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信仰接盘
05-30
玩儿是吧
汇丰唱多AMD:目标价升至100美元,三大驱动力推动评级上调
信仰接盘
02-20
amd收购inter不就行了
Intel想卖掉自己几乎不可能!先问问AMD答不答应
信仰接盘
01-09
$美国超微公司(AMD)$
汇丰算个机扒
信仰接盘
01-08
我下调汇丰评级至卖出
AMD盘前股价“跳水”,汇丰下调AMD评级及目标价
信仰接盘
2024-12-23
Replying to
@美股投资客
:英特尔是cpu龙头 你买啊//
@美股投资客
:再次验证了那句,买股得买龙头
信仰接盘
2024-06-20
有ps5为什么要买xbox
信仰接盘
2024-04-12
已阅 英特尔 amd要倒闭了
抱歉,原内容已删除
信仰接盘
2024-03-05
那证明amd确实有实力做出高性能卡 索哈买入
媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦
信仰接盘
2023-07-31
$美国超微公司(AMD)$
信仰接盘
2023-07-17
我警告花期有可能破产退市
AMD’s stock carries downside risk, Citi warns
信仰接盘
2023-07-17
有毛病
抱歉,原内容已删除
信仰接盘
2022-08-15
从来不买中概
中金:国企在美退市的含义与影响
信仰接盘
2022-05-20
哈哈😄
抱歉,原内容已删除
信仰接盘
2022-05-04
神经了?
Piper Sandler:将AMD目标价从130美元下调至98美元
信仰接盘
2022-04-30
$纳斯达克(.IXIC)$
可以按刹拜登了
信仰接盘
2022-02-15
$蔚来(NIO)$
快撤吧
信仰接盘
2022-01-10
$纳斯达克(.IXIC)$
熔断吧
信仰接盘
2021-12-01
$NQ100指数主连 2112(NQmain)$
百分百诱多 现在有什么利好 加息时间越来越近 还有个变种病毒
信仰接盘
2021-11-30
$NQ100指数主连 2112(NQmain)$
跌透好抄底
去老虎APP查看更多动态
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","listText":"玩儿是吧 ","text":"玩儿是吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/440588581421728","repostId":"2539216310","repostType":2,"repost":{"id":"2539216310","kind":"news","pubTimestamp":1748572051,"share":"https://www.laohu8.com/m/news/2539216310?lang=&edition=full","pubTime":"2025-05-30 10:27","market":"us","language":"zh","title":"汇丰唱多AMD:目标价升至100美元,三大驱动力推动评级上调","url":"https://stock-news.laohu8.com/highlight/detail?id=2539216310","media":"智通财经","summary":"目标价从75美元大幅调升至100美元。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/HSBC\">汇丰</a>银行发表研报,将AMD(AMD.US)评级从“卖出”上调至“持有”,目标价从75美元大幅调升至100美元。</p><p>汇丰银行分析师Frank 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n汇丰唱多AMD:目标价升至100美元,三大驱动力推动评级上调\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-30 10:27 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1299501.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>汇丰银行发表研报,将AMD(AMD.US)评级从“卖出”上调至“持有”,目标价从75美元大幅调升至100美元。汇丰银行分析师Frank Lee表示,此次评级上调主要基于三个关键因素:首先,AMD与沙特阿拉伯达成的人工智能(AI)合作协议为公司带来新机遇;其次,国际贸易关税紧张局势的缓和为行业发展创造了有利环境;第三,AMD公布的2025年第一季度财报表现亮眼,特别是数据中心业务的强劲增长超出市场...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1299501.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b2a8b5993ce79542c2059216c861b4f","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/1299501.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2539216310","content_text":"汇丰银行发表研报,将AMD(AMD.US)评级从“卖出”上调至“持有”,目标价从75美元大幅调升至100美元。汇丰银行分析师Frank Lee表示,此次评级上调主要基于三个关键因素:首先,AMD与沙特阿拉伯达成的人工智能(AI)合作协议为公司带来新机遇;其次,国际贸易关税紧张局势的缓和为行业发展创造了有利环境;第三,AMD公布的2025年第一季度财报表现亮眼,特别是数据中心业务的强劲增长超出市场预期,有效提振了投资者信心。财报数据显示,AMD第一季度营收达74亿美元,同比增长36%,主要增长动力来自数据中心和客户端业务板块的优异表现。净利润同比大幅增长55%,这得益于高利润率的数据中心产品占比提升以及锐龙处理器产品组合的优化。其中,数据中心业务收入同比激增近57%,EPYC服务器处理器和Instinct AI加速器的销售贡献尤为突出。Lee认为,AMD在美国与沙特合作项目中展现的发展潜力值得关注。他强调,“从TAM(潜在市场总额)机会来看,AMD具有显著吸引力”。对于公司即将发布的新一代AI芯片,Lee持乐观态度,认为这些新产品将助力AMD提升市场竞争力,更好地应对来自英特尔(INTC.US)等对手的挑战。","news_type":1,"symbols_score_info":{"AMD":1}},"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":405518355181928,"gmtCreate":1740026953612,"gmtModify":1740026955519,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"amd收购inter不就行了","listText":"amd收购inter不就行了","text":"amd收购inter不就行了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/405518355181928","repostId":"2512469416","repostType":2,"repost":{"id":"2512469416","kind":"news","pubTimestamp":1740020848,"share":"https://www.laohu8.com/m/news/2512469416?lang=&edition=full","pubTime":"2025-02-20 11:07","market":"hk","language":"zh","title":"Intel想卖掉自己几乎不可能!先问问AMD答不答应","url":"https://stock-news.laohu8.com/highlight/detail?id=2512469416","media":"快科技","summary":"但是大家似乎都忘了一点:Intel、AMD之间有着广泛、复杂的交叉授权协议,一方想卖,必须看看另一方的态度!