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2021-05-13

Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807

Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</blockquote>

2021-05-13

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Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</blockquote>

2021-05-13

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Inflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</blockquote>

2021-05-13

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2021-05-13

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BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191437526","repostId":"1172412248","repostType":4,"repost":{"id":"1172412248","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":1620896640,"share":"https://www.laohunote.com/m/news/1172412248?lang=zh_CN&edition=full","pubTime":"2021-05-13 17:04","market":"us","language":"en","title":"Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172412248","media":"Tiger Newspress","summary":"XPeng Inc. a leading Chinese smart electric vehicle  company, today announced its unaudited financial results for the first quarter ended March 31, 2021.Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.Revenue of $450.4M misses by $15.38M.Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the tot","content":"<p>XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>中国领先的智能电动汽车（“智能电动汽车”）公司小鹏汽车今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.</li><li>Revenue of $450.4M&nbsp;misses by $15.38M.</li><li>Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul>Shares&nbsp;+1.78%&nbsp;PM.</p><p><blockquote><ul><li>小鹏汽车第一季度非 GAAP 每股收益为 -0.13 美元，超出 0.07 美元；GAAP 每股收益为 -0.15 美元，低于 0.02 美元。</li><li>收入4.504亿美元，低于预期1538万美元。</li><li>2021年第一季度汽车交付量达到13,340辆，较2020年同期的2,271辆增长487.4%，较2020年第四季度的12,964辆增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至2021年3月31日，小鹏汽车的实体销售和服务网络共有178家门店和61个服务中心，覆盖70个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul>下午股价 +1.78%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d69e0ac387bcf35b348fc3b8585197a\" tg-width=\"766\" tg-height=\"494\" referrerpolicy=\"no-referrer\"><b>First Quarter 2021 Operational Highlights</b></p><p><blockquote><b>2021年第一季度运营亮点</b></blockquote></p><p><ul><li><b>Deliveries of vehicles</b>reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul><b>First Quarter 2021 Financial Highlights</b></p><p><blockquote><ul><li><b>车辆交付</b>2021年第一季度达到13,340家，较2020年同期的2,271家增长487.4%，较2020年第四季度的12,964家增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至 2021 年 3 月 31 日，小鹏汽车的实体销售和服务网络共有 178 家门店和 61 个服务中心，覆盖 70 个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</li><li><b>Revenues from vehicle sales</b>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.</li><li><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.</li><li><b>Vehicle margin</b>, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.</li><li><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,<b>non-GAAP net loss</b>was RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,<b>non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per American depositary share (ADS)</b>were both RMB0.99 (US$0.15) for the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.</li><li><b>Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits</b>were RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.</li></ul>“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.</p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</li><li><b>车辆销售收入</b>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。</li><li><b>毛利率</b>2021年第一季度为11.2%，而2020年同期为负4.8%，2020年第四季度为7.4%。</li><li><b>车辆余量</b>2021年第一季度汽车销售毛利占汽车销售收入的百分比为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。</li><li><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。扣除以股份为基础的补偿开支及与优先股赎回权相关的衍生负债的公允价值变动，<b>非公认会计准则净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股的赎回价值增值，<b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>每股美国存托股 (ADS) 基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元）。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元）。每股美国存托凭证代表两股A类普通股。</li><li><b>现金及现金等价物、受限制现金、短期存款、短期投资及长期存款</b>截至2021年3月31日为人民币36,201.0百万元（5,525.4百万美元）。</li></ul>“小鹏汽车董事长兼首席执行官何小鹏先生说：”尽管汽车需求季节性放缓，半导体短缺，但第一季度为 2021 年开了个好头，汽车交付量仍打破纪录。“我们本季度的强劲势头得益于我们行业领先的全栈自动驾驶技术、稳健的差异化产品战略以及引领智能电动汽车开发和转型的愿景。</blockquote></p><p></p><p>“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&amp;D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.</p><p><blockquote>“值得注意的是，自 1 月底发布 XPILOT 3.0 的 OTA 更新以来，我们现在开始确认来自我们专有的 XPILOT 软件的收入。随着我们在全栈内部研发能力和强大的闭环数据能力的推动下，技术快速迭代不断发展壮大，我相信 XPILOT 的软件货币化将成为我们汽车销售收入的一部分，成为经常性收入。</blockquote></p><p>“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.</p><p><blockquote>“快速的软件迭代也支持我们不断推出配备更强大硬件的新车型。全球首款量产配备激光雷达的智能电动汽车 P5 的首次亮相凸显了我们塑造未来移动体验的使命。</blockquote></p><p>“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.</p><p><blockquote>“展望未来，我们将继续致力于我们的长期战略路线图和技术创新，以推动智能电动汽车的转型。此外，我们将继续进行长期投资，建设我们的销售、服务和充电设施，以及我们的生产和供应链能力，以支持未来几年的强劲增长，”何先生补充道。</blockquote></p><p>“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.</p><p><blockquote>“小鹏汽车副董事长兼总裁Brian Gu博士说：”小鹏汽车在2021年第一季度的强劲表现表明，我们有能力制造差异化的智能电动汽车，以满足庞大且不断增长的客户群的各种需求。“得益于本季度创纪录的交付量，我们第一季度的收入达到人民币29.509亿元，同比增长616.1%。我们的盈利能力也进一步提升。特别是，我们的毛利率继续上升，在本季度达到11.2%。</blockquote></p><p>“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.</p><p><blockquote>“此外，我们的专有软件实现的收入反映了我们在自动驾驶软件订阅方面处于行业前沿。此外，我们稳健的财务状况和雄厚的现金状况使我们能够更好地执行我们的增长战略，巩固竞争优势，并抓住智能电动汽车领域的巨大增长机遇，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>近期发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付</b></blockquote></p><p>Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.</p><p><blockquote>2021年4月，智能电动汽车总交付量达到5,147辆，同比增长285.3%。4 月份的交付量包括 2995 辆小鹏智能运动轿车 P7 和 2152 辆小鹏紧凑型智能 SUV G3。截至2021年4月30日，年初至今交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新型智能电动汽车制造基地</b></blockquote></p><p>On April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).</p><p><blockquote>2021年4月8日，小鹏汽车与武汉市签订合作协议，开发建设小鹏汽车武汉智能电动汽车制造基地（「武汉基地」）。</blockquote></p><p>Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&amp;D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.</p><p><blockquote>在武汉政府的支持下，小鹏汽车将开始建设新的武汉基地，其中包括制造和动力总成工厂以及研发设施。武汉基地的年产能为 10 万辆，将进一步增强小鹏汽车满足消费者对智能电动汽车不断增长的需求的能力。</blockquote></p><p>Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.</p><p><blockquote>在地方政府的大力支持下，扩展到中国主要的汽车制造中心，是小鹏汽车战略发展的又一里程碑，也巩固了小鹏汽车在智能电动汽车领域的领先地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型首次亮相</b></blockquote></p><p>In April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.</p><p><blockquote>2021 年 4 月，小鹏汽车推出了第三款量产车型--小鹏 P5 智能轿车，这是全球首款配备车规级激光雷达技术的量产智能电动汽车。P5 搭载小鹏汽车自主研发的全栈自动驾驶技术--XPILOT 和智能车载操作系统--Xmart OS，将在 XPILOT 3.5 和 Xmart OS 3.0 上为用户提供市场领先的智能电动汽车驾驶体验。</blockquote></p><p><b>Forming New Strategic Partnership</b></p><p><blockquote><b>建立新的战略伙伴关系</b></blockquote></p><p>On April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.</p><p><blockquote>2021年4月15日，小鹏汽车与中升集团签署谅解备忘录，建立长期战略合作伙伴关系，为消费者提供小鹏汽车行业领先的智能电动汽车产品和中升汽车的优质服务，以进一步推动中国智能电动汽车转型。</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</p><p><blockquote><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</blockquote></p><p></p><p><i>Revenues from vehicle sales</i>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.</p><p><blockquote><i>车辆销售收入</i>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。同比增加主要由于P7于2020年6月底开始交付。环比增长主要归因于XPILOT 3.0软件于2021年第一季度确认了该功能，因为该功能已交付给一组累积的软件购买者，但部分被政府对新能源汽车的补贴减少所抵销今年1月起。</blockquote></p><p><i>Revenues from services and others</i>were RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.</p><p><blockquote><i>服务及其他收入</i>2021年第一季度为人民币140.6百万元（21.5百万美元），较2020年同期的人民币39.9百万元增长252.2%，较2020年第四季度的人民币115.9百万元增长21.3%。同比和环比增长主要归因于零部件、配件和服务销量的增加，这与累计汽车销量的增加一致。</blockquote></p><p><b>Cost of sales</b>was RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.</p><p><blockquote><b>销售成本</b>2021年第一季度为人民币2,621.1百万元（400.1百万美元），较2020年同期的人民币431.9百万元增长506.8%，较2020年第四季度的人民币2,640.8百万元减少0.7%。同比增长主要是由于如上所述的车辆交付量增加，而环比下降主要是由于有利的材料成本降低。</blockquote></p><p><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.</p><p><blockquote><b>毛利率</b>2021年第一季度为11.2%，而2020年第一季度和2020年第四季度分别为负4.8%和7.4%。</blockquote></p><p><b>Vehicle margin</b>was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.</p><p><blockquote><b>车辆余量</b>2021年第一季度为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。该改善主要归因于XPILOT软件销售的重大成本降低及收益确认。</blockquote></p><p><b>Research and development expenses</b>were RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.</p><p><blockquote><b>研发开支</b>2021年第一季度为人民币535.1百万元（81.7百万美元），较2020年同期的人民币310.8百万元增长72.2%，较2020年第四季度的人民币460.0百万元增长16.3%。同比增加主要由于(i)研发人员扩充导致雇员薪酬增加，(ii)与P5开发相关的开支增加，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比增长主要由于（i）随着工程人员的增加，雇员薪酬有所增加，及（ii）与P5开发相关的开支增加。</blockquote></p><p><b>Selling, general and administrative expenses</b>were RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.</p><p><blockquote><b>销售、一般及行政开支</b>2021年第一季度为人民币720.8百万元（110.0百万美元），较2020年同期的人民币321.8百万元增长124.0%，较2020年第四季度的人民币917.9百万元减少21.5%。同比增长主要由于(i)支持车辆销售的营销、促销及广告开支增加，(ii)扩大我们的销售网络及相关人员成本、销售及服务店的租赁开支以及特许经营店的佣金，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比下降主要是由于与第四季度销售旺季相比，营销、促销和广告费用较低。</blockquote></p><p><b>Loss from operations</b>was RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币903.9百万元（138.0百万美元），而2020年同期为人民币649.3百万元，2020年第四季度为人民币1121.2百万元。</blockquote></p><p><b>Non-GAAP loss from operations,</b>which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 运营亏损，</b>不包括以股份为基础的薪酬开支，2021年第一季度为人民币8.137亿元（1.242亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币10.464亿元。</blockquote></p><p><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.</p><p><blockquote><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p><b>Non-GAAP net loss,</b>which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非美国通用会计准则净亏损，</b>不包括以股份为基础的薪酬开支和与优先股赎回权相关的衍生负债的公允价值变动，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.</p><p><blockquote><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p></p><p><b>Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股赎回价值的增加，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>were both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元），而 2020 年第一季度为人民币 5.16 元，2020 年第四季度为人民币 1.05 元。</blockquote></p><p><b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元），而 2020 年第一季度为人民币 3.56 元，2020 年第四季度为人民币 0.95 元。</blockquote></p><p><b>Balance Sheets</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p>As of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.</p><p><blockquote>截至2021年3月31日，本公司的现金及现金等价物、受限制现金、短期存款、短期投资及长期存款为人民币36,201.0百万元（5,525.4百万美元），而截至2020年12月31日为人民币35,342.1百万元。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p><ul><li><b>Deliveries of vehicles</b>to be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.</li><li><b>Total revenues</b>to be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.</li></ul>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>15,500辆至16,000辆，同比增长约380.2%至395.7%。</li><li><b>收入总额</b>为人民币34亿元至人民币35亿元，同比增长约475.5%至492.4%。</li></ul>上述展望基于当前的市场状况，反映了公司对市场和经营状况以及客户需求的初步估计，这些估计都可能发生变化。</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>Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</blockquote></title>\n<style 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#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\">\nXpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</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\">2021-05-13 17:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>中国领先的智能电动汽车（“智能电动汽车”）公司小鹏汽车今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.</li><li>Revenue of $450.4M&nbsp;misses by $15.38M.</li><li>Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul>Shares&nbsp;+1.78%&nbsp;PM.