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2021-11-07

Oh dam

U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>

2021-11-12

Oh dam

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2021-10-10

Oh dam

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2021-09-05

Comment like share follow

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2021-12-20

Oh dam

Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>

2021-12-11

Oh dam

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2021-09-12

Commented like pls

Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>

2021-09-10

Commted like pls

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2021-09-08

Oh dam

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2021-08-17

Nice

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dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/693397437","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohu8.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数约15%的业绩。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</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>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数约15%的业绩。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699462249,"gmtCreate":1639878361419,"gmtModify":1639878361627,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699462249","repostId":"1164517103","repostType":2,"repost":{"id":"1164517103","kind":"news","pubTimestamp":1639874793,"share":"https://www.laohu8.com/m/news/1164517103?lang=zh_CN&edition=full","pubTime":"2021-12-19 08:46","market":"us","language":"en","title":"US IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164517103","media":"renaissancecap...","summary":"Just one IPO is scheduled to go public in the shortened holiday week.\nOTC-listed Cerberus Cyber Sent","content":"<p>Just one IPO is scheduled to go public in the shortened holiday week.</p><p><blockquote>在缩短的假期周内，只有一家IPO计划上市。</blockquote></p><p> OTC-listed&nbsp;<a href=\"https://laohu8.com/S/CISO\"><b>Cerberus Cyber Sentinel</b></a> plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.</p><p><blockquote>OTC上市<a href=\"https://laohu8.com/S/CISO\"><b>地狱犬网络哨兵</b></a>计划以6.31亿美元的市值筹集1000万美元。该公司提供一系列网络安全咨询和相关服务，包括安全托管服务和合规服务等。Cerberus Cyber Sentinel实现了爆炸性增长，但现金流为负，无法盈利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dfff81a3d62b2a5b41793d751f8e793\" tg-width=\"696\" tg-height=\"121\" width=\"100%\" height=\"auto\">IPO Market Snapshot</p><p><blockquote>IPO市场快照</blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&amp;P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年12月16日，文艺复兴IPO指数今年迄今下跌14%，而标普500上涨24%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Moderna（MRNA）。Renaissance International IPO指数今年迄今下跌29%，而ACWX指数上涨6%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括美团-W大众点评和软银。</blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</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\">\nUS IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-12-19 08:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just one IPO is scheduled to go public in the shortened holiday week.</p><p><blockquote>在缩短的假期周内，只有一家IPO计划上市。</blockquote></p><p> OTC-listed&nbsp;<a href=\"https://laohu8.com/S/CISO\"><b>Cerberus Cyber Sentinel</b></a> plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.</p><p><blockquote>OTC上市<a href=\"https://laohu8.com/S/CISO\"><b>地狱犬网络哨兵</b></a>计划以6.31亿美元的市值筹集1000万美元。该公司提供一系列网络安全咨询和相关服务，包括安全托管服务和合规服务等。Cerberus Cyber Sentinel实现了爆炸性增长，但现金流为负，无法盈利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dfff81a3d62b2a5b41793d751f8e793\" tg-width=\"696\" tg-height=\"121\" width=\"100%\" height=\"auto\">IPO Market Snapshot</p><p><blockquote>IPO市场快照</blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&amp;P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年12月16日，文艺复兴IPO指数今年迄今下跌14%，而标普500上涨24%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Moderna（MRNA）。Renaissance International IPO指数今年迄今下跌29%，而ACWX指数上涨6%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括美团-W大众点评和软银。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/89650/US-IPO-Week-Ahead-The-IPO-market-decks-the-halls-with-1-IPO-in-the-short-ho\">renaissancecap...</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":{"CISO":"CISO Global"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/89650/US-IPO-Week-Ahead-The-IPO-market-decks-the-halls-with-1-IPO-in-the-short-ho","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164517103","content_text":"Just one IPO is scheduled to go public in the shortened holiday week.\nOTC-listed Cerberus Cyber Sentinel plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1,"symbols_score_info":{"CISO":0.9}},"isVote":1,"tweetType":1,"viewCount":2583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699687535,"gmtCreate":1639792689800,"gmtModify":1639792690003,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699687535","repostId":"1122501085","repostType":4,"repost":{"id":"1122501085","kind":"news","pubTimestamp":1639785898,"share":"https://www.laohu8.com/m/news/1122501085?lang=zh_CN&edition=full","pubTime":"2021-12-18 08:04","market":"us","language":"en","title":"J.P. Morgan's Kolanovic: Short squeeze likely into end of the year<blockquote>摩根大通的科拉诺维奇：轧空可能会持续到年底</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122501085","media":"Seeking Alpha","summary":"Small-caps (NYSEARCA:IWM) and value stocks (NYSEARCA:IWN) are in a correction in the last four weeks","content":"<p><ul>  Small-caps (NYSEARCA:IWM) and value stocks (NYSEARCA:IWN) are in a correction in the last four weeks, while high-beta stocks are entering a beark market, J.P. Morgan's chief global market strategist says.