所以,AMD的处理器可以用Intel的指令集,Intel的处理器可以用AMD的技术。事实上,AMD当年将初代Zen架构卖给中国、成立海光,也是经过Intel点头的。如果高通、博通这样的巨头收购了Intel,将会成为一个更加庞大的行业龙头,也会和AMD产生很多的直接竞争,这肯定是AMD不愿意看到的,也不会轻易和对方达成授权协议。","content":"<html><body><p>快科技2月20日消息,Intel目前深陷财务和产品危机,从行业到政府各方都在出谋划策,但大部分都是类似的思路:要么卖掉、合资晶圆厂,要么整体都卖掉,而且据说感兴趣的巨头也不少,但毕竟是Intel,谁都不敢轻易下手。</p><p>但是大家似乎都忘了一点:<strong>Intel、AMD之间有着广泛、复杂的交叉授权协议,一方想卖,必须看看另一方的态度!</strong></p><p>Intel、AMD虽然是死敌,但因为基本技术路线相同,彼此一直有交叉授权协议,最近一笔是2009年签的(所以兆芯能购买和使用威盛IP),双方都会使用对方的技术以规避可能得侵权诉讼。</p><p>从CPU处理器,到GPU独立和集成显卡,再到DPU、FPGA等其他产品,可以说双方的几乎所有产品线都是如此。</p><p>所以,AMD的处理器可以用Intel的指令集,Intel的处理器可以用AMD的技术。</p><p>但是,<strong>这种交叉授权有着严格的限制,一旦某一方被并购,或者与其他企业合资,协议就会立即终止,双方的产品线都会受到极大影响,必须重新谈判签订新的授权协议。</strong></p><p>事实上,AMD当年将初代Zen架构卖给中国、成立海光,也是经过Intel点头的。</p><p><strong>如果<a href=\"https://laohu8.com/S/QCOM\">高通</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>这样的巨头收购了Intel,将会成为一个更加庞大的行业龙头,也会和AMD产生很多的直接竞争,这肯定是AMD不愿意看到的,也不会轻易和对方达成授权协议。</strong></p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p></body></html>","source":"ifeng_tech","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>Intel想卖掉自己几乎不可能!先问问AMD答不答应</title>\n<style 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://tech.ifeng.com/c/8h7heiOYok8","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2512469416","content_text":"快科技2月20日消息,Intel目前深陷财务和产品危机,从行业到政府各方都在出谋划策,但大部分都是类似的思路:要么卖掉、合资晶圆厂,要么整体都卖掉,而且据说感兴趣的巨头也不少,但毕竟是Intel,谁都不敢轻易下手。但是大家似乎都忘了一点:Intel、AMD之间有着广泛、复杂的交叉授权协议,一方想卖,必须看看另一方的态度!Intel、AMD虽然是死敌,但因为基本技术路线相同,彼此一直有交叉授权协议,最近一笔是2009年签的(所以兆芯能购买和使用威盛IP),双方都会使用对方的技术以规避可能得侵权诉讼。从CPU处理器,到GPU独立和集成显卡,再到DPU、FPGA等其他产品,可以说双方的几乎所有产品线都是如此。所以,AMD的处理器可以用Intel的指令集,Intel的处理器可以用AMD的技术。但是,这种交叉授权有着严格的限制,一旦某一方被并购,或者与其他企业合资,协议就会立即终止,双方的产品线都会受到极大影响,必须重新谈判签订新的授权协议。事实上,AMD当年将初代Zen架构卖给中国、成立海光,也是经过Intel点头的。如果高通、博通这样的巨头收购了Intel,将会成为一个更加庞大的行业龙头,也会和AMD产生很多的直接竞争,这肯定是AMD不愿意看到的,也不会轻易和对方达成授权协议。","news_type":1,"symbols_score_info":{"AMD":1,"GFS":1,"INTC":1}},"isVote":1,"tweetType":1,"viewCount":727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":390449073938720,"gmtCreate":1736369496506,"gmtModify":1736369499906,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"<a 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19:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>1月8日周三,AMD盘前股价“跳水”,从涨近1%转为跌超2.3%。汇丰将AMD评级从“买入”下调至“减持”,目标价从200美元下调至110美元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f5b0519cd9f17ac0cf99c08dc32cb1\" title=\"\" tg-width=\"1381\" tg-height=\"662\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c0a06edbdddf3a15236bd20d97c042de","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179540802","content_text":"1月8日周三,AMD盘前股价“跳水”,从涨近1%转为跌超2.3%。汇丰将AMD评级从“买入”下调至“减持”,目标价从200美元下调至110美元。","news_type":1,"symbols_score_info":{"AMD":1.1}},"isVote":1,"tweetType":1,"viewCount":1114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":384692339737016,"gmtCreate":1734958971662,"gmtModify":1734958974506,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"Replying to <a 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你买啊//@美股投资客:再次验证了那句,买股得买龙头","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384692339737016","isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319010486829352,"gmtCreate":1718896994423,"gmtModify":1718896996550,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"有ps5为什么要买xbox","listText":"有ps5为什么要买xbox","text":"有ps5为什么要买xbox","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319010486829352","isVote":1,"tweetType":1,"viewCount":2274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":294501200957736,"gmtCreate":1712912849443,"gmtModify":1712912851509,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"已阅 