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2021-05-25

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2021-11-19

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S&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote>

2021-12-20

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

2021-11-17

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2021-11-07

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2021-04-28

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AMD stock rises after earnings show data-center sales more than doubling<blockquote>财报显示数据中心销售额翻了一番多，AMD 股价上涨</blockquote>

2021-12-23

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2021-12-16

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Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</blockquote>

2021-12-14

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Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan<blockquote>微博在盘前交易中下跌近5%，被罚款1430万元</blockquote>

2021-11-23

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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692207314","repostId":"1141605267","repostType":4,"repost":{"id":"1141605267","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":1640962448,"share":"https://www.laohunote.com/m/news/1141605267?lang=zh_CN&edition=full","pubTime":"2021-12-31 22:54","market":"us","language":"en","title":"Pfizer Stock Gained 2% in Morning Trading<blockquote>辉瑞股价早盘上涨 2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141605267","media":"Tiger Newspress","summary":"Pfizer stock gained 2% in morning trading as British regulators have approved the use of Paxlovid – ","content":"<p><html><head></head><body>Pfizer stock gained 2% in morning trading as British regulators have approved the use of Paxlovid – the drug maker’s Covid-19 antiviral pill – for people over 18 with mild to moderate illness.<img src=\"https://static.tigerbbs.com/70d5c18e424c17b73dbf01bc650d1318\" tg-width=\"1135\" tg-height=\"729\" referrerpolicy=\"no-referrer\"/></p><p><blockquote><html><head></head><body>辉瑞公司股价在早盘交易中上涨了 2%，原因是英国监管机构已批准该制药商的 Covid-19 抗病毒药丸 Paxlovid 用于 18 岁以上轻中度疾病患者。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Stock Gained 2% in Morning Trading<blockquote>辉瑞股价早盘上涨 2%</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{ 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.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\">\nPfizer Stock Gained 2% in Morning Trading<blockquote>辉瑞股价早盘上涨 2%</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\">2021-12-31 22:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Pfizer stock gained 2% in morning trading as British regulators have approved the use of Paxlovid – the drug maker’s Covid-19 antiviral pill – for people over 18 with mild to moderate illness.<img src=\"https://static.tigerbbs.com/70d5c18e424c17b73dbf01bc650d1318\" tg-width=\"1135\" tg-height=\"729\" referrerpolicy=\"no-referrer\"/></p><p><blockquote><html><head></head><body>辉瑞公司股价在早盘交易中上涨了 2%，原因是英国监管机构已批准该制药商的 Covid-19 抗病毒药丸 Paxlovid 用于 18 岁以上轻中度疾病患者。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141605267","content_text":"Pfizer stock gained 2% in morning trading as British regulators have approved the use of Paxlovid – the drug maker’s Covid-19 antiviral pill – for people over 18 with mild to moderate illness.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":4314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692207020,"gmtCreate":1640965058059,"gmtModify":1640965058220,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/692207020","repostId":"1139922858","repostType":4,"repost":{"id":"1139922858","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":1640963323,"share":"https://www.laohunote.com/m/news/1139922858?lang=zh_CN&edition=full","pubTime":"2021-12-31 23:08","market":"us","language":"en","title":"EV Stocks Climbed in Morning Trading<blockquote>电动汽车股早盘交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139922858","media":"Tiger Newspress","summary":"EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.","content":"<p><html><head></head><body>EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.<img src=\"https://static.tigerbbs.com/52a8a5b51cea78b126f429bba375c881\" tg-width=\"360\" tg-height=\"520\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>电动汽车股票在早盘交易中上涨。Lucid、蔚来、Rivian、小鹏汽车、理想汽车、Fisker、Nikola、Canoo 和图森未来的股价上涨了 1% 至 3%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks Climbed in Morning Trading<blockquote>电动汽车股早盘交易中上涨</blockquote></title>\n<style 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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: 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\">\nEV Stocks Climbed in Morning Trading<blockquote>电动汽车股早盘交易中上涨</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\">2021-12-31 23:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.<img src=\"https://static.tigerbbs.com/52a8a5b51cea78b126f429bba375c881\" tg-width=\"360\" tg-height=\"520\" width=\"100%\" height=\"auto\"/></p><p><blockquote><html><head></head><body>电动汽车股票在早盘交易中上涨。Lucid、蔚来、Rivian、小鹏汽车、理想汽车、Fisker、Nikola、Canoo 和图森未来的股价上涨了 1% 至 3%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏集团","NIO":"蔚来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139922858","content_text":"EV stocks climbed in morning trading. Lucid, Nio, Rivian, Xpeng Motors, Li Auto, Fisker, Nikola, Canoo, and Tusimple climbed between 1% and 3%.","news_type":1,"symbols_score_info":{"NIO":0.9,"XPEV":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692989138,"gmtCreate":1640827712563,"gmtModify":1640827712765,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692989138","repostId":"2195466435","repostType":4,"isVote":1,"tweetType":1,"viewCount":3432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696447539,"gmtCreate":1640757024425,"gmtModify":1640757024619,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696447539","repostId":"1186633322","repostType":4,"isVote":1,"tweetType":1,"viewCount":4147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696865992,"gmtCreate":1640664816203,"gmtModify":1640664816365,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696865992","repostId":"1127544468","repostType":4,"isVote":1,"tweetType":1,"viewCount":3900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698426313,"gmtCreate":1640502085939,"gmtModify":1640502286565,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698426313","repostId":"2193178197","repostType":4,"isVote":1,"tweetType":1,"viewCount":3481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698161587,"gmtCreate":1640319596461,"gmtModify":1640319815052,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/698161587","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":4171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691501734,"gmtCreate":1640217289617,"gmtModify":1640217390125,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691501734","repostId":"2193211354","repostType":4,"isVote":1,"tweetType":1,"viewCount":4694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691987654,"gmtCreate":1640126439001,"gmtModify":1640126445739,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691987654","repostId":"2193663561","repostType":4,"isVote":1,"tweetType":1,"viewCount":3525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693478522,"gmtCreate":1640071755972,"gmtModify":1640071756174,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693478522","repostId":"1117226796","repostType":4,"repost":{"id":"1117226796","kind":"news","pubTimestamp":1640057164,"share":"https://www.laohunote.com/m/news/1117226796?lang=zh_CN&edition=full","pubTime":"2021-12-21 11:26","market":"us","language":"en","title":"Palantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的 3 个理由以及为什么它仍然值得购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117226796","media":"Seeking Alpha","summary":"Summary\n\nPalantir Technologies is a battleground stock. Listening to the bears' arguments is a good ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.</li>  <li>PLTR dilutes its shareholders, but that is not necessarily a huge problem.</li>  <li>Despite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7230cdd890b86f9941b99b1503d04049\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>spxChrome/E+ via Getty Images</span></p><p><blockquote><ul><li>Palantir Technologies 是一只战场股票。对于多头来说，听取空头的论点是个好主意。</li><li>PLTR稀释了其股东，但这不一定是一个大问题。</li><li>尽管存在一些利率阻力，但由于强大的护城河和良好的增长前景，PLTR 对我来说似乎是一项不错的投资。</li></ul><p class=\"t-img-caption\"><span>spxChrome/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Palantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.</p><p><blockquote>Palantir Technologies (PLTR) 是一只陷入困境的成长型股票，最近几周，随着股价持续下跌，空头一直在获胜。确实有一些重要的看跌论点，例如稀释、对政府合同的依赖以及利率上升。然而，我仍然相信 Palantir Technologies 是一项有吸引力的长期投资，因为其技术可能会在未来许多年内带来巨大的增长。</blockquote></p><p> <b>3 Issues Brought Up By Bears</b></p><p><blockquote><b>空头提出的3个问题</b></blockquote></p><p> Palantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:</p><p><blockquote>Palantir 是一只成长型股票，既有高度确信的多头，也有高度确信的空头。总的来说，我在这里是看涨的阵营，但看看空头的论点也是一个好主意。反对Palantir的三个最常见的论点如下：</blockquote></p><p> <b>1. Shareholder Dilution</b></p><p><blockquote><b>1.股东摊薄</b></blockquote></p><p> Growth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:</p><p><blockquote>全公司范围的增长很重要，但每股增长更重要。有许多例子表明，公司股票数量的变化可以创造或摧毁很多股东价值。例如，苹果 (AAPL) 的净利润在过去十年中增长了约 190%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b5263c8346cfbbb898f1d1ac9a5bead\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Thanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):</p><p><blockquote>然而，由于股票数量减少，其每股收益增长了 350%，更具吸引力，但回购创造了大量股东价值。也有一些例子表明，股票数量的增加摧毁了很多股东的价值，例如花旗集团 (C)：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc39008812f5e2d0082dedc95b025c68\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Massive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:</p><p><blockquote>大衰退期间的大规模股票发行导致自 2007 年以来每股收益下降了 75%，尽管同期净利润有所增长。因此，查看公司股票数量的变化是有意义的，因为这些变化从长远来看会产生很大的影响。在 Palantir，我们看到自公司上市以来，股票数量一直在大幅增加。在最近一个季度，Palantir 的股票数量如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917ca4d7a390ced61d7c92d528f84fc1\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: Palantir Press Release</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 新闻稿</span></p></blockquote></p><p> Compared to the second quarter, Palantir's average share count was&nbsp;1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.</p><p><blockquote>与第二季度相比，Palantir 的平均股数为 18.95 亿股，季度增长 3.5%，年增长率约为十几岁左右。当然，这一点根本不容忽视，当他们声称股东正在以有意义的速度被稀释时，值得争论。另一方面，Palantir 的业务增长率远高于每季度 3%，因为该公司预计今年的收入增长约为 40%，而且 Palantir 在未来几年也应该实现巨大的业务增长。即使Palantir的股票数量未来每年增长10%-15%，由于PLTR的快速增长，每股收入仍将每年增长25%以上。我还相信，随着时间的推移，稀释程度将会下降。不仅亚马逊（AMZN）、Alphabet（GOOG）或Meta（FB）等许多其他成长型公司都是如此，而且从期权奖励的角度来看，这也是合乎逻辑的。当一家公司尚未公开交易且其未来仍然更加不确定时，期权奖励尤其丰厚，但随着公司的成熟，随着公司风险的降低，员工会更加放心，他们不再需要大量的期权包。最后但并非最不重要的一点是，Palantir 还产生了强劲的自由现金流，这将使公司能够在未来进行股票回购，这也将有助于提高稀释率。</blockquote></p><p> <b>2. Reliance on government contracts</b></p><p><blockquote><b>2. 依赖政府合同</b></blockquote></p><p></p><p> In a recent bearish&nbsp;article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:</p><p><blockquote>在最近一篇悲观的文章中，Seeking Alpha 撰稿人 On The Pulse 认为 Palantir 被高估了，其对政府合同的依赖是一个问题。事实上，Palantir Technologies 如今在很大程度上依赖政府合同，但我不认为这是一个主要问题。首先，由于其商业业务的大规模增长，Palantir 最近已经摆脱了政府合同的多元化：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de23409915ee3811691b986a42ece899\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Palantir Technologies presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 技术演示文稿</span></p></blockquote></p><p> In fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With</p><p><blockquote>事实上，Palantir 的商业业务近年来的增长速度远远快于其政府业务，这表明来自各行各业的商业客户显然都看到了 Palantir 技术的巨大价值——否则，他们就不会快速购买。和</blockquote></p><p> With the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.</p><p><blockquote>随着商业业务增长率超过政府业务增长率，多年来，Palantir将成为一家越来越少依赖政府合同的公司，并最终转变为一家专注于B2B的软件/技术公司。即使 Palantir 永远是一家以政府为中心的公司（根据各个业务部门目前的增长率，这似乎不太可能），但这不一定是一个问题。为政府工作意味着交易对手风险很小，现有的关系可以很容易地用来获得未来的合同。最后但并非最不重要的一点是，随着政府预算相对稳步增长，良好的政府关系带来了相当大的增长机会——特别是在Palantir活跃的国防技术/安全技术领域，因为该领域有巨大的进一步投资需求。</blockquote></p><p> The claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actually<i>declined</i>year-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.</p><p><blockquote>我认为，政府关注导致缺乏可扩展性的说法也是错误的。根据 Palantir 最新的季度报告（上文链接），其运营费用在 2020 年第三季度至 2021 年第三季度期间增加了 900 万美元，而同期收入增加了 1.03 亿美元。这支持了基于股份的薪酬的变化。如果包括这些 SBC 费用，Palantir 的费用实际上<i>拒绝</i>同比增长，而该公司的收入增长了近 40%。因此，我认为，Palantir 多年来不会产生任何规模优势的说法似乎是没有根据的。相反，数据表明 Palantir 将能够大幅提高利润率——该公司调整后毛利润大幅增长 9000 万美元，而调整后运营费用仅增长 900 万美元——从而实现了出色的运营杠杆。</blockquote></p><p> <b>3. Exposure to rising rates</b></p><p><blockquote><b>3. 面临利率上升的风险</b></blockquote></p><p> Massive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.</p><p><blockquote>大规模通胀将迫使美联储在 2022 年及以后加息，这可能是成长型股票的一个问题。与增长缓慢或没有增长但在短期内产生大量未来利润的公司相比，今天不盈利或绝大多数利润的公司更容易受到贴现率上升的影响。我相信，这可能会导致未来几年价值股的表现优于成长型股。Palantir 尚未盈利，自然属于“增长”类别，利率上升可能会产生高于平均水平的影响。我相信，这里没有真正的反驳论点——在其他条件相同的情况下，与艾伯维 (ABBV) 等价值股相比，利率上升对 Palantir 的影响确实会更大。</blockquote></p><p> This being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.</p><p><blockquote>然而，这对 Palantir 来说是一个渐进的负面影响，并不意味着在任何情况下都必须避免购买股票。事实上，尽管利率上升可能带来一些潜在的不利因素，但如果其他论点具有更大的分量，Palantir 仍然可能是一项有吸引力的投资——我相信这是真的，因为我看到 PLTR 的巨大增长潜力和巨大护城河超过了利率上升带来的一些近期不利因素。</blockquote></p><p> <b>Why Palantir Is Still Attractive</b></p><p><blockquote><b>为什么 Palantir 仍然有吸引力</b></blockquote></p><p> Bears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.</p><p><blockquote>空头提出了一系列反对 Palantir 的论点，如上所述，这些论点可能有道理。我相信它们在某些情况下可能被夸大了，但看看熊的论点不会有什么坏处——事实上，为了做出更明智的决定，看看双方似乎是个好主意。稀释确实是一个问题，尽管我不认为这会是一个太大的阻力，因为 PLTR 的业务增长很容易超过稀释，而且总体而言，稀释应该会在未来几年放缓。由于高于平均水平的商业业务增长率，对政府的依赖将随着时间的推移而减弱，总的来说，与政府做生意无论如何都不是一件坏事。从我在PLTR的数据中看到的情况来看，PLTR缺乏可扩展性的说法似乎是错误的。</blockquote></p><p></p><p> Palantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased&nbsp;Foundry&nbsp;for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an&nbsp;excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.</p><p><blockquote>尽管存在这些争论，我相信 Palantir 仍然很有吸引力：该公司发展迅速，在政府业务和商业方面都具有数十年的增长潜力，而且 Palantir 似乎拥有非常宽阔的护城河。