</p><p><blockquote><ul><li>小鹏汽车第一季度非 GAAP 每股收益为 -0.13 美元，超出 0.07 美元；GAAP 每股收益为 -0.15 美元，低于 0.02 美元。</li><li>收入4.504亿美元，低于预期1538万美元。</li><li>2021年第一季度汽车交付量达到13,340辆，较2020年同期的2,271辆增长487.4%，较2020年第四季度的12,964辆增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至2021年3月31日，小鹏汽车的实体销售和服务网络共有178家门店和61个服务中心，覆盖70个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul>下午股价 +1.78%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d69e0ac387bcf35b348fc3b8585197a\" tg-width=\"766\" tg-height=\"494\" referrerpolicy=\"no-referrer\"><b>First Quarter 2021 Operational Highlights</b></p><p><blockquote><b>2021年第一季度运营亮点</b></blockquote></p><p><ul><li><b>Deliveries of vehicles</b>reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul><b>First Quarter 2021 Financial Highlights</b></p><p><blockquote><ul><li><b>车辆交付</b>2021年第一季度达到13,340家，较2020年同期的2,271家增长487.4%，较2020年第四季度的12,964家增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至 2021 年 3 月 31 日，小鹏汽车的实体销售和服务网络共有 178 家门店和 61 个服务中心，覆盖 70 个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</li><li><b>Revenues from vehicle sales</b>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.</li><li><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.</li><li><b>Vehicle margin</b>, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.</li><li><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,<b>non-GAAP net loss</b>was RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,<b>non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per American depositary share (ADS)</b>were both RMB0.99 (US$0.15) for the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.</li><li><b>Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits</b>were RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.</li></ul>“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.</p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</li><li><b>车辆销售收入</b>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。</li><li><b>毛利率</b>2021年第一季度为11.2%，而2020年同期为负4.8%，2020年第四季度为7.4%。</li><li><b>车辆余量</b>2021年第一季度汽车销售毛利占汽车销售收入的百分比为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。</li><li><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。扣除以股份为基础的补偿开支及与优先股赎回权相关的衍生负债的公允价值变动，<b>非公认会计准则净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股的赎回价值增值，<b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>每股美国存托股 (ADS) 基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元）。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元）。每股美国存托凭证代表两股A类普通股。</li><li><b>现金及现金等价物、受限制现金、短期存款、短期投资及长期存款</b>截至2021年3月31日为人民币36,201.0百万元（5,525.4百万美元）。</li></ul>“小鹏汽车董事长兼首席执行官何小鹏先生说：”尽管汽车需求季节性放缓，半导体短缺，但第一季度为 2021 年开了个好头，汽车交付量仍打破纪录。“我们本季度的强劲势头得益于我们行业领先的全栈自动驾驶技术、稳健的差异化产品战略以及引领智能电动汽车开发和转型的愿景。</blockquote></p><p></p><p>“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&amp;D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.</p><p><blockquote>“值得注意的是，自 1 月底发布 XPILOT 3.0 的 OTA 更新以来，我们现在开始确认来自我们专有的 XPILOT 软件的收入。随着我们在全栈内部研发能力和强大的闭环数据能力的推动下，技术快速迭代不断发展壮大，我相信 XPILOT 的软件货币化将成为我们汽车销售收入的一部分，成为经常性收入。</blockquote></p><p>“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.</p><p><blockquote>“快速的软件迭代也支持我们不断推出配备更强大硬件的新车型。全球首款量产配备激光雷达的智能电动汽车 P5 的首次亮相凸显了我们塑造未来移动体验的使命。</blockquote></p><p>“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.</p><p><blockquote>“展望未来，我们将继续致力于我们的长期战略路线图和技术创新，以推动智能电动汽车的转型。此外，我们将继续进行长期投资，建设我们的销售、服务和充电设施，以及我们的生产和供应链能力，以支持未来几年的强劲增长，”何先生补充道。</blockquote></p><p>“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.</p><p><blockquote>“小鹏汽车副董事长兼总裁Brian Gu博士说：”小鹏汽车在2021年第一季度的强劲表现表明，我们有能力制造差异化的智能电动汽车，以满足庞大且不断增长的客户群的各种需求。“得益于本季度创纪录的交付量，我们第一季度的收入达到人民币29.509亿元，同比增长616.1%。我们的盈利能力也进一步提升。特别是，我们的毛利率继续上升，在本季度达到11.2%。</blockquote></p><p>“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.</p><p><blockquote>“此外，我们的专有软件实现的收入反映了我们在自动驾驶软件订阅方面处于行业前沿。此外，我们稳健的财务状况和雄厚的现金状况使我们能够更好地执行我们的增长战略，巩固竞争优势，并抓住智能电动汽车领域的巨大增长机遇，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>近期发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付</b></blockquote></p><p>Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.</p><p><blockquote>2021年4月，智能电动汽车总交付量达到5,147辆，同比增长285.3%。4 月份的交付量包括 2995 辆小鹏智能运动轿车 P7 和 2152 辆小鹏紧凑型智能 SUV G3。截至2021年4月30日，年初至今交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新型智能电动汽车制造基地</b></blockquote></p><p>On April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).</p><p><blockquote>2021年4月8日，小鹏汽车与武汉市签订合作协议，开发建设小鹏汽车武汉智能电动汽车制造基地（「武汉基地」）。</blockquote></p><p>Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&amp;D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.</p><p><blockquote>在武汉政府的支持下，小鹏汽车将开始建设新的武汉基地，其中包括制造和动力总成工厂以及研发设施。武汉基地的年产能为 10 万辆，将进一步增强小鹏汽车满足消费者对智能电动汽车不断增长的需求的能力。</blockquote></p><p>Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.</p><p><blockquote>在地方政府的大力支持下，扩展到中国主要的汽车制造中心，是小鹏汽车战略发展的又一里程碑，也巩固了小鹏汽车在智能电动汽车领域的领先地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型首次亮相</b></blockquote></p><p>In April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.</p><p><blockquote>2021 年 4 月，小鹏汽车推出了第三款量产车型--小鹏 P5 智能轿车，这是全球首款配备车规级激光雷达技术的量产智能电动汽车。P5 搭载小鹏汽车自主研发的全栈自动驾驶技术--XPILOT 和智能车载操作系统--Xmart OS，将在 XPILOT 3.5 和 Xmart OS 3.0 上为用户提供市场领先的智能电动汽车驾驶体验。</blockquote></p><p><b>Forming New Strategic Partnership</b></p><p><blockquote><b>建立新的战略伙伴关系</b></blockquote></p><p>On April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.</p><p><blockquote>2021年4月15日，小鹏汽车与中升集团签署谅解备忘录，建立长期战略合作伙伴关系，为消费者提供小鹏汽车行业领先的智能电动汽车产品和中升汽车的优质服务，以进一步推动中国智能电动汽车转型。</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</p><p><blockquote><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</blockquote></p><p></p><p><i>Revenues from vehicle sales</i>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.</p><p><blockquote><i>车辆销售收入</i>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。同比增加主要由于P7于2020年6月底开始交付。环比增长主要归因于XPILOT 3.0软件于2021年第一季度确认了该功能，因为该功能已交付给一组累积的软件购买者，但部分被政府对新能源汽车的补贴减少所抵销今年1月起。</blockquote></p><p><i>Revenues from services and others</i>were RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.</p><p><blockquote><i>服务及其他收入</i>2021年第一季度为人民币140.6百万元（21.5百万美元），较2020年同期的人民币39.9百万元增长252.2%，较2020年第四季度的人民币115.9百万元增长21.3%。同比和环比增长主要归因于零部件、配件和服务销量的增加，这与累计汽车销量的增加一致。</blockquote></p><p><b>Cost of sales</b>was RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.</p><p><blockquote><b>销售成本</b>2021年第一季度为人民币2,621.1百万元（400.1百万美元），较2020年同期的人民币431.9百万元增长506.8%，较2020年第四季度的人民币2,640.8百万元减少0.7%。同比增长主要是由于如上所述的车辆交付量增加，而环比下降主要是由于有利的材料成本降低。</blockquote></p><p><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.</p><p><blockquote><b>毛利率</b>2021年第一季度为11.2%，而2020年第一季度和2020年第四季度分别为负4.8%和7.4%。</blockquote></p><p><b>Vehicle margin</b>was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.</p><p><blockquote><b>车辆余量</b>2021年第一季度为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。该改善主要归因于XPILOT软件销售的重大成本降低及收益确认。</blockquote></p><p><b>Research and development expenses</b>were RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.</p><p><blockquote><b>研发开支</b>2021年第一季度为人民币535.1百万元（81.7百万美元），较2020年同期的人民币310.8百万元增长72.2%，较2020年第四季度的人民币460.0百万元增长16.3%。同比增加主要由于(i)研发人员扩充导致雇员薪酬增加，(ii)与P5开发相关的开支增加，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比增长主要由于（i）随着工程人员的增加，雇员薪酬有所增加，及（ii）与P5开发相关的开支增加。</blockquote></p><p><b>Selling, general and administrative expenses</b>were RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.</p><p><blockquote><b>销售、一般及行政开支</b>2021年第一季度为人民币720.8百万元（110.0百万美元），较2020年同期的人民币321.8百万元增长124.0%，较2020年第四季度的人民币917.9百万元减少21.5%。同比增长主要由于(i)支持车辆销售的营销、促销及广告开支增加，(ii)扩大我们的销售网络及相关人员成本、销售及服务店的租赁开支以及特许经营店的佣金，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比下降主要是由于与第四季度销售旺季相比，营销、促销和广告费用较低。</blockquote></p><p><b>Loss from operations</b>was RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币903.9百万元（138.0百万美元），而2020年同期为人民币649.3百万元，2020年第四季度为人民币1121.2百万元。</blockquote></p><p><b>Non-GAAP loss from operations,</b>which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 运营亏损，</b>不包括以股份为基础的薪酬开支，2021年第一季度为人民币8.137亿元（1.242亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币10.464亿元。</blockquote></p><p><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.</p><p><blockquote><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p><b>Non-GAAP net loss,</b>which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非美国通用会计准则净亏损，</b>不包括以股份为基础的薪酬开支和与优先股赎回权相关的衍生负债的公允价值变动，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.</p><p><blockquote><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p></p><p><b>Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股赎回价值的增加，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>were both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元），而 2020 年第一季度为人民币 5.16 元，2020 年第四季度为人民币 1.05 元。</blockquote></p><p><b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元），而 2020 年第一季度为人民币 3.56 元，2020 年第四季度为人民币 0.95 元。</blockquote></p><p><b>Balance Sheets</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p>As of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.</p><p><blockquote>截至2021年3月31日，本公司的现金及现金等价物、受限制现金、短期存款、短期投资及长期存款为人民币36,201.0百万元（5,525.4百万美元），而截至2020年12月31日为人民币35,342.1百万元。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p><ul><li><b>Deliveries of vehicles</b>to be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.</li><li><b>Total revenues</b>to be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.</li></ul>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>15,500辆至16,000辆，同比增长约380.2%至395.7%。</li><li><b>收入总额</b>为人民币34亿元至人民币35亿元，同比增长约475.5%至492.4%。</li></ul>上述展望基于当前的市场状况，反映了公司对市场和经营状况以及客户需求的初步估计，这些估计都可能发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172412248","content_text":"XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.Revenue of $450.4M misses by $15.38M.Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.Shares +1.78% PM.First Quarter 2021 Operational HighlightsDeliveries of vehiclesreached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.First Quarter 2021 Financial HighlightsTotal revenueswere RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.Revenues from vehicle saleswere RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.Gross marginwas 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.Net losswas RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,non-GAAP net losswas RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Net loss attributable to ordinary shareholders of XPeng Inc.was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Basic and diluted net loss per American depositary share (ADS)were both RMB0.99 (US$0.15) for the first quarter of 2021.Non-GAAP basic and diluted net loss per ADSwere both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term depositswere RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.Recent DevelopmentsDeliveries in April 2021Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.New Smart EV Manufacturing BaseOn April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.Debut of Third Production ModelIn April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.Forming New Strategic PartnershipOn April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.First Quarter 2021 Unaudited Financial ResultsTotal revenueswere RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.Revenues from vehicle saleswere RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.Revenues from services and otherswere RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.Cost of saleswas RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.Gross marginwas 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.Vehicle marginwas 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.Research and development expenseswere RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.Selling, general and administrative expenseswere RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.Loss from operationswas RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.Non-GAAP loss from operations,which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.Net losswas RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.Non-GAAP net loss,which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Net loss attributable to ordinary shareholders of XPeng Inc.was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Basic and diluted net loss per ADSwere both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.Non-GAAP basic and diluted net loss per ADSwere both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.Balance SheetsAs of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.Business OutlookFor the second quarter of 2021, the Company expects:Deliveries of vehiclesto be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.Total revenuesto be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191437807,"gmtCreate":1620897432009,"gmtModify":1634195473861,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/191437807","repostId":"1147949263","repostType":4,"repost":{"id":"1147949263","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":1620897039,"share":"https://www.laohunote.com/m/news/1147949263?lang=zh_CN&edition=full","pubTime":"2021-05-13 17:10","market":"us","language":"en","title":"Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147949263","media":"Tiger Newspress","summary":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a lea","content":"<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克股票代码：BILI，港交所股票代码：9626）是中国标志性品牌和领先的年轻一代视频社区，今天公布了截至 2021 年 3 月 31 日的第一季度未经审计财务业绩。