英特尔 amd要倒闭了","listText":"已阅 英特尔 amd要倒闭了","text":"已阅 英特尔 amd要倒闭了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/294501200957736","repostId":"2426036372","repostType":2,"isVote":1,"tweetType":1,"viewCount":2024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":280995392434456,"gmtCreate":1709632911996,"gmtModify":1709632913979,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"那证明amd确实有实力做出高性能卡 索哈买入","listText":"那证明amd确实有实力做出高性能卡 索哈买入","text":"那证明amd确实有实力做出高性能卡 索哈买入","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/280995392434456","repostId":"1103820284","repostType":2,"repost":{"id":"1103820284","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1709630999,"share":"https://www.laohu8.com/m/news/1103820284?lang=&edition=full","pubTime":"2024-03-05 17:29","market":"us","language":"zh","title":"媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦","url":"https://stock-news.laohu8.com/highlight/detail?id=1103820284","media":"老虎资讯综合","summary":"3月5日,据路透,美国超威半导体公司在向中国市场销售“定制版人工智能芯片”时,遇到了来自美国政府的阻碍。报道称,AMD尝试获得美国商务部的批准,以向中国客户出售AI芯片。报道援引知情人士的话称,AMD对华出售的“定制版AI芯片”性能低于该公司在中国以外地区销售的芯片性能,其设计是为了满足美国的出口管制。","content":"<html><head></head><body><p>3月5日,据路透,美国超威半导体公司(AMD)在向中国市场销售“定制版人工智能(AI)芯片”时,遇到了来自美国政府的阻碍。报道声称,这是华盛顿打击向中国出口“先进技术”计划的一部分。对于美方限制芯片出口的举动,中方曾表示,事实证明,“小院高墙”挡不住中国创新发展的步伐,也不利于包括美国企业在内整个产业的健康发展。</p><p>报道称,AMD尝试获得美国商务部的批准,以向中国客户出售AI芯片。报道援引知情人士的话称,AMD对华出售的“定制版AI芯片”性能低于该公司在中国以外地区销售的芯片性能,其设计是为了满足美国的出口管制。</p><p>报道说,美国官员宣称,相关芯片的性能“仍然过于强大”,AMD必须获得美国商务部下属工业和安全局的许可才能在中国销售。</p><p>受此消息影响,AMD美股盘前下跌3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e1301e2de517379a8080edb640d85e\" tg-width=\"871\" tg-height=\"835\"/></p></body></html>","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>媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-05 17:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>3月5日,据路透,美国超威半导体公司(AMD)在向中国市场销售“定制版人工智能(AI)芯片”时,遇到了来自美国政府的阻碍。报道声称,这是华盛顿打击向中国出口“先进技术”计划的一部分。对于美方限制芯片出口的举动,中方曾表示,事实证明,“小院高墙”挡不住中国创新发展的步伐,也不利于包括美国企业在内整个产业的健康发展。</p><p>报道称,AMD尝试获得美国商务部的批准,以向中国客户出售AI芯片。报道援引知情人士的话称,AMD对华出售的“定制版AI芯片”性能低于该公司在中国以外地区销售的芯片性能,其设计是为了满足美国的出口管制。</p><p>报道说,美国官员宣称,相关芯片的性能“仍然过于强大”,AMD必须获得美国商务部下属工业和安全局的许可才能在中国销售。</p><p>受此消息影响,AMD美股盘前下跌3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e1301e2de517379a8080edb640d85e\" tg-width=\"871\" tg-height=\"835\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"LU1803068979.SGD":"FTIF - 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21:38","market":"us","language":"en","title":"AMD’s stock carries downside risk, Citi warns","url":"https://stock-news.laohu8.com/highlight/detail?id=2352473492","media":"marketwatch","summary":"Citi Research analyst Christopher Danely opened a downside 90-day catalyst watch on shares of Advanced Micro Devices Inc. AMD, -1.78% Monday, warning of potential risks to key ","content":"<html><body><div itemprop=\"articleBody\" role=\"document\"> <div> <div> <div aria-hidden=\"true\"></div> </div> </div> <p>Citi Research analyst Christopher Danely opened a downside 90-day catalyst watch on shares of Advanced Micro Devices Inc. AMD, <bg-quote channel=\"/zigman2/quotes/208144392/composite\" field=\"percentchange\" format=\"0,000.00%\">-1.78%</bg-quote> Monday, warning of potential risks to key markets. “We expect downside to estimates driven by the correction in the data center/gaming/embedded markets,” which are expected to make up about 84% of sales for the calendar year, he wrote. Danely has a neutral rating on AMD’s stock and said he sees possible downside to consensus expectations amid “strong expectations driven by the MI 300 chip ramp.” Meanwhile, the company’s market-share gains in servers could be offset by a general data-center slowdown. AMD shares were off 1.6% shortly after Monday’s open. </p> <div> </div> </div></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD’s stock carries downside risk, Citi warns</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD’s stock carries downside risk, Citi warns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-17 21:38 GMT+8 <a href=https://www.marketwatch.com/story/amds-stock-carries-downside-risk-citi-warns-6927d5b2?