这种合并最终可能会使 Palantir 成为最大、最重要的公司之一——尽管投资者不应指望这种情况在短期内发生。相反，我相信，随着我们的世界变得越来越渴望数据，Palantir 很有可能在 2020 年代及以后以相当大的速度增长——政府和企业都将试图从所有这些数据中获得最大价值，而 Palantir 凭借其量身定制的解决方案将为客户提供这种价值。凭借最近展示的 Foundry for crypto 等新工具，Palantir 处于各种新兴技术的前沿。由于 Palantir 可以接触到顶尖人才——这是 SBC 和出色工作环境的结果——我相信 Palantir 很有可能能够在大数据/人工智能领域的各种未来市场中具有高度竞争力，而这些市场甚至可能还不存在。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> In general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.</p><p><blockquote>总的来说，我不是一个成长型投资者——相反，我主要关注价格有吸引力、现金流强劲的股票，通常是那些支付股息的股票。然而，Palantir 在我的投资组合中有些异类——它是一只成长型股票，尚未真正盈利，而且其大部分潜力还需要数年时间。由于巨大的市场机会、优秀的人才和宽阔的护城河的极具吸引力的结合，Palantir 对我来说仍然是一项有吸引力的长期投资。这不是一只能让投资者快速致富的股票，但我相信 Palantir 很有可能在未来 10 多年内成为一家非常占主导地位的重要公司。明年收入的 19 倍，PLTR 并不便宜，但当我们预计该公司将在未来许多年内以强劲的速度增长时，这对我来说也一点也不奇怪。听听空头的论点是有道理的，但我相信这里利大于弊。</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>Palantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的 3 个理由以及为什么它仍然值得购买</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\">\nPalantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的 3 个理由以及为什么它仍然值得购买</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\">2021-12-21 11:26</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>Palantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.</li>  <li>PLTR dilutes its shareholders, but that is not necessarily a huge problem.</li>  <li>Despite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7230cdd890b86f9941b99b1503d04049\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>spxChrome/E+ via Getty Images</span></p><p><blockquote><ul><li>Palantir Technologies 是一只战场股票。对于多头来说，听取空头的论点是个好主意。</li><li>PLTR稀释了其股东，但这不一定是一个大问题。</li><li>尽管存在一些利率阻力，但由于强大的护城河和良好的增长前景，PLTR 对我来说似乎是一项不错的投资。</li></ul><p class=\"t-img-caption\"><span>spxChrome/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Palantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.</p><p><blockquote>Palantir Technologies (PLTR) 是一只陷入困境的成长型股票，最近几周，随着股价持续下跌，空头一直在获胜。确实有一些重要的看跌论点，例如稀释、对政府合同的依赖以及利率上升。然而，我仍然相信 Palantir Technologies 是一项有吸引力的长期投资，因为其技术可能会在未来许多年内带来巨大的增长。</blockquote></p><p> <b>3 Issues Brought Up By Bears</b></p><p><blockquote><b>空头提出的3个问题</b></blockquote></p><p> Palantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:</p><p><blockquote>Palantir 是一只成长型股票，既有高度确信的多头，也有高度确信的空头。总的来说，我在这里是看涨的阵营，但看看空头的论点也是一个好主意。反对Palantir的三个最常见的论点如下：</blockquote></p><p> <b>1. Shareholder Dilution</b></p><p><blockquote><b>1.股东摊薄</b></blockquote></p><p> Growth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:</p><p><blockquote>全公司范围的增长很重要，但每股增长更重要。有许多例子表明，公司股票数量的变化可以创造或摧毁很多股东价值。例如，苹果 (AAPL) 的净利润在过去十年中增长了约 190%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b5263c8346cfbbb898f1d1ac9a5bead\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Thanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):</p><p><blockquote>然而，由于股票数量减少，其每股收益增长了 350%，更具吸引力，但回购创造了大量股东价值。也有一些例子表明，股票数量的增加摧毁了很多股东的价值，例如花旗集团 (C)：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc39008812f5e2d0082dedc95b025c68\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Massive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:</p><p><blockquote>大衰退期间的大规模股票发行导致自 2007 年以来每股收益下降了 75%，尽管同期净利润有所增长。因此，查看公司股票数量的变化是有意义的，因为这些变化从长远来看会产生很大的影响。在 Palantir，我们看到自公司上市以来，股票数量一直在大幅增加。在最近一个季度，Palantir 的股票数量如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917ca4d7a390ced61d7c92d528f84fc1\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: Palantir Press Release</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 新闻稿</span></p></blockquote></p><p> Compared to the second quarter, Palantir's average share count was&nbsp;1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.</p><p><blockquote>与第二季度相比，Palantir 的平均股数为 18.95 亿股，季度增长 3.5%，年增长率约为十几岁左右。当然，这一点根本不容忽视，当他们声称股东正在以有意义的速度被稀释时，值得争论。另一方面，Palantir 的业务增长率远高于每季度 3%，因为该公司预计今年的收入增长约为 40%，而且 Palantir 在未来几年也应该实现巨大的业务增长。即使Palantir的股票数量未来每年增长10%-15%，由于PLTR的快速增长，每股收入仍将每年增长25%以上。我还相信，随着时间的推移，稀释程度将会下降。不仅亚马逊（AMZN）、Alphabet（GOOG）或Meta（FB）等许多其他成长型公司都是如此，而且从期权奖励的角度来看，这也是合乎逻辑的。当一家公司尚未公开交易且其未来仍然更加不确定时，期权奖励尤其丰厚，但随着公司的成熟，随着公司风险的降低，员工会更加放心，他们不再需要大量的期权包。最后但并非最不重要的一点是，Palantir 还产生了强劲的自由现金流，这将使公司能够在未来进行股票回购，这也将有助于提高稀释率。</blockquote></p><p> <b>2. Reliance on government contracts</b></p><p><blockquote><b>2. 依赖政府合同</b></blockquote></p><p></p><p> In a recent bearish&nbsp;article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:</p><p><blockquote>在最近一篇悲观的文章中，Seeking Alpha 撰稿人 On The Pulse 认为 Palantir 被高估了，其对政府合同的依赖是一个问题。事实上，Palantir Technologies 如今在很大程度上依赖政府合同，但我不认为这是一个主要问题。首先，由于其商业业务的大规模增长，Palantir 最近已经摆脱了政府合同的多元化：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de23409915ee3811691b986a42ece899\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Palantir Technologies presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir 技术演示文稿</span></p></blockquote></p><p> In fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With</p><p><blockquote>事实上，Palantir 的商业业务近年来的增长速度远远快于其政府业务，这表明来自各行各业的商业客户显然都看到了 Palantir 技术的巨大价值——否则，他们就不会快速购买。和</blockquote></p><p> With the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.</p><p><blockquote>随着商业业务增长率超过政府业务增长率，多年来，Palantir将成为一家越来越少依赖政府合同的公司，并最终转变为一家专注于B2B的软件/技术公司。即使 Palantir 永远是一家以政府为中心的公司（根据各个业务部门目前的增长率，这似乎不太可能），但这不一定是一个问题。为政府工作意味着交易对手风险很小，现有的关系可以很容易地用来获得未来的合同。最后但并非最不重要的一点是，随着政府预算相对稳步增长，良好的政府关系带来了相当大的增长机会——特别是在Palantir活跃的国防技术/安全技术领域，因为该领域有巨大的进一步投资需求。</blockquote></p><p> The claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actually<i>declined</i>year-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.</p><p><blockquote>我认为，政府关注导致缺乏可扩展性的说法也是错误的。根据 Palantir 最新的季度报告（上文链接），其运营费用在 2020 年第三季度至 2021 年第三季度期间增加了 900 万美元，而同期收入增加了 1.03 亿美元。这支持了基于股份的薪酬的变化。如果包括这些 SBC 费用，Palantir 的费用实际上<i>拒绝</i>同比增长，而该公司的收入增长了近 40%。因此，我认为，Palantir 多年来不会产生任何规模优势的说法似乎是没有根据的。相反，数据表明 Palantir 将能够大幅提高利润率——该公司调整后毛利润大幅增长 9000 万美元，而调整后运营费用仅增长 900 万美元——从而实现了出色的运营杠杆。</blockquote></p><p> <b>3. Exposure to rising rates</b></p><p><blockquote><b>3. 面临利率上升的风险</b></blockquote></p><p> Massive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.</p><p><blockquote>大规模通胀将迫使美联储在 2022 年及以后加息，这可能是成长型股票的一个问题。与增长缓慢或没有增长但在短期内产生大量未来利润的公司相比，今天不盈利或绝大多数利润的公司更容易受到贴现率上升的影响。我相信，这可能会导致未来几年价值股的表现优于成长型股。Palantir 尚未盈利，自然属于“增长”类别，利率上升可能会产生高于平均水平的影响。我相信，这里没有真正的反驳论点——在其他条件相同的情况下，与艾伯维 (ABBV) 等价值股相比，利率上升对 Palantir 的影响确实会更大。</blockquote></p><p> This being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.</p><p><blockquote>然而，这对 Palantir 来说是一个渐进的负面影响，并不意味着在任何情况下都必须避免购买股票。事实上，尽管利率上升可能带来一些潜在的不利因素，但如果其他论点具有更大的分量，Palantir 仍然可能是一项有吸引力的投资——我相信这是真的，因为我看到 PLTR 的巨大增长潜力和巨大护城河超过了利率上升带来的一些近期不利因素。</blockquote></p><p> <b>Why Palantir Is Still Attractive</b></p><p><blockquote><b>为什么 Palantir 仍然有吸引力</b></blockquote></p><p> Bears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.</p><p><blockquote>空头提出了一系列反对 Palantir 的论点，如上所述，这些论点可能有道理。我相信它们在某些情况下可能被夸大了，但看看熊的论点不会有什么坏处——事实上，为了做出更明智的决定，看看双方似乎是个好主意。稀释确实是一个问题，尽管我不认为这会是一个太大的阻力，因为 PLTR 的业务增长很容易超过稀释，而且总体而言，稀释应该会在未来几年放缓。由于高于平均水平的商业业务增长率，对政府的依赖将随着时间的推移而减弱，总的来说，与政府做生意无论如何都不是一件坏事。从我在PLTR的数据中看到的情况来看，PLTR缺乏可扩展性的说法似乎是错误的。</blockquote></p><p></p><p> Palantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased&nbsp;Foundry&nbsp;for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an&nbsp;excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.</p><p><blockquote>尽管存在这些争论，我相信 Palantir 仍然很有吸引力：该公司发展迅速，在政府业务和商业方面都具有数十年的增长潜力，而且 Palantir 似乎拥有非常宽阔的护城河。这种合并最终可能会使 Palantir 成为最大、最重要的公司之一——尽管投资者不应指望这种情况在短期内发生。相反，我相信，随着我们的世界变得越来越渴望数据，Palantir 很有可能在 2020 年代及以后以相当大的速度增长——政府和企业都将试图从所有这些数据中获得最大价值，而 Palantir 凭借其量身定制的解决方案将为客户提供这种价值。凭借最近展示的 Foundry for crypto 等新工具，Palantir 处于各种新兴技术的前沿。由于 Palantir 可以接触到顶尖人才——这是 SBC 和出色工作环境的结果——我相信 Palantir 很有可能能够在大数据/人工智能领域的各种未来市场中具有高度竞争力，而这些市场甚至可能还不存在。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> In general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.</p><p><blockquote>总的来说，我不是一个成长型投资者——相反，我主要关注价格有吸引力、现金流强劲的股票，通常是那些支付股息的股票。然而，Palantir 在我的投资组合中有些异类——它是一只成长型股票，尚未真正盈利，而且其大部分潜力还需要数年时间。由于巨大的市场机会、优秀的人才和宽阔的护城河的极具吸引力的结合，Palantir 对我来说仍然是一项有吸引力的长期投资。这不是一只能让投资者快速致富的股票，但我相信 Palantir 很有可能在未来 10 多年内成为一家非常占主导地位的重要公司。明年收入的 19 倍，PLTR 并不便宜，但当我们预计该公司将在未来许多年内以强劲的速度增长时，这对我来说也一点也不奇怪。听听空头的论点是有道理的，但我相信这里利大于弊。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475960-palantir-3-reasons-against-it-and-why-its-still-a-buy\">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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4475960-palantir-3-reasons-against-it-and-why-its-still-a-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117226796","content_text":"Summary\n\nPalantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.\nPLTR dilutes its shareholders, but that is not necessarily a huge problem.\nDespite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.\n\nspxChrome/E+ via Getty Images\nArticle Thesis\nPalantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.\n3 Issues Brought Up By Bears\nPalantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:\n1. Shareholder Dilution\nGrowth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:\nData by YCharts\nThanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):\nData by YCharts\nMassive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:\nSource: Palantir Press Release\nCompared to the second quarter, Palantir's average share count was 1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.\n2. Reliance on government contracts\nIn a recent bearish article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:\nSource: Palantir Technologies presentation\nIn fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With\nWith the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.\nThe claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actuallydeclinedyear-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.\n3. Exposure to rising rates\nMassive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.\nThis being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.\nWhy Palantir Is Still Attractive\nBears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.\nPalantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased Foundry for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.\nTakeaway\nIn general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693317359,"gmtCreate":1639970624721,"gmtModify":1639970624881,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/693317359","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.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，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，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然具有弹性。</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额外的上涨空间。</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，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</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（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，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%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</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>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 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规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入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>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 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财年概述及基本前景回顾</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门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 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，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。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 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，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，升级和切换用户的数量强劲增长了两位数。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。威瑞森和美国电话电报公司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，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</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 销量在 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 “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，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，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的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年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将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</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>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、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”方面的开发能力。这些发展有望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，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入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有望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全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</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有利于苹果快速增长的服务部门。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、使用最广泛的应用商店之一，因此可以合理地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的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这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程序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 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 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不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也只会减少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数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产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。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一个价值 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，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</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>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “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为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</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，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。