</blockquote></p><p><b>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021 年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</li><li><b>平均月活跃用户（MAU）</b>达到2.233亿，移动端MAU达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户（DAU）</b>达到6010万，比2020年同期增长18%。</li><li><b>平均每月付费用户 (MPUs1)</b>达到2050万，比2020年同期增长53%。</li></ul>“哔哩哔哩董事会主席兼首席执行官陈睿先生表示：”我们以强劲的用户增长和营收扩张拉开了 2021 年的序幕，使我们坚定地走上了实现增长目标的轨道。“凭借蓬勃发展的内容生态系统和热烈的社区纽带，我们第一季度的月活跃用户达到 2.23 亿，与去年的高基数相比增长了 30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费 82 分钟。2021 年 3 月 29 日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者群体，并将我们在离家更近的金融市场的存在延伸。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z世代+人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官范森先生表示：“我们在第一季度取得了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增至2050万，使我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提升至24%。随着香港公开发售的完成，扣除包销费用和其他发售费用后，我们成功筹集了约229亿港元的资金，这使得我们的财务状况稳健，有利于我们的增长。随着我们继续打造基于动态视频的哔哩哔哩品牌，我们的重点仍然是投资于我们日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（5.954百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较二零二零年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值税收入为人民币 14.965 亿元（2.284 亿美元），较 2020 年同期增长 89%，主要归因于公司增值服务（包括高级会员计划、直播服务和其他增值服务）的付费用户数量增加，公司加大了货币化力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较二零二零年同期增长234%。这一增长主要归因于中国在线广告市场对哔哩哔哩品牌的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务等。</i>电子商务及其他收入为人民币5.192亿元（7920万美元），较2020年同期增长230%，主要是由于通过公司电子商务平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币2,963.2百万元（452.3百万美元），较2020年同期增长66%。收入分成成本（收入成本的关键组成部分）为人民币1,400.7百万元（213,800,000美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（1.431百万美元），较2020年同期增长77%，主要由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总经营开支为人民币1,968.8百万元（300.5百万美元），较二零二零年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销开支为人民币1,000.1百万元（152.6百万美元），同比增长65%。这一增长主要是由于推广哔哩哔哩应用和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及行政开支为人民币388.5百万元（59.3百万美元），同比增长127%。增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币580.3百万元（88.6百万美元），同比增长95%。该增加主要是由于研发人员人数增加及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>经营亏损。</b>经营亏损为人民币1,031.0百万元（157.4百万美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币12.5百万元（1.9百万美元），而2020年同期为人民币9.4百万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净亏损。</b>净亏损为人民币904.9百万元（138.1百万美元），而2020年同期为人民币538.6百万元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），而2020年同期为人民币4.746亿元，这是一项非GAAP衡量标准，不包括基于股份的薪酬费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本及摊薄每股收益及调整后基本及摊薄每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，本公司拥有现金及现金等价物、定期存款以及短期投资人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩成功将其Z类普通股在香港联交所主板上市。本公司于全球发售中合共发行28,750,000股Z类普通股，包括于二零二一年四月二十一日获悉数行使3,750,000股Z类普通股的超额配股权。全球发售所得款项净额（包括超额配股权）经扣除包销费用及其他发售开支后约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>2021年第二季度，本公司目前预计净收入将在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与正在进行的 COVID-19 大流行病有关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户是指在我们的平台上为各种产品和服务付费的用户，包括游戏中的购买和增值税的支付（不包括在我们的电子商务平台上的购买）。使用同一注册账户在我们平台上提供的不同产品和服务付款的用户被视为一名付款用户，我们将猫儿的付款用户数量添加到我们的付款用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非公认会计准则财务指标的更多信息，请参阅本公告末尾的 “非公认会计准则财务指标的使用 ”一节以及标题为 “公认会计准则和非公认会计准则业绩的未经审计调节表 ”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前交易上涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></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>Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</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\">\nBilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</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\">2021-05-13 17:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克股票代码：BILI，港交所股票代码：9626）是中国标志性品牌和领先的年轻一代视频社区，今天公布了截至 2021 年 3 月 31 日的第一季度未经审计财务业绩。</blockquote></p><p><b>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021 年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</li><li><b>平均月活跃用户（MAU）</b>达到2.233亿，移动端MAU达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户（DAU）</b>达到6010万，比2020年同期增长18%。</li><li><b>平均每月付费用户 (MPUs1)</b>达到2050万，比2020年同期增长53%。</li></ul>“哔哩哔哩董事会主席兼首席执行官陈睿先生表示：”我们以强劲的用户增长和营收扩张拉开了 2021 年的序幕，使我们坚定地走上了实现增长目标的轨道。“凭借蓬勃发展的内容生态系统和热烈的社区纽带，我们第一季度的月活跃用户达到 2.23 亿，与去年的高基数相比增长了 30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费 82 分钟。2021 年 3 月 29 日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者群体，并将我们在离家更近的金融市场的存在延伸。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z世代+人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官范森先生表示：“我们在第一季度取得了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增至2050万，使我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提升至24%。随着香港公开发售的完成，扣除包销费用和其他发售费用后，我们成功筹集了约229亿港元的资金，这使得我们的财务状况稳健，有利于我们的增长。随着我们继续打造基于动态视频的哔哩哔哩品牌，我们的重点仍然是投资于我们日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（5.954百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较二零二零年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值税收入为人民币 14.965 亿元（2.284 亿美元），较 2020 年同期增长 89%，主要归因于公司增值服务（包括高级会员计划、直播服务和其他增值服务）的付费用户数量增加，公司加大了货币化力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较二零二零年同期增长234%。这一增长主要归因于中国在线广告市场对哔哩哔哩品牌的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务等。</i>电子商务及其他收入为人民币5.192亿元（7920万美元），较2020年同期增长230%，主要是由于通过公司电子商务平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币2,963.2百万元（452.3百万美元），较2020年同期增长66%。收入分成成本（收入成本的关键组成部分）为人民币1,400.7百万元（213,800,000美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（1.431百万美元），较2020年同期增长77%，主要由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总经营开支为人民币1,968.8百万元（300.5百万美元），较二零二零年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销开支为人民币1,000.1百万元（152.6百万美元），同比增长65%。这一增长主要是由于推广哔哩哔哩应用和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及行政开支为人民币388.5百万元（59.3百万美元），同比增长127%。增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币580.3百万元（88.6百万美元），同比增长95%。该增加主要是由于研发人员人数增加及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>经营亏损。</b>经营亏损为人民币1,031.0百万元（157.4百万美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币12.5百万元（1.9百万美元），而2020年同期为人民币9.4百万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净亏损。</b>净亏损为人民币904.9百万元（138.1百万美元），而2020年同期为人民币538.6百万元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），而2020年同期为人民币4.746亿元，这是一项非GAAP衡量标准，不包括基于股份的薪酬费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本及摊薄每股收益及调整后基本及摊薄每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，本公司拥有现金及现金等价物、定期存款以及短期投资人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩成功将其Z类普通股在香港联交所主板上市。本公司于全球发售中合共发行28,750,000股Z类普通股，包括于二零二一年四月二十一日获悉数行使3,750,000股Z类普通股的超额配股权。全球发售所得款项净额（包括超额配股权）经扣除包销费用及其他发售开支后约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>2021年第二季度，本公司目前预计净收入将在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与正在进行的 COVID-19 大流行病有关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户是指在我们的平台上为各种产品和服务付费的用户，包括游戏中的购买和增值税的支付（不包括在我们的电子商务平台上的购买）。使用同一注册账户在我们平台上提供的不同产品和服务付款的用户被视为一名付款用户，我们将猫儿的付款用户数量添加到我们的付款用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非公认会计准则财务指标的更多信息，请参阅本公告末尾的 “非公认会计准则财务指标的使用 ”一节以及标题为 “公认会计准则和非公认会计准则业绩的未经审计调节表 ”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前交易上涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147949263","content_text":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.First Quarter 2021 Highlights:Total net revenuesreached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.Average monthly active users (MAUs)reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.Average daily active users (DAUs)reached 60.1 million, an 18% increase from the same period in 2020.Average monthly paying users (MPUs1)reached 20.5 million, a 53% increase from the same period in 2020.“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”First Quarter 2021 Financial ResultsTotal net revenues.Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.Mobile games.Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.Value-added services (VAS).Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.Advertising.Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.E-commerce and others.Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.Cost of revenues.Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.Gross profit.Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.Total operating expenses.Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.Sales and marketing expenses.Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.General and administrative expenses.General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.Research and development expenses.Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.Loss from operations.Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.Income tax expense.Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.Net loss.Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.Adjusted net loss2.Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.Basic and diluted EPS and adjustedbasic and diluted EPS2. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.Cash and cash equivalents, time deposits and short-term investments.As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.Secondary Listing in Hong KongOn March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.OutlookFor the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.1The paying users refer to users who make payments for various products and services on our platform, including purchases in games and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.2Adjusted net loss and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.Bilibili rose 1.49% in premarket trading.","news_type":1,"symbols_score_info":{"09626":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":2474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191434411,"gmtCreate":1620897409733,"gmtModify":1634195474326,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191434411","repostId":"1134419676","repostType":4,"repost":{"id":"1134419676","kind":"news","pubTimestamp":1620892887,"share":"https://www.laohunote.com/m/news/1134419676?lang=zh_CN&edition=full","pubTime":"2021-05-13 16:01","market":"us","language":"en","title":"Inflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134419676","media":"zerohedge","summary":"I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of i","content":"<p>I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.