</p><p><blockquote><ul>摩根大通首席全球市场策略师表示，小盘股（NYSEARCA：IWM）和价值股（NYSEARCA：IWN）在过去四周内处于调整状态，而高贝塔值股票正在进入熊市。</ul></blockquote></p><p>  Marko Kolanovic, who has gained attention for recent calls to buy the dip, calls attention to a \"paradox\" with U.S. stocks, on average, down 28% from highs, with the median stock down about 21%, while the Russell 3000 (NYSEARCA:IWV) up about 22% year to date and the S&amp;P (NYSEARCA:SPY) up 25%.</p><p><blockquote>Marko Kolanovic因近期评级逢低买入而受到关注，评级关注“悖论”美国股市平均较高点下跌28%，中位数下跌约21%，而Russell 3000指数（NYSEARCA：IWV）今年迄今上涨约22%，标准普尔指数（NYSEARCA：SPDR标普500指数ETF）上涨25%。</blockquote></p><p>  \"Such a divergence is unknown to us, and indicates a historically unprecedented overshoot in selling smaller, more volatile, typically value and cyclical stocks in the last 4 weeks,\" Kolanovic writes in a note.</p><p><blockquote>科拉诺维奇在一份报告中写道：“我们不知道这种背离，这表明过去4周内抛售规模较小、波动性更大、通常是价值型和周期性股票的行为出现了历史上前所未有的超调。”</blockquote></p><p>  \"For short-selling campaigns to succeed, there have to be positioning, liquidity and often systematic amplifiers of the selloff,\" he says. \"We believe these conditions are not met, and hence this market episode may end up in a short squeeze and cyclical rally into year-end and January.\"</p><p><blockquote>“卖空活动要想取得成功，必须有定位、流动性，而且往往是系统性的抛售放大器，”他说。“我们认为这些条件没有得到满足，因此这次市场事件可能会以轧空和周期性反弹告终，直至年底和一月份。”</blockquote></p><p>  Retail resilience. There will be buying of equities into month- and quarter-end, he adds.</p><p><blockquote>零售弹性。他补充说，月底和季度末将会有股票购买。</blockquote></p><p>  \"Yet, there is aggressive shorting, likely in a hope of declines in retail equity position and cryptocurrency holdings - while in fact both of these markets and retail investors have shown resilience in the past weeks.\"</p><p><blockquote>“然而，存在激进的做空行为，可能是希望散户股票头寸和加密货币持有量下降——而事实上，这些市场和散户投资者在过去几周都表现出了韧性。”</blockquote></p><p>  \"One should note that large short positions likely need to be closed before (the seasonally strong) January, which is likely to see a small-cap, value and cyclical rally,\" Kolanovic says. \"And given that market liquidity is dwindling, the impact of closing shorts may be bigger than the impact of opening them, when liquidity conditions were better.\"</p><p><blockquote>科拉诺维奇表示：“应该注意的是，大型空头头寸可能需要在（季节性强劲的）1月份之前平仓，这可能会出现小盘股、价值股和周期性反弹。”“鉴于市场流动性正在减少，当流动性状况较好时，平仓空头的影响可能比开仓空头的影响更大。”</blockquote></p><p>  On the bearish side, SocGen's Albert Edwards is looking for U.S. tech to unravel next year.</p><p><blockquote>悲观的一面是，法国兴业银行(SocGen)的艾伯特·爱德华兹(Albert Edwards)正在寻找明年美国科技股的崩盘。</blockquote></p><p>  <img src=\"https://static.tigerbbs.com/247ac4dbea015753d0c0d9898d9aab92\" tg-width=\"1280\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> </ul></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>J.P. Morgan's Kolanovic: Short squeeze likely into end of the year<blockquote>摩根大通的科拉诺维奇：轧空可能会持续到年底</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\">\nJ.P. Morgan's Kolanovic: Short squeeze likely into end of the year<blockquote>摩根大通的科拉诺维奇：轧空可能会持续到年底</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-18 08:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  Small-caps (NYSEARCA:IWM) and value stocks (NYSEARCA:IWN) are in a correction in the last four weeks, while high-beta stocks are entering a beark market, J.P. Morgan's chief global market strategist says.</p><p><blockquote><ul>摩根大通首席全球市场策略师表示，小盘股（NYSEARCA：IWM）和价值股（NYSEARCA：IWN）在过去四周内处于调整状态，而高贝塔值股票正在进入熊市。</ul></blockquote></p><p>  Marko Kolanovic, who has gained attention for recent calls to buy the dip, calls attention to a \"paradox\" with U.S. stocks, on average, down 28% from highs, with the median stock down about 21%, while the Russell 3000 (NYSEARCA:IWV) up about 22% year to date and the S&amp;P (NYSEARCA:SPY) up 25%.</p><p><blockquote>Marko Kolanovic因近期评级逢低买入而受到关注，评级关注“悖论”美国股市平均较高点下跌28%，中位数下跌约21%，而Russell 3000指数（NYSEARCA：IWV）今年迄今上涨约22%，标准普尔指数（NYSEARCA：SPDR标普500指数ETF）上涨25%。</blockquote></p><p>  \"Such a divergence is unknown to us, and indicates a historically unprecedented overshoot in selling smaller, more volatile, typically value and cyclical stocks in the last 4 weeks,\" Kolanovic writes in a note.</p><p><blockquote>科拉诺维奇在一份报告中写道：“我们不知道这种背离，这表明过去4周内抛售规模较小、波动性更大、通常是价值型和周期性股票的行为出现了历史上前所未有的超调。”</blockquote></p><p>  \"For short-selling campaigns to succeed, there have to be positioning, liquidity and often systematic amplifiers of the selloff,\" he says. \"We believe these conditions are not met, and hence this market episode may end up in a short squeeze and cyclical rally into year-end and January.\"</p><p><blockquote>“卖空活动要想取得成功，必须有定位、流动性，而且往往是系统性的抛售放大器，”他说。“我们认为这些条件没有得到满足，因此这次市场事件可能会以轧空和周期性反弹告终，直至年底和一月份。”</blockquote></p><p>  Retail resilience. There will be buying of equities into month- and quarter-end, he adds.</p><p><blockquote>零售弹性。他补充说，月底和季度末将会有股票购买。</blockquote></p><p>  \"Yet, there is aggressive shorting, likely in a hope of declines in retail equity position and cryptocurrency holdings - while in fact both of these markets and retail investors have shown resilience in the past weeks.\"</p><p><blockquote>“然而，存在激进的做空行为，可能是希望散户股票头寸和加密货币持有量下降——而事实上，这些市场和散户投资者在过去几周都表现出了韧性。”