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Citi Research analyst Christopher Danely opened a downside 90-day catalyst watch on shares of Advanced Micro Devices Inc. AMD, -1.78% Monday, warning of potential risks to key ...</p>\n\n<a href=\"https://www.marketwatch.com/story/amds-stock-carries-downside-risk-citi-warns-6927d5b2?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://images.mktw.net/im-623028?size=1.777777777777778&width=220 220w","relate_stocks":{"C":"花旗","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","BK4588":"碎股","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4141":"半导体产品","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4207":"综合性银行","GFS":"GLOBALFOUNDRIES Inc.","BK4573":"虚拟现实","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4504":"桥水持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4512":"苹果概念","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","AMD":"美国超微公司","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","BK4529":"IDC概念","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","BK4554":"元宇宙及AR概念","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","BK4575":"芯片概念","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","BK4532":"文艺复兴科技持仓","BK4585":"ETF&股票定投概念","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A(dist)","BK4566":"资本集团"},"source_url":"https://www.marketwatch.com/story/amds-stock-carries-downside-risk-citi-warns-6927d5b2?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2352473492","content_text":"Citi Research analyst Christopher Danely opened a downside 90-day catalyst watch on shares of Advanced Micro Devices Inc. AMD, -1.78% Monday, warning of potential risks to key markets. “We expect downside to estimates driven by the correction in the data center/gaming/embedded markets,” which are expected to make up about 84% of sales for the calendar year, he wrote. Danely has a neutral rating on AMD’s stock and said he sees possible downside to consensus expectations amid “strong expectations driven by the MI 300 chip ramp.” Meanwhile, the company’s market-share gains in servers could be offset by a general data-center slowdown. AMD shares were off 1.6% shortly after Monday’s open.","news_type":1,"symbols_score_info":{"AMD":1,"C":1,"GFS":1}},"isVote":1,"tweetType":1,"viewCount":2478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":198975102328864,"gmtCreate":1689601626419,"gmtModify":1689604214026,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"有毛病","listText":"有毛病","text":"有毛病","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198975102328864","repostId":"2352734635","repostType":2,"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":684413937,"gmtCreate":1660540484432,"gmtModify":1660540484432,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"从来不买中概","listText":"从来不买中概","text":"从来不买中概","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/684413937","repostId":"1156313349","repostType":4,"repost":{"id":"1156313349","kind":"news","pubTimestamp":1660533868,"share":"https://www.laohu8.com/m/news/1156313349?lang=&edition=full","pubTime":"2022-08-15 11:24","market":"sh","language":"zh","title":"中金:国企在美退市的含义与影响","url":"https://stock-news.laohu8.com/highlight/detail?id=1156313349","media":"中金研究","summary":"国企退市基本符合预期,象征意义或大于实质,对港股上市地位和成交影响有限。","content":"<html><head></head><body><p>作者:刘刚 寇玥 张巍瀚等</p><p>2022年8月12日,<a href=\"https://laohu8.com/S/600028\">中国石化</a>、<a href=\"https://laohu8.com/S/601857\">中国石油</a>、<a href=\"https://laohu8.com/S/LFC\">中国人寿</a>、<a href=\"https://laohu8.com/S/ACH\">中国铝业</a>和<a href=\"https://laohu8.com/S/600688\">上海石化</a>等5家中国企业相继发布公告,将启动自愿将其美国存托股份从纽约交易所退市。