</p><p><blockquote>我并不是说在通货膨胀完全到来之前，没有其他方法可以做到这一点，只是说，如果其他方法都做不到，我一直在写的那种通货膨胀肯定会做到这一点。这就是让市场感到恐惧的原因，这可能不是一些投资者首先想到的原因。</blockquote></p><p>Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.</p><p><blockquote>许多人都在谈论投资股票的 “风险溢价”。随着通货膨胀上升，债券收益率上升以抵消通货膨胀造成的损失。随着债券收益率上升，股票的竞争力下降。</blockquote></p><p>That’s a problem, but it’s not the big problem. Not this time.</p><p><blockquote>这是个问题，但不是大问题。这次不行。</blockquote></p><p>The big&nbsp;problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.</p><p><blockquote>最大的问题是，我们都知道股票的资金来源——美联储和美国政府通过借入和分配美联储印制的货币。所以，最大的问题是美联储。</blockquote></p><p><b>Fed is getting tangled in a mess of its own making</b></p><p><blockquote><b>美联储陷入了自己造成的混乱</b></blockquote></p><p>Having made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.</p><p><blockquote>美联储已经证明高通胀已成定局，用不了多久，美联储就会陷入一个陷阱：它需要继续创造货币，以保持市场上涨并继续刺激经济，但它将无法做到这一点。这就是为什么我们现在不断听到美联储在谈论通货膨胀是 “短暂的”。美联储需要让所有投资者相信通货膨胀迅速出现的时期将是短暂的，因此可以忽略不计。美联储需要市场相信它能够并且将会继续印钞。</blockquote></p><p>However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)</p><p><blockquote>然而，美联储只是在自欺欺人。它声称通货膨胀是暂时的，以便可以忽略快速增长的数字，通货膨胀就会越失控，因为美联储和联邦政府继续印钞和运输货币的装甲车昼夜不停地行驶。（当然，这是比喻。）</blockquote></p><p>The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.</p><p><blockquote>美联储可能会欺骗自己（和我们）的长期伤害，但它不太可能欺骗市场太久，因为这些数字将变得太高，市场无法忽视。周三，我们从市场对多年来最高通胀率消息的反应中看到了这一点--4 月份的年化通胀率为 4.2%，远低于我们今年夏天即将看到的通胀率水平。这只是球场的收尾。</blockquote></p><p><b>How inflation will fight the Fed and win</b></p><p><blockquote><b>通胀将如何对抗美联储并取得胜利</b></blockquote></p><p>The danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.</p><p><blockquote>通胀带来的危险是，如果它上升到我确信它会上涨的高度（两位数），那么美联储将被迫提高利率目标，因为市场无论如何都会推高利率，使美联储看起来很愚蠢，因为它声称利率目标是它无法持有的。美联储将无法在不通过创造新货币造成更大通胀的情况下不惜一切代价压低利率。</blockquote></p><p>However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.</p><p><blockquote>然而，这不仅仅是债券义务警员将从美联储手中夺走利率控制权，股市还将迫使美联储应对通货膨胀，因为无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通货膨胀。拖延的时间越长，美联储就必须大幅提高利率，就像保罗-沃尔克（Paul Volker）在 80 年代为控制通胀所做的那样。</blockquote></p><p>This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.</p><p><blockquote>在股市处于荒谬危险的高度之际，这个难题现在开始成为现实。对通货膨胀的模糊认识不再那么模糊，这就是为什么市场正在耗尽动力。投资者开始相信美联储将失去对利率的控制。投资者开始怀疑美联储的信心。</blockquote></p><p>Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.</p><p><blockquote>当然，要崩盘，势头必须向下，而在市场确信美联储将失去控制之前，这种情况不太可能发生；但这种情况一开始可能会缓慢发生，然后像 2018 年那样迅速发生。</blockquote></p><p>Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.</p><p><blockquote>通胀是美联储背上的一颗定时炸弹。我的论点是，现在每个月，美联储都会发现越来越难维持一种幻觉，即它可以继续创造货币，通过政府刺激计划（应政府要求）将货币注入夫妻俩投资者（散户投资者、罗宾汉人群等）手中，并继续试图保持低利率，通过贷款资助的公司股票回购将资金注入股市。通货膨胀将压垮宽松货币。它统治。美联储可以控制它，但只能通过拿走资金并摧毁完全依赖资金的市场。</blockquote></p><p>The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The&nbsp;<i>real</i>&nbsp;fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.</p><p><blockquote>盘子旋转器开始失去对所有盘子的控制，它必须在小棒的末端保持旋转。今天的市场走势表明，随着通胀比投资者担心的更糟糕，市场开始关注板块下跌的声音。这个<i>真的</i>恐惧——直到现在才被预示的深度瘫痪恐惧——不是来自债券收益率上升的竞争（这肯定会到来），而是通胀将变得足够热，以至于美联储将被迫关闭所有的动力。</blockquote></p><p></p><p>Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.</p><p><blockquote>通货膨胀有能力突然改变市场情绪，因为，嗯，跟随资金回到它的来源。</blockquote></p><p>Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. <i>MarketWatch</i>Inflation jitters will become inflation&nbsp;<i>panic</i>&nbsp;when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.</p><p><blockquote>一份报告显示，随着新冠疫情的复苏，截至 4 月份的一年中，美国通胀率以约 13 年来最快的速度上升，通胀担忧再次蔓延，股市大幅走低。<i>市场观察</i>通货膨胀恐慌将变成通货膨胀<i>恐慌</i>当人们清楚地认识到，升至 4.2 不仅仅是昙花一现，而是未来许多步骤中消费者方面的第一步时。希望我的读者都没有太关注那些预测只有3.6%的经济学家。</blockquote></p><p>“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.&nbsp; <b><i>But if it’s not transitory, that’s when it is going to become troubling for stocks.</i></b>”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.</p><p><blockquote>“通货膨胀摧毁财富。Incapital 交易主管帕特里克-利里（Patrick Leary）在接受 MarketWatch 采访时说：”通货膨胀摧毁财富。“我们看到通货膨胀出现在市场上。如果通货膨胀确实是暂时的，市场就能忍受通货膨胀。<b><i>但如果不是暂时的，那就会成为股市的麻烦。</i></b>“财富的毁灭是一个问题，但我认为，更大的问题是亚马逊规模的轻松资金流入市场的流失。这就是为什么当就业报告真的很糟糕时，市场上涨了。就业放缓的报告缓解了对通胀的担忧，导致美联储关闭了这一流动。这就是为什么市场今天因与许多人预期相反的可靠消息而暴跌。</blockquote></p><p>The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten,<i>&nbsp;regardless of what the Fed claims to assure investors it won’t.</i></p><p><blockquote>美联储的手可能很快就会被现实所迫；如果你一直在阅读这里--尤其是《赞助人》中那些重点关注通货膨胀的帖子，你就会对即将发生的事情有一个很好的了解。然而，人们不必等到美联储收紧货币政策才能阻止通货膨胀；人们只需等到股票投资者确信美联储将不得不收紧货币政策，<i>无论美联储声称向投资者保证什么，它都不会。</i></blockquote></p><p>As&nbsp;<i>MarketWatch</i>&nbsp;noted yesterday,</p><p><blockquote>作为<i>市场观察</i>昨天指出，</blockquote></p><p>Tuesday is looking dicey for stocks, notably the technology space,&nbsp; <b><i>as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.</i></b>&nbsp;After last week’s downside jobs surprise, some fear&nbsp; <b><i>Wednesday’s consumer price data could also deliver a nasty shock.</i></b>The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.</p><p><blockquote>周二股市看起来很危险，尤其是科技领域，<b><i>随着通胀紧张情绪继续波及整个市场。由于担心通胀上升可能会促使美联储提前结束因 COVID-19 大流行病而采取的宽松立场，该行业一直首当其冲。</i></b>继上周就业意外之后，一些人感到担忧<b><i>周三的消费者价格数据也可能带来严重冲击。</i></b>市场在自己的负担下不堪重负和紧张，以至于如果它仅仅相信美联储将被迫收紧货币政策，它就会崩溃。这就是为什么它今天会像预震一样震动，但如果你一直在阅读这里的内容，那就一点也不震动了。这是意料之中的。</blockquote></p><p><b><i>Inflation is the “</i></b> <b>worst-case</b> <b><i>&nbsp;scenario” for this ticking-time-bomb market full of complacent investors,</i></b>&nbsp;warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the&nbsp;<i>key</i>:</p><p><blockquote><b><i>通货膨胀是“</i></b><b>最坏情况</b><b><i>对于这个充满自满投资者的定时炸弹市场，</i></b>Stock Traders Daily 总裁兼首席执行官兼 Equity Logic 投资组合经理 Thomas H. Kee Jr. 警告我们今天的看涨期权。这是<i>钥匙</i>:</blockquote></p><p>“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.&nbsp; <b><i>If inflation comes back,</i></b> <b>all</b> <b><i>&nbsp;of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be</i></b> <b>able</b> <b><i>&nbsp;to come back to save the day</i></b>,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and <b><i>&nbsp;if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen</i></b>&nbsp;either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ <b><i>When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!</i></b>”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed&nbsp;<i>wants</i>&nbsp;higher inflation and convince them that the higher inflation it wants is temporary before it even begins.</p><p><blockquote>“可以说，刺激措施之所以成为可能，唯一的原因就是没有通货膨胀。<b><i>如果通货膨胀再次出现，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激措施带来的免费资金）将被取消，并且不会……</i></b><b>能</b><b><i>回来拯救世界</i></b>Kee告诉MarketWatch……他说，最近的就业数据确实表明，物价上涨将“比之前想象的更严重……”。“降幅可能比25%严重得多，<b><i>如果FOMC（联邦公开市场委员会）因通货膨胀而被束缚，投资者习以为常的快速反弹将不会发生</i></b>基说。“SPX SPX (^GSPC) 的公允价值倍数不是 30 倍，而是 35 倍。更像是 15 倍.”投资者对自然风险意识的回归--而目前这种意识严重缺乏。“政府给了他们免费的钱，刺激计划正在全面发挥作用，投资者根本感觉不到任何风险。这才是最危险的!”基说……”<b><i>当大买家不在的时候…那就是对风险的自然感知回来的时候，如果发生这种情况…小心下面!!</i></b>“你看，不断上升的通货膨胀有能力让美联储屈服。我一直在写的那种通货膨胀会让美联储失去魔力，这就是为什么鲍威尔已经在竭尽全力让金融市场相信美联储<i>想要</i>更高的通胀，并让他们相信它想要的更高通胀在开始之前是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场敏感性</blockquote></p><p>Notes Lance Roberts,</p><p><blockquote>兰斯·罗伯茨指出，</blockquote></p><p></p><p><b><i>There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market,</i></b>&nbsp;but we keep investing for “Fear Of Missing Out.” <i>Seeking Alpha</i>How much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?</p><p><blockquote><b><i>这轮牛市不可能不会以非常糟糕的方式结束。我们都知道这是这个流动性驱动的市场的现实，</i></b>但我们继续投资是为了 “害怕错过 ”。<i>寻求阿尔法</i>美联储和联储涌入市场的所有刺激资金究竟创造了多少现金流，使去年的疯狂成为可能？</blockquote></p><p>Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.</p><p><blockquote>过去5个月，流入股市的资金比过去12年的总和还要多。算一算，问问自己，如果因为通货膨胀迫使美联储在商品太少的环境下停止创造太多的新货币，而不得不关闭货币，会发生什么，因为之前的 COVID 关闭短缺以及它们造成的持续问题。</blockquote></p><p>And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):</p><p><blockquote>而且，如果你不认为市场在轻松货币的推动下岌岌可危，那就看看保证金债务（欠经纪人的钱）上涨了多少：</blockquote></p><p><img src=\"https://static.tigerbbs.com/4ca87d635f36dfaa1c989d7e459550d1\" tg-width=\"914\" tg-height=\"592\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>When the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.</p><p><blockquote>当美联储面临加息和停止印钞的巨大压力时，经纪人在放贷时就不会那么自由了。目前，几乎免费的利率很容易赚钱。不过，更重要的是，当市场因担心美联储切断宽松货币而开始下跌时，随着人们被迫出售资产并减少保证金债务，所有保证金债务都开始匆忙解除。</blockquote></p><p>As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:</p><p><blockquote>正如您所看到的，像这样的市场债务的巨大、快速飙升往往发生在严重崩溃之前：</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ff13864e0443e2a448952529cdf6e2c\" tg-width=\"758\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>In the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.</p><p><blockquote>短期来看，基本面并不重要。然而，从长远来看，它们非常重要。情绪可能会导致投资者在很长一段时间内忽视经济基本面，但在高利润率债务环境下，对长期被忽视的基本面看法的突然改变会导致人们的参照系迅速修正。</blockquote></p><p>Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.</p><p><blockquote>目前，投资者忽视了基本面，预期经济和盈利将改善，以证明市场高估是合理的。这不太可能发生。即使确实如此，从今天的冲击来看，大多数圈子里对金融格局（货币的核心价值）的看法也过于乐观；但你可以在一年后看到这一点。</blockquote></p><p>The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.</p><p><blockquote>美联储的言论就好像它仍然看不到未来会发生什么，但这正是美联储谈论紧缩政策将有多容易。它似乎并不知道自己没有一个不会导致市场情绪急剧下跌并导致市场崩溃的退出计划。然而，这一点，也可以被那些没有在美德神父脚下敬拜的人看到。</blockquote></p><p>When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&amp;P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.</p><p><blockquote>当或如果复苏预期落空，市场将开始重新定价其内在价值。鉴于市场目前的交易价格是潜在经济增长水平的两倍多，而潜在经济增长是企业利润的来源，这表明存在重大风险。这就是为什么道琼斯指数今天下跌 682 点（2%），标准普尔指数下跌 2.14%，纳斯达克指数下跌 368 点（2.67%）。股票中没有太多的安全空间。</blockquote></p><p>Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.</p><p><blockquote>别告诉我通货膨胀对这个市场无关紧要。六个月来最糟糕的一天。更多详情请见另一篇赞助人帖子。</blockquote></p><p>Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:</p><p><blockquote>现在让我再一次做我所说的此时必不可少的纠正性报告。首先，假新闻：</blockquote></p><p>One big reason for the acceleration was&nbsp; <i>base effects</i>&nbsp;– at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,</p><p><blockquote>加速的一个重要原因是<i>基底效应</i>- 一年前的这个时候，经济受到了科维德大流行病最严重的打击，通货膨胀率异常低。正如我在上一篇赞助人帖子中所说，我还列出了支持我声明的统计数据和来源，</blockquote></p><p>Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:</p><p><blockquote>尽管有疫情，食品价格和许多其他价格像去年3月一样上涨。事实上，在 3 月份之后，它们的涨幅比正常水平更差，2020 年剩余时间里，每个月的年化涨幅都在 3.5% 到 4% 之间。“通胀海啸警报正在尖叫!”我特别注意到一位经济学家说，食品杂货和燃料现在刚刚弥补了上一次的涨幅：</blockquote></p><p>So,&nbsp; <i>like groceries,</i>&nbsp;gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that&nbsp;<i>fuel</i>&nbsp;prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but&nbsp;<i>groceries</i>? Come on!</p><p><blockquote>所以，<i>比如杂货，</i>天然气正在赶上，回到我们实际期望的地方…去年主要发生的事情是<i>燃料</i>由于没有运输任何东西，缺乏假期和通勤，价格暴跌，但是<i>杂货</i>?快点!</blockquote></p><p></p><p>“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.<b><i>So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of facts</i></b><b>if</b><b><i>&nbsp;the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.</i></b></p><p><blockquote>如果你回顾一下 2018 年的汽油价格，“迎头赶上 ”可能是真的，但当你在评论中拥抱杂货时，这完全是马粪。杂货店什么都赶不上。2020年全年食品的平均通货膨胀率为3.4%，而2011年之前每年的平均通货膨胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的总体通胀率低于正常水平，但这与今年有什么关系？【总体】去年价格仍在上涨；因此，这并不是说你在与一个异常的年份进行比较，因为在那几个月里，整体价格都在下跌，这意味着今年的部分涨幅只是弥补了去年不寻常的损失。然后你可以如实地说有一个基数效应。<b><i>因此，通胀的到来比美联储让人们相信的要快得多；而且，正如我最近的赞助人帖子所说，生产者方面已经酝酿了更多的通货膨胀，这些通货膨胀肯定会被传递出去。我注意到你可以期待看到这一点现在开始出现在消费者方面，而你确实做到了。这将是一个通胀高涨的夏天，这可能会影响市场情绪，因此股市不会对此感到满意。可以肯定的是，无论如何，仍有大量的睾丸激素决心推高股票，但炎热潮湿的夏天将削弱这种情绪，就像今天一样；无论图表读者根据当前的情绪趋势做出什么预测，它都将继续改变它。面对事实，趋势可能会迅速改变</i></b><b>如果</b><b><i>事实以足够的活力撞击。我认为，高通胀是一个令人担忧的事实，它可能会阻止美联储的计划向前推进。</i></b></blockquote></p><p>If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.</p><p><blockquote>如果美联储确实继续以同样的盲目无知和顽固决心证明自己是正确的，这导致它继续推行经济紧缩制度（正如我在2018年声称的那样，它会这样做太久，与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这并非不可能。</blockquote></p><p>“ <b><i>There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,</i></b>” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,</p><p><blockquote>“<b><i>有些人认为美联储不仅落后于曲线，他们可能没有抓住要点，当他们开始追赶时，已经太晚了、</i></b>华尔街资深人士阿特·卡申周三在接受CNBC采访时表示，</blockquote></p><p>“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.&nbsp; <b><i>“It’s just that there’s a</i></b> <b>lot more</b> <b><i>&nbsp;‘transitory’ than they were expecting.