</blockquote></p><p>  \"One should note that large short positions likely need to be closed before (the seasonally strong) January, which is likely to see a small-cap, value and cyclical rally,\" Kolanovic says. \"And given that market liquidity is dwindling, the impact of closing shorts may be bigger than the impact of opening them, when liquidity conditions were better.\"</p><p><blockquote>科拉诺维奇表示：“应该注意的是，大型空头头寸可能需要在（季节性强劲的）1月份之前平仓，这可能会出现小盘股、价值股和周期性反弹。”“鉴于市场流动性正在减少，当流动性状况较好时，平仓空头的影响可能比开仓空头的影响更大。”</blockquote></p><p>  On the bearish side, SocGen's Albert Edwards is looking for U.S. tech to unravel next year.</p><p><blockquote>悲观的一面是，法国兴业银行(SocGen)的艾伯特·爱德华兹(Albert Edwards)正在寻找明年美国科技股的崩盘。</blockquote></p><p>  <img src=\"https://static.tigerbbs.com/247ac4dbea015753d0c0d9898d9aab92\" tg-width=\"1280\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3781404-short-squeeze-likely-into-end-of-the-year-jp-morgans-kolanovic\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/3781404-short-squeeze-likely-into-end-of-the-year-jp-morgans-kolanovic","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122501085","content_text":"Small-caps (NYSEARCA:IWM) and value stocks (NYSEARCA:IWN) are in a correction in the last four weeks, while high-beta stocks are entering a beark market, J.P. Morgan's chief global market strategist says.\nMarko Kolanovic, who has gained attention for recent calls to buy the dip, calls attention to a \"paradox\" with U.S. stocks, on average, down 28% from highs, with the median stock down about 21%, while the Russell 3000 (NYSEARCA:IWV) up about 22% year to date and the S&P (NYSEARCA:SPY) up 25%.\n\"Such a divergence is unknown to us, and indicates a historically unprecedented overshoot in selling smaller, more volatile, typically value and cyclical stocks in the last 4 weeks,\" Kolanovic writes in a note.\n\"For short-selling campaigns to succeed, there have to be positioning, liquidity and often systematic amplifiers of the selloff,\" he says. \"We believe these conditions are not met, and hence this market episode may end up in a short squeeze and cyclical rally into year-end and January.\"\nRetail resilience. There will be buying of equities into month- and quarter-end, he adds.\n\"Yet, there is aggressive shorting, likely in a hope of declines in retail equity position and cryptocurrency holdings - while in fact both of these markets and retail investors have shown resilience in the past weeks.\"\n\"One should note that large short positions likely need to be closed before (the seasonally strong) January, which is likely to see a small-cap, value and cyclical rally,\" Kolanovic says. \"And given that market liquidity is dwindling, the impact of closing shorts may be bigger than the impact of opening them, when liquidity conditions were better.\"\nOn the bearish side, SocGen's Albert Edwards is looking for U.S. tech to unravel next year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690421369,"gmtCreate":1639703132127,"gmtModify":1639703132330,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh 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dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690991935","repostId":"2191994940","repostType":4,"isVote":1,"tweetType":1,"viewCount":2350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607637451,"gmtCreate":1639531924368,"gmtModify":1639532020194,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607637451","repostId":"2191784951","repostType":4,"isVote":1,"tweetType":1,"viewCount":2645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604715101,"gmtCreate":1639445977264,"gmtModify":1639445984702,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604715101","repostId":"2191984334","repostType":4,"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604171116,"gmtCreate":1639363807035,"gmtModify":1639363808228,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604171116","repostId":"1171271872","repostType":4,"repost":{"id":"1171271872","kind":"news","pubTimestamp":1639348466,"share":"https://www.laohu8.com/m/news/1171271872?lang=zh_CN&edition=full","pubTime":"2021-12-13 06:34","market":"us","language":"en","title":"Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171271872","media":"Barrons","summary":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.Earnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and","content":"<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</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>Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</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\">\nRivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-13 06:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3\">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":{"DRI":"达登饭店","HEI":"海科航空","RIVN":"Rivian Automotive, Inc.","ADBE":"Adobe",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","PHX":"潘汉德尔油气","ACN":"埃森哲","SCS":"Steelcase Inc.",".DJI":"道琼斯","LEN":"莱纳建筑公司","JILL":"J.Jill Inc.","CPB":"金宝汤","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171271872","content_text":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.\nThe Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.\nEarnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and Darden Restaurants on Friday.\nEconomic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.\nOther data releases include the National Federation of Independent Businesses’ sentiment index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.\nMonday 12/13\nJ.Jill and PHX Minerals host earnings conference calls.\nTuesday 12/14\nCampbell Soup, Barnes Group, and Avaya Holdings host investor days.