随后,中国证监会表示上市和退市均属于资本市场常态,会尊重企业根据自身实际情况、按照境外上市地规则做出决定,且证监会将与境外有关监管机构保持沟通,共同维护企业和投资者合法权益。</p><p>尽管并非完全意外,但数家国企集中公告退市一时间仍引发广泛关注,尤其是在美上市中概股最终出路仍悬而未决的背景下。那么,上述国企为何退市、影响如何?对其他在美上市中概股又有何启示?就事件本身来说,我们认为国企退市基本符合预期,象征意义或大于实质,对港股上市地位和成交影响有限;但后续审计合作值得关注。回归港股并转为主要上市或成为主流选择。</p><p><b>事件影响:国企退市基本符合预期,象征意义或大于实质,对港股上市地位和成交影响有限;但后续审计合作值得关注</b></p><p><b>► 事件本身:国企退市基本符合预期。</b>2020年以来,中概股面临的外部监管环境不确定性持续增加。根据《外国公司问责法》以及美国证监会(SEC)随后出台的执行细则[3],在美上市外国公司需要:1)提交审计底稿,若连续三年无法提供(截至2024年4月左右的财报季),或将面临退市风险;2)披露其与外国政府之间的关系并证明其没有被外国政府所有或控制。因此,作为国企,除了与其他中概股公司一样面临审计底稿的问题外,<b>更无法满足第二点要求,因此退市也在意料之中。</b></p><p><b>图表:拟从美股退市的部分中国企业</b></p><p><img src=\"https://static.tigerbbs.com/8ce25a2e6e1fded9a81b04fbf81ddb94\" tg-width=\"1080\" tg-height=\"243\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,<a href=\"https://laohu8.com/S/601995\">中金公司</a>研究部</p><p>注:数据截止至2022年8月12日;估值基于彭博一致预期</p><p><b>图表:2020年以来,中概股面临的外部监管环境不确定性持续增加</b></p><p><img src=\"https://static.tigerbbs.com/17580c3810566ca623ccd7cedaa5f2d5\" tg-width=\"1080\" tg-height=\"282\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:中国证监会,美国证监会,港交所,<a href=\"https://laohu8.com/S/03908\">中金公司</a>研究部</p><p><b>图表:美国中概股2021年以来表现及关键事件梳理</b></p><p><img src=\"https://static.tigerbbs.com/1810251af338f1a7f3e65c0b84eb1d77\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,中金公司研究部</p><p>注:数据截止至2022年8月12日;估值基于彭博一致预期</p><p><b>► 直接影响:象征意义或大于实质,对港股上市地位和成交影响有限。</b>整体上,我们认为国企退市的实质影响有限,主要基于以下几点原因:</p><p><b>1)主上市地在香港。</b>与多数主上市地在美国的中资民营股不同,多数国企主上市地均是在香港、然后将在香港上市的股份存托美国作为存托凭证(ADR)挂牌交易,因此即便从美退市也不影响其港股原本的上市状态。</p><p><b>2)在美存托股份和成交都基本可以忽略。</b>与成交主要在美国的中资民营股不同,上述国企在美国存托的股份都非常小、成交也不活跃。以<a href=\"https://laohu8.com/S/601628\">中国人寿</a>为例,根据Bloomberg数据显示,其在美存托股份只占到公司整体股份的0.5%左右,过去30天日均成交占比(包括A股、港股以及ADR)约为6.9%,其他几家公司ADR占总股数比例也基本在1%以下(除上海石化约3.2%),因此即便从美国退市,对于其成交和港股市场流动性也影响有限。实际上,2021年5月和10月因为美国限制名单而退市的<a href=\"https://laohu8.com/S/CEO\">中海油</a>和三大电信运营商,其退市后对股价和成交的影响都相对有限,也可以说明这一点。当然,短期情绪上的冲击可能难以完全避免。</p><p><b>图表:拟退市国企在美存托股份多数只占到公司整体股份的不到1%</b></p><p><img src=\"https://static.tigerbbs.com/18f7c1f63c63383bf0eeac8ec75b8167\" tg-width=\"1080\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表:2021年多家国企从纽交所退市前后股价表现</b></p><p><img src=\"https://static.tigerbbs.com/2c2f68402b5351e979c85ad4c9ef35cd\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表:<a href=\"https://laohu8.com/S/601600\">中国铝业</a>在美上市ADR日均成交远小于其港股</b></p><p><img src=\"https://static.tigerbbs.com/f3531aa2756b7c07567425c40119d9e1\" tg-width=\"860\" tg-height=\"536\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,中金公司研究部</p><p><b>图表:中石油在美上市ADR日均成交额相对寡淡</b></p><p><img src=\"https://static.tigerbbs.com/51d964600b3b50763d18a582f40bc0dd\" tg-width=\"853\" tg-height=\"531\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,中金公司研究部</p><p><b>图表:中国人寿在美上市ADR日均成交同样清淡</b></p><p><img src=\"https://static.tigerbbs.com/da274dc46abcc2cf8b7b260f71f940d7\" tg-width=\"852\" tg-height=\"534\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,中金公司研究部</p><p><b>图表:上海石化在美上市ADR也是如此</b></p><p><img src=\"https://static.tigerbbs.com/17a95fcd77036882b59029e3f19c1ceb\" tg-width=\"871\" tg-height=\"533\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,中金公司研究部</p><p><b>► 间接影响:其他中概股公司监管不确定性仍存,未来一年是关键窗口。