</i></b>”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?</p><p><blockquote>“凯投宏观（Capital Economics）美国高级经济学家迈克尔-皮尔斯（Michael Pearce）写道：”我们怀疑这份报告是否会改变官员们的观点，即通胀压力'在很大程度上是暂时的'。<b><i>“只是有一个</i></b><b>更多</b><b><i>比他们预期的要'短暂'。</i></b>“CNBC确实。更多。当他们用完了一个假的基地效应来指责它时，他们会怎么做？</blockquote></p><p>Liked it? Take a second to support David Haggith on Patreon!</p><p><blockquote>喜欢吗？花点时间在Patreon上支持大卫·哈吉斯!</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>Inflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</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\">\nInflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-13 16:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.</p><p><blockquote>我并不是说在通货膨胀完全到来之前，没有其他方法可以做到这一点，只是说，如果其他方法都做不到，我一直在写的那种通货膨胀肯定会做到这一点。这就是让市场感到恐惧的原因，这可能不是一些投资者首先想到的原因。</blockquote></p><p>Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.</p><p><blockquote>许多人都在谈论投资股票的 “风险溢价”。随着通货膨胀上升，债券收益率上升以抵消通货膨胀造成的损失。随着债券收益率上升，股票的竞争力下降。</blockquote></p><p>That’s a problem, but it’s not the big problem. Not this time.</p><p><blockquote>这是个问题，但不是大问题。这次不行。</blockquote></p><p>The big&nbsp;problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.</p><p><blockquote>最大的问题是，我们都知道股票的资金来源——美联储和美国政府通过借入和分配美联储印制的货币。所以，最大的问题是美联储。</blockquote></p><p><b>Fed is getting tangled in a mess of its own making</b></p><p><blockquote><b>美联储陷入了自己造成的混乱</b></blockquote></p><p>Having made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.</p><p><blockquote>美联储已经证明高通胀已成定局，用不了多久，美联储就会陷入一个陷阱：它需要继续创造货币，以保持市场上涨并继续刺激经济，但它将无法做到这一点。这就是为什么我们现在不断听到美联储在谈论通货膨胀是 “短暂的”。美联储需要让所有投资者相信通货膨胀迅速出现的时期将是短暂的，因此可以忽略不计。美联储需要市场相信它能够并且将会继续印钞。</blockquote></p><p>However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)</p><p><blockquote>然而，美联储只是在自欺欺人。它声称通货膨胀是暂时的，以便可以忽略快速增长的数字，通货膨胀就会越失控，因为美联储和联邦政府继续印钞和运输货币的装甲车昼夜不停地行驶。（当然，这是比喻。）</blockquote></p><p>The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.</p><p><blockquote>美联储可能会欺骗自己（和我们）的长期伤害，但它不太可能欺骗市场太久，因为这些数字将变得太高，市场无法忽视。周三，我们从市场对多年来最高通胀率消息的反应中看到了这一点--4 月份的年化通胀率为 4.2%，远低于我们今年夏天即将看到的通胀率水平。这只是球场的收尾。</blockquote></p><p><b>How inflation will fight the Fed and win</b></p><p><blockquote><b>通胀将如何对抗美联储并取得胜利</b></blockquote></p><p>The danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.</p><p><blockquote>通胀带来的危险是，如果它上升到我确信它会上涨的高度（两位数），那么美联储将被迫提高利率目标，因为市场无论如何都会推高利率，使美联储看起来很愚蠢，因为它声称利率目标是它无法持有的。美联储将无法在不通过创造新货币造成更大通胀的情况下不惜一切代价压低利率。</blockquote></p><p>However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.</p><p><blockquote>然而，这不仅仅是债券义务警员将从美联储手中夺走利率控制权，股市还将迫使美联储应对通货膨胀，因为无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通货膨胀。拖延的时间越长，美联储就必须大幅提高利率，就像保罗-沃尔克（Paul Volker）在 80 年代为控制通胀所做的那样。</blockquote></p><p>This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.</p><p><blockquote>在股市处于荒谬危险的高度之际，这个难题现在开始成为现实。对通货膨胀的模糊认识不再那么模糊，这就是为什么市场正在耗尽动力。投资者开始相信美联储将失去对利率的控制。投资者开始怀疑美联储的信心。</blockquote></p><p>Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.</p><p><blockquote>当然，要崩盘，势头必须向下，而在市场确信美联储将失去控制之前，这种情况不太可能发生；但这种情况一开始可能会缓慢发生，然后像 2018 年那样迅速发生。</blockquote></p><p>Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.</p><p><blockquote>通胀是美联储背上的一颗定时炸弹。我的论点是，现在每个月，美联储都会发现越来越难维持一种幻觉，即它可以继续创造货币，通过政府刺激计划（应政府要求）将货币注入夫妻俩投资者（散户投资者、罗宾汉人群等）手中，并继续试图保持低利率，通过贷款资助的公司股票回购将资金注入股市。通货膨胀将压垮宽松货币。它统治。美联储可以控制它，但只能通过拿走资金并摧毁完全依赖资金的市场。</blockquote></p><p>The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The&nbsp;<i>real</i>&nbsp;fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.</p><p><blockquote>盘子旋转器开始失去对所有盘子的控制，它必须在小棒的末端保持旋转。今天的市场走势表明，随着通胀比投资者担心的更糟糕，市场开始关注板块下跌的声音。这个<i>真的</i>恐惧——直到现在才被预示的深度瘫痪恐惧——不是来自债券收益率上升的竞争（这肯定会到来），而是通胀将变得足够热，以至于美联储将被迫关闭所有的动力。</blockquote></p><p></p><p>Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.</p><p><blockquote>通货膨胀有能力突然改变市场情绪，因为，嗯，跟随资金回到它的来源。</blockquote></p><p>Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. <i>MarketWatch</i>Inflation jitters will become inflation&nbsp;<i>panic</i>&nbsp;when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.</p><p><blockquote>一份报告显示，随着新冠疫情的复苏，截至 4 月份的一年中，美国通胀率以约 13 年来最快的速度上升，通胀担忧再次蔓延，股市大幅走低。<i>市场观察</i>通货膨胀恐慌将变成通货膨胀<i>恐慌</i>当人们清楚地认识到，升至 4.2 不仅仅是昙花一现，而是未来许多步骤中消费者方面的第一步时。希望我的读者都没有太关注那些预测只有3.6%的经济学家。</blockquote></p><p>“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.&nbsp; <b><i>But if it’s not transitory, that’s when it is going to become troubling for stocks.</i></b>”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.</p><p><blockquote>“通货膨胀摧毁财富。Incapital 交易主管帕特里克-利里（Patrick Leary）在接受 MarketWatch 采访时说：”通货膨胀摧毁财富。“我们看到通货膨胀出现在市场上。如果通货膨胀确实是暂时的，市场就能忍受通货膨胀。<b><i>但如果不是暂时的，那就会成为股市的麻烦。</i></b>“财富的毁灭是一个问题，但我认为，更大的问题是亚马逊规模的轻松资金流入市场的流失。这就是为什么当就业报告真的很糟糕时，市场上涨了。就业放缓的报告缓解了对通胀的担忧，导致美联储关闭了这一流动。这就是为什么市场今天因与许多人预期相反的可靠消息而暴跌。</blockquote></p><p>The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten,<i>&nbsp;regardless of what the Fed claims to assure investors it won’t.</i></p><p><blockquote>美联储的手可能很快就会被现实所迫；如果你一直在阅读这里--尤其是《赞助人》中那些重点关注通货膨胀的帖子，你就会对即将发生的事情有一个很好的了解。然而，人们不必等到美联储收紧货币政策才能阻止通货膨胀；人们只需等到股票投资者确信美联储将不得不收紧货币政策，<i>无论美联储声称向投资者保证什么，它都不会。</i></blockquote></p><p>As&nbsp;<i>MarketWatch</i>&nbsp;noted yesterday,</p><p><blockquote>作为<i>市场观察</i>昨天指出，</blockquote></p><p>Tuesday is looking dicey for stocks, notably the technology space,&nbsp; <b><i>as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.</i></b>&nbsp;After last week’s downside jobs surprise, some fear&nbsp; <b><i>Wednesday’s consumer price data could also deliver a nasty shock.</i></b>The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.</p><p><blockquote>周二股市看起来很危险，尤其是科技领域，<b><i>随着通胀紧张情绪继续波及整个市场。由于担心通胀上升可能会促使美联储提前结束因 COVID-19 大流行病而采取的宽松立场，该行业一直首当其冲。</i></b>继上周就业意外之后，一些人感到担忧<b><i>周三的消费者价格数据也可能带来严重冲击。</i></b>市场在自己的负担下不堪重负和紧张，以至于如果它仅仅相信美联储将被迫收紧货币政策，它就会崩溃。这就是为什么它今天会像预震一样震动，但如果你一直在阅读这里的内容，那就一点也不震动了。这是意料之中的。</blockquote></p><p><b><i>Inflation is the “</i></b> <b>worst-case</b> <b><i>&nbsp;scenario” for this ticking-time-bomb market full of complacent investors,</i></b>&nbsp;warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the&nbsp;<i>key</i>:</p><p><blockquote><b><i>通货膨胀是“</i></b><b>最坏情况</b><b><i>对于这个充满自满投资者的定时炸弹市场，</i></b>Stock Traders Daily 总裁兼首席执行官兼 Equity Logic 投资组合经理 Thomas H. Kee Jr. 警告我们今天的看涨期权。这是<i>钥匙</i>:</blockquote></p><p>“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.&nbsp; <b><i>If inflation comes back,</i></b> <b>all</b> <b><i>&nbsp;of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be</i></b> <b>able</b> <b><i>&nbsp;to come back to save the day</i></b>,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and <b><i>&nbsp;if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen</i></b>&nbsp;either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ <b><i>When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!</i></b>”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed&nbsp;<i>wants</i>&nbsp;higher inflation and convince them that the higher inflation it wants is temporary before it even begins.</p><p><blockquote>“可以说，刺激措施之所以成为可能，唯一的原因就是没有通货膨胀。<b><i>如果通货膨胀再次出现，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激措施带来的免费资金）将被取消，并且不会……</i></b><b>能</b><b><i>回来拯救世界</i></b>Kee告诉MarketWatch……他说，最近的就业数据确实表明，物价上涨将“比之前想象的更严重……”。“降幅可能比25%严重得多，<b><i>如果FOMC（联邦公开市场委员会）因通货膨胀而被束缚，投资者习以为常的快速反弹将不会发生</i></b>基说。“SPX SPX (^GSPC) 的公允价值倍数不是 30 倍，而是 35 倍。更像是 15 倍.”投资者对自然风险意识的回归--而目前这种意识严重缺乏。“政府给了他们免费的钱，刺激计划正在全面发挥作用，投资者根本感觉不到任何风险。这才是最危险的!”基说……”<b><i>当大买家不在的时候…那就是对风险的自然感知回来的时候，如果发生这种情况…小心下面!!</i></b>“你看，不断上升的通货膨胀有能力让美联储屈服。我一直在写的那种通货膨胀会让美联储失去魔力，这就是为什么鲍威尔已经在竭尽全力让金融市场相信美联储<i>想要</i>更高的通胀，并让他们相信它想要的更高通胀在开始之前是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场敏感性</blockquote></p><p>Notes Lance Roberts,</p><p><blockquote>兰斯·罗伯茨指出，</blockquote></p><p></p><p><b><i>There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market,</i></b>&nbsp;but we keep investing for “Fear Of Missing Out.” <i>Seeking Alpha</i>How much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?</p><p><blockquote><b><i>这轮牛市不可能不会以非常糟糕的方式结束。我们都知道这是这个流动性驱动的市场的现实，</i></b>但我们继续投资是为了 “害怕错过 ”。<i>寻求阿尔法</i>美联储和联储涌入市场的所有刺激资金究竟创造了多少现金流，使去年的疯狂成为可能？</blockquote></p><p>Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.</p><p><blockquote>过去5个月，流入股市的资金比过去12年的总和还要多。算一算，问问自己，如果因为通货膨胀迫使美联储在商品太少的环境下停止创造太多的新货币，而不得不关闭货币，会发生什么，因为之前的 COVID 关闭短缺以及它们造成的持续问题。</blockquote></p><p>And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):</p><p><blockquote>而且，如果你不认为市场在轻松货币的推动下岌岌可危，那就看看保证金债务（欠经纪人的钱）上涨了多少：</blockquote></p><p><img src=\"https://static.tigerbbs.com/4ca87d635f36dfaa1c989d7e459550d1\" tg-width=\"914\" tg-height=\"592\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>When the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.</p><p><blockquote>当美联储面临加息和停止印钞的巨大压力时，经纪人在放贷时就不会那么自由了。目前，几乎免费的利率很容易赚钱。不过，更重要的是，当市场因担心美联储切断宽松货币而开始下跌时，随着人们被迫出售资产并减少保证金债务，所有保证金债务都开始匆忙解除。</blockquote></p><p>As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:</p><p><blockquote>正如您所看到的，像这样的市场债务的巨大、快速飙升往往发生在严重崩溃之前：</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ff13864e0443e2a448952529cdf6e2c\" tg-width=\"758\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>In the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.</p><p><blockquote>短期来看，基本面并不重要。然而，从长远来看，它们非常重要。情绪可能会导致投资者在很长一段时间内忽视经济基本面，但在高利润率债务环境下，对长期被忽视的基本面看法的突然改变会导致人们的参照系迅速修正。</blockquote></p><p>Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.</p><p><blockquote>目前，投资者忽视了基本面，预期经济和盈利将改善，以证明市场高估是合理的。这不太可能发生。即使确实如此，从今天的冲击来看，大多数圈子里对金融格局（货币的核心价值）的看法也过于乐观；但你可以在一年后看到这一点。</blockquote></p><p>The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.</p><p><blockquote>美联储的言论就好像它仍然看不到未来会发生什么，但这正是美联储谈论紧缩政策将有多容易。它似乎并不知道自己没有一个不会导致市场情绪急剧下跌并导致市场崩溃的退出计划。然而，这一点，也可以被那些没有在美德神父脚下敬拜的人看到。</blockquote></p><p>When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&amp;P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.</p><p><blockquote>当或如果复苏预期落空，市场将开始重新定价其内在价值。鉴于市场目前的交易价格是潜在经济增长水平的两倍多，而潜在经济增长是企业利润的来源，这表明存在重大风险。这就是为什么道琼斯指数今天下跌 682 点（2%），标准普尔指数下跌 2.14%，纳斯达克指数下跌 368 点（2.67%）。股票中没有太多的安全空间。</blockquote></p><p>Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.</p><p><blockquote>别告诉我通货膨胀对这个市场无关紧要。六个月来最糟糕的一天。更多详情请见另一篇赞助人帖子。</blockquote></p><p>Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:</p><p><blockquote>现在让我再一次做我所说的此时必不可少的纠正性报告。首先，假新闻：</blockquote></p><p>One big reason for the acceleration was&nbsp; <i>base effects</i>&nbsp;– at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,</p><p><blockquote>加速的一个重要原因是<i>基底效应</i>- 一年前的这个时候，经济受到了科维德大流行病最严重的打击，通货膨胀率异常低。正如我在上一篇赞助人帖子中所说，我还列出了支持我声明的统计数据和来源，</blockquote></p><p>Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:</p><p><blockquote>尽管有疫情，食品价格和许多其他价格像去年3月一样上涨。事实上，在 3 月份之后，它们的涨幅比正常水平更差，2020 年剩余时间里，每个月的年化涨幅都在 3.5% 到 4% 之间。“通胀海啸警报正在尖叫!”我特别注意到一位经济学家说，食品杂货和燃料现在刚刚弥补了上一次的涨幅：</blockquote></p><p>So,&nbsp; <i>like groceries,</i>&nbsp;gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that&nbsp;<i>fuel</i>&nbsp;prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but&nbsp;<i>groceries</i>? Come on!</p><p><blockquote>所以，<i>比如杂货，</i>天然气正在赶上，回到我们实际期望的地方…去年主要发生的事情是<i>燃料</i>由于没有运输任何东西，缺乏假期和通勤，价格暴跌，但是<i>杂货</i>?快点!</blockquote></p><p></p><p>“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.<b><i>So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of facts</i></b><b>if</b><b><i>&nbsp;the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.</i></b></p><p><blockquote>如果你回顾一下 2018 年的汽油价格，“迎头赶上 ”可能是真的，但当你在评论中拥抱杂货时，这完全是马粪。杂货店什么都赶不上。2020年全年食品的平均通货膨胀率为3.4%，而2011年之前每年的平均通货膨胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的总体通胀率低于正常水平，但这与今年有什么关系？【总体】去年价格仍在上涨；因此，这并不是说你在与一个异常的年份进行比较，因为在那几个月里，整体价格都在下跌，这意味着今年的部分涨幅只是弥补了去年不寻常的损失。然后你可以如实地说有一个基数效应。<b><i>因此，通胀的到来比美联储让人们相信的要快得多；而且，正如我最近的赞助人帖子所说，生产者方面已经酝酿了更多的通货膨胀，这些通货膨胀肯定会被传递出去。我注意到你可以期待看到这一点现在开始出现在消费者方面，而你确实做到了。这将是一个通胀高涨的夏天，这可能会影响市场情绪，因此股市不会对此感到满意。可以肯定的是，无论如何，仍有大量的睾丸激素决心推高股票，但炎热潮湿的夏天将削弱这种情绪，就像今天一样；无论图表读者根据当前的情绪趋势做出什么预测，它都将继续改变它。