\nThe Bureau of Labor Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.\nThe National Federation of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.\nWednesday 12/15\nThe Federal Open Market Committee concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.\nThe BLS reports export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.\nThe Census Bureau reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.\nThursday 12/16\nHeico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.\nThe Census Bureaureleases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.\nThe Bank of England announces its interest-rate decision and publishes the minutes of the meeting.\nThe Federal Reserve releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.\nFriday 12/17\nSteelcase,Darden Restaurants, and Quanex Building Products host earnings conference calls.","news_type":1,"symbols_score_info":{"SCS":0.9,".IXIC":0.9,".SPX":0.9,"LEN":0.9,"DRI":0.9,"HEI":0.9,"AVYA":0.9,"PHX":0.9,"CPB":0.9,"FDX":0.9,"ADBE":0.9,"RIVN":0.9,"ACN":0.9,"JILL":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605745964,"gmtCreate":1639272352193,"gmtModify":1639272352399,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh 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dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602638395","repostId":"2190169579","repostType":4,"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606714819,"gmtCreate":1638927651058,"gmtModify":1638927651250,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606714819","repostId":"2189719656","repostType":4,"isVote":1,"tweetType":1,"viewCount":1046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606110679,"gmtCreate":1638841766924,"gmtModify":1638841767107,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606110679","repostId":"2189686612","repostType":4,"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608275468,"gmtCreate":1638754067814,"gmtModify":1638754067967,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/608275468","repostId":"1179313612","repostType":4,"repost":{"id":"1179313612","kind":"news","pubTimestamp":1638745398,"share":"https://www.laohu8.com/m/news/1179313612?lang=zh_CN&edition=full","pubTime":"2021-12-06 07:03","market":"us","language":"en","title":"Game Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179313612","media":"Barrons","summary":"Meme stock darling GameStop headlines this week’s earnings report lineup. The videogame retailer rep","content":"<p>Meme stock darling <a href=\"https://laohu8.com/S/GME\">GameStop</a> headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. <a href=\"https://laohu8.com/S/AZO\">AutoZone</a>, Casey’s <a href=\"https://laohu8.com/S/BGC\">General</a> Stores, and <a href=\"https://laohu8.com/S/TOL\">Toll Brothers</a> report earnings on Tuesday, followed by <a href=\"https://laohu8.com/S/BF.A\">Brown-Forman</a> and <a href=\"https://laohu8.com/S/CPB\">Campbell Soup</a> on Wednesday. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale, and <a href=\"https://laohu8.com/S/HRL\">Hormel</a> Foods round things out on Thursday.</p><p><blockquote>模因股票宠儿<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>本周财报阵容头条。这家视频游戏零售商将在周三收盘后公布业绩。<a href=\"https://laohu8.com/S/AZO\">AutoZone</a>，凯西的<a href=\"https://laohu8.com/S/BGC\">一般的</a>商店，以及<a href=\"https://laohu8.com/S/TOL\">托尔兄弟</a>周二公布收益，随后<a href=\"https://laohu8.com/S/BF.A\">布朗-福尔曼</a>和<a href=\"https://laohu8.com/S/CPB\">金宝汤</a>星期三。<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,<a href=\"https://laohu8.com/S/COST\">Costco</a>批发，及<a href=\"https://laohu8.com/S/HRL\">荷美尔</a>周四的食物使事情更加圆满。</blockquote></p><p> On Monday, <a href=\"https://laohu8.com/S/UNP\">Union Pacific</a> will hold a conference call to discuss its climate action plan. <a href=\"https://laohu8.com/S/MCK\">McKesson</a> and <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> host their 2021 investor days on Wednesday, followed by <a href=\"https://laohu8.com/S/CVS\">CVS Health</a> and <a href=\"https://laohu8.com/S/TSN\">Tyson</a> Foods on Thursday.</p><p><blockquote>周一，<a href=\"https://laohu8.com/S/UNP\">联合太平洋</a>将召开电话会议讨论其气候行动计划。<a href=\"https://laohu8.com/S/MCK\">麦克森</a>和<a href=\"https://laohu8.com/S/LUV\">西南航空</a>周三举办2021年投资者日，随后<a href=\"https://laohu8.com/S/CVS\">CVS健康</a>和<a href=\"https://laohu8.com/S/TSN\">泰森</a>周四的食物。</blockquote></p><p> The Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.</p><p><blockquote>美联储10月消费者信贷数据报告将于周二公布。周四，美国劳工部公布了截至12月4日当周的首次申请失业救济人数。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.</p><p><blockquote>美国劳工统计局周五发布11月份消费者价格指数。市场普遍预期同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。</blockquote></p><p> <b>Monday 12/6</b></p><p><blockquote><b>星期一12/6</b></blockquote></p><p> Union Pacific holds a conference call to discuss its climate action plan.</p><p><blockquote>联合太平洋公司召开电话会议讨论其气候行动计划。</blockquote></p><p> <b>Tuesday 12/7</b></p><p><blockquote><b>星期二12/7</b></blockquote></p><p> AutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.</p><p><blockquote>AutoZone、Casey’s General Stores和Toll Brothers公布季度业绩。</blockquote></p><p> The Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.</p><p><blockquote>美联储报告10月份消费者信贷数据。继去年小幅下降后，截至9月份，未偿消费者债务总额平均每月增加200亿美元，达到创纪录的4.37万亿美元。</blockquote></p><p> <b>Wednesday 12/8</b></p><p><blockquote><b>星期三12/8</b></blockquote></p><p> The BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.</p><p><blockquote>BLS发布职位空缺和劳动力流动调查。经济学家预测10月最后一个工作日将有1050万个职位空缺，仅比7月1110万的历史新高少60万个。