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，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 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>即将加息的估值前景和潜在影响</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 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，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（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，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，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，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间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。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。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的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，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</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细分市场即将推出，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，并抵消即将到来的加息带来的任何潜在影响。</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>ii.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>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，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，预计将进一步提振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，并进一步加强其抵御更广泛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，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 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，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，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然具有弹性。</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额外的上涨空间。</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，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</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（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，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%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</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>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 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规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入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>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 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财年概述及基本前景回顾</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门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 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，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。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 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，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，升级和切换用户的数量强劲增长了两位数。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。威瑞森和美国电话电报公司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，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</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 销量在 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 “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，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，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的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年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将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</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>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、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”方面的开发能力。这些发展有望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，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入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有望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全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</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有利于苹果快速增长的服务部门。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、使用最广泛的应用商店之一，因此可以合理地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的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这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程序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 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 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不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也只会减少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数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产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。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一个价值 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，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</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>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “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为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</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，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。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，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 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>即将加息的估值前景和潜在影响</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 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，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（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，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，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，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间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。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。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的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，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</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细分市场即将推出，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，并抵消即将到来的加息带来的任何潜在影响。</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>ii.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>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，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，预计将进一步提振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，并进一步加强其抵御更广泛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，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 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":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699326092,"gmtCreate":1639751531138,"gmtModify":1639751541657,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699326092","isVote":1,"tweetType":1,"viewCount":1239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690446466,"gmtCreate":1639704773548,"gmtModify":1639704773711,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690446466","repostId":"1157750048","repostType":2,"repost":{"id":"1157750048","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":1639698910,"share":"https://www.laohunote.com/m/news/1157750048?lang=zh_CN&edition=full","pubTime":"2021-12-17 07:55","market":"us","language":"zh","title":"昨夜今晨：大型科技股全线下挫！苹果欲开发自研无线芯片","url":"https://stock-news.laohu8.com/highlight/detail?id=1157750048","media":"老虎资讯综合","summary":"摘要：①科技股拖累美股收跌，纳指大跌近2.5%；②热门中概股收盘涨跌不一，开心汽车涨超36%；③贝壳股价周四收盘跌近2% 此前遭浑水公司做空；④英国央行在疫情危机爆发以来首次加息，以对抗通胀飙升。\n\n","content":"<blockquote>\n 摘要：①科技股拖累美股收跌，纳指大跌近2.5%；②热门中概股收盘涨跌不一，开心汽车涨超36%；③贝壳股价周四收盘跌近2% 此前遭浑水公司做空；④英国央行在疫情危机爆发以来首次加息，以对抗通胀飙升。\n</blockquote>\n<p>海外市场</p>\n<p>1、科技股拖累美股收跌纳指大跌近2.5%、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>下挫3.9%</p>\n<p>周四(12月16日)，美国股市下滑，大型科技股的疲软拖累了主要股指的表现。以科技股为主的纳斯达克综合指数下跌2.47%，创下9月以来的最大单日跌幅。标准普尔500指数下跌0.87%，道琼斯工业指数跌0.08%。</p>\n<p>周四的交易中，一些大型科技股走势艰难，苹果下跌3.9%，<a href=\"https://laohu8.com/S/AMD\">AMD</a>和<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等主要半导体股分别下跌近5.4%和6.8%。<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>公司的前瞻指导低于分析师预期，该公司股价下跌超过10%。</p>\n<p>2、热门中概股周四收盘涨跌不一 <a href=\"https://laohu8.com/S/KXIN\">开心汽车</a>涨超36% <a href=\"https://laohu8.com/S/BEKE\">贝壳</a>跌近2%</p>\n<p>热门中概股周四收盘涨跌不一，开心汽车涨超36%，此前该公司获超5亿美元新能源卡车订单；贝壳跌近2%，该公司此前遭知名做空机构浑水公司做空。</p>\n<p><a href=\"https://laohu8.com/S/QTT\">趣头条</a>涨超9%，<a href=\"https://laohu8.com/S/UCL\">优克联</a>涨超8%，<a href=\"https://laohu8.com/S/STG\">尚德机构</a>涨超6%，人人公司、<a href=\"https://laohu8.com/S/WDH\">水滴</a>公司、<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>涨超5%，<a href=\"https://laohu8.com/S/LIZI\">荔枝</a>、<a href=\"https://laohu8.com/S/VNET\">世纪互联</a>涨超4%；<a href=\"https://laohu8.com/S/BQ\">波奇宠物</a>、<a href=\"https://laohu8.com/S/EBON\">亿邦国际</a>跌超8%，携程跌超7%，<a href=\"https://laohu8.com/S/UXIN\">优信</a>、<a href=\"https://laohu8.com/S/JG\">极光</a>、<a href=\"https://laohu8.com/S/DDL\">叮咚</a>买菜跌超6%。</p>\n<p>3、石油及天然气行业领涨欧股 德国DAX30指数涨1%</p>\n<p>欧洲股市周四（12月16日）跳涨，受欧洲及英国央行的货币政策决定支持。泛欧斯托克600指数周四收盘上涨1.23%，石油和天然气股领涨涨幅2.8%，所有行业和主要股市都在积极区域交易。泛欧斯托克600指数上涨5.80点，涨幅1.23%，报476.56点；德国DAX30指数收盘上涨154.78点，涨幅1.00%，报15631.13点；</p>\n<p>4、美国库存下降 美元走软 双重利好支持油价上涨</p>\n<p>周四(12月16日)，在美国公布自9月以来最大的原油库存下降而美元下滑后，油价连续第二天上涨。截至发稿，美国WTI原油期货上涨117美分，涨幅1.65%，报72.04美元/桶；布伦特期货上涨93美分，涨幅1.26%，报74.81美元/桶。</p>\n<p>5、贵金属集体大爆发！黄金狂飙逾20美元</p>\n<p>周四(12月16日)，金价上涨逾1%，因美元走软，此前美联储决定加快退出在大流行时期推出的刺激措施，符合市场普遍预期。</p>\n<p>美市尾盘，现货黄金收报1798.87美元/盎司，上涨22.60美元或1.27%，日内最高触及1799.57美元高点，最低触及1775.43美元。</p>\n<p>国际宏观</p>\n<p>1、拜登签署提高美国政府债务上限法案</p>\n<p>CNBC报道，美国总统拜登于当地时间12月16日签署了将债务上限提高2.5万亿美元的法案，使美国财政部的借款授权延长至2023年，暂时避免政府债务违约。</p>\n<p>为避免出现债务违约，美国财政部长耶伦近期敦促国会在12月15日之前再次调高债务上限，但共和党不愿配合行动。经过协商，参议院民主党领袖舒默和共和党领袖麦康奈尔上周达成协议，允许参议院绕过多数立法批准所需的60票门槛、以简单多数通过相关决议案，从而使在参议院拥有50席的民主党可以不依靠共和党支持独自提高债务上限。</p>\n<p>2、福奇：奥密克戎将在几周内成为美国主要流行毒株</p>\n<p>美国国家过敏症和传染病研究所所长安东尼-福奇周四表示，奥密克戎将在几周内成为美国的主要流行新冠毒株，并敦促民众接种新冠疫苗和加强针。</p>\n<p>“这是我们面临的最具传染性的新冠毒株，它很快就会在这里占据主导地位。”福奇称。</p>\n<p>3、拜登2万亿美元经济支出计划据悉因党内分歧推迟到2022年表决</p>\n<p>参议院民主党人放弃了在今年通过总统拜登2万亿美元经济议程的打算，使白宫遭受政治打击。延期消息得到了两位知情人士证实。如此一来民主党内围绕支出法案的分歧可能会加剧，许多民主党人将该法案视为2022年中期选举的关键。</p>\n<p>4、欧洲央行维持三大利率不变 拉加德重申明年不太可能加息</p>\n<p>当地时间周四(12月16日)，欧洲央行在德国法兰克福举行的管委会会议上决定，维持三大关键利率不变，符合市场预期。同时决定在明年一季度放缓为应对疫情而采取的“紧急购债计划(PEPP)”，该计划也将按原定时间在明年三月底终止。</p>\n<p>5、英国央行在疫情危机爆发以来首次加息 以对抗通胀飙升</p>\n<p>在英国央行之前，美联储已经转向了更鹰派的立场大多数经济学家之前预计英国央行维持利率不变。英国央行自新冠疫情爆发以来首次加息。尽管创纪录的新冠感染病例给经济带来威胁，但该国依然在全球率先行动以对抗通胀飙升。</p>\n<p>6、美联储隔夜逆回购连续第二天创下历史新高</p>\n<p>周四，美联储隔夜逆回购协议的使用量增加365亿美元，达到1.658万亿美元。这超过了周三创下的历史纪录1.621万亿美元。周四有78家对手方利用了这一工具。</p>\n<p>随着机构对存放短期现金的需求增加，今年美联储逆回购工具的使用规模飙升。政府现金余额下降以及对突破债务上限的担忧也起到了推波助澜的作用。</p>\n<p>公司新闻</p>\n<p>1、<a href=\"https://laohu8.com/NW/2192944121\" target=\"_blank\">贝壳股价周四收盘跌近2% 此前遭浑水公司做空</a></p>\n<p>贝壳股价周四收盘下跌1.98%，报18.31美元，该公司此前遭知名做空机构浑水公司（Muddy Waters Research）做空。在浑水公司造假指控下，贝壳股价周四经历了“过山车”行情。贝壳股价在浑水做空报告发布后，盘前跌一度大跌10%，随后该公司的回应令股价拉升，盘中一度大涨14%，但临近午盘再度回落，此后维持低位震荡。</p>\n<p>2、<a href=\"https://laohu8.com/NW/2191945453\" target=\"_blank\">携程Q3财报：前三季度总营收恢复至疫情前56%，国际业务成突破口</a></p>\n<p>12月16日，携程集团发布了截至2021年9月30日第三季度未经审计的财务业绩。财报显示，今年第三季度，携程实现营收53亿元，经调整EBITDA为5.37亿元，经调整EBITDA利润率为10%。同时，归属于携程股东的净亏损为8.49亿元（约合1.31亿美元），上年同期录得净利润16亿元。</p>\n<p>3、<a href=\"https://laohu8.com/NW/2192894268\" target=\"_blank\">美国疾控中心专家表示辉瑞和Moderna的疫苗优于强生</a></p>\n<p>美国公共卫生顾问表示，Moderna和辉瑞的mRNA疫苗比强生疫苗更适合成年人使用。美国疾控中心免疫实践咨询委员会周四开会，15名成员一致投票同意关于强生疫苗的建议。此前，美国监管机构修改关于强生疫苗的情况说明，就该疫苗可能引发罕见的血栓综合症发出警告。</p>\n<p>4、<a href=\"https://laohu8.com/NW/2192094908\" target=\"_blank\">报道称苹果为南加州办事处招聘工程师 以开发自研无线芯片</a></p>\n<p>据报道，苹果公司正在为南加州的一个办事处招聘工程师，以开发自研无线芯片，并最终取代<a href=\"https://laohu8.com/S/BRCM\">博通</a>和<a href=\"https://laohu8.com/S/SWKS\">思佳讯</a>制造的芯片。</p>\n<p>报道称，苹果公司正在寻找“数十名”人员在尔湾开发芯片，该地区靠近<a href=\"https://laohu8.com/S/AVGO\">博通</a>、思佳讯和其他芯片制造商的所在地。</p>\n<h4>5、<a href=\"https://laohu8.com/NW/2192947198\" target=\"_blank\">Rivian Q3财报：净亏损扩大至12.3亿美元 官宣50亿美元建新厂</a></h4>\n<p>美股周四盘后，刚刚在11月IPO狂揽137亿美元融资的电动车概念股Rivian发布上市后首份财报，首次取得营收和亏损扩大也在市场的意料之中。</p>\n<p>根据财报披露，公司今年三季度总共实现营收100万美元，营运损失7.76亿美元，净亏损12.33亿美元，去年同期亏损2.88亿美元。</p>\n<p>6、<a href=\"https://laohu8.com/NW/2192414459\" target=\"_blank\">成长股逆风不止 Adobe疲软前瞻指引导致股价大跌逾10%</a></p>\n<p>当地时间周四，美股软件巨头Adobe发布截至12月3日的2021财年四季报，虽然财报本身创出营收新高，但逊于预期的前瞻指引再度引发了投资者抛售，截至发稿公司股价跌10.81%。</p>\n<p>7、<a href=\"https://laohu8.com/NW/2192085949\" target=\"_blank\">瑞幸咖啡4.6亿美元债务重组获得美国法院批准</a></p>\n<p><a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>的债务重组计划获得美国曼哈顿一名联邦法官的同意，意味着这项在开曼群岛法院制定的安排可以在美国实施。根据法院文件，4.6亿美元票据的持有人将获得3.2亿美元现金加新债券。该计划还了结了股东在瑞幸咖啡被指虚报销售额后发起的很多诉讼。该公司高层还在继续应对部分股东诉讼。瑞幸咖啡美股粉单市场目前跌2.2%。</p>\n<p>8、<a href=\"https://laohu8.com/NW/2191943669\" target=\"_blank\">达美航空预计2022年会盈利，2024年营收有望超500亿美元</a></p>\n<p>达美航空(DAL.US)表示，该公司预计将在2022年实现有意义的盈利，并在2024年超越疫情前盈利水平。</p>\n<p>达美航空在其资本市场日活动上介绍了其战略重点，财务方面的首要任务是恢复其财务基础，重点关注效率和现金产生，到2024年实现投资级别指标。</p>\n<p>9、<a href=\"https://laohu8.com/NW/2192894799\" target=\"_blank\">卡骆驰：一双橡胶鞋撑起了股价五年飙升近2000%</a></p>\n<p>今年迄今为止，<a href=\"https://laohu8.com/S/CROX\">卡骆驰</a>股价已飙升近130%，5年涨幅超过1,900%，主导了标普400非必需消费品板块在此期间85%的涨幅。相比之下，以看似火箭式的涨幅和直言不讳的CEO而闻名的<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>股价在这段时间飙升了约2100%。</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>昨夜今晨：大型科技股全线下挫！苹果欲开发自研无线芯片</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; 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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昨夜今晨：大型科技股全线下挫！苹果欲开发自研无线芯片\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\">2021-12-17 07:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 摘要：①科技股拖累美股收跌，纳指大跌近2.5%；②热门中概股收盘涨跌不一，开心汽车涨超36%；③贝壳股价周四收盘跌近2% 此前遭浑水公司做空；④英国央行在疫情危机爆发以来首次加息，以对抗通胀飙升。\n</blockquote>\n<p>海外市场</p>\n<p>1、科技股拖累美股收跌纳指大跌近2.5%、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>下挫3.9%</p>\n<p>周四(12月16日)，美国股市下滑，大型科技股的疲软拖累了主要股指的表现。以科技股为主的纳斯达克综合指数下跌2.47%，创下9月以来的最大单日跌幅。标准普尔500指数下跌0.87%，道琼斯工业指数跌0.08%。</p>\n<p>周四的交易中，一些大型科技股走势艰难，苹果下跌3.9%，<a href=\"https://laohu8.com/S/AMD\">AMD</a>和<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等主要半导体股分别下跌近5.4%和6.8%。<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>公司的前瞻指导低于分析师预期，该公司股价下跌超过10%。</p>\n<p>2、热门中概股周四收盘涨跌不一 <a href=\"https://laohu8.com/S/KXIN\">开心汽车</a>涨超36% <a href=\"https://laohu8.com/S/BEKE\">贝壳</a>跌近2%</p>\n<p>热门中概股周四收盘涨跌不一，开心汽车涨超36%，此前该公司获超5亿美元新能源卡车订单；贝壳跌近2%，该公司此前遭知名做空机构浑水公司做空。</p>\n<p><a href=\"https://laohu8.com/S/QTT\">趣头条</a>涨超9%，<a href=\"https://laohu8.com/S/UCL\">优克联</a>涨超8%，<a href=\"https://laohu8.com/S/STG\">尚德机构</a>涨超6%，人人公司、<a href=\"https://laohu8.com/S/WDH\">水滴</a>公司、<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>涨超5%，<a href=\"https://laohu8.com/S/LIZI\">荔枝</a>、<a href=\"https://laohu8.com/S/VNET\">世纪互联</a>涨超4%；<a href=\"https://laohu8.com/S/BQ\">波奇宠物</a>、<a href=\"https://laohu8.com/S/EBON\">亿邦国际</a>跌超8%，携程跌超7%，<a href=\"https://laohu8.com/S/UXIN\">优信</a>、<a href=\"https://laohu8.com/S/JG\">极光</a>、<a href=\"https://laohu8.com/S/DDL\">叮咚</a>买菜跌超6%。