面对事实，趋势可能会迅速改变</i></b><b>如果</b><b><i>事实以足够的活力撞击。我认为，高通胀是一个令人担忧的事实，它可能会阻止美联储的计划向前推进。</i></b></blockquote></p><p>If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.</p><p><blockquote>如果美联储确实继续以同样的盲目无知和顽固决心证明自己是正确的，这导致它继续推行经济紧缩制度（正如我在2018年声称的那样，它会这样做太久，与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这并非不可能。</blockquote></p><p>“ <b><i>There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,</i></b>” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,</p><p><blockquote>“<b><i>有些人认为美联储不仅落后于曲线，他们可能没有抓住要点，当他们开始追赶时，已经太晚了、</i></b>华尔街资深人士阿特·卡申周三在接受CNBC采访时表示，</blockquote></p><p>“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.&nbsp; <b><i>“It’s just that there’s a</i></b> <b>lot more</b> <b><i>&nbsp;‘transitory’ than they were expecting.</i></b>”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?</p><p><blockquote>“凯投宏观（Capital Economics）美国高级经济学家迈克尔-皮尔斯（Michael Pearce）写道：”我们怀疑这份报告是否会改变官员们的观点，即通胀压力'在很大程度上是暂时的'。<b><i>“只是有一个</i></b><b>更多</b><b><i>比他们预期的要'短暂'。</i></b>“CNBC确实。更多。当他们用完了一个假的基地效应来指责它时，他们会怎么做？</blockquote></p><p>Liked it? Take a second to support David Haggith on Patreon!</p><p><blockquote>喜欢吗？花点时间在Patreon上支持大卫·哈吉斯!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/news/2021-05-12/inflation-will-kill-stock-market\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/news/2021-05-12/inflation-will-kill-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134419676","content_text":"I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.That’s a problem, but it’s not the big problem. Not this time.The big problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.Fed is getting tangled in a mess of its own makingHaving made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.How inflation will fight the Fed and winThe danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The real fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. MarketWatchInflation jitters will become inflation panic when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.  But if it’s not transitory, that’s when it is going to become troubling for stocks.”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten, regardless of what the Fed claims to assure investors it won’t.As MarketWatch noted yesterday,Tuesday is looking dicey for stocks, notably the technology space,  as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance. After last week’s downside jobs surprise, some fear  Wednesday’s consumer price data could also deliver a nasty shock.The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.Inflation is the “ worst-case  scenario” for this ticking-time-bomb market full of complacent investors, warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the key:“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.  If inflation comes back, all  of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be able  to come back to save the day,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and  if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed wants higher inflation and convince them that the higher inflation it wants is temporary before it even begins.Market susceptibilityNotes Lance Roberts,There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market, but we keep investing for “Fear Of Missing Out.” Seeking AlphaHow much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):Seeking AlphaWhen the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:Seeking AlphaIn the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:One big reason for the acceleration was  base effects – at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:So,  like groceries, gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that fuel prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but groceries? Come on!“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of factsif the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.“ There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.  “It’s just that there’s a lot more  ‘transitory’ than they were expecting.”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?Liked it? Take a second to support David Haggith on Patreon!","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191532101,"gmtCreate":1620887776403,"gmtModify":1634195534183,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191532101","repostId":"2135646193","repostType":4,"isVote":1,"tweetType":1,"viewCount":2868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191536446,"gmtCreate":1620887729785,"gmtModify":1634195534666,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191536446","repostId":"2135649085","repostType":4,"isVote":1,"tweetType":1,"viewCount":3325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191536169,"gmtCreate":1620887668551,"gmtModify":1634195534909,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191536169","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":2917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191504570,"gmtCreate":1620886230890,"gmtModify":1634195544924,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use dogecoin to generate passive income.https://app.cakedefi.com?ref=821807","listText":"Use dogecoin to generate passive income.https://app.cakedefi.com?ref=821807","text":"Use dogecoin to generate passive income.https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191504570","repostId":"1117194592","repostType":4,"repost":{"id":"1117194592","kind":"news","pubTimestamp":1620443747,"share":"https://www.laohunote.com/m/news/1117194592?lang=zh_CN&edition=full","pubTime":"2021-05-08 11:15","market":"us","language":"en","title":"Forget Dogecoin -- This Stock Is a Better Buy<blockquote>忘记狗狗币吧——这只股票更值得购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117194592","media":"fool","summary":"It's probably a safe bet to say that many of the buyers of Dogecoin did so because they are hoping t","content":"<p>It's probably a safe bet to say that many of the buyers of&nbsp;<b>Dogecoin</b>&nbsp;did so because they are hoping the meme cryptocurrency will go \"to the moon.\" But it'shard to make a real investment casefor something that jumps -- or drops -- 26% in value in the course of a day's trading just becauseElon MuskorMark Cubanmentions it in a tweet.</p><p><blockquote>可以肯定地说，许多买家<b>狗狗币</b>这样做是因为他们希望迷因加密货币能够“登上月球”。但仅仅因为埃隆·马斯科马克·库班在一条推文中提到了它，就在一天的交易过程中价值上涨或下跌了 26%，这很难成为一个真正的投资案例。</blockquote></p><p>Investors looking for a moonshot investment would be better served to take a flier on a company in a sector that promises to create a fundamental shift in an existing industry. Electric vehicle (EV) sales are expected to jump from 1.7 million in 2020 to 8.5 million just by 2025, and to 26 million 10 years from now, according to industry research provider<i>BloombergNEF</i>. And the firm expects EV sales to more than double again in the following 10 years.</p><p><blockquote>寻求登月投资的投资者最好先了解一下有望给现有行业带来根本性转变的行业中的一家公司。据行业研究提供商称，电动汽车 (EV) 销量预计将从 2020 年的 170 万辆跃升至 2025 年的 850 万辆，10 年后将达到 2600 万辆<i>彭博新能源财经</i>该公司预计未来 10 年电动汽车销量将再次翻一番以上。</blockquote></p><p>Charging station network leader&nbsp;<b>ChargePoint Holdings</b>(NYSE:CHPT)&nbsp;is established in the business, and investors in this company could ride the explosive EV growth trend.</p><p><blockquote>充电站网络领导者<b>ChargePoint控股</b>（纽约证券交易所股票代码：CHPT）在该行业已经成熟，该公司的投资者可以利用电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>去特殊目的收购公司业绩</b></blockquote></p><p>ChargePoint went public on March 1 through a special purpose acquisition company (SPAC) merger. But unlike somede-SPAC companiesin the EV space, the company has so far met its sales expectations and kept its future outlook unchanged. That's because it was already an established business before going public, with more than 4,000 commercial and fleet customers, and more than 132,000 charging locations on its network in North America and Europe.</p><p><blockquote>ChargePoint 于 3 月 1 日通过特殊目的收购公司 (SPAC) 合并上市。但与电动汽车领域的一些特殊目的收购公司不同，该公司迄今为止已经达到了销售预期，并保持了未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，拥有超过 4,000 家商业和车队客户，在北美和欧洲的网络上拥有超过 132,000 个充电点。</blockquote></p><p>There is, and will be, plenty of competition in this space. But ChargePoint exists as one of the largest compared to other domestic and international players. Past and estimated future revenue of several in the sector are shown below.</p><p><blockquote>这个领域现在和将来都会有很多竞争。但与其他国内和国际参与者相比，ChargePoint是最大的公司之一。该行业几个公司的过去和预计未来收入如下所示。</blockquote></p><p><table><tbody><tr><th>Company</th><th>2021 Revenue Estimate (million)</th><th>2020 Revenue (million)</th></tr><tr><td>ChargePoint</td><td>$200</td><td>$146</td></tr><tr><td>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>Volta</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</td><td>$20</td><td>$14</td></tr><tr><td>Blink Charging</td><td>NP*</td><td>$6.2</td></tr></tbody></table>DATA SOURCE: COMPANY FINANCIALS. *NOT PROVIDED</p><p><blockquote><table><tbody><tr><th>公司</th><th>2021年收入预计（百万）</th><th>2020年收入（百万）</th></tr><tr><td>充电点</td><td>$200</td><td>$146</td></tr><tr><td>电动箱</td><td>$145</td><td>$84</td></tr><tr><td>沃尔塔</td><td>$47</td><td>$25</td></tr><tr><td>埃夫戈</td><td>$20</td><td>$14</td></tr><tr><td>闪烁充电</td><td>NP*</td><td>$6.2</td></tr></tbody></table>数据来源：公司财务。*未提供</blockquote></p><p><b>ChargePoint is the current favorite</b></p><p><blockquote><b>ChargePoint 是目前最受欢迎的</b></blockquote></p><p>ChargePoint already has a large lead in North America with a 70% share of Level 2 charging networks, which use 240-volt power. Its comprehensive network of offerings also includes more than 2,000 publicly available fast-charging stations. Its suite of products caters to the needs of EV fleet owners, parking operators, and consumers, as well as corporations and municipalities.</p><p><blockquote>ChargePoint 在北美已经占据了 70% 的 2 级充电网络份额，使用 240 伏电力。其全面的产品网络还包括 2,000 多个公开的快速充电站。其产品套件满足了电动汽车车队所有者、停车运营商和消费者以及企业和市政当局的需求。</blockquote></p><p>And in a sign of how large the market can grow, President Joe Biden has proposed installing 500,000 new charging stations in the U.S. as part of an infrastructure initiative. He also intends to electrify bus fleets and government vehicle fleets. While ChargePoint supports the infrastructure package, and would almost certainly be a beneficiary of its passage, the company doesn't need that catalyst for its charging network to grow rapidly.</p><p><blockquote>乔·拜登总统提议在美国安装 50 万个新充电站，作为基础设施计划的一部分，这表明市场可以增长多大。他还打算实现公共汽车车队和政府车队的电气化。虽然 ChargePoint 支持基础设施包，并且几乎肯定会成为其通过的受益者，但该公司并不需要这种催化剂来实现其充电网络的快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应该把握机会，着眼长远</b></blockquote></p><p>Betting on the EV sector is not a short-term strategy. But if the exponential global growth to more than 54 million vehicles by 2040 materializes, today's high valuations in the sector could eventually be more than justified. Just looking at the two with the highest and lowest 2020 revenue, respectively, theprice-to-sales ratiosare about 50 for ChargePoint, but 250 for&nbsp;<b>Blink Charging</b>(NASDAQ:BLNK).</p><p><blockquote>押注电动汽车行业并不是短期策略。但如果到 2040 年全球汽车数量呈指数级增长，超过 5400 万辆成为现实，那么该行业目前的高估值最终可能是完全合理的。仅从 2020 年收入最高和最低的两家公司来看，ChargePoint 的市销率约为 50，但 ChargePoint 的市销率为 250<b>闪烁充电</b>（纳斯达克股票代码：BLNK）</blockquote></p><p>A bet on the charging network sector has no guarantee of success, of course. It's possible that automakers will try to have proprietary networks similar to&nbsp;<b>Tesla</b>'s(NASDAQ:TSLA)supercharger network model. But asautomakersramp up EV production, it would seem to make more sense for them to focus on what they know best, potentially including battery production.</p><p><blockquote>当然，押注充电网络领域并不能保证成功。汽车制造商可能会尝试拥有类似于<b>特斯拉</b>s（纳斯达克股票代码：TSLA）超级充电网络模型。但随着汽车制造商增加电动汽车产量，他们专注于自己最了解的事情似乎更有意义，可能包括电池生产。