</blockquote></p><p> <a href=\"https://laohu8.com/S/BF.B\">Brown-Forman</a>, Campbell Soup, and GameStop report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/BF.B\">布朗-福尔曼</a>、金宝汤和游戏驿站公布财报。</blockquote></p><p> McKesson and <a href=\"https://laohu8.com/S/OKSB\">Southwest</a> Airlines host their 2021 investor days.</p><p><blockquote>麦克森和<a href=\"https://laohu8.com/S/OKSB\">西南</a>航空公司举办2021年投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/EW\">Edwards Lifesciences</a> holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/EW\">爱德华兹生命科学公司</a>在加州尔湾举行投资者会议。该公司将讨论其产品线以及2022年的财务前景。</blockquote></p><p> The Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.</p><p><blockquote>加拿大央行宣布货币政策决定。预计央行将维持关键短期利率在0.25%不变。在10月底的会议上，央行结束了量化宽松计划，并表示首次加息将于2022年早于预期。</blockquote></p><p> <b>Thursday 12/9</b></p><p><blockquote><b>星期四12/9</b></blockquote></p><p> Broadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.</p><p><blockquote>Broadcom、Costco Wholesale和Hormel Foods在评级召开会议讨论季度业绩。</blockquote></p><p> CVS Health and Tyson Foods host their annual investor days.</p><p><blockquote>CVS Health和泰森食品举办年度投资者日。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.</p><p><blockquote>劳工部报告了截至12月4日当周的首次申请失业救济人数。11月份平均申请失业救济人数为238,750人，为大流行开始以来的最低水平，仅比2020年2月增加24,750人。</blockquote></p><p> <b>Friday 12/10</b></p><p><blockquote><b>星期五12/10</b></blockquote></p><p> Archer-Daniels-Midland holds its global investor day.</p><p><blockquote>阿彻-丹尼尔斯-米德兰举办全球投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/CNC\">Centene</a> holds an investor meeting and will provide financial guidance for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CNC\">Centene</a>召开投资者会议，并将提供2022年的财务指导。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> finally ditched “transitory” when discussing inflation before the Senate Banking Committee.</p><p><blockquote>美国劳工统计局发布11月份消费者价格指数。市场普遍预计同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。10月份6.2%的涨幅是CPI 30多年来最热的一次，上周美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>在参议院银行委员会讨论通货膨胀时，最终放弃了“暂时性”。</blockquote></p><p> The University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.</p><p><blockquote>密歇根大学发布12月份消费者信心指数。经济学家预测为66，略低于11月份的数据。</blockquote></p><p></p>","source":"market_watch","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>Game Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他本周值得关注的股票</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\">\nGame Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-06 07:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stock darling <a href=\"https://laohu8.com/S/GME\">GameStop</a> headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. <a href=\"https://laohu8.com/S/AZO\">AutoZone</a>, Casey’s <a href=\"https://laohu8.com/S/BGC\">General</a> Stores, and <a href=\"https://laohu8.com/S/TOL\">Toll Brothers</a> report earnings on Tuesday, followed by <a href=\"https://laohu8.com/S/BF.A\">Brown-Forman</a> and <a href=\"https://laohu8.com/S/CPB\">Campbell Soup</a> on Wednesday. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale, and <a href=\"https://laohu8.com/S/HRL\">Hormel</a> Foods round things out on Thursday.</p><p><blockquote>模因股票宠儿<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>本周财报阵容头条。这家视频游戏零售商将在周三收盘后公布业绩。<a href=\"https://laohu8.com/S/AZO\">AutoZone</a>，凯西的<a href=\"https://laohu8.com/S/BGC\">一般的</a>商店，以及<a href=\"https://laohu8.com/S/TOL\">托尔兄弟</a>周二公布收益，随后<a href=\"https://laohu8.com/S/BF.A\">布朗-福尔曼</a>和<a href=\"https://laohu8.com/S/CPB\">金宝汤</a>星期三。<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,<a href=\"https://laohu8.com/S/COST\">Costco</a>批发，及<a href=\"https://laohu8.com/S/HRL\">荷美尔</a>周四的食物使事情更加圆满。</blockquote></p><p> On Monday, <a href=\"https://laohu8.com/S/UNP\">Union Pacific</a> will hold a conference call to discuss its climate action plan. <a href=\"https://laohu8.com/S/MCK\">McKesson</a> and <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> host their 2021 investor days on Wednesday, followed by <a href=\"https://laohu8.com/S/CVS\">CVS Health</a> and <a href=\"https://laohu8.com/S/TSN\">Tyson</a> Foods on Thursday.</p><p><blockquote>周一，<a href=\"https://laohu8.com/S/UNP\">联合太平洋</a>将召开电话会议讨论其气候行动计划。<a href=\"https://laohu8.com/S/MCK\">麦克森</a>和<a href=\"https://laohu8.com/S/LUV\">西南航空</a>周三举办2021年投资者日，随后<a href=\"https://laohu8.com/S/CVS\">CVS健康</a>和<a href=\"https://laohu8.com/S/TSN\">泰森</a>周四的食物。</blockquote></p><p> The Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.</p><p><blockquote>美联储10月消费者信贷数据报告将于周二公布。周四，美国劳工部公布了截至12月4日当周的首次申请失业救济人数。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.</p><p><blockquote>美国劳工统计局周五发布11月份消费者价格指数。市场普遍预期同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。</blockquote></p><p> <b>Monday 12/6</b></p><p><blockquote><b>星期一12/6</b></blockquote></p><p> Union Pacific holds a conference call to discuss its climate action plan.</p><p><blockquote>联合太平洋公司召开电话会议讨论其气候行动计划。</blockquote></p><p> <b>Tuesday 12/7</b></p><p><blockquote><b>星期二12/7</b></blockquote></p><p> AutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.</p><p><blockquote>AutoZone、Casey’s General Stores和Toll Brothers公布季度业绩。</blockquote></p><p> The Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.</p><p><blockquote>美联储报告10月份消费者信贷数据。继去年小幅下降后，截至9月份，未偿消费者债务总额平均每月增加200亿美元，达到创纪录的4.37万亿美元。</blockquote></p><p> <b>Wednesday 12/8</b></p><p><blockquote><b>星期三12/8</b></blockquote></p><p> The BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.</p><p><blockquote>BLS发布职位空缺和劳动力流动调查。