</p>\n<p>3、石油及天然气行业领涨欧股 德国DAX30指数涨1%</p>\n<p>欧洲股市周四（12月16日）跳涨，受欧洲及英国央行的货币政策决定支持。泛欧斯托克600指数周四收盘上涨1.23%，石油和天然气股领涨涨幅2.8%，所有行业和主要股市都在积极区域交易。泛欧斯托克600指数上涨5.80点，涨幅1.23%，报476.56点；德国DAX30指数收盘上涨154.78点，涨幅1.00%，报15631.13点；</p>\n<p>4、美国库存下降 美元走软 双重利好支持油价上涨</p>\n<p>周四(12月16日)，在美国公布自9月以来最大的原油库存下降而美元下滑后，油价连续第二天上涨。截至发稿，美国WTI原油期货上涨117美分，涨幅1.65%，报72.04美元/桶；布伦特期货上涨93美分，涨幅1.26%，报74.81美元/桶。</p>\n<p>5、贵金属集体大爆发！黄金狂飙逾20美元</p>\n<p>周四(12月16日)，金价上涨逾1%，因美元走软，此前美联储决定加快退出在大流行时期推出的刺激措施，符合市场普遍预期。</p>\n<p>美市尾盘，现货黄金收报1798.87美元/盎司，上涨22.60美元或1.27%，日内最高触及1799.57美元高点，最低触及1775.43美元。</p>\n<p>国际宏观</p>\n<p>1、拜登签署提高美国政府债务上限法案</p>\n<p>CNBC报道，美国总统拜登于当地时间12月16日签署了将债务上限提高2.5万亿美元的法案，使美国财政部的借款授权延长至2023年，暂时避免政府债务违约。</p>\n<p>为避免出现债务违约，美国财政部长耶伦近期敦促国会在12月15日之前再次调高债务上限，但共和党不愿配合行动。经过协商，参议院民主党领袖舒默和共和党领袖麦康奈尔上周达成协议，允许参议院绕过多数立法批准所需的60票门槛、以简单多数通过相关决议案，从而使在参议院拥有50席的民主党可以不依靠共和党支持独自提高债务上限。</p>\n<p>2、福奇：奥密克戎将在几周内成为美国主要流行毒株</p>\n<p>美国国家过敏症和传染病研究所所长安东尼-福奇周四表示，奥密克戎将在几周内成为美国的主要流行新冠毒株，并敦促民众接种新冠疫苗和加强针。</p>\n<p>“这是我们面临的最具传染性的新冠毒株，它很快就会在这里占据主导地位。”福奇称。</p>\n<p>3、拜登2万亿美元经济支出计划据悉因党内分歧推迟到2022年表决</p>\n<p>参议院民主党人放弃了在今年通过总统拜登2万亿美元经济议程的打算，使白宫遭受政治打击。延期消息得到了两位知情人士证实。如此一来民主党内围绕支出法案的分歧可能会加剧，许多民主党人将该法案视为2022年中期选举的关键。</p>\n<p>4、欧洲央行维持三大利率不变 拉加德重申明年不太可能加息</p>\n<p>当地时间周四(12月16日)，欧洲央行在德国法兰克福举行的管委会会议上决定，维持三大关键利率不变，符合市场预期。同时决定在明年一季度放缓为应对疫情而采取的“紧急购债计划(PEPP)”，该计划也将按原定时间在明年三月底终止。</p>\n<p>5、英国央行在疫情危机爆发以来首次加息 以对抗通胀飙升</p>\n<p>在英国央行之前，美联储已经转向了更鹰派的立场大多数经济学家之前预计英国央行维持利率不变。英国央行自新冠疫情爆发以来首次加息。尽管创纪录的新冠感染病例给经济带来威胁，但该国依然在全球率先行动以对抗通胀飙升。</p>\n<p>6、美联储隔夜逆回购连续第二天创下历史新高</p>\n<p>周四，美联储隔夜逆回购协议的使用量增加365亿美元，达到1.658万亿美元。这超过了周三创下的历史纪录1.621万亿美元。周四有78家对手方利用了这一工具。</p>\n<p>随着机构对存放短期现金的需求增加，今年美联储逆回购工具的使用规模飙升。政府现金余额下降以及对突破债务上限的担忧也起到了推波助澜的作用。</p>\n<p>公司新闻</p>\n<p>1、<a href=\"https://laohu8.com/NW/2192944121\" target=\"_blank\">贝壳股价周四收盘跌近2% 此前遭浑水公司做空</a></p>\n<p>贝壳股价周四收盘下跌1.98%，报18.31美元，该公司此前遭知名做空机构浑水公司（Muddy Waters Research）做空。在浑水公司造假指控下，贝壳股价周四经历了“过山车”行情。贝壳股价在浑水做空报告发布后，盘前跌一度大跌10%，随后该公司的回应令股价拉升，盘中一度大涨14%，但临近午盘再度回落，此后维持低位震荡。</p>\n<p>2、<a href=\"https://laohu8.com/NW/2191945453\" target=\"_blank\">携程Q3财报：前三季度总营收恢复至疫情前56%，国际业务成突破口</a></p>\n<p>12月16日，携程集团发布了截至2021年9月30日第三季度未经审计的财务业绩。财报显示，今年第三季度，携程实现营收53亿元，经调整EBITDA为5.37亿元，经调整EBITDA利润率为10%。同时，归属于携程股东的净亏损为8.49亿元（约合1.31亿美元），上年同期录得净利润16亿元。</p>\n<p>3、<a href=\"https://laohu8.com/NW/2192894268\" target=\"_blank\">美国疾控中心专家表示辉瑞和Moderna的疫苗优于强生</a></p>\n<p>美国公共卫生顾问表示，Moderna和辉瑞的mRNA疫苗比强生疫苗更适合成年人使用。美国疾控中心免疫实践咨询委员会周四开会，15名成员一致投票同意关于强生疫苗的建议。此前，美国监管机构修改关于强生疫苗的情况说明，就该疫苗可能引发罕见的血栓综合症发出警告。</p>\n<p>4、<a href=\"https://laohu8.com/NW/2192094908\" target=\"_blank\">报道称苹果为南加州办事处招聘工程师 以开发自研无线芯片</a></p>\n<p>据报道，苹果公司正在为南加州的一个办事处招聘工程师，以开发自研无线芯片，并最终取代<a href=\"https://laohu8.com/S/BRCM\">博通</a>和<a href=\"https://laohu8.com/S/SWKS\">思佳讯</a>制造的芯片。</p>\n<p>报道称，苹果公司正在寻找“数十名”人员在尔湾开发芯片，该地区靠近<a href=\"https://laohu8.com/S/AVGO\">博通</a>、思佳讯和其他芯片制造商的所在地。</p>\n<h4>5、<a href=\"https://laohu8.com/NW/2192947198\" target=\"_blank\">Rivian Q3财报：净亏损扩大至12.3亿美元 官宣50亿美元建新厂</a></h4>\n<p>美股周四盘后，刚刚在11月IPO狂揽137亿美元融资的电动车概念股Rivian发布上市后首份财报，首次取得营收和亏损扩大也在市场的意料之中。</p>\n<p>根据财报披露，公司今年三季度总共实现营收100万美元，营运损失7.76亿美元，净亏损12.33亿美元，去年同期亏损2.88亿美元。</p>\n<p>6、<a href=\"https://laohu8.com/NW/2192414459\" target=\"_blank\">成长股逆风不止 Adobe疲软前瞻指引导致股价大跌逾10%</a></p>\n<p>当地时间周四，美股软件巨头Adobe发布截至12月3日的2021财年四季报，虽然财报本身创出营收新高，但逊于预期的前瞻指引再度引发了投资者抛售，截至发稿公司股价跌10.81%。</p>\n<p>7、<a href=\"https://laohu8.com/NW/2192085949\" target=\"_blank\">瑞幸咖啡4.6亿美元债务重组获得美国法院批准</a></p>\n<p><a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>的债务重组计划获得美国曼哈顿一名联邦法官的同意，意味着这项在开曼群岛法院制定的安排可以在美国实施。根据法院文件，4.6亿美元票据的持有人将获得3.2亿美元现金加新债券。该计划还了结了股东在瑞幸咖啡被指虚报销售额后发起的很多诉讼。该公司高层还在继续应对部分股东诉讼。瑞幸咖啡美股粉单市场目前跌2.2%。</p>\n<p>8、<a href=\"https://laohu8.com/NW/2191943669\" target=\"_blank\">达美航空预计2022年会盈利，2024年营收有望超500亿美元</a></p>\n<p>达美航空(DAL.US)表示，该公司预计将在2022年实现有意义的盈利，并在2024年超越疫情前盈利水平。</p>\n<p>达美航空在其资本市场日活动上介绍了其战略重点，财务方面的首要任务是恢复其财务基础，重点关注效率和现金产生，到2024年实现投资级别指标。</p>\n<p>9、<a href=\"https://laohu8.com/NW/2192894799\" target=\"_blank\">卡骆驰：一双橡胶鞋撑起了股价五年飙升近2000%</a></p>\n<p>今年迄今为止，<a href=\"https://laohu8.com/S/CROX\">卡骆驰</a>股价已飙升近130%，5年涨幅超过1,900%，主导了标普400非必需消费品板块在此期间85%的涨幅。相比之下，以看似火箭式的涨幅和直言不讳的CEO而闻名的<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>股价在这段时间飙升了约2100%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"159813":"芯片","BK4170":"电脑硬件、储存设备及电脑周边","BK4566":"资本集团","BK4553":"喜马拉雅资本持仓",".IXIC":"NASDAQ Composite","BK4515":"5G概念","BK4532":"文艺复兴科技持仓","AAPL":"苹果","BK4505":"高瓴资本持仓","BK4554":"元宇宙及AR概念","QNETCN":"纳斯达克中美互联网老虎指数","03086":"华夏纳指","BK4507":"流媒体概念","TTTN":"老虎中美互联网巨头ETF","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)",".SPX":"S&P 500 Index","BK4550":"红杉资本持仓","BK4559":"巴菲特持仓",".DJI":"道琼斯","BK4501":"段永平概念","BK4527":"明星科技股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157750048","content_text":"摘要：①科技股拖累美股收跌，纳指大跌近2.5%；②热门中概股收盘涨跌不一，开心汽车涨超36%；③贝壳股价周四收盘跌近2% 此前遭浑水公司做空；④英国央行在疫情危机爆发以来首次加息，以对抗通胀飙升。\n\n海外市场\n1、科技股拖累美股收跌纳指大跌近2.5%、苹果下挫3.9%\n周四(12月16日)，美国股市下滑，大型科技股的疲软拖累了主要股指的表现。以科技股为主的纳斯达克综合指数下跌2.47%，创下9月以来的最大单日跌幅。标准普尔500指数下跌0.87%，道琼斯工业指数跌0.08%。\n周四的交易中，一些大型科技股走势艰难，苹果下跌3.9%，AMD和英伟达等主要半导体股分别下跌近5.4%和6.8%。Adobe公司的前瞻指导低于分析师预期，该公司股价下跌超过10%。\n2、热门中概股周四收盘涨跌不一 开心汽车涨超36% 贝壳跌近2%\n热门中概股周四收盘涨跌不一，开心汽车涨超36%，此前该公司获超5亿美元新能源卡车订单；贝壳跌近2%，该公司此前遭知名做空机构浑水公司做空。\n趣头条涨超9%，优克联涨超8%，尚德机构涨超6%，人人公司、水滴公司、猎豹移动涨超5%，荔枝、世纪互联涨超4%；波奇宠物、亿邦国际跌超8%，携程跌超7%，优信、极光、叮咚买菜跌超6%。\n3、石油及天然气行业领涨欧股 德国DAX30指数涨1%\n欧洲股市周四（12月16日）跳涨，受欧洲及英国央行的货币政策决定支持。泛欧斯托克600指数周四收盘上涨1.23%，石油和天然气股领涨涨幅2.8%，所有行业和主要股市都在积极区域交易。泛欧斯托克600指数上涨5.80点，涨幅1.23%，报476.56点；德国DAX30指数收盘上涨154.78点，涨幅1.00%，报15631.13点；\n4、美国库存下降 美元走软 双重利好支持油价上涨\n周四(12月16日)，在美国公布自9月以来最大的原油库存下降而美元下滑后，油价连续第二天上涨。截至发稿，美国WTI原油期货上涨117美分，涨幅1.65%，报72.04美元/桶；布伦特期货上涨93美分，涨幅1.26%，报74.81美元/桶。\n5、贵金属集体大爆发！黄金狂飙逾20美元\n周四(12月16日)，金价上涨逾1%，因美元走软，此前美联储决定加快退出在大流行时期推出的刺激措施，符合市场普遍预期。\n美市尾盘，现货黄金收报1798.87美元/盎司，上涨22.60美元或1.27%，日内最高触及1799.57美元高点，最低触及1775.43美元。\n国际宏观\n1、拜登签署提高美国政府债务上限法案\nCNBC报道，美国总统拜登于当地时间12月16日签署了将债务上限提高2.5万亿美元的法案，使美国财政部的借款授权延长至2023年，暂时避免政府债务违约。\n为避免出现债务违约，美国财政部长耶伦近期敦促国会在12月15日之前再次调高债务上限，但共和党不愿配合行动。经过协商，参议院民主党领袖舒默和共和党领袖麦康奈尔上周达成协议，允许参议院绕过多数立法批准所需的60票门槛、以简单多数通过相关决议案，从而使在参议院拥有50席的民主党可以不依靠共和党支持独自提高债务上限。\n2、福奇：奥密克戎将在几周内成为美国主要流行毒株\n美国国家过敏症和传染病研究所所长安东尼-福奇周四表示，奥密克戎将在几周内成为美国的主要流行新冠毒株，并敦促民众接种新冠疫苗和加强针。\n“这是我们面临的最具传染性的新冠毒株，它很快就会在这里占据主导地位。”福奇称。\n3、拜登2万亿美元经济支出计划据悉因党内分歧推迟到2022年表决\n参议院民主党人放弃了在今年通过总统拜登2万亿美元经济议程的打算，使白宫遭受政治打击。延期消息得到了两位知情人士证实。如此一来民主党内围绕支出法案的分歧可能会加剧，许多民主党人将该法案视为2022年中期选举的关键。\n4、欧洲央行维持三大利率不变 拉加德重申明年不太可能加息\n当地时间周四(12月16日)，欧洲央行在德国法兰克福举行的管委会会议上决定，维持三大关键利率不变，符合市场预期。同时决定在明年一季度放缓为应对疫情而采取的“紧急购债计划(PEPP)”，该计划也将按原定时间在明年三月底终止。\n5、英国央行在疫情危机爆发以来首次加息 以对抗通胀飙升\n在英国央行之前，美联储已经转向了更鹰派的立场大多数经济学家之前预计英国央行维持利率不变。英国央行自新冠疫情爆发以来首次加息。尽管创纪录的新冠感染病例给经济带来威胁，但该国依然在全球率先行动以对抗通胀飙升。\n6、美联储隔夜逆回购连续第二天创下历史新高\n周四，美联储隔夜逆回购协议的使用量增加365亿美元，达到1.658万亿美元。这超过了周三创下的历史纪录1.621万亿美元。周四有78家对手方利用了这一工具。\n随着机构对存放短期现金的需求增加，今年美联储逆回购工具的使用规模飙升。政府现金余额下降以及对突破债务上限的担忧也起到了推波助澜的作用。\n公司新闻\n1、贝壳股价周四收盘跌近2% 此前遭浑水公司做空\n贝壳股价周四收盘下跌1.98%，报18.31美元，该公司此前遭知名做空机构浑水公司（Muddy Waters Research）做空。在浑水公司造假指控下，贝壳股价周四经历了“过山车”行情。贝壳股价在浑水做空报告发布后，盘前跌一度大跌10%，随后该公司的回应令股价拉升，盘中一度大涨14%，但临近午盘再度回落，此后维持低位震荡。\n2、携程Q3财报：前三季度总营收恢复至疫情前56%，国际业务成突破口\n12月16日，携程集团发布了截至2021年9月30日第三季度未经审计的财务业绩。财报显示，今年第三季度，携程实现营收53亿元，经调整EBITDA为5.37亿元，经调整EBITDA利润率为10%。同时，归属于携程股东的净亏损为8.49亿元（约合1.31亿美元），上年同期录得净利润16亿元。\n3、美国疾控中心专家表示辉瑞和Moderna的疫苗优于强生\n美国公共卫生顾问表示，Moderna和辉瑞的mRNA疫苗比强生疫苗更适合成年人使用。美国疾控中心免疫实践咨询委员会周四开会，15名成员一致投票同意关于强生疫苗的建议。此前，美国监管机构修改关于强生疫苗的情况说明，就该疫苗可能引发罕见的血栓综合症发出警告。\n4、报道称苹果为南加州办事处招聘工程师 以开发自研无线芯片\n据报道，苹果公司正在为南加州的一个办事处招聘工程师，以开发自研无线芯片，并最终取代博通和思佳讯制造的芯片。\n报道称，苹果公司正在寻找“数十名”人员在尔湾开发芯片，该地区靠近博通、思佳讯和其他芯片制造商的所在地。\n5、Rivian Q3财报：净亏损扩大至12.3亿美元 官宣50亿美元建新厂\n美股周四盘后，刚刚在11月IPO狂揽137亿美元融资的电动车概念股Rivian发布上市后首份财报，首次取得营收和亏损扩大也在市场的意料之中。\n根据财报披露，公司今年三季度总共实现营收100万美元，营运损失7.76亿美元，净亏损12.33亿美元，去年同期亏损2.88亿美元。\n6、成长股逆风不止 Adobe疲软前瞻指引导致股价大跌逾10%\n当地时间周四，美股软件巨头Adobe发布截至12月3日的2021财年四季报，虽然财报本身创出营收新高，但逊于预期的前瞻指引再度引发了投资者抛售，截至发稿公司股价跌10.81%。\n7、瑞幸咖啡4.6亿美元债务重组获得美国法院批准\n瑞幸咖啡的债务重组计划获得美国曼哈顿一名联邦法官的同意，意味着这项在开曼群岛法院制定的安排可以在美国实施。根据法院文件，4.6亿美元票据的持有人将获得3.2亿美元现金加新债券。该计划还了结了股东在瑞幸咖啡被指虚报销售额后发起的很多诉讼。该公司高层还在继续应对部分股东诉讼。瑞幸咖啡美股粉单市场目前跌2.2%。\n8、达美航空预计2022年会盈利，2024年营收有望超500亿美元\n达美航空(DAL.US)表示，该公司预计将在2022年实现有意义的盈利，并在2024年超越疫情前盈利水平。\n达美航空在其资本市场日活动上介绍了其战略重点，财务方面的首要任务是恢复其财务基础，重点关注效率和现金产生，到2024年实现投资级别指标。\n9、卡骆驰：一双橡胶鞋撑起了股价五年飙升近2000%\n今年迄今为止，卡骆驰股价已飙升近130%，5年涨幅超过1,900%，主导了标普400非必需消费品板块在此期间85%的涨幅。相比之下，以看似火箭式的涨幅和直言不讳的CEO而闻名的特斯拉股价在这段时间飙升了约2100%。","news_type":1,"symbols_score_info":{"159813":0,".DJI":0,".IXIC":0,"AAPL":0,"QNETCN":0,".SPX":0,"03086":0,"TTTN":0}},"isVote":1,"tweetType":1,"viewCount":1429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690234754,"gmtCreate":1639668750311,"gmtModify":1639669000012,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pos","listText":"Like pos","text":"Like pos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690234754","repostId":"1143444346","repostType":4,"repost":{"id":"1143444346","kind":"news","pubTimestamp":1639664828,"share":"https://www.laohunote.com/m/news/1143444346?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:27","market":"us","language":"en","title":"Strong trend in U.S. industrial output continues in November<blockquote>美国11月份工业产出继续强劲趋势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143444346","media":"MarketWatch","summary":"The numbers: Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led","content":"<p><b>The numbers:</b> Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led by strong gains in manufacturing and mining – which includes oil production.</p><p><blockquote><b>数字：</b>美联储周四报告称，11 月份工业生产增长 0.5%，主要原因是制造业和采矿业（包括石油生产）强劲增长。</blockquote></p><p> The gain was above Wall Street expectations of a 0.6% gain, according to a survey by The Wall Street Journal.</p><p><blockquote>根据《华尔街日报》的一项调查，这一涨幅高于华尔街预期的 0.6%。</blockquote></p><p> Capacity utilization rose to 76.8% in November from 76.5% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities.</p><p><blockquote>11月份的产能利用率从上月的76.5%上升至76.8%。产能利用率反映了国家工厂、矿山和公用事业的运营限制。</blockquote></p><p> The gain was in line with expectations.</p><p><blockquote>收益符合预期。</blockquote></p><p> <b>Big picture:</b> Manufacturing has been a bright spot in the economy despite headwinds from supply constraints.</p><p><blockquote><b>大局：</b>尽管面临供应限制的阻力，制造业一直是经济中的一个亮点。</blockquote></p><p> <b>Market reaction:</b>Stocks&nbsp;were&nbsp;set to rally further&nbsp;following Wednesday’s Fed decision.</p><p><blockquote><b>市场反应：</b>美联储周三做出决定后，股市将进一步反弹。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Strong trend in U.S. industrial output continues in November<blockquote>美国11月份工业产出继续强劲趋势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nStrong trend in U.S. industrial output continues in November<blockquote>美国11月份工业产出继续强劲趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-16 22:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The numbers:</b> Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led by strong gains in manufacturing and mining – which includes oil production.</p><p><blockquote><b>数字：</b>美联储周四报告称，11 月份工业生产增长 0.5%，主要原因是制造业和采矿业（包括石油生产）强劲增长。</blockquote></p><p> The gain was above Wall Street expectations of a 0.6% gain, according to a survey by The Wall Street Journal.</p><p><blockquote>根据《华尔街日报》的一项调查，这一涨幅高于华尔街预期的 0.6%。</blockquote></p><p> Capacity utilization rose to 76.8% in November from 76.5% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities.</p><p><blockquote>11月份的产能利用率从上月的76.5%上升至76.8%。产能利用率反映了国家工厂、矿山和公用事业的运营限制。</blockquote></p><p> The gain was in line with expectations.</p><p><blockquote>收益符合预期。</blockquote></p><p> <b>Big picture:</b> Manufacturing has been a bright spot in the economy despite headwinds from supply constraints.</p><p><blockquote><b>大局：</b>尽管面临供应限制的阻力，制造业一直是经济中的一个亮点。</blockquote></p><p> <b>Market reaction:</b>Stocks&nbsp;were&nbsp;set to rally further&nbsp;following Wednesday’s Fed decision.</p><p><blockquote><b>市场反应：</b>美联储周三做出决定后，股市将进一步反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/strong-trend-in-u-s-industrial-output-continues-in-november-11639664374?mod=mw_latestnews\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/strong-trend-in-u-s-industrial-output-continues-in-november-11639664374?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143444346","content_text":"The numbers: Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led by strong gains in manufacturing and mining – which includes oil production.\n\nThe gain was above Wall Street expectations of a 0.6% gain, according to a survey by The Wall Street Journal.\nCapacity utilization rose to 76.8% in November from 76.5% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities.\nThe gain was in line with expectations.\nBig picture: Manufacturing has been a bright spot in the economy despite headwinds from supply constraints.\nMarket reaction:Stocks were set to rally further following Wednesday’s Fed decision.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690234861,"gmtCreate":1639668730074,"gmtModify":1639668987718,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Share and like pls","listText":"Share and like pls","text":"Share and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690234861","repostId":"1165407341","repostType":4,"repost":{"id":"1165407341","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":1639665605,"share":"https://www.laohunote.com/m/news/1165407341?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:40","market":"us","language":"en","title":"Beke jumped over 9% though Muddy Waters said it was shorting Beke Holdings<blockquote>尽管浑水表示正在做空 Beke Holdings，但 Beke 股价上涨超过 9%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165407341","media":"Tiger Newspress","summary":"Beke jumped over 9% though Muddy Waters said it was shorting Beke Holdings.Muddy Water Research thou","content":"<p>Beke&nbsp;jumped&nbsp;over&nbsp;9%&nbsp;though&nbsp;Muddy Waters said it was shorting Beke Holdings.<img src=\"https://static.tigerbbs.com/3ee10ec051ffd1cbb29699d2e4f1d52b\" tg-width=\"777\" tg-height=\"566\" width=\"100%\" height=\"auto\">Muddy Water Research&nbsp;thought this was a huge hoax, like&nbsp;Luckin Coffee Inc.