</blockquote></p><p>For an investor wanting to speculate for big gains, charging companies have an established business in a quickly growing sector. Dogecoin keeps going up as Elon Musk or others excite retail trader interest. But if that's the only reason it's rising, it can't continue long term. A charging company like ChargePoint should have better odds at providing long-term gains.</p><p><blockquote>对于想要投机巨额利润的投资者来说，充电公司在快速增长的行业中拥有成熟的业务。随着埃隆·马斯克或其他人激发散户交易者的兴趣，狗狗币持续上涨。但如果这是它上涨的唯一原因，它就无法长期持续。像 ChargePoint 这样的充电公司应该更有可能提供长期收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Dogecoin -- This Stock Is a Better Buy<blockquote>忘记狗狗币吧——这只股票更值得购买</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\">\nForget Dogecoin -- This Stock Is a Better Buy<blockquote>忘记狗狗币吧——这只股票更值得购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-05-08 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's probably a safe bet to say that many of the buyers of&nbsp;<b>Dogecoin</b>&nbsp;did so because they are hoping the meme cryptocurrency will go \"to the moon.\" But it'shard to make a real investment casefor something that jumps -- or drops -- 26% in value in the course of a day's trading just becauseElon MuskorMark Cubanmentions it in a tweet.</p><p><blockquote>可以肯定地说，许多买家<b>狗狗币</b>这样做是因为他们希望迷因加密货币能够“登上月球”。但仅仅因为埃隆·马斯科马克·库班在一条推文中提到了它，就在一天的交易过程中价值上涨或下跌了 26%，这很难成为一个真正的投资案例。</blockquote></p><p>Investors looking for a moonshot investment would be better served to take a flier on a company in a sector that promises to create a fundamental shift in an existing industry. Electric vehicle (EV) sales are expected to jump from 1.7 million in 2020 to 8.5 million just by 2025, and to 26 million 10 years from now, according to industry research provider<i>BloombergNEF</i>. And the firm expects EV sales to more than double again in the following 10 years.</p><p><blockquote>寻求登月投资的投资者最好先了解一下有望给现有行业带来根本性转变的行业中的一家公司。据行业研究提供商称，电动汽车 (EV) 销量预计将从 2020 年的 170 万辆跃升至 2025 年的 850 万辆，10 年后将达到 2600 万辆<i>彭博新能源财经</i>该公司预计未来 10 年电动汽车销量将再次翻一番以上。</blockquote></p><p>Charging station network leader&nbsp;<b>ChargePoint Holdings</b>(NYSE:CHPT)&nbsp;is established in the business, and investors in this company could ride the explosive EV growth trend.</p><p><blockquote>充电站网络领导者<b>ChargePoint控股</b>（纽约证券交易所股票代码：CHPT）在该行业已经成熟，该公司的投资者可以利用电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>去特殊目的收购公司业绩</b></blockquote></p><p>ChargePoint went public on March 1 through a special purpose acquisition company (SPAC) merger. But unlike somede-SPAC companiesin the EV space, the company has so far met its sales expectations and kept its future outlook unchanged. That's because it was already an established business before going public, with more than 4,000 commercial and fleet customers, and more than 132,000 charging locations on its network in North America and Europe.</p><p><blockquote>ChargePoint 于 3 月 1 日通过特殊目的收购公司 (SPAC) 合并上市。但与电动汽车领域的一些特殊目的收购公司不同，该公司迄今为止已经达到了销售预期，并保持了未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，拥有超过 4,000 家商业和车队客户，在北美和欧洲的网络上拥有超过 132,000 个充电点。</blockquote></p><p>There is, and will be, plenty of competition in this space. But ChargePoint exists as one of the largest compared to other domestic and international players. Past and estimated future revenue of several in the sector are shown below.</p><p><blockquote>这个领域现在和将来都会有很多竞争。但与其他国内和国际参与者相比，ChargePoint是最大的公司之一。该行业几个公司的过去和预计未来收入如下所示。</blockquote></p><p><table><tbody><tr><th>Company</th><th>2021 Revenue Estimate (million)</th><th>2020 Revenue (million)</th></tr><tr><td>ChargePoint</td><td>$200</td><td>$146</td></tr><tr><td>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>Volta</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</td><td>$20</td><td>$14</td></tr><tr><td>Blink Charging</td><td>NP*</td><td>$6.2</td></tr></tbody></table>DATA SOURCE: COMPANY FINANCIALS. *NOT PROVIDED</p><p><blockquote><table><tbody><tr><th>公司</th><th>2021年收入预计（百万）</th><th>2020年收入（百万）</th></tr><tr><td>充电点</td><td>$200</td><td>$146</td></tr><tr><td>电动箱</td><td>$145</td><td>$84</td></tr><tr><td>沃尔塔</td><td>$47</td><td>$25</td></tr><tr><td>埃夫戈</td><td>$20</td><td>$14</td></tr><tr><td>闪烁充电</td><td>NP*</td><td>$6.2</td></tr></tbody></table>数据来源：公司财务。*未提供</blockquote></p><p><b>ChargePoint is the current favorite</b></p><p><blockquote><b>ChargePoint 是目前最受欢迎的</b></blockquote></p><p>ChargePoint already has a large lead in North America with a 70% share of Level 2 charging networks, which use 240-volt power. Its comprehensive network of offerings also includes more than 2,000 publicly available fast-charging stations. Its suite of products caters to the needs of EV fleet owners, parking operators, and consumers, as well as corporations and municipalities.</p><p><blockquote>ChargePoint 在北美已经占据了 70% 的 2 级充电网络份额，使用 240 伏电力。其全面的产品网络还包括 2,000 多个公开的快速充电站。其产品套件满足了电动汽车车队所有者、停车运营商和消费者以及企业和市政当局的需求。</blockquote></p><p>And in a sign of how large the market can grow, President Joe Biden has proposed installing 500,000 new charging stations in the U.S. as part of an infrastructure initiative. He also intends to electrify bus fleets and government vehicle fleets. While ChargePoint supports the infrastructure package, and would almost certainly be a beneficiary of its passage, the company doesn't need that catalyst for its charging network to grow rapidly.</p><p><blockquote>乔·拜登总统提议在美国安装 50 万个新充电站，作为基础设施计划的一部分，这表明市场可以增长多大。他还打算实现公共汽车车队和政府车队的电气化。虽然 ChargePoint 支持基础设施包，并且几乎肯定会成为其通过的受益者，但该公司并不需要这种催化剂来实现其充电网络的快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应该把握机会，着眼长远</b></blockquote></p><p>Betting on the EV sector is not a short-term strategy. But if the exponential global growth to more than 54 million vehicles by 2040 materializes, today's high valuations in the sector could eventually be more than justified. Just looking at the two with the highest and lowest 2020 revenue, respectively, theprice-to-sales ratiosare about 50 for ChargePoint, but 250 for&nbsp;<b>Blink Charging</b>(NASDAQ:BLNK).</p><p><blockquote>押注电动汽车行业并不是短期策略。但如果到 2040 年全球汽车数量呈指数级增长，超过 5400 万辆成为现实，那么该行业目前的高估值最终可能是完全合理的。仅从 2020 年收入最高和最低的两家公司来看，ChargePoint 的市销率约为 50，但 ChargePoint 的市销率为 250<b>闪烁充电</b>（纳斯达克股票代码：BLNK）</blockquote></p><p>A bet on the charging network sector has no guarantee of success, of course. It's possible that automakers will try to have proprietary networks similar to&nbsp;<b>Tesla</b>'s(NASDAQ:TSLA)supercharger network model. But asautomakersramp up EV production, it would seem to make more sense for them to focus on what they know best, potentially including battery production.</p><p><blockquote>当然，押注充电网络领域并不能保证成功。汽车制造商可能会尝试拥有类似于<b>特斯拉</b>s（纳斯达克股票代码：TSLA）超级充电网络模型。但随着汽车制造商增加电动汽车产量，他们专注于自己最了解的事情似乎更有意义，可能包括电池生产。</blockquote></p><p>For an investor wanting to speculate for big gains, charging companies have an established business in a quickly growing sector. Dogecoin keeps going up as Elon Musk or others excite retail trader interest. But if that's the only reason it's rising, it can't continue long term. A charging company like ChargePoint should have better odds at providing long-term gains.</p><p><blockquote>对于想要投机巨额利润的投资者来说，充电公司在快速增长的行业中拥有成熟的业务。随着埃隆·马斯克或其他人激发散户交易者的兴趣，狗狗币持续上涨。但如果这是它上涨的唯一原因，它就无法长期持续。像 ChargePoint 这样的充电公司应该更有可能提供长期收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/07/forget-dogecoin-this-stock-is-a-better-buy/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHPT":"ChargePoint Holdings Inc."},"source_url":"https://www.fool.com/investing/2021/05/07/forget-dogecoin-this-stock-is-a-better-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117194592","content_text":"It's probably a safe bet to say that many of the buyers of Dogecoin did so because they are hoping the meme cryptocurrency will go \"to the moon.\" But it'shard to make a real investment casefor something that jumps -- or drops -- 26% in value in the course of a day's trading just becauseElon MuskorMark Cubanmentions it in a tweet.Investors looking for a moonshot investment would be better served to take a flier on a company in a sector that promises to create a fundamental shift in an existing industry. Electric vehicle (EV) sales are expected to jump from 1.7 million in 2020 to 8.5 million just by 2025, and to 26 million 10 years from now, according to industry research providerBloombergNEF. And the firm expects EV sales to more than double again in the following 10 years.Charging station network leader ChargePoint Holdings(NYSE:CHPT) is established in the business, and investors in this company could ride the explosive EV growth trend.De-SPAC resultsChargePoint went public on March 1 through a special purpose acquisition company (SPAC) merger. But unlike somede-SPAC companiesin the EV space, the company has so far met its sales expectations and kept its future outlook unchanged. That's because it was already an established business before going public, with more than 4,000 commercial and fleet customers, and more than 132,000 charging locations on its network in North America and Europe.There is, and will be, plenty of competition in this space. But ChargePoint exists as one of the largest compared to other domestic and international players. Past and estimated future revenue of several in the sector are shown below.Company2021 Revenue Estimate (million)2020 Revenue (million)ChargePoint$200$146EVBox$145$84Volta$47$25EVgo$20$14Blink ChargingNP*$6.2DATA SOURCE: COMPANY FINANCIALS. *NOT PROVIDEDChargePoint is the current favoriteChargePoint already has a large lead in North America with a 70% share of Level 2 charging networks, which use 240-volt power. Its comprehensive network of offerings also includes more than 2,000 publicly available fast-charging stations. Its suite of products caters to the needs of EV fleet owners, parking operators, and consumers, as well as corporations and municipalities.And in a sign of how large the market can grow, President Joe Biden has proposed installing 500,000 new charging stations in the U.S. as part of an infrastructure initiative. He also intends to electrify bus fleets and government vehicle fleets. While ChargePoint supports the infrastructure package, and would almost certainly be a beneficiary of its passage, the company doesn't need that catalyst for its charging network to grow rapidly.Investors should play the odds and think long-termBetting on the EV sector is not a short-term strategy. But if the exponential global growth to more than 54 million vehicles by 2040 materializes, today's high valuations in the sector could eventually be more than justified. Just looking at the two with the highest and lowest 2020 revenue, respectively, theprice-to-sales ratiosare about 50 for ChargePoint, but 250 for Blink Charging(NASDAQ:BLNK).A bet on the charging network sector has no guarantee of success, of course. It's possible that automakers will try to have proprietary networks similar to Tesla's(NASDAQ:TSLA)supercharger network model. But asautomakersramp up EV production, it would seem to make more sense for them to focus on what they know best, potentially including battery production.For an investor wanting to speculate for big gains, charging companies have an established business in a quickly growing sector. Dogecoin keeps going up as Elon Musk or others excite retail trader interest. But if that's the only reason it's rising, it can't continue long term. A charging company like ChargePoint should have better odds at providing long-term gains.","news_type":1,"symbols_score_info":{"CHPT":0.9}},"isVote":1,"tweetType":1,"viewCount":2368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191505579,"gmtCreate":1620886138291,"gmtModify":1634195545525,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"https://app.cakedefi.com?ref=821807","listText":"https://app.cakedefi.com?ref=821807","text":"https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191505579","repostId":"2135649085","repostType":4,"isVote":1,"tweetType":1,"viewCount":2877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378973849,"gmtCreate":1618995619981,"gmtModify":1634289345274,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378973849","repostId":"1148637565","repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohunote.com/m/news/1148637565?lang=zh_CN&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over<blockquote>为什么成长型股票的反弹并不意味着价值的复苏已经结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p><blockquote>苹果和特斯拉等股票再次引领市场，这引发了人们对与经济密切相关的公司股票（近十年来被忽视）的短暂缓解是否已经结束的疑问。