经济学家预测10月最后一个工作日将有1050万个职位空缺，仅比7月1110万的历史新高少60万个。</blockquote></p><p> <a href=\"https://laohu8.com/S/BF.B\">Brown-Forman</a>, Campbell Soup, and GameStop report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/BF.B\">布朗-福尔曼</a>、金宝汤和游戏驿站公布财报。</blockquote></p><p> McKesson and <a href=\"https://laohu8.com/S/OKSB\">Southwest</a> Airlines host their 2021 investor days.</p><p><blockquote>麦克森和<a href=\"https://laohu8.com/S/OKSB\">西南</a>航空公司举办2021年投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/EW\">Edwards Lifesciences</a> holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/EW\">爱德华兹生命科学公司</a>在加州尔湾举行投资者会议。该公司将讨论其产品线以及2022年的财务前景。</blockquote></p><p> The Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.</p><p><blockquote>加拿大央行宣布货币政策决定。预计央行将维持关键短期利率在0.25%不变。在10月底的会议上，央行结束了量化宽松计划，并表示首次加息将于2022年早于预期。</blockquote></p><p> <b>Thursday 12/9</b></p><p><blockquote><b>星期四12/9</b></blockquote></p><p> Broadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.</p><p><blockquote>Broadcom、Costco Wholesale和Hormel Foods在评级召开会议讨论季度业绩。</blockquote></p><p> CVS Health and Tyson Foods host their annual investor days.</p><p><blockquote>CVS Health和泰森食品举办年度投资者日。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.</p><p><blockquote>劳工部报告了截至12月4日当周的首次申请失业救济人数。11月份平均申请失业救济人数为238,750人，为大流行开始以来的最低水平，仅比2020年2月增加24,750人。</blockquote></p><p> <b>Friday 12/10</b></p><p><blockquote><b>星期五12/10</b></blockquote></p><p> Archer-Daniels-Midland holds its global investor day.</p><p><blockquote>阿彻-丹尼尔斯-米德兰举办全球投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/CNC\">Centene</a> holds an investor meeting and will provide financial guidance for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CNC\">Centene</a>召开投资者会议，并将提供2022年的财务指导。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> finally ditched “transitory” when discussing inflation before the Senate Banking Committee.</p><p><blockquote>美国劳工统计局发布11月份消费者价格指数。市场普遍预计同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。10月份6.2%的涨幅是CPI 30多年来最热的一次，上周美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>在参议院银行委员会讨论通货膨胀时，最终放弃了“暂时性”。</blockquote></p><p> The University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.</p><p><blockquote>密歇根大学发布12月份消费者信心指数。经济学家预测为66，略低于11月份的数据。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/game-stop-toll-brothers-costco-cvs-and-other-stocks-to-watch-this-week-51638734413?mod=barrons-on-marketwatch\">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":{"TOL":"托尔兄弟","COST":"好市多","BK4088":"住宅建筑","CVS":"西维斯健康","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/articles/game-stop-toll-brothers-costco-cvs-and-other-stocks-to-watch-this-week-51638734413?mod=barrons-on-marketwatch","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1179313612","content_text":"Meme stock darling GameStop headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. AutoZone, Casey’s General Stores, and Toll Brothers report earnings on Tuesday, followed by Brown-Forman and Campbell Soup on Wednesday. Broadcom, Costco Wholesale, and Hormel Foods round things out on Thursday.\nOn Monday, Union Pacific will hold a conference call to discuss its climate action plan. McKesson and Southwest Airlines host their 2021 investor days on Wednesday, followed by CVS Health and Tyson Foods on Thursday.\nThe Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.\nThe Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.\nMonday 12/6\nUnion Pacific holds a conference call to discuss its climate action plan.\nTuesday 12/7\nAutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.\nThe Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.\nWednesday 12/8\nThe BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.\nBrown-Forman, Campbell Soup, and GameStop report earnings.\nMcKesson and Southwest Airlines host their 2021 investor days.\nEdwards Lifesciences holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.\nThe Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.\nThursday 12/9\nBroadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.\nCVS Health and Tyson Foods host their annual investor days.\nThe Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.\nFriday 12/10\nArcher-Daniels-Midland holds its global investor day.\nCentene holds an investor meeting and will provide financial guidance for 2022.\nThe Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome Powell finally ditched “transitory” when discussing inflation before the Senate Banking Committee.\nThe University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.","news_type":1,"symbols_score_info":{"COST":0.9,"TOL":0.9,"GME":0.9,"CVS":0.9}},"isVote":1,"tweetType":1,"viewCount":918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608115546,"gmtCreate":1638664952090,"gmtModify":1638664952222,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/608115546","repostId":"1174181873","repostType":4,"repost":{"id":"1174181873","kind":"news","pubTimestamp":1638578178,"share":"https://www.laohu8.com/m/news/1174181873?lang=zh_CN&edition=full","pubTime":"2021-12-04 08:36","market":"us","language":"en","title":"US IPO Week Ahead: Digital banking and cloud infrastructure lead a 4 IPO week<blockquote>美国IPO周：数字银行和云基础设施引领IPO周4</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174181873","media":"renaissancecap...","summary":"The IPO market is expected to pick up in the week ahead with four IPOs scheduled to raise $3.7 billi","content":"<p>The IPO market is expected to pick up in the week ahead with four IPOs scheduled to raise $3.7 billion.