不论从上市地位还是成交来看,5家国企退市的直接影响都相对有限,但是却会加大市场对于其他更多主上市地在美国的中概股面临退市风险的担忧。</b>目前,SEC已经将140余家中概股公司列入存在潜在退市风险的“确定识别名单”(Conclusive list of issuers identified under the HFCAA)(其中7家中概股在“预识别名单”中)[4],而上榜三次(2024年4月的财报季)将会面临退市风险。<b>对于这些企业而言,由于主上市地和主要成交都在美国,因此如果退市的话对其自身成交和港股流动性的影响都可能更大</b>。因此,未来中美监管合作走向将成为关键。往前看,我们预计其他国企(<a href=\"https://laohu8.com/S/CEA\">东方航空</a>等)和有可能涉及保密和数据安全的公司,仍不排除在现有监管框架下面临潜在退市风险。近期中美在各方面的摩擦增多,也加大了未来政策的不确定性,值得密切关注。</p><p><b>图表:赴港上市中概股在香港部分的占比呈现上升趋势,但主要成交仍还在美国</b></p><p><img src=\"https://static.tigerbbs.com/2b97654d3bd768cf0e8b4e397bce8c85\" tg-width=\"847\" tg-height=\"519\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,中金公司研究部</p><p><b>前景展望:回归港股并转为主要上市或成为主流选择;短期或影响港股流动性,但长期优化港股结构并强化吸引力</b></p><p><b>外部不确定性将促使更多符合条件中概股回港。</b>自2018年上市制度改革以来,累计已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市,9家为主要上市)。往前看,在外部环境依然面临较大变数情况下,<b>我们预计更多符合条件的中概股公司回归港股、且采用或者转为主要上市方式将成为主流。</b>同时,我们认为港交所持续优化其上市制度也将为更多中概股回归和转为主要上市地位提供便利。基于目前的上市条件,我们测算仍将有27家公司符合回归条件。</p><p><b>图表:2018年上市制度改革以来,已有26支美国中概股通过二次上市和双重主要上市回归港股</b></p><p><img src=\"https://static.tigerbbs.com/12a93b870d10a16f66730142694141d0\" tg-width=\"1080\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,中金公司研究部注:数据截止至2022年8月12日;估值基于彭博一致预期</p><p><b>图表:27家美国中概股或基本符合港股二次上市规则;部分优质头部公司可能选择双重主要上市</b></p><p><img src=\"https://static.tigerbbs.com/a7d3bfcc5eed2fec2879735e2b0b0b7b\" tg-width=\"1080\" tg-height=\"781\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,中金公司研究部注:蓝色部分为按2021年6月至2022年7月每月末平均市值计算符合二次上市标准的公司;数据截止至2022年8月12日;估值基于彭博一致预期</p><p><b>方式上,采用或转为主要上市将成为主流。</b>相比作为海外上市主体“投影”的二次上市,选择双重主要上市方式回港可以使得在港上市地位不受海外的上市状况影响,且可以纳入港股通范围。实际上,我们注意到越来越多的公司,例如<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>、<a href=\"https://laohu8.com/S/BEKE\">贝壳</a>等多家中概股,选择双重主要上市回归港股,且<a href=\"https://laohu8.com/S/ZLAB\">再鼎医药</a>、<a href=\"https://laohu8.com/S/BILI\">哔哩哔哩</a>和<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算,上述公司如果转为主要上市并纳入沪港通后,有望带来456亿港元的资金流入。</p><p><b>图表:若二次上市公司被纳入港股通合资格标的,可能带来的潜在被动资金测算</b></p><p><img src=\"https://static.tigerbbs.com/3885d81576f5e793c524b39c4de8f518\" tg-width=\"1080\" tg-height=\"459\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:港交所,Wind,中金公司研究部</p><p>注:数据截止至2022年8月12日</p><p><b>对港股影响:短期或有流动性和情绪扰动;但长期将有助于优化港股结构并强化吸引力。</b>大量中概股公司的回归和股份转到港股交易,的确将会对港股本就不非常充裕的流动性造成一定影响,目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%,<a href=\"https://laohu8.com/S/JD\">京东</a>21%等)。我们测算,27家潜在回归公司新增融资和股份转换交易可能带来每年268亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的8.8%)。不过,也有一些公司采用介绍上市方式(不新增融资,例如<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和贝壳)可以减轻上述压力。但从中长期看,我们认为更多中概股公司的回归有助于进一步优化港股市场的结构,吸引资金沉淀,进而形成优质公司和资金的正反馈。此外,我们预计港股或将部分替代美股为中国创新企业(尤其是美元基金所投资的企业)的首选融资地之一,这都将进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。</p><p><b>图表:目前已经回归的主要中概股公司在港交易的比例平均在20%左右,其中阿里巴巴20%、京东为21%</b></p><p><img src=\"https://static.tigerbbs.com/9a6cbec08d36f5af9b78d747d887a309\" tg-width=\"850\" tg-height=\"519\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,中金公司研究部</p><p><b>图表:27家潜在回归公司新增融资和股份转换交易可能带来每年268亿港元的流动性吸收</b></p><p><img src=\"https://static.tigerbbs.com/1724151827ebc3ebd54d3164ab662f94\" tg-width=\"860\" tg-height=\"518\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Bloomberg,Wind,中金公司研究部</p><p><b>图表:中概股回归路径解析</b></p><p><img src=\"https://static.tigerbbs.com/b44049cfd0774e005ccb4889581de6ce\" tg-width=\"1080\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:港交所,中金公司研究部</p><p><b>图表:香港双重主要上市 vs. 