的行业之一。SPDR S&amp;P Bank ETF(KBE)上涨0.9%，摩根大通(JPM)上涨0.7%，尽管标准普尔500指数下跌0.5%，道琼斯工业平均指数下跌0.8%，纳斯达克综合指数下跌0.2%</blockquote></p><p> The market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&amp;P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&amp;P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.</p><p><blockquote>然而，市场已经改变了主意。10年期国债收益率跌至1.498%，两年期国债收益率升至0.238%，差距为1.26个百分点。对于银行等利率敏感行业来说，所谓的收益率曲线变平是个坏消息。SPDR S&amp;P Bank ETF周四下跌4.5%，周五盘前交易下跌1%。摩根大通周四下跌2.9%，周五下跌约1%。周五标普500期货下跌0.6%，道指期货下跌0.8%。纳斯达克综合指数期货下跌0.4%。</blockquote></p><p> Why the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.</p><p><blockquote>市场为何大转变？为了让收益率继续上升，经济需要表明它正在迅速复苏。否则，投资者将押注美国在2008年金融危机后经历的缓慢增长。Evercore ISI策略师丹尼斯·德布斯切尔(Dennis DeBusschere)表示，由于周四初请失业金人数大幅下降，并在六周下降后首次上升，市场决定关注后者，而不是前者。他写道：“相对于所有人之前的想法，经济前景面临的风险是急剧转向鹰派，同时劳动力市场并不像美联储假设的那么强劲。”</blockquote></p><p> Until that changes, it will be hard for bank stocks to bounce back.</p><p><blockquote>在这种情况改变之前，银行股将很难反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bank-stocks-were-fed-day-winners-why-theyre-getting-crushed-today-51623957525?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WFC":"富国银行","MS":"摩根士丹利","JPM":"摩根大通","BAC":"美国银行","C":"花旗","GS":"高盛"},"source_url":"https://www.barrons.com/articles/bank-stocks-were-fed-day-winners-why-theyre-getting-crushed-today-51623957525?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119296361","content_text":"Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.\nThere’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.\nAfter Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%\nThe market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.\nWhy the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.\nUntil that changes, it will be hard for bank stocks to bounce back.","news_type":1,"symbols_score_info":{"JPM":0.9,"C":0.9,"GS":0.9,"MS":0.9,"WFC":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127658390,"gmtCreate":1624847460110,"gmtModify":1633948024085,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Awesome, like and comment pls","listText":"Awesome, like and comment pls","text":"Awesome, like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/127658390","repostId":"2146500068","repostType":4,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124020170,"gmtCreate":1624709150690,"gmtModify":1633949388058,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Interesting, like and comment pls","listText":"Interesting, like and comment pls","text":"Interesting, like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/124020170","repostId":"2146026425","repostType":4,"isVote":1,"tweetType":1,"viewCount":438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800895275,"gmtCreate":1627289515397,"gmtModify":1633766482427,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"LOL…","listText":"LOL…","text":"LOL…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800895275","repostId":"2154931205","repostType":4,"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156285730,"gmtCreate":1625225632220,"gmtModify":1633942374946,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/156285730","repostId":"2148587475","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158976639,"gmtCreate":1625126894021,"gmtModify":1633944511048,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"NIO lets get it","listText":"NIO lets get it","text":"NIO lets get it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158976639","repostId":"1114101721","repostType":4,"repost":{"id":"1114101721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625126532,"share":"https://www.laohu8.com/m/news/1114101721?lang=zh_CN&edition=full","pubTime":"2021-07-01 16:02","market":"us","language":"en","title":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY<blockquote>蔚来2021年6月交付8083辆，同比增长116.1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114101721","media":"Tiger Newspress","summary":"NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year. Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597. NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s,","content":"<p><ul>  <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>  <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>  <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li> </ul> NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p><p><blockquote><ul><li><b><i>蔚来2021年6月交付8083辆，同比增长116.1%</i></b></li><li><b><i>蔚来在截至2021年6月的三个月内交付了21,896辆汽车，同比增长111.9%</i></b></li><li><b><i>ES8、ES6和EC6截至2021年6月30日的累计交付量达到117,597辆</i></b></li></ul>国内高端智能电动汽车的先行者和领先制造商蔚来今日公布了2021年6月及第二季度交付业绩。</blockquote></p><p> NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p><p><blockquote>蔚来在2021年6月交付了8,083辆汽车，创下新的月度纪录，同比强劲增长116.1%。交付量包括1,498辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,755辆ES6（该公司的五座高性能高级智能电动SUV）和2,830辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年6月的三个月内，蔚来交付了21,896辆汽车，创下新的季度纪录，同比强劲增长111.9%。截至2021年6月30日，ES8、ES6和EC6累计交付量达到117,597辆。</blockquote></p><p> NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p><p><blockquote>蔚来股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY<blockquote>蔚来2021年6月交付8083辆，同比增长116.1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nNIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY<blockquote>蔚来2021年6月交付8083辆，同比增长116.1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-01 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>  <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>  <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li> </ul> NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p><p><blockquote><ul><li><b><i>蔚来2021年6月交付8083辆，同比增长116.1%</i></b></li><li><b><i>蔚来在截至2021年6月的三个月内交付了21,896辆汽车，同比增长111.9%</i></b></li><li><b><i>ES8、ES6和EC6截至2021年6月30日的累计交付量达到117,597辆</i></b></li></ul>国内高端智能电动汽车的先行者和领先制造商蔚来今日公布了2021年6月及第二季度交付业绩。</blockquote></p><p> NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p><p><blockquote>蔚来在2021年6月交付了8,083辆汽车，创下新的月度纪录，同比强劲增长116.1%。交付量包括1,498辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,755辆ES6（该公司的五座高性能高级智能电动SUV）和2,830辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年6月的三个月内，蔚来交付了21,896辆汽车，创下新的季度纪录，同比强劲增长111.9%。截至2021年6月30日，ES8、ES6和EC6累计交付量达到117,597辆。</blockquote></p><p> NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p><p><blockquote>蔚来股价在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114101721","content_text":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year\nNIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year\nCumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597\n\nNIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.\nNIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.\nNIO stock rose 0.7% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127659828,"gmtCreate":1624847360664,"gmtModify":1633948026568,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Always good to have more cash","listText":"Always good to have more cash","text":"Always good to have more cash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127659828","repostId":"2146500207","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122645089,"gmtCreate":1624619579041,"gmtModify":1633950473604,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Interesting, like and comment pls","listText":"Interesting, like and comment pls","text":"Interesting, like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/122645089","repostId":"1137689091","repostType":4,"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123816207,"gmtCreate":1624415422509,"gmtModify":1634006431455,"author":{"id":"3586310790127154","authorId":"3586310790127154","name":"65ad2341","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586310790127154","idStr":"3586310790127154"},"themes":[],"htmlText":"Doughnuts!","listText":"Doughnuts!","text":"Doughnuts!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/123816207","repostId":"1126010678","repostType":4,"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}