(LKNCY). It estimated that the revenue data of the second and third quarters are exaggerated by 77%-96%, the total turnover of new houses (GTV) is exaggerated by 126%, and the turnover of stock houses is exaggerated by 33%.</p><p><blockquote>尽管浑水公司表示正在做空 Beke Holdings，但 Beke 股价上涨超过 9%。浑水研究公司认为这是一个巨大的骗局，就像瑞星咖啡公司（LKNCY）一样。其估计，二、三季度营收数据被夸大了77%-96%，新房总成交量（GTV）被夸大了126%，存量房成交量被夸大了33%。</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>Beke jumped over 9% though Muddy Waters said it was shorting Beke Holdings<blockquote>尽管浑水表示正在做空 Beke Holdings，但 Beke 股价上涨超过 9%</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\">\nBeke jumped over 9% though Muddy Waters said it was shorting Beke Holdings<blockquote>尽管浑水表示正在做空 Beke Holdings，但 Beke 股价上涨超过 9%</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\">2021-12-16 22:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Beke&nbsp;jumped&nbsp;over&nbsp;9%&nbsp;though&nbsp;Muddy Waters said it was shorting Beke Holdings.<img src=\"https://static.tigerbbs.com/3ee10ec051ffd1cbb29699d2e4f1d52b\" tg-width=\"777\" tg-height=\"566\" width=\"100%\" height=\"auto\">Muddy Water Research&nbsp;thought this was a huge hoax, like&nbsp;Luckin Coffee Inc.(LKNCY). It estimated that the revenue data of the second and third quarters are exaggerated by 77%-96%, the total turnover of new houses (GTV) is exaggerated by 126%, and the turnover of stock houses is exaggerated by 33%.</p><p><blockquote>尽管浑水公司表示正在做空 Beke Holdings，但 Beke 股价上涨超过 9%。浑水研究公司认为这是一个巨大的骗局，就像瑞星咖啡公司（LKNCY）一样。其估计，二、三季度营收数据被夸大了77%-96%，新房总成交量（GTV）被夸大了126%，存量房成交量被夸大了33%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BEKE":"贝壳"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165407341","content_text":"Beke jumped over 9% though Muddy Waters said it was shorting Beke Holdings.Muddy Water Research thought this was a huge hoax, like Luckin Coffee Inc.(LKNCY). It estimated that the revenue data of the second and third quarters are exaggerated by 77%-96%, the total turnover of new houses (GTV) is exaggerated by 126%, and the turnover of stock houses is exaggerated by 33%.","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690235413,"gmtCreate":1639668710826,"gmtModify":1639668985777,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690235413","repostId":"1171328517","repostType":4,"repost":{"id":"1171328517","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":1639666148,"share":"https://www.laohunote.com/m/news/1171328517?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:49","market":"us","language":"en","title":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171328517","media":"Tiger Newspress","summary":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.Be","content":"<p>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.<img src=\"https://static.tigerbbs.com/d374503429ec3624076f5d7dbddb0bec\" tg-width=\"771\" tg-height=\"557\" width=\"100%\" height=\"auto\">Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.</p><p><blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议。北京步加国际物流有限公司表示，已同意在未来五年内订购至少1万辆新能源卡车，交易价值超过5亿美元。</blockquote></p><p> Lin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&amp;D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.</p><p><blockquote>开心汽车集团董事长兼首席执行官林明军表示，公司研发团队正在致力于产品设计，以满足布加的需求，预计将于明年第一季度发布。</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>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</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\">\nKaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</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\">2021-12-16 22:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.<img src=\"https://static.tigerbbs.com/d374503429ec3624076f5d7dbddb0bec\" tg-width=\"771\" tg-height=\"557\" width=\"100%\" height=\"auto\">Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.</p><p><blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议。北京步加国际物流有限公司表示，已同意在未来五年内订购至少1万辆新能源卡车，交易价值超过5亿美元。</blockquote></p><p> Lin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&amp;D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.</p><p><blockquote>开心汽车集团董事长兼首席执行官林明军表示，公司研发团队正在致力于产品设计，以满足布加的需求，预计将于明年第一季度发布。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KXIN":"开心控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171328517","content_text":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.\nLin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.","news_type":1,"symbols_score_info":{"KXIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690235586,"gmtCreate":1639668697248,"gmtModify":1639668985520,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690235586","repostId":"1195807724","repostType":4,"repost":{"id":"1195807724","kind":"news","pubTimestamp":1639666797,"share":"https://www.laohunote.com/m/news/1195807724?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:59","market":"us","language":"en","title":"U.S. manufacturing activity slows; factory supply constraints easing - IHS Markit survey<blockquote>美国制造业活动放缓；工厂供应限制缓解 - IHS Markit 调查</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195807724","media":"Reuters","summary":"U.S. manufacturing activity slowed to a one-year low in December, but there are signs that labor and","content":"<p>U.S. manufacturing activity slowed to a one-year low in December, but there are signs that labor and raw material supply constraints at factories are starting to ease.</p><p><blockquote>12月份美国制造业活动放缓至一年低点，但有迹象表明工厂的劳动力和原材料供应限制开始缓解。</blockquote></p><p> Data firm IHS Markit said on Thursday that its flash manufacturing PMI fell to a reading of 57.8 in mid-December from 58.3 in November. That was the lowest since December 2020. A reading above 50 indicates expansion in the manufacturing sector, which accounts for 12% of the economy. Economists had forecast the flash PMI climbing to 58.5.</p><p><blockquote>数据公司 IHS Markit 周四表示，12 月中旬制造业 PMI 从 11 月的 58.3 降至 57.8。这是自2020年12月以来的最低水平。读数高于50表明占经济12%的制造业正在扩张。经济学家此前预测PMI将攀升至58.5。</blockquote></p><p> Manufacturing remains underpinned by strong demand for goods and extremely lean inventories at businesses. But strained supply chains because of the COVID-19 pandemic are a constrain.</p><p><blockquote>制造业仍然受到强劲的商品需求和企业极度低迷的库存的支撑。但新冠肺炎疫情导致的供应链紧张是一个制约因素。</blockquote></p><p> There are glimmers of hope, however. The survey showed \"supply chain delays moderating markedly during the month,\" and \"the rate of job creation quickened to the fastest since June.\" It also noted that \"the rate of cost inflation softened to the slowest for seven months.\"</p><p><blockquote>然而，还是有一线希望。调查显示，“本月供应链延误明显放缓”，“就业创造速度加快至6月以来最快”。它还指出，“成本通胀率放缓至七个月来最慢。”</blockquote></p><p> But shortages remained binding for the vast services sector. The survey's flash services sector PMI dipped to a reading of 57.5 from 58.0 in November. Economists polled by Reuters had forecast a reading of 58.5 for the services sector, which accounts for more than two-thirds of U.S. economic activity.</p><p><blockquote>但短缺仍然对庞大的服务业具有约束力。该调查的快速服务业 PMI 从 11 月份的 58.0 降至 57.5。路透社调查的经济学家预测服务业的读数为58.5，占美国经济活动的三分之二以上。</blockquote></p><p> A measure of services sector input prices rose to 77.4, the highest since the series started in 2009, from 75.7 in November. That is a potential sign that inflation could remain significantly high for a while. Consumer prices increased by the most since 1982 on a year-on-year basis in November.</p><p><blockquote>衡量服务业投入价格的指标从 11 月份的 75.7 升至 77.4，为 2009 年该系列开始以来的最高水平。这是一个潜在迹象，表明通胀可能会在一段时间内保持在高位。11月份消费者价格同比涨幅创1982年以来最大。</blockquote></p><p> With both manufacturing and services sectors activity slowing, overall business activity cooled this month. The survey's flash Composite PMI Output Index fell to a reading of 56.9 from 57.2 in November.</p><p><blockquote>随着制造业和服务业活动放缓，本月整体商业活动降温。该调查的初步综合 PMI 产出指数从 11 月份的 57.2 降至 56.9。</blockquote></p><p> Its measure of prices paid by businesses for inputs climbed to 78.1. That was the highest reading since the series started in 2009 and followed 77.6 in November.</p><p><blockquote>其衡量企业投入价格的指标攀升至 78.1。这是自 2009 年该系列开始以来的最高读数，继 11 月份的 77.6 之后。</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. manufacturing activity slows; factory supply constraints easing - IHS Markit survey<blockquote>美国制造业活动放缓；工厂供应限制缓解 - IHS Markit 调查</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. manufacturing activity slows; factory supply constraints easing - IHS Markit survey<blockquote>美国制造业活动放缓；工厂供应限制缓解 - IHS Markit 调查</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-16 22:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. manufacturing activity slowed to a one-year low in December, but there are signs that labor and raw material supply constraints at factories are starting to ease.</p><p><blockquote>12月份美国制造业活动放缓至一年低点，但有迹象表明工厂的劳动力和原材料供应限制开始缓解。</blockquote></p><p> Data firm IHS Markit said on Thursday that its flash manufacturing PMI fell to a reading of 57.8 in mid-December from 58.3 in November. That was the lowest since December 2020. A reading above 50 indicates expansion in the manufacturing sector, which accounts for 12% of the economy. Economists had forecast the flash PMI climbing to 58.5.</p><p><blockquote>数据公司 IHS Markit 周四表示，12 月中旬制造业 PMI 从 11 月的 58.3 降至 57.8。这是自2020年12月以来的最低水平。读数高于50表明占经济12%的制造业正在扩张。经济学家此前预测PMI将攀升至58.5。</blockquote></p><p> Manufacturing remains underpinned by strong demand for goods and extremely lean inventories at businesses. But strained supply chains because of the COVID-19 pandemic are a constrain.</p><p><blockquote>制造业仍然受到强劲的商品需求和企业极度低迷的库存的支撑。但新冠肺炎疫情导致的供应链紧张是一个制约因素。</blockquote></p><p> There are glimmers of hope, however. The survey showed \"supply chain delays moderating markedly during the month,\" and \"the rate of job creation quickened to the fastest since June.\" It also noted that \"the rate of cost inflation softened to the slowest for seven months.\"</p><p><blockquote>然而，还是有一线希望。调查显示，“本月供应链延误明显放缓”，“就业创造速度加快至6月以来最快”。它还指出，“成本通胀率放缓至七个月来最慢。”</blockquote></p><p> But shortages remained binding for the vast services sector. The survey's flash services sector PMI dipped to a reading of 57.5 from 58.0 in November. Economists polled by Reuters had forecast a reading of 58.5 for the services sector, which accounts for more than two-thirds of U.S. economic activity.</p><p><blockquote>但短缺仍然对庞大的服务业具有约束力。该调查的快速服务业 PMI 从 11 月份的 58.0 降至 57.5。路透社调查的经济学家预测服务业的读数为58.5，占美国经济活动的三分之二以上。</blockquote></p><p> A measure of services sector input prices rose to 77.4, the highest since the series started in 2009, from 75.7 in November. That is a potential sign that inflation could remain significantly high for a while. Consumer prices increased by the most since 1982 on a year-on-year basis in November.</p><p><blockquote>衡量服务业投入价格的指标从 11 月份的 75.7 升至 77.4，为 2009 年该系列开始以来的最高水平。这是一个潜在迹象，表明通胀可能会在一段时间内保持在高位。11月份消费者价格同比涨幅创1982年以来最大。</blockquote></p><p> With both manufacturing and services sectors activity slowing, overall business activity cooled this month. The survey's flash Composite PMI Output Index fell to a reading of 56.9 from 57.2 in November.</p><p><blockquote>随着制造业和服务业活动放缓，本月整体商业活动降温。该调查的初步综合 PMI 产出指数从 11 月份的 57.2 降至 56.9。</blockquote></p><p> Its measure of prices paid by businesses for inputs climbed to 78.1. That was the highest reading since the series started in 2009 and followed 77.6 in November.</p><p><blockquote>其衡量企业投入价格的指标攀升至 78.1。这是自 2009 年该系列开始以来的最高读数，继 11 月份的 77.6 之后。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/u-manufacturing-activity-slows-factory-145248409.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/u-manufacturing-activity-slows-factory-145248409.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195807724","content_text":"U.S. manufacturing activity slowed to a one-year low in December, but there are signs that labor and raw material supply constraints at factories are starting to ease.\nData firm IHS Markit said on Thursday that its flash manufacturing PMI fell to a reading of 57.8 in mid-December from 58.3 in November. That was the lowest since December 2020. A reading above 50 indicates expansion in the manufacturing sector, which accounts for 12% of the economy. Economists had forecast the flash PMI climbing to 58.5.\nManufacturing remains underpinned by strong demand for goods and extremely lean inventories at businesses. But strained supply chains because of the COVID-19 pandemic are a constrain.\nThere are glimmers of hope, however. The survey showed \"supply chain delays moderating markedly during the month,\" and \"the rate of job creation quickened to the fastest since June.\" It also noted that \"the rate of cost inflation softened to the slowest for seven months.\"\nBut shortages remained binding for the vast services sector. The survey's flash services sector PMI dipped to a reading of 57.5 from 58.0 in November. Economists polled by Reuters had forecast a reading of 58.5 for the services sector, which accounts for more than two-thirds of U.S. economic activity.\nA measure of services sector input prices rose to 77.4, the highest since the series started in 2009, from 75.7 in November. That is a potential sign that inflation could remain significantly high for a while. Consumer prices increased by the most since 1982 on a year-on-year basis in November.\nWith both manufacturing and services sectors activity slowing, overall business activity cooled this month. The survey's flash Composite PMI Output Index fell to a reading of 56.9 from 57.2 in November.\nIts measure of prices paid by businesses for inputs climbed to 78.1. That was the highest reading since the series started in 2009 and followed 77.6 in November.