</p><p><blockquote>IPO市场预计将在未来一周回暖，预计将有四起IPO筹集37亿美元。</blockquote></p><p> Buffett-backed&nbsp;<b>Nu Holdings</b>(NU) plans to raise $2.5 billion at a $41.1 billion market cap. Operating as Nubank, this Brazilian online-only bank was formed in 2013 to launch a no-fees credit card offering with a mobile-first customer experience, but has since expanded to offer various other financial products. Nu has grown rapidly since its inception, with a current base of nearly 50 million customers, though revenue per customer has been falling as its base grows.</p><p><blockquote>巴菲特支持<b>Nu控股</b>(NU)计划以411亿美元的市值筹集25亿美元。这家巴西纯在线银行成立于2013年，名为Nubank，旨在推出具有移动优先客户体验的免费信用卡产品，但此后已扩展到提供各种其他金融产品。Nu自成立以来发展迅速，目前拥有近5000万客户群，尽管随着客户群的增长，每个客户的收入一直在下降。</blockquote></p><p> Cloud infrastructure platform&nbsp;<b>HashiCorp</b>(HCP) plans to raise $1.1 billion at a $14.0 billion market cap. This VC-backed company provides a suite of solutions that standardize and automate the provisioning, securing, connecting, and running of cloud infrastructure at scale. While it has demonstrated rapid growth and a sticky customer base, HashiCorp is highly unprofitable due to S&amp;M spend.</p><p><blockquote>云基础设施平台<b>哈希公司</b>(HCP)计划以140亿美元的市值筹集11亿美元。这家风险投资支持的公司提供了一套解决方案，可标准化和自动化大规模云基础设施的配置、保护、连接和运行。尽管HashiCorp表现出快速增长和粘性客户群，但由于S&amp;M支出，HashiCorp非常无利可图。</blockquote></p><p> Cannabis finance REIT&nbsp;<b>Chicago Atlantic Real Estate Finance</b>(REFI) plans to raise $106 million at a $296 million market cap. This newly-formed REIT is focused on originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its current portfolio consists of senior loans to state-licensed operators in the cannabis industry.</p><p><blockquote>大麻金融房地产投资信托基金<b>芝加哥大西洋房地产金融</b>(REFI)计划以2.96亿美元的市值筹集1.06亿美元。这个新成立的房地产投资信托基金专注于发起、构建和投资由商业房地产担保的第一抵押贷款和另类结构性融资。其目前的投资组合包括向大麻行业国家许可运营商提供的高级贷款。</blockquote></p><p> Canadian gold exploration company&nbsp;<b>Austin Gold</b>(AUST) plans to raise $15 million at a $64 million market cap. This Canadian gold exploration company currently has interests in four properties located in the state of Nevada, with just one property that it considers material at this time. Austin Gold has not generated any operating revenues to date.</p><p><blockquote>加拿大黄金勘探公司<b>奥斯汀·戈尔德</b>(AUST)计划以6400万美元的市值筹集1500万美元。这家加拿大黄金勘探公司目前拥有位于内华达州的四处地产的权益，目前只有一处地产被认为是重要的。迄今为止，奥斯汀黄金尚未产生任何营业收入。</blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: Digital banking and cloud infrastructure lead a 4 IPO week<blockquote>美国IPO周：数字银行和云基础设施引领IPO周4</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\">\nUS IPO Week Ahead: Digital banking and cloud infrastructure lead a 4 IPO week<blockquote>美国IPO周：数字银行和云基础设施引领IPO周4</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-12-04 08:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is expected to pick up in the week ahead with four IPOs scheduled to raise $3.7 billion.</p><p><blockquote>IPO市场预计将在未来一周回暖，预计将有四起IPO筹集37亿美元。</blockquote></p><p> Buffett-backed&nbsp;<b>Nu Holdings</b>(NU) plans to raise $2.5 billion at a $41.1 billion market cap. Operating as Nubank, this Brazilian online-only bank was formed in 2013 to launch a no-fees credit card offering with a mobile-first customer experience, but has since expanded to offer various other financial products. Nu has grown rapidly since its inception, with a current base of nearly 50 million customers, though revenue per customer has been falling as its base grows.</p><p><blockquote>巴菲特支持<b>Nu控股</b>(NU)计划以411亿美元的市值筹集25亿美元。这家巴西纯在线银行成立于2013年，名为Nubank，旨在推出具有移动优先客户体验的免费信用卡产品，但此后已扩展到提供各种其他金融产品。Nu自成立以来发展迅速，目前拥有近5000万客户群，尽管随着客户群的增长，每个客户的收入一直在下降。</blockquote></p><p> Cloud infrastructure platform&nbsp;<b>HashiCorp</b>(HCP) plans to raise $1.1 billion at a $14.0 billion market cap. This VC-backed company provides a suite of solutions that standardize and automate the provisioning, securing, connecting, and running of cloud infrastructure at scale. While it has demonstrated rapid growth and a sticky customer base, HashiCorp is highly unprofitable due to S&amp;M spend.</p><p><blockquote>云基础设施平台<b>哈希公司</b>(HCP)计划以140亿美元的市值筹集11亿美元。这家风险投资支持的公司提供了一套解决方案，可标准化和自动化大规模云基础设施的配置、保护、连接和运行。尽管HashiCorp表现出快速增长和粘性客户群，但由于S&amp;M支出，HashiCorp非常无利可图。</blockquote></p><p> Cannabis finance REIT&nbsp;<b>Chicago Atlantic Real Estate Finance</b>(REFI) plans to raise $106 million at a $296 million market cap. This newly-formed REIT is focused on originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its current portfolio consists of senior loans to state-licensed operators in the cannabis industry.</p><p><blockquote>大麻金融房地产投资信托基金<b>芝加哥大西洋房地产金融</b>(REFI)计划以2.96亿美元的市值筹集1.06亿美元。这个新成立的房地产投资信托基金专注于发起、构建和投资由商业房地产担保的第一抵押贷款和另类结构性融资。其目前的投资组合包括向大麻行业国家许可运营商提供的高级贷款。</blockquote></p><p> Canadian gold exploration company&nbsp;<b>Austin Gold</b>(AUST) plans to raise $15 million at a $64 million market cap. This Canadian gold exploration company currently has interests in four properties located in the state of Nevada, with just one property that it considers material at this time. Austin Gold has not generated any operating revenues to date.</p><p><blockquote>加拿大黄金勘探公司<b>奥斯汀·戈尔德</b>(AUST)计划以6400万美元的市值筹集1500万美元。这家加拿大黄金勘探公司目前拥有位于内华达州的四处地产的权益，目前只有一处地产被认为是重要的。迄今为止，奥斯汀黄金尚未产生任何营业收入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/89235/US-IPO-Week-Ahead-Digital-banking-and-cloud-infrastructure-lead-a-4-IPO-wee\">renaissancecap...