二次上市对比</b></p><p><img src=\"https://static.tigerbbs.com/17cfb8c46386970f6b27c019450c0159\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p></body></html>","source":"lsy1580890610037","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>中金:国企在美退市的含义与影响</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n中金:国企在美退市的含义与影响\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-15 11:24 北京时间 <a href=https://www.gelonghui.com/p/545296><strong>中金研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者:刘刚 寇玥 张巍瀚等2022年8月12日,中国石化、中国石油、中国人寿、中国铝业和上海石化等5家中国企业相继发布公告,将启动自愿将其美国存托股份从纽约交易所退市。随后,中国证监会表示上市和退市均属于资本市场常态,会尊重企业根据自身实际情况、按照境外上市地规则做出决定,且证监会将与境外有关监管机构保持沟通,共同维护企业和投资者合法权益。尽管并非完全意外,但数家国企集中公告退市一时间仍引发广泛...</p>\n\n<a href=\"https://www.gelonghui.com/p/545296\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/47e33a86d5e66cd41b862df88137846f","relate_stocks":{},"source_url":"https://www.gelonghui.com/p/545296","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156313349","content_text":"作者:刘刚 寇玥 张巍瀚等2022年8月12日,中国石化、中国石油、中国人寿、中国铝业和上海石化等5家中国企业相继发布公告,将启动自愿将其美国存托股份从纽约交易所退市。随后,中国证监会表示上市和退市均属于资本市场常态,会尊重企业根据自身实际情况、按照境外上市地规则做出决定,且证监会将与境外有关监管机构保持沟通,共同维护企业和投资者合法权益。尽管并非完全意外,但数家国企集中公告退市一时间仍引发广泛关注,尤其是在美上市中概股最终出路仍悬而未决的背景下。那么,上述国企为何退市、影响如何?对其他在美上市中概股又有何启示?就事件本身来说,我们认为国企退市基本符合预期,象征意义或大于实质,对港股上市地位和成交影响有限;但后续审计合作值得关注。回归港股并转为主要上市或成为主流选择。事件影响:国企退市基本符合预期,象征意义或大于实质,对港股上市地位和成交影响有限;但后续审计合作值得关注► 事件本身:国企退市基本符合预期。2020年以来,中概股面临的外部监管环境不确定性持续增加。根据《外国公司问责法》以及美国证监会(SEC)随后出台的执行细则[3],在美上市外国公司需要:1)提交审计底稿,若连续三年无法提供(截至2024年4月左右的财报季),或将面临退市风险;2)披露其与外国政府之间的关系并证明其没有被外国政府所有或控制。因此,作为国企,除了与其他中概股公司一样面临审计底稿的问题外,更无法满足第二点要求,因此退市也在意料之中。图表:拟从美股退市的部分中国企业资料来源:Bloomberg,Wind,中金公司研究部注:数据截止至2022年8月12日;估值基于彭博一致预期图表:2020年以来,中概股面临的外部监管环境不确定性持续增加资料来源:中国证监会,美国证监会,港交所,中金公司研究部图表:美国中概股2021年以来表现及关键事件梳理资料来源:Bloomberg,中金公司研究部注:数据截止至2022年8月12日;估值基于彭博一致预期► 直接影响:象征意义或大于实质,对港股上市地位和成交影响有限。整体上,我们认为国企退市的实质影响有限,主要基于以下几点原因:1)主上市地在香港。与多数主上市地在美国的中资民营股不同,多数国企主上市地均是在香港、然后将在香港上市的股份存托美国作为存托凭证(ADR)挂牌交易,因此即便从美退市也不影响其港股原本的上市状态。2)在美存托股份和成交都基本可以忽略。与成交主要在美国的中资民营股不同,上述国企在美国存托的股份都非常小、成交也不活跃。以中国人寿为例,根据Bloomberg数据显示,其在美存托股份只占到公司整体股份的0.5%左右,过去30天日均成交占比(包括A股、港股以及ADR)约为6.9%,其他几家公司ADR占总股数比例也基本在1%以下(除上海石化约3.2%),因此即便从美国退市,对于其成交和港股市场流动性也影响有限。实际上,2021年5月和10月因为美国限制名单而退市的中海油和三大电信运营商,其退市后对股价和成交的影响都相对有限,也可以说明这一点。当然,短期情绪上的冲击可能难以完全避免。图表:拟退市国企在美存托股份多数只占到公司整体股份的不到1%资料来源:Wind,中金公司研究部图表:2021年多家国企从纽交所退市前后股价表现资料来源:Wind,中金公司研究部图表:中国铝业在美上市ADR日均成交远小于其港股资料来源:Bloomberg,中金公司研究部图表:中石油在美上市ADR日均成交额相对寡淡资料来源:Bloomberg,中金公司研究部图表:中国人寿在美上市ADR日均成交同样清淡资料来源:Bloomberg,中金公司研究部图表:上海石化在美上市ADR也是如此资料来源:Bloomberg,中金公司研究部► 间接影响:其他中概股公司监管不确定性仍存,未来一年是关键窗口。不论从上市地位还是成交来看,5家国企退市的直接影响都相对有限,但是却会加大市场对于其他更多主上市地在美国的中概股面临退市风险的担忧。目前,SEC已经将140余家中概股公司列入存在潜在退市风险的“确定识别名单”(Conclusive list of issuers identified under the HFCAA)(其中7家中概股在“预识别名单”中)[4],而上榜三次(2024年4月的财报季)将会面临退市风险。对于这些企业而言,由于主上市地和主要成交都在美国,因此如果退市的话对其自身成交和港股流动性的影响都可能更大。因此,未来中美监管合作走向将成为关键。往前看,我们预计其他国企(东方航空等)和有可能涉及保密和数据安全的公司,仍不排除在现有监管框架下面临潜在退市风险。近期中美在各方面的摩擦增多,也加大了未来政策的不确定性,值得密切关注。图表:赴港上市中概股在香港部分的占比呈现上升趋势,但主要成交仍还在美国资料来源:Bloomberg,Wind,中金公司研究部前景展望:回归港股并转为主要上市或成为主流选择;短期或影响港股流动性,但长期优化港股结构并强化吸引力外部不确定性将促使更多符合条件中概股回港。自2018年上市制度改革以来,累计已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市,9家为主要上市)。往前看,在外部环境依然面临较大变数情况下,我们预计更多符合条件的中概股公司回归港股、且采用或者转为主要上市方式将成为主流。同时,我们认为港交所持续优化其上市制度也将为更多中概股回归和转为主要上市地位提供便利。基于目前的上市条件,我们测算仍将有27家公司符合回归条件。图表:2018年上市制度改革以来,已有26支美国中概股通过二次上市和双重主要上市回归港股资料来源:Bloomberg,Wind,中金公司研究部注:数据截止至2022年8月12日;估值基于彭博一致预期图表:27家美国中概股或基本符合港股二次上市规则;部分优质头部公司可能选择双重主要上市资料来源:Bloomberg,Wind,中金公司研究部注:蓝色部分为按2021年6月至2022年7月每月末平均市值计算符合二次上市标准的公司;数据截止至2022年8月12日;估值基于彭博一致预期方式上,采用或转为主要上市将成为主流。相比作为海外上市主体“投影”的二次上市,选择双重主要上市方式回港可以使得在港上市地位不受海外的上市状况影响,且可以纳入港股通范围。实际上,我们注意到越来越多的公司,例如小鹏汽车、理想汽车、贝壳等多家中概股,选择双重主要上市回归港股,且再鼎医药、哔哩哔哩和阿里巴巴等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算,上述公司如果转为主要上市并纳入沪港通后,有望带来456亿港元的资金流入。图表:若二次上市公司被纳入港股通合资格标的,可能带来的潜在被动资金测算资料来源:港交所,Wind,中金公司研究部注:数据截止至2022年8月12日对港股影响:短期或有流动性和情绪扰动;但长期将有助于优化港股结构并强化吸引力。