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690235879,"gmtCreate":1639668666797,"gmtModify":1639668977154,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690235879","repostId":"2191945143","repostType":4,"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690236206,"gmtCreate":1639668557431,"gmtModify":1639668564942,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559556262240609","idStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[{"img":"https://static.tigerbbs.com/4eac417ed79219d7fb5caded4cb741cf","width":"1242","height":"1444"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690236206","isVote":1,"tweetType":1,"viewCount":1511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":131763464,"gmtCreate":1621897340758,"gmtModify":1634185808913,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/131763464","repostId":"2137155161","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":876606571,"gmtCreate":1637298203521,"gmtModify":1637298203646,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/876606571","repostId":"1185082595","repostType":4,"repost":{"id":"1185082595","kind":"news","pubTimestamp":1637276340,"share":"https://www.laohunote.com/m/news/1185082595?lang=zh_CN&edition=full","pubTime":"2021-11-19 06:59","market":"us","language":"en","title":"S&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185082595","media":"Reuters","summary":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corpo","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社） - 标普500和纳斯达克周四创下收盘新高，受以下公司乐观的企业盈利消息提振，包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>而土耳其央行降息后里拉进一步走弱。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际 (MSCI) 对全球股市的衡量标准持平，道琼斯工业平均指数收低。英伟达 (Nvidia) 的股价上涨，成为标普500和纳斯达克的最大支撑之一，此前该公司超出了季度预期并预测第四季度收入强劲。梅西百货 (M.N.) 上调盈利预期后股价飙升 21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>由于供应链短缺和延误，该公司预测本季度收入低于预期，一天后，该公司股价下跌 5.5%。这是越来越多引用供应链问题的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告称成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 下跌 60.1 点，或 0.17%，至 35,870.95 点；标普500指数 (.SPX) 上涨 15.87 点，或 0.34%，至 4,704.54 点；纳斯达克综合指数 (.IXIC) 上涨 72.14 点，或 0.45%，至 15,993.71。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克 600 指数 (.STOXX) 下跌 0.46%，摩根士丹利资本国际 (.MIWD00000PUS) 上涨 0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行将利率下调 100 个基点至 15%，尽管通胀率接近 20%，土耳其里拉仍下跌 2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda 高级市场分析师爱德华·莫亚 (Edward Moya) 表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，塔伊普·埃尔多安总统再次批评利率和刺激评级，里拉本月已贬值约 11.5%。最新价格为 10.909，早些时候曾触及 1 美元兑换 11.30 美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>由于交易员权衡美元最近的飙升是否走得太远，美元从 16 个月高点小幅回落。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量美元兑一篮子六种竞争对手货币的美元指数最新下跌 0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三 20 年期债券拍卖相对成功，缓解了人们对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准 10 年期国债最新利率为 1.587%。它们已从上周 1.415% 的低点反弹，目前仍低于 10 月 21 日触及的 1.705% 的五个月高点。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收盘上涨 96 美分，涨幅 1.2%，至每桶 81.24 美元；美国西德克萨斯中质原油期货收盘上涨 65 美分，涨幅 0.8%，至每桶 79.01 美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货下跌 0.5%，至 1,861.4 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>S&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</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\">\nS&P 500, Nasdaq hit record closing highs<blockquote>纳斯达克标普500创下收盘新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-19 06:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社） - 标普500和纳斯达克周四创下收盘新高，受以下公司乐观的企业盈利消息提振，包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>而土耳其央行降息后里拉进一步走弱。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际 (MSCI) 对全球股市的衡量标准持平，道琼斯工业平均指数收低。英伟达 (Nvidia) 的股价上涨，成为标普500和纳斯达克的最大支撑之一，此前该公司超出了季度预期并预测第四季度收入强劲。梅西百货 (M.N.) 上调盈利预期后股价飙升 21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>由于供应链短缺和延误，该公司预测本季度收入低于预期，一天后，该公司股价下跌 5.5%。这是越来越多引用供应链问题的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告称成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 下跌 60.1 点，或 0.17%，至 35,870.95 点；标普500指数 (.SPX) 上涨 15.87 点，或 0.34%，至 4,704.54 点；纳斯达克综合指数 (.IXIC) 上涨 72.14 点，或 0.45%，至 15,993.71。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克 600 指数 (.STOXX) 下跌 0.46%，摩根士丹利资本国际 (.MIWD00000PUS) 上涨 0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行将利率下调 100 个基点至 15%，尽管通胀率接近 20%，土耳其里拉仍下跌 2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda 高级市场分析师爱德华·莫亚 (Edward Moya) 表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，塔伊普·埃尔多安总统再次批评利率和刺激评级，里拉本月已贬值约 11.5%。最新价格为 10.909，早些时候曾触及 1 美元兑换 11.30 美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>由于交易员权衡美元最近的飙升是否走得太远，美元从 16 个月高点小幅回落。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量美元兑一篮子六种竞争对手货币的美元指数最新下跌 0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三 20 年期债券拍卖相对成功，缓解了人们对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准 10 年期国债最新利率为 1.587%。它们已从上周 1.415% 的低点反弹，目前仍低于 10 月 21 日触及的 1.705% 的五个月高点。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收盘上涨 96 美分，涨幅 1.2%，至每桶 81.24 美元；美国西德克萨斯中质原油期货收盘上涨 65 美分，涨幅 0.8%，至每桶 79.01 美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货下跌 0.5%，至 1,861.4 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185082595","content_text":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia, while Turkey's lira weakened further after its central bank cut rates.\nMSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.\nOn the flip side, Cisco Systems shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.\nInvestors have been concerned over further increases in price pressures. Retail giant Target warned of higher costs earlier this week.\nNew York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.\nThe Dow Jones Industrial Average(.DJI) fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC) added 72.14 points, or 0.45%, to 15,993.71.\nThe pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.\nTurkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.\n\"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.\nThe lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.\nThe dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.\nThe dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.\nIn the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.\nBenchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.\nOil prices rose slightly after dropping to six-week lows.\nBrent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.\nU.S. gold futures settled down 0.5% at $1,861.4.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693317359,"gmtCreate":1639970624721,"gmtModify":1639970624881,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/693317359","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.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，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，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然具有弹性。</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额外的上涨空间。</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，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</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（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，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%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</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>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 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规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入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>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 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财年概述及基本前景回顾</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门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 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，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。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 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，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，升级和切换用户的数量强劲增长了两位数。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。威瑞森和美国电话电报公司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，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</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 销量在 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 “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，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，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的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年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将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</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>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、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”方面的开发能力。这些发展有望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，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入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有望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全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</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有利于苹果快速增长的服务部门。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、使用最广泛的应用商店之一，因此可以合理地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的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这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程序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 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 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不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也只会减少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数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产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。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一个价值 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，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</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>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “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为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</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，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。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，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 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>即将加息的估值前景和潜在影响</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 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，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（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，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，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，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间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。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。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的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，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</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细分市场即将推出，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，并抵消即将到来的加息带来的任何潜在影响。</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>ii.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>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，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，预计将进一步提振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，并进一步加强其抵御更广泛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，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 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，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，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然具有弹性。</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额外的上涨空间。</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，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</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（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，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%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</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>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 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规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入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>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 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财年概述及基本前景回顾</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门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 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，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。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 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，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，升级和切换用户的数量强劲增长了两位数。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。威瑞森和美国电话电报公司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，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</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 销量在 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 “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，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，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的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年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将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</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>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、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”方面的开发能力。这些发展有望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，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入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有望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全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</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有利于苹果快速增长的服务部门。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、使用最广泛的应用商店之一，因此可以合理地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的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这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程序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 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 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不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也只会减少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数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产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。