</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":{"REFI":"Chicago Atlantic Real Estate Finance, Inc.","NU":"Nu Holdings Ltd.","HCP":"HashiCorp, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/89235/US-IPO-Week-Ahead-Digital-banking-and-cloud-infrastructure-lead-a-4-IPO-wee","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174181873","content_text":"The IPO market is expected to pick up in the week ahead with four IPOs scheduled to raise $3.7 billion.\nBuffett-backed Nu Holdings(NU) plans to raise $2.5 billion at a $41.1 billion market cap. Operating as Nubank, this Brazilian online-only bank was formed in 2013 to launch a no-fees credit card offering with a mobile-first customer experience, but has since expanded to offer various other financial products. Nu has grown rapidly since its inception, with a current base of nearly 50 million customers, though revenue per customer has been falling as its base grows.\nCloud infrastructure platform HashiCorp(HCP) plans to raise $1.1 billion at a $14.0 billion market cap. This VC-backed company provides a suite of solutions that standardize and automate the provisioning, securing, connecting, and running of cloud infrastructure at scale. While it has demonstrated rapid growth and a sticky customer base, HashiCorp is highly unprofitable due to S&M spend.\nCannabis finance REIT Chicago Atlantic Real Estate Finance(REFI) plans to raise $106 million at a $296 million market cap. This newly-formed REIT is focused on originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its current portfolio consists of senior loans to state-licensed operators in the cannabis industry.\nCanadian gold exploration company Austin Gold(AUST) plans to raise $15 million at a $64 million market cap. This Canadian gold exploration company currently has interests in four properties located in the state of Nevada, with just one property that it considers material at this time. Austin Gold has not generated any operating revenues to date.","news_type":1,"symbols_score_info":{"REFI":0.9,"NU":0.9,"HCP":0.9}},"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608084568,"gmtCreate":1638582047747,"gmtModify":1638582047851,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089204845499250","idStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/608084568","repostId":"2188853578","repostType":4,"isVote":1,"tweetType":1,"viewCount":1017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":842761444,"gmtCreate":1636245686105,"gmtModify":1636245686396,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/842761444","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","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":1636104081,"share":"https://www.laohu8.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</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\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879029305,"gmtCreate":1636672147099,"gmtModify":1636672193283,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh 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dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828938906","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814173826,"gmtCreate":1630801695065,"gmtModify":1631893665215,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Comment like share follow","listText":"Comment like share follow","text":"Comment like share follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/814173826","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":693397437,"gmtCreate":1639968501929,"gmtModify":1639968502238,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/693397437","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohu8.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数约15%的业绩。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</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>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数约15%的业绩。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605240429,"gmtCreate":1639184335188,"gmtModify":1639184335396,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605240429","repostId":"2190767366","repostType":2,"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":881443797,"gmtCreate":1631395839119,"gmtModify":1631888753489,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Commented like pls","listText":"Commented like pls","text":"Commented like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/881443797","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883114802,"gmtCreate":1631226117506,"gmtModify":1631891773637,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Commted like pls","listText":"Commted like pls","text":"Commted like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/883114802","repostId":"2166349803","repostType":4,"isVote":1,"tweetType":1,"viewCount":648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880674394,"gmtCreate":1631058042118,"gmtModify":1631893665110,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Oh dam","listText":"Oh dam","text":"Oh dam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880674394","repostId":"2165350503","repostType":4,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839595402,"gmtCreate":1629165037406,"gmtModify":1633686892687,"author":{"id":"4089204845499250","authorId":"4089204845499250","name":"Erictrw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089204845499250","authorIdStr":"4089204845499250"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/839595402","repostId":"2160278866","repostType":4,"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}