大量中概股公司的回归和股份转到港股交易,的确将会对港股本就不非常充裕的流动性造成一定影响,目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%,京东21%等)。我们测算,27家潜在回归公司新增融资和股份转换交易可能带来每年268亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的8.8%)。不过,也有一些公司采用介绍上市方式(不新增融资,例如蔚来和贝壳)可以减轻上述压力。但从中长期看,我们认为更多中概股公司的回归有助于进一步优化港股市场的结构,吸引资金沉淀,进而形成优质公司和资金的正反馈。此外,我们预计港股或将部分替代美股为中国创新企业(尤其是美元基金所投资的企业)的首选融资地之一,这都将进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。图表:目前已经回归的主要中概股公司在港交易的比例平均在20%左右,其中阿里巴巴20%、京东为21%资料来源:Bloomberg,Wind,中金公司研究部图表:27家潜在回归公司新增融资和股份转换交易可能带来每年268亿港元的流动性吸收资料来源:Bloomberg,Wind,中金公司研究部图表:中概股回归路径解析资料来源:港交所,中金公司研究部图表:香港双重主要上市 vs. 二次上市对比","news_type":1,"symbols_score_info":{"600028":0.9,"600688":0.9,"601600":0.9,"601628":0.9,"601857":0.9,"00857":0.9,"02600":0.9,"02628":0.9,"ACH":0.9,"HSI":0.9,"LFC":0.9,"PTR":0.9,"SNP":0.9}},"isVote":1,"tweetType":1,"viewCount":2466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":615528920,"gmtCreate":1653033568660,"gmtModify":1653033568660,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"哈哈😄","listText":"哈哈😄","text":"哈哈😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/615528920","repostId":"1103096334","repostType":4,"isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":616819238,"gmtCreate":1651665517574,"gmtModify":1651667461707,"author":{"id":"3535856219166205","authorId":"3535856219166205","name":"信仰接盘","avatar":"https://static.tigerbbs.com/bb6e710950b9f1b0c57eabc3b7e0a5de","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3535856219166205","authorIdStr":"3535856219166205"},"themes":[],"htmlText":"神经了?","listText":"神经了?","text":"神经了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/616819238","repostId":"2232012417","repostType":2,"repost":{"id":"2232012417","kind":"news","pubTimestamp":1651632960,"share":"https://www.laohu8.com/m/news/2232012417?lang=&edition=full","pubTime":"2022-05-04 10:56","market":"us","language":"zh","title":"Piper Sandler:将AMD目标价从130美元下调至98美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2232012417","media":"金十数据","summary":"Piper Sandler:将AMD目标价从130美元下调至98美元。","content":"<html><body><div>\n<p><img border=\"0\" height=\"275\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=105.AMD&imageType=k&token=28dfeb41d35cc81d84b4664d7c23c49f&at=1\" width=\"577\"/></p><p> Piper Sandler:将<a href=\"https://laohu8.com/S/AMD\">AMD</a>目标价从130美元下调至98美元。</p><p>(文章来源:金十数据)</p>\n</div></body></html>","source":"stock_eastmoney","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>Piper Sandler:将AMD目标价从130美元下调至98美元</title>\n<style 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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>媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n媒体:AMD对华销售“定制版AI芯片”,被美政府认定“性能太强”阻拦\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-05 17:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>3月5日,据路透,美国超威半导体公司(AMD)在向中国市场销售“定制版人工智能(AI)芯片”时,遇到了来自美国政府的阻碍。报道声称,这是华盛顿打击向中国出口“先进技术”计划的一部分。对于美方限制芯片出口的举动,中方曾表示,事实证明,“小院高墙”挡不住中国创新发展的步伐,也不利于包括美国企业在内整个产业的健康发展。</p><p>报道称,AMD尝试获得美国商务部的批准,以向中国客户出售AI芯片。报道援引知情人士的话称,AMD对华出售的“定制版AI芯片”性能低于该公司在中国以外地区销售的芯片性能,其设计是为了满足美国的出口管制。</p><p>报道说,美国官员宣称,相关芯片的性能“仍然过于强大”,AMD必须获得美国商务部下属工业和安全局的许可才能在中国销售。</p><p>受此消息影响,AMD美股盘前下跌3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e1301e2de517379a8080edb640d85e\" tg-width=\"871\" tg-height=\"835\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"LU1803068979.SGD":"FTIF - 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19:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>1月8日周三,AMD盘前股价“跳水”,从涨近1%转为跌超2.3%。汇丰将AMD评级从“买入”下调至“减持”,目标价从200美元下调至110美元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f5b0519cd9f17ac0cf99c08dc32cb1\" title=\"\" tg-width=\"1381\" 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