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一个价值 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，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</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>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “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为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</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，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。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，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 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>即将加息的估值前景和潜在影响</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 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，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（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，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，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，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间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。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。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的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，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</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细分市场即将推出，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，并抵消即将到来的加息带来的任何潜在影响。</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>ii.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>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，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，预计将进一步提振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，并进一步加强其抵御更广泛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，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 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":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":871434081,"gmtCreate":1637104712263,"gmtModify":1637104712495,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/871434081","repostId":"2184881094","repostType":4,"isVote":1,"tweetType":1,"viewCount":788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845939375,"gmtCreate":1636261006761,"gmtModify":1636261006948,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845939375","repostId":"2181074782","repostType":4,"isVote":1,"tweetType":1,"viewCount":845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":100929537,"gmtCreate":1619575261429,"gmtModify":1634211632712,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/100929537","repostId":"1187199105","repostType":4,"repost":{"id":"1187199105","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":1619566832,"share":"https://www.laohunote.com/m/news/1187199105?lang=zh_CN&edition=full","pubTime":"2021-04-28 07:40","market":"us","language":"en","title":"AMD stock rises after earnings show data-center sales more than doubling<blockquote>财报显示数据中心销售额翻了一番多，AMD 股价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187199105","media":"Tiger Newspress","summary":"AMD increases full-year revenue guidance after record quarterly sales, stock jumps more than 3% in e","content":"<p>AMD increases full-year revenue guidance after record quarterly sales, stock jumps more than 3% in extended session<img src=\"https://static.tigerbbs.com/174cfb55080b96346856b267d6c023ed\" tg-width=\"706\" tg-height=\"523\" referrerpolicy=\"no-referrer\">Advanced Micro Devices Inc. shares rose in the extended session Tuesday after the chip maker said data-center revenue more than doubled to fuel record quarterly sales, and increased its revenue forecast for the year.</p><p><blockquote>季度销售额创历史新高后，AMD 上调全年收入指引，股价在延长交易时段上涨超过 3%芯片制造商 Advanced Micro Devices Inc. 表示，数据中心收入增长了一倍多，推动了创纪录的季度销售额，并上调了今年的收入预测，该公司股价在周二的延长交易中上涨。</blockquote></p><p>“In the first quarter, data-center product revenue more than doubled year-over-year and represented a high teens percentage of our overall revenue,” said AMD&nbsp;Chief Executive Lisa Su on a call with analysts. “We expect data-center product revenue to grow significantly as we go through the year driven by our strong pipeline of new cloud, enterprise and [high-performance computing] wins.”</p><p><blockquote>“AMD 首席执行官 Lisa Su 在与分析师举行的看涨期权上表示：”第一季度，数据中心产品收入同比增长了一倍多，在我们总收入中所占比例很高。“在我们强大的新云、企业和[高性能计算]胜利渠道的推动下，我们预计数据中心产品收入将在今年大幅增长。”</blockquote></p><p>Sales from enterprise embedded and semi-custom chips — the unit that includes data-center and gaming-console revenue — nearly quadrupled to $1.35 billion, compared with $348 million a year ago. Analysts surveyed by FactSet expected $1.3 billion. Su’s comments about data-center revenue were helpful asAMD does not break out data-center sales from gaming sales.</p><p><blockquote>企业嵌入式和半定制芯片（包括数据中心和游戏机收入）的销售额几乎翻了两番，达到 13.5 亿美元，而一年前为 3.48 亿美元。FactSet 调查的分析师预计为 13 亿美元。苏对数据中心收入的评论很有帮助，asAMD 不会将数据中心销售与游戏销售分开。</blockquote></p><p>“I think we saw actually strong signals in the first quarter that it would be a strong data-center year for us,” Su told analysts.</p><p><blockquote>“苏对分析师说：”我认为我们在第一季度看到了强烈的信号，表明这将是我们数据中心业务强劲的一年。</blockquote></p><p>Last week, Intel Corp&nbsp;said the data-center market was in a“digestion phase,”contributing to a 20% drop in sales for data centers, yetanalysts pointed to increased competition from AMD and ARM Holdings PLC.</p><p><blockquote>上周，英特尔公司表示，数据中心市场正处于 “消化阶段”，导致数据中心销售额下降了 20%，但分析师指出，来自 AMD 和 ARM Holdings PLC 的竞争加剧。</blockquote></p><p>AMD reported first-quarter net income of $555 million, or 45 cents a share, compared with $162 million, or 14 cents a share, in the year-ago period. After adjusting for stock-based compensation and other factors, the Santa Clara, Calif.-based company reported earnings of 52 cents a share, compared with 18 cents a share in the year-ago period. Revenue rose to $3.45 billion from $1.79 billion in the year-ago quarter.</p><p><blockquote>AMD 公布第一季度净利润为 5.55 亿美元，即每股收益 45 美分，而去年同期为 1.62 亿美元，即每股收益 14 美分。在调整股票薪酬和其他因素后，这家总部位于加利福尼亚州圣克拉拉的公司公布每股收益为 52 美分，而去年同期为每股 18 美分。收入从去年同期的 17.9 亿美元增至 34.5 亿美元。</blockquote></p><p>Analysts surveyed by FactSet had forecast adjusted earnings of 44 cents a share on revenue of $3.18 billion, and AMD projected between $3.1 billion and $3.3 billion.</p><p><blockquote>FactSet 调查的分析师预测调整后每股收益为 44 美分，营收为 31.8 亿美元，AMD 预计营收在 31 亿至 33 亿美元之间。</blockquote></p><p>AMD reported first-quarter sales of $2.1 billion for computing and graphics chips, up 46% from $1.44 billion last year, compared with analyst expectations of $1.89 billion.</p><p><blockquote>AMD 公布第一季度计算和图形芯片销售额为 21 亿美元，比去年的 14.4 亿美元增长 46%，而分析师预期为 18.9 亿美元。</blockquote></p><p>Executives also increased AMD’s guidance for the full year, to a sales increase of about 50% from previous guidance of a roughly 37% increase. AMD reported revenue of $9.67 billion last year, suggesting sales of about $14.65 billion this year; analysts had been forecasting revenue of $13.46 billion, according to FactSet.</p><p><blockquote>高管们还上调了 AMD 全年的销售额指引，将销售额增幅从之前的约 37% 提高到 50% 左右。AMD 去年报告营收为 96.7 亿美元，今年销售额约为 146.5 亿美元；据 FactSet 称，分析师此前预测收入为 134.6 亿美元。</blockquote></p><p>AMD expects second-quarter revenue of $3.5 billion to $3.7 billion, while analysts had been projecting $3.23 billion, according to FactSet.</p><p><blockquote>FactSet 的数据显示，AMD 预计第二季度营收为 35 亿至 37 亿美元，而分析师此前预计为 32.3 亿美元。</blockquote></p><p>Shares gained more than 3% in after-hours trading, following a 0.2% decline in the regular session to close at $85.21.</p><p><blockquote>股价在盘后交易中上涨超过 3%，常规交易时段下跌 0.2%，收于 85.21 美元。</blockquote></p><p>AMD’s strong earnings come amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers that chip designs use, work to clear waiting lists that span several months.</p><p><blockquote>AMD 的强劲盈利正值微芯片持续短缺以满足全球各行业的需求之际，而生产芯片设计所使用的硅片的公司正在努力清除长达数月的等候名单。</blockquote></p><p>More of how the chip sector is dealing with supply shortages will be revealed this week, with Qualcomm Inc.QCOM,-0.68%earnings on Wednesday and KLA Corp.KLAC,-1.58%earnings on Thursday.</p><p><blockquote>本周将公布更多芯片行业如何应对供应短缺的信息，其中高通公司（Qualcomm Inc.QCOM）周三收益-0.68%，KLA Corp.KLAC（KLAC）周四收益-1.58%。</blockquote></p><p>Over the past 12 months, AMD shares have gained 51%. In comparison, the PHLX Semiconductor IndexSOX,-0.76%has gained 87%, the S&amp;P 500 index&nbsp;has risen 54%, and the tech-heavy Nasdaq Composite Index&nbsp;is up 61%.</p><p><blockquote>过去 12 个月，AMD 股价上涨了 51%。相比之下，PHLX半导体指数SOX,-0.76%上涨87%，标普500指数上涨54%，以科技股为主的纳斯达克综合指数上涨61%。</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>AMD stock rises after earnings show data-center sales more than doubling<blockquote>财报显示数据中心销售额翻了一番多，AMD 股价上涨</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\">\nAMD stock rises after earnings show data-center sales more than doubling<blockquote>财报显示数据中心销售额翻了一番多，AMD 股价上涨</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\">2021-04-28 07:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>AMD increases full-year revenue guidance after record quarterly sales, stock jumps more than 3% in extended session<img src=\"https://static.tigerbbs.com/174cfb55080b96346856b267d6c023ed\" tg-width=\"706\" tg-height=\"523\" referrerpolicy=\"no-referrer\">Advanced Micro Devices Inc. shares rose in the extended session Tuesday after the chip maker said data-center revenue more than doubled to fuel record quarterly sales, and increased its revenue forecast for the year.</p><p><blockquote>季度销售额创历史新高后，AMD 上调全年收入指引，股价在延长交易时段上涨超过 3%芯片制造商 Advanced Micro Devices Inc. 表示，数据中心收入增长了一倍多，推动了创纪录的季度销售额，并上调了今年的收入预测，该公司股价在周二的延长交易中上涨。</blockquote></p><p>“In the first quarter, data-center product revenue more than doubled year-over-year and represented a high teens percentage of our overall revenue,” said AMD&nbsp;Chief Executive Lisa Su on a call with analysts. “We expect data-center product revenue to grow significantly as we go through the year driven by our strong pipeline of new cloud, enterprise and [high-performance computing] wins.”</p><p><blockquote>“AMD 首席执行官 Lisa Su 在与分析师举行的看涨期权上表示：”第一季度，数据中心产品收入同比增长了一倍多，在我们总收入中所占比例很高。“在我们强大的新云、企业和[高性能计算]胜利渠道的推动下，我们预计数据中心产品收入将在今年大幅增长。”</blockquote></p><p>Sales from enterprise embedded and semi-custom chips — the unit that includes data-center and gaming-console revenue — nearly quadrupled to $1.35 billion, compared with $348 million a year ago. Analysts surveyed by FactSet expected $1.3 billion. Su’s comments about data-center revenue were helpful asAMD does not break out data-center sales from gaming sales.</p><p><blockquote>企业嵌入式和半定制芯片（包括数据中心和游戏机收入）的销售额几乎翻了两番，达到 13.5 亿美元，而一年前为 3.48 亿美元。FactSet 调查的分析师预计为 13 亿美元。苏对数据中心收入的评论很有帮助，asAMD 不会将数据中心销售与游戏销售分开。</blockquote></p><p>“I think we saw actually strong signals in the first quarter that it would be a strong data-center year for us,” Su told analysts.</p><p><blockquote>“苏对分析师说：”我认为我们在第一季度看到了强烈的信号，表明这将是我们数据中心业务强劲的一年。</blockquote></p><p>Last week, Intel Corp&nbsp;said the data-center market was in a“digestion phase,”contributing to a 20% drop in sales for data centers, yetanalysts pointed to increased competition from AMD and ARM Holdings PLC.</p><p><blockquote>上周，英特尔公司表示，数据中心市场正处于 “消化阶段”，导致数据中心销售额下降了 20%，但分析师指出，来自 AMD 和 ARM Holdings PLC 的竞争加剧。</blockquote></p><p>AMD reported first-quarter net income of $555 million, or 45 cents a share, compared with $162 million, or 14 cents a share, in the year-ago period. After adjusting for stock-based compensation and other factors, the Santa Clara, Calif.-based company reported earnings of 52 cents a share, compared with 18 cents a share in the year-ago period. Revenue rose to $3.45 billion from $1.79 billion in the year-ago quarter.</p><p><blockquote>AMD 公布第一季度净利润为 5.55 亿美元，即每股收益 45 美分，而去年同期为 1.62 亿美元，即每股收益 14 美分。在调整股票薪酬和其他因素后，这家总部位于加利福尼亚州圣克拉拉的公司公布每股收益为 52 美分，而去年同期为每股 18 美分。收入从去年同期的 17.9 亿美元增至 34.5 亿美元。</blockquote></p><p>Analysts surveyed by FactSet had forecast adjusted earnings of 44 cents a share on revenue of $3.18 billion, and AMD projected between $3.1 billion and $3.3 billion.</p><p><blockquote>FactSet 调查的分析师预测调整后每股收益为 44 美分，营收为 31.8 亿美元，AMD 预计营收在 31 亿至 33 亿美元之间。</blockquote></p><p>AMD reported first-quarter sales of $2.1 billion for computing and graphics chips, up 46% from $1.44 billion last year, compared with analyst expectations of $1.89 billion.</p><p><blockquote>AMD 公布第一季度计算和图形芯片销售额为 21 亿美元，比去年的 14.4 亿美元增长 46%，而分析师预期为 18.9 亿美元。</blockquote></p><p>Executives also increased AMD’s guidance for the full year, to a sales increase of about 50% from previous guidance of a roughly 37% increase. AMD reported revenue of $9.67 billion last year, suggesting sales of about $14.65 billion this year; analysts had been forecasting revenue of $13.46 billion, according to FactSet.</p><p><blockquote>高管们还上调了 AMD 全年的销售额指引，将销售额增幅从之前的约 37% 提高到 50% 左右。AMD 去年报告营收为 96.7 亿美元，今年销售额约为 146.5 亿美元；据 FactSet 称，分析师此前预测收入为 134.6 亿美元。</blockquote></p><p>AMD expects second-quarter revenue of $3.5 billion to $3.7 billion, while analysts had been projecting $3.23 billion, according to FactSet.</p><p><blockquote>FactSet 的数据显示，AMD 预计第二季度营收为 35 亿至 37 亿美元，而分析师此前预计为 32.3 亿美元。</blockquote></p><p>Shares gained more than 3% in after-hours trading, following a 0.2% decline in the regular session to close at $85.21.</p><p><blockquote>股价在盘后交易中上涨超过 3%，常规交易时段下跌 0.2%，收于 85.21 美元。</blockquote></p><p>AMD’s strong earnings come amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers that chip designs use, work to clear waiting lists that span several months.</p><p><blockquote>AMD 的强劲盈利正值微芯片持续短缺以满足全球各行业的需求之际，而生产芯片设计所使用的硅片的公司正在努力清除长达数月的等候名单。</blockquote></p><p>More of how the chip sector is dealing with supply shortages will be revealed this week, with Qualcomm Inc.QCOM,-0.68%earnings on Wednesday and KLA Corp.KLAC,-1.58%earnings on Thursday.</p><p><blockquote>本周将公布更多芯片行业如何应对供应短缺的信息，其中高通公司（Qualcomm Inc.QCOM）周三收益-0.68%，KLA Corp.KLAC（KLAC）周四收益-1.58%。</blockquote></p><p>Over the past 12 months, AMD shares have gained 51%. In comparison, the PHLX Semiconductor IndexSOX,-0.76%has gained 87%, the S&amp;P 500 index&nbsp;has risen 54%, and the tech-heavy Nasdaq Composite Index&nbsp;is up 61%.</p><p><blockquote>过去 12 个月，AMD 股价上涨了 51%。相比之下，PHLX半导体指数SOX,-0.76%上涨87%，标普500指数上涨54%，以科技股为主的纳斯达克综合指数上涨61%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187199105","content_text":"AMD increases full-year revenue guidance after record quarterly sales, stock jumps more than 3% in extended sessionAdvanced Micro Devices Inc. shares rose in the extended session Tuesday after the chip maker said data-center revenue more than doubled to fuel record quarterly sales, and increased its revenue forecast for the year.“In the first quarter, data-center product revenue more than doubled year-over-year and represented a high teens percentage of our overall revenue,” said AMD Chief Executive Lisa Su on a call with analysts. “We expect data-center product revenue to grow significantly as we go through the year driven by our strong pipeline of new cloud, enterprise and [high-performance computing] wins.”Sales from enterprise embedded and semi-custom chips — the unit that includes data-center and gaming-console revenue — nearly quadrupled to $1.35 billion, compared with $348 million a year ago. Analysts surveyed by FactSet expected $1.3 billion. Su’s comments about data-center revenue were helpful asAMD does not break out data-center sales from gaming sales.“I think we saw actually strong signals in the first quarter that it would be a strong data-center year for us,” Su told analysts.Last week, Intel Corp said the data-center market was in a“digestion phase,”contributing to a 20% drop in sales for data centers, yetanalysts pointed to increased competition from AMD and ARM Holdings PLC.AMD reported first-quarter net income of $555 million, or 45 cents a share, compared with $162 million, or 14 cents a share, in the year-ago period. After adjusting for stock-based compensation and other factors, the Santa Clara, Calif.-based company reported earnings of 52 cents a share, compared with 18 cents a share in the year-ago period. Revenue rose to $3.45 billion from $1.79 billion in the year-ago quarter.Analysts surveyed by FactSet had forecast adjusted earnings of 44 cents a share on revenue of $3.18 billion, and AMD projected between $3.1 billion and $3.3 billion.AMD reported first-quarter sales of $2.1 billion for computing and graphics chips, up 46% from $1.44 billion last year, compared with analyst expectations of $1.89 billion.Executives also increased AMD’s guidance for the full year, to a sales increase of about 50% from previous guidance of a roughly 37% increase. AMD reported revenue of $9.67 billion last year, suggesting sales of about $14.65 billion this year; analysts had been forecasting revenue of $13.46 billion, according to FactSet.AMD expects second-quarter revenue of $3.5 billion to $3.7 billion, while analysts had been projecting $3.23 billion, according to FactSet.Shares gained more than 3% in after-hours trading, following a 0.2% decline in the regular session to close at $85.21.AMD’s strong earnings come amid a continuing shortage of microchips to sate demand from global industries, and the companies that make the silicon wafers that chip designs use, work to clear waiting lists that span several months.More of how the chip sector is dealing with supply shortages will be revealed this week, with Qualcomm Inc.QCOM,-0.68%earnings on Wednesday and KLA Corp.KLAC,-1.58%earnings on Thursday.Over the past 12 months, AMD shares have gained 51%. In comparison, the PHLX Semiconductor IndexSOX,-0.76%has gained 87%, the S&P 500 index has risen 54%, and the tech-heavy Nasdaq Composite Index is up 61%.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":691501734,"gmtCreate":1640217289617,"gmtModify":1640217390125,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691501734","repostId":"2193211354","repostType":4,"isVote":1,"tweetType":1,"viewCount":4694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690235413,"gmtCreate":1639668710826,"gmtModify":1639668985777,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690235413","repostId":"1171328517","repostType":4,"repost":{"id":"1171328517","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":1639666148,"share":"https://www.laohunote.com/m/news/1171328517?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:49","market":"us","language":"en","title":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171328517","media":"Tiger Newspress","summary":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.Be","content":"<p>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.<img src=\"https://static.tigerbbs.com/d374503429ec3624076f5d7dbddb0bec\" tg-width=\"771\" tg-height=\"557\" width=\"100%\" height=\"auto\">Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.</p><p><blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议。北京步加国际物流有限公司表示，已同意在未来五年内订购至少1万辆新能源卡车，交易价值超过5亿美元。</blockquote></p><p> Lin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&amp;D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.</p><p><blockquote>开心汽车集团董事长兼首席执行官林明军表示，公司研发团队正在致力于产品设计，以满足布加的需求，预计将于明年第一季度发布。</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>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</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\">\nKaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks<blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议</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\">2021-12-16 22:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.<img src=\"https://static.tigerbbs.com/d374503429ec3624076f5d7dbddb0bec\" tg-width=\"771\" tg-height=\"557\" width=\"100%\" height=\"auto\">Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.</p><p><blockquote>开心汽车早盘上涨25%，赢得1万辆新能源卡车订单协议。北京步加国际物流有限公司表示，已同意在未来五年内订购至少1万辆新能源卡车，交易价值超过5亿美元。</blockquote></p><p> Lin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&amp;D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.</p><p><blockquote>开心汽车集团董事长兼首席执行官林明军表示，公司研发团队正在致力于产品设计，以满足布加的需求，预计将于明年第一季度发布。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KXIN":"开心控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171328517","content_text":"Kaixin Auto rose 25% in morning trading as it won an order agreement for 10,000 new energy trucks.Beijing Bujia International Logistics Limited has agreed to order at least 10,000 new energy trucks over the next five years, with a deal worth more than $500 million, it said.\nLin Mingjun, chairman and CEO of Kaixin Auto Group, said that the company's R&D team is working on product design to meet Bujia's needs, which is expected to be released in the first quarter of next year.","news_type":1,"symbols_score_info":{"KXIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607918678,"gmtCreate":1639473077736,"gmtModify":1639473142176,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/607918678","repostId":"1172530627","repostType":4,"repost":{"id":"1172530627","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":1639472825,"share":"https://www.laohunote.com/m/news/1172530627?lang=zh_CN&edition=full","pubTime":"2021-12-14 17:07","market":"us","language":"en","title":"Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan<blockquote>微博在盘前交易中下跌近5%，被罚款1430万元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172530627","media":"Tiger Newspress","summary":"Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan.Recently, the person i","content":"<p>Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan.<img src=\"https://static.tigerbbs.com/91cd82b952fa18862f7ef96ff6bb4608\" tg-width=\"769\" tg-height=\"566\" referrerpolicy=\"no-referrer\">Recently, the person in charge of the State Internet Information Office interviewed the principal person in charge and editor-in-chief of Sina Weibo.&nbsp;In view of the fact that Sina Weibo and its account have repeatedly appeared information prohibited by laws and regulations from publishing or transmitting recently, and the circumstances are serious, according to the Cyber Security Law of the People's Republic of China, the Law of the People's Republic of China on the Protection of Minors and other laws and regulations, it is ordered to immediately rectify and seriously deal with relevant responsible persons. Beijing Internet Information Office imposed an administrative penalty of RMB 3 million on Beijing Weimeng Chuangke Network Technology Co., Ltd., the main operator of Sina Weibo. From January to November, 2021, the State Internet Information Office instructed Weibo Internet Information Office to impose 44 disposal penalties on Sina Weibo, and imposed a fine of 500,000 yuan for many times, with a total fine of 14.3 million yuan.</p><p><blockquote>微博在盘前交易中下跌近5%，被罚款1430万元。近日，国家互联网信息办公室负责人约谈了新浪微博主要负责人、总编辑，鉴于新浪微博及其账号近期多次出现法律法规禁止发布或者传输的信息，情节严重，根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》等法律法规，责令其立即整改，并对相关责任人严肃处理。北京市互联网信息办公室对新浪微博主要运营商北京微盟创科网络科技有限公司作出罚款人民币300万元的行政处罚。2021年1月至11月，国家互联网信息办公室责成微博互联网信息办公室对新浪微博作出44次处置处罚，多次处以50万元罚款，合计罚款1430万元。</blockquote></p><p> The&nbsp;company&nbsp;says&nbsp;it&nbsp;sincerely accepts the criticism from the competent department, conscientiously implements the rectification requirements, resolutely fulfills the main responsibility, and continuously improves the ecological governance level. According to the requirements of the competent department, it&nbsp;will&nbsp;set up a rectification implementation working group.</p><p><blockquote>该公司表示，诚恳接受主管部门的通报批评，认真落实整改要求，坚决履行主体责任，不断提升生态治理水平。根据主管部门要求，成立整改落实工作组。</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>Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan<blockquote>微博在盘前交易中下跌近5%，被罚款1430万元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan<blockquote>微博在盘前交易中下跌近5%，被罚款1430万元</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\">2021-12-14 17:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan.<img src=\"https://static.tigerbbs.com/91cd82b952fa18862f7ef96ff6bb4608\" tg-width=\"769\" tg-height=\"566\" referrerpolicy=\"no-referrer\">Recently, the person in charge of the State Internet Information Office interviewed the principal person in charge and editor-in-chief of Sina Weibo.&nbsp;In view of the fact that Sina Weibo and its account have repeatedly appeared information prohibited by laws and regulations from publishing or transmitting recently, and the circumstances are serious, according to the Cyber Security Law of the People's Republic of China, the Law of the People's Republic of China on the Protection of Minors and other laws and regulations, it is ordered to immediately rectify and seriously deal with relevant responsible persons. Beijing Internet Information Office imposed an administrative penalty of RMB 3 million on Beijing Weimeng Chuangke Network Technology Co., Ltd., the main operator of Sina Weibo. From January to November, 2021, the State Internet Information Office instructed Weibo Internet Information Office to impose 44 disposal penalties on Sina Weibo, and imposed a fine of 500,000 yuan for many times, with a total fine of 14.3 million yuan.</p><p><blockquote>微博在盘前交易中下跌近5%，被罚款1430万元。近日，国家互联网信息办公室负责人约谈了新浪微博主要负责人、总编辑，鉴于新浪微博及其账号近期多次出现法律法规禁止发布或者传输的信息，情节严重，根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》等法律法规，责令其立即整改，并对相关责任人严肃处理。北京市互联网信息办公室对新浪微博主要运营商北京微盟创科网络科技有限公司作出罚款人民币300万元的行政处罚。2021年1月至11月，国家互联网信息办公室责成微博互联网信息办公室对新浪微博作出44次处置处罚，多次处以50万元罚款，合计罚款1430万元。</blockquote></p><p> The&nbsp;company&nbsp;says&nbsp;it&nbsp;sincerely accepts the criticism from the competent department, conscientiously implements the rectification requirements, resolutely fulfills the main responsibility, and continuously improves the ecological governance level. According to the requirements of the competent department, it&nbsp;will&nbsp;set up a rectification implementation working group.</p><p><blockquote>该公司表示，诚恳接受主管部门的通报批评，认真落实整改要求，坚决履行主体责任，不断提升生态治理水平。根据主管部门要求，成立整改落实工作组。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09898":"微博-SW","WB":"微博"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172530627","content_text":"Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan.Recently, the person in charge of the State Internet Information Office interviewed the principal person in charge and editor-in-chief of Sina Weibo. In view of the fact that Sina Weibo and its account have repeatedly appeared information prohibited by laws and regulations from publishing or transmitting recently, and the circumstances are serious, according to the Cyber Security Law of the People's Republic of China, the Law of the People's Republic of China on the Protection of Minors and other laws and regulations, it is ordered to immediately rectify and seriously deal with relevant responsible persons. Beijing Internet Information Office imposed an administrative penalty of RMB 3 million on Beijing Weimeng Chuangke Network Technology Co., Ltd., the main operator of Sina Weibo. From January to November, 2021, the State Internet Information Office instructed Weibo Internet Information Office to impose 44 disposal penalties on Sina Weibo, and imposed a fine of 500,000 yuan for many times, with a total fine of 14.3 million yuan.\nThe company says it sincerely accepts the criticism from the competent department, conscientiously implements the rectification requirements, resolutely fulfills the main responsibility, and continuously improves the ecological governance level. According to the requirements of the competent department, it will set up a rectification implementation working group.","news_type":1,"symbols_score_info":{"09898":0.9,"WB":0.9}},"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875134843,"gmtCreate":1637623993609,"gmtModify":1637623993683,"author":{"id":"3559556262240609","authorId":"3559556262240609","name":"iSaac","avatar":"https://static.tigerbbs.com/dda49cbd870fdcc56a2dace4614d8ede","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559556262240609","authorIdStr":"3559556262240609"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/875134843","repostId":"2185306806","repostType":4,"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}