但市场的最新走势可能只是暂停，而不是价值反弹的逆转。</blockquote></p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p><blockquote>价值股，即那些与现金流或其他指标相比通常以较低倍数交易的股票，在去年年底开始活跃起来。新冠肺炎疫苗的消息燃起了全球强劲复苏的希望，并提振了金融、制造商、能源和其他大宗商品导向型公司的前景。</blockquote></p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p><blockquote>但最近利率和通胀预期的下降导致了另一次逆转。TheShares 标普500价值 ETF（股票代码：IVE）过去一个月上涨了 3.7%，而 TheShares 标普500增长 ETF (IVW) 上涨了 7.7%。DataTrek Research 联合创始人尼古拉斯-科拉斯（Nicholas Colas）在周二给客户的一份报告中，将 growth 近期的优异表现归功于五家公司：苹果（AAPL）；微软（MSFT）；亚马逊（AMZN）；谷歌所有者Alphabet（GOOG）；和特斯拉(TSLA)<b>.</b></blockquote></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p><blockquote>“科拉斯写道：”突然转向品牌成长股通常不是短期内市场的好兆头。去年市场崩溃时，投资者纷纷买入大型科技股，而最近资金不断流入这些股票的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放股票。他表示，投资者可能正在等待看到更多复苏将会实现的证据。</blockquote></p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p><blockquote>摩根士丹利财富管理公司（Morgan Stanley Wealth Management）的斯丽莎-沙莱特（sLisa Shalett）也对近期成长型股票的复苏以及本周期经济反弹的可能性很小持怀疑态度，迫使美联储将利率维持在超低水平。低利率往往比价值更有利于成长型股票。</blockquote></p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p><blockquote>沙莱特在给客户的一份报告中表示，她预计本商业周期的增长将比上一个商业周期更广泛、更强劲，信贷增长可能会恢复。取代货币政策的是财政政策，无论是通过基础设施支出还是其他刺激措施，都将在市场中占据重要地位——这可能会导致通胀上升。</blockquote></p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p><blockquote>通货膨胀可能会带来更高的利率，使银行受益。大宗商品生产商也将受益。</blockquote></p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p><blockquote>因此，她建议投资者倾向于周期性股票、外国股票、价值股票和质量股票。</blockquote></p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p><blockquote>事实上，将资金投入被动投资基金的人似乎仍然更喜欢价值。美国银行股票和量化策略师表示，截至上周，价值交易所交易基金已连续 12 周出现净流入，而成长型 ETF 则出现了六周来最大的资金流出。</blockquote></p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p><blockquote>根据他们追踪的迹象，美国银行策略师认为价值有更大的回升空间。例如，value 的表现仅优于 growth 约 20%，而平均为 60%，而且其优异表现仅在第七个月，而 value 超过增长平均水平的时期为 33 个月。利润增长也尚未达到顶峰，基金经理仍然看淡价值导向型股票，主动型基金的跑输大盘价值约为 30%。</blockquote></p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p><blockquote>Centerstone Investors 的资深价值经理兼首席投资官 Abhay Deshpande 尽管市场看起来很昂贵，但他还是全额投资。</blockquote></p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p><blockquote>Centerstone 发现的许多机会都出现在国外的中小型公司中，包括随着投资者涌向大型科技股和中国等大型市场而被忽视的较小新兴市场。Desphande 发现一个领域很有吸引力：随着疫苗分发的加快和全球复苏的到来，新兴亚洲的旅游和赌场公司。</blockquote></p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p><p><blockquote>theGoodHaven (GOODX) 基金经理拉里·皮特科夫斯基 (Larry Pitkowsky) 也认为市场价格昂贵，但他正在金融股中寻找他倾向于青睐的优质价值股票。皮特科夫斯基认为，随着利率上升，市场还没有充分考虑到金融公司的好处，因此他正在增持 Progressive（PGR）等股票。他说，该保险公司提供高资本回报率、不断增长的收入和强大的管理，但股票交易相对便宜，市盈率在十几倍左右。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over<blockquote>为什么成长型股票的反弹并不意味着价值的复苏已经结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over<blockquote>为什么成长型股票的反弹并不意味着价值的复苏已经结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-04-21 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p><blockquote>苹果和特斯拉等股票再次引领市场，这引发了人们对与经济密切相关的公司股票（近十年来被忽视）的短暂缓解是否已经结束的疑问。但市场的最新走势可能只是暂停，而不是价值反弹的逆转。</blockquote></p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p><blockquote>价值股，即那些与现金流或其他指标相比通常以较低倍数交易的股票，在去年年底开始活跃起来。新冠肺炎疫苗的消息燃起了全球强劲复苏的希望，并提振了金融、制造商、能源和其他大宗商品导向型公司的前景。</blockquote></p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p><blockquote>但最近利率和通胀预期的下降导致了另一次逆转。TheShares 标普500价值 ETF（股票代码：IVE）过去一个月上涨了 3.7%，而 TheShares 标普500增长 ETF (IVW) 上涨了 7.7%。DataTrek Research 联合创始人尼古拉斯-科拉斯（Nicholas Colas）在周二给客户的一份报告中，将 growth 近期的优异表现归功于五家公司：苹果（AAPL）；微软（MSFT）；亚马逊（AMZN）；谷歌所有者Alphabet（GOOG）；和特斯拉(TSLA)<b>.</b></blockquote></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p><blockquote>“科拉斯写道：”突然转向品牌成长股通常不是短期内市场的好兆头。去年市场崩溃时，投资者纷纷买入大型科技股，而最近资金不断流入这些股票的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放股票。他表示，投资者可能正在等待看到更多复苏将会实现的证据。</blockquote></p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p><blockquote>摩根士丹利财富管理公司（Morgan Stanley Wealth Management）的斯丽莎-沙莱特（sLisa Shalett）也对近期成长型股票的复苏以及本周期经济反弹的可能性很小持怀疑态度，迫使美联储将利率维持在超低水平。低利率往往比价值更有利于成长型股票。</blockquote></p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p><blockquote>沙莱特在给客户的一份报告中表示，她预计本商业周期的增长将比上一个商业周期更广泛、更强劲，信贷增长可能会恢复。取代货币政策的是财政政策，无论是通过基础设施支出还是其他刺激措施，都将在市场中占据重要地位——这可能会导致通胀上升。</blockquote></p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p><blockquote>通货膨胀可能会带来更高的利率，使银行受益。大宗商品生产商也将受益。</blockquote></p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p><blockquote>因此，她建议投资者倾向于周期性股票、外国股票、价值股票和质量股票。</blockquote></p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p><blockquote>事实上，将资金投入被动投资基金的人似乎仍然更喜欢价值。美国银行股票和量化策略师表示，截至上周，价值交易所交易基金已连续 12 周出现净流入，而成长型 ETF 则出现了六周来最大的资金流出。</blockquote></p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p><blockquote>根据他们追踪的迹象，美国银行策略师认为价值有更大的回升空间。例如，value 的表现仅优于 growth 约 20%，而平均为 60%，而且其优异表现仅在第七个月，而 value 超过增长平均水平的时期为 33 个月。利润增长也尚未达到顶峰，基金经理仍然看淡价值导向型股票，主动型基金的跑输大盘价值约为 30%。</blockquote></p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p><blockquote>Centerstone Investors 的资深价值经理兼首席投资官 Abhay Deshpande 尽管市场看起来很昂贵，但他还是全额投资。</blockquote></p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p><blockquote>Centerstone 发现的许多机会都出现在国外的中小型公司中，包括随着投资者涌向大型科技股和中国等大型市场而被忽视的较小新兴市场。Desphande 发现一个领域很有吸引力：随着疫苗分发的加快和全球复苏的到来，新兴亚洲的旅游和赌场公司。</blockquote></p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p><p><blockquote>theGoodHaven (GOODX) 基金经理拉里·皮特科夫斯基 (Larry Pitkowsky) 也认为市场价格昂贵，但他正在金融股中寻找他倾向于青睐的优质价值股票。皮特科夫斯基认为，随着利率上升，市场还没有充分考虑到金融公司的好处，因此他正在增持 Progressive（PGR）等股票。他说，该保险公司提供高资本回报率、不断增长的收入和强大的管理，但股票交易相对便宜，市盈率在十几倍左右。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":191437807,"gmtCreate":1620897432009,"gmtModify":1634195473861,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/191437807","repostId":"1147949263","repostType":4,"repost":{"id":"1147949263","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":1620897039,"share":"https://www.laohunote.com/m/news/1147949263?lang=zh_CN&edition=full","pubTime":"2021-05-13 17:10","market":"us","language":"en","title":"Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147949263","media":"Tiger Newspress","summary":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a lea","content":"<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克股票代码：BILI，港交所股票代码：9626）是中国标志性品牌和领先的年轻一代视频社区，今天公布了截至 2021 年 3 月 31 日的第一季度未经审计财务业绩。</blockquote></p><p><b>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021 年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</li><li><b>平均月活跃用户（MAU）</b>达到2.233亿，移动端MAU达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户（DAU）</b>达到6010万，比2020年同期增长18%。</li><li><b>平均每月付费用户 (MPUs1)</b>达到2050万，比2020年同期增长53%。</li></ul>“哔哩哔哩董事会主席兼首席执行官陈睿先生表示：”我们以强劲的用户增长和营收扩张拉开了 2021 年的序幕，使我们坚定地走上了实现增长目标的轨道。“凭借蓬勃发展的内容生态系统和热烈的社区纽带，我们第一季度的月活跃用户达到 2.23 亿，与去年的高基数相比增长了 30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费 82 分钟。2021 年 3 月 29 日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者群体，并将我们在离家更近的金融市场的存在延伸。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z世代+人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官范森先生表示：“我们在第一季度取得了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增至2050万，使我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提升至24%。随着香港公开发售的完成，扣除包销费用和其他发售费用后，我们成功筹集了约229亿港元的资金，这使得我们的财务状况稳健，有利于我们的增长。随着我们继续打造基于动态视频的哔哩哔哩品牌，我们的重点仍然是投资于我们日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（5.954百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较二零二零年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值税收入为人民币 14.965 亿元（2.284 亿美元），较 2020 年同期增长 89%，主要归因于公司增值服务（包括高级会员计划、直播服务和其他增值服务）的付费用户数量增加，公司加大了货币化力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较二零二零年同期增长234%。这一增长主要归因于中国在线广告市场对哔哩哔哩品牌的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务等。</i>电子商务及其他收入为人民币5.192亿元（7920万美元），较2020年同期增长230%，主要是由于通过公司电子商务平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币2,963.2百万元（452.3百万美元），较2020年同期增长66%。收入分成成本（收入成本的关键组成部分）为人民币1,400.7百万元（213,800,000美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（1.431百万美元），较2020年同期增长77%，主要由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总经营开支为人民币1,968.8百万元（300.5百万美元），较二零二零年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销开支为人民币1,000.1百万元（152.6百万美元），同比增长65%。这一增长主要是由于推广哔哩哔哩应用和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及行政开支为人民币388.5百万元（59.3百万美元），同比增长127%。增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币580.3百万元（88.6百万美元），同比增长95%。该增加主要是由于研发人员人数增加及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>经营亏损。</b>经营亏损为人民币1,031.0百万元（157.4百万美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币12.5百万元（1.9百万美元），而2020年同期为人民币9.4百万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净亏损。</b>净亏损为人民币904.9百万元（138.1百万美元），而2020年同期为人民币538.6百万元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），而2020年同期为人民币4.746亿元，这是一项非GAAP衡量标准，不包括基于股份的薪酬费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本及摊薄每股收益及调整后基本及摊薄每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，本公司拥有现金及现金等价物、定期存款以及短期投资人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩成功将其Z类普通股在香港联交所主板上市。本公司于全球发售中合共发行28,750,000股Z类普通股，包括于二零二一年四月二十一日获悉数行使3,750,000股Z类普通股的超额配股权。全球发售所得款项净额（包括超额配股权）经扣除包销费用及其他发售开支后约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>2021年第二季度，本公司目前预计净收入将在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与正在进行的 COVID-19 大流行病有关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户是指在我们的平台上为各种产品和服务付费的用户，包括游戏中的购买和增值税的支付（不包括在我们的电子商务平台上的购买）。使用同一注册账户在我们平台上提供的不同产品和服务付款的用户被视为一名付款用户，我们将猫儿的付款用户数量添加到我们的付款用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非公认会计准则财务指标的更多信息，请参阅本公告末尾的 “非公认会计准则财务指标的使用 ”一节以及标题为 “公认会计准则和非公认会计准则业绩的未经审计调节表 ”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前交易上涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></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>Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</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\">\nBilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩Q1收入达到5.954亿美元（同比+68%），DAUs达到6010万美元（同比+18%）</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\">2021-05-13 17:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克股票代码：BILI，港交所股票代码：9626）是中国标志性品牌和领先的年轻一代视频社区，今天公布了截至 2021 年 3 月 31 日的第一季度未经审计财务业绩。</blockquote></p><p><b>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021 年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</li><li><b>平均月活跃用户（MAU）</b>达到2.233亿，移动端MAU达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户（DAU）</b>达到6010万，比2020年同期增长18%。</li><li><b>平均每月付费用户 (MPUs1)</b>达到2050万，比2020年同期增长53%。</li></ul>“哔哩哔哩董事会主席兼首席执行官陈睿先生表示：”我们以强劲的用户增长和营收扩张拉开了 2021 年的序幕，使我们坚定地走上了实现增长目标的轨道。“凭借蓬勃发展的内容生态系统和热烈的社区纽带，我们第一季度的月活跃用户达到 2.23 亿，与去年的高基数相比增长了 30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费 82 分钟。2021 年 3 月 29 日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者群体，并将我们在离家更近的金融市场的存在延伸。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z世代+人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官范森先生表示：“我们在第一季度取得了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增至2050万，使我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提升至24%。随着香港公开发售的完成，扣除包销费用和其他发售费用后，我们成功筹集了约229亿港元的资金，这使得我们的财务状况稳健，有利于我们的增长。随着我们继续打造基于动态视频的哔哩哔哩品牌，我们的重点仍然是投资于我们日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（5.954百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较二零二零年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值税收入为人民币 14.965 亿元（2.284 亿美元），较 2020 年同期增长 89%，主要归因于公司增值服务（包括高级会员计划、直播服务和其他增值服务）的付费用户数量增加，公司加大了货币化力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较二零二零年同期增长234%。这一增长主要归因于中国在线广告市场对哔哩哔哩品牌的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务等。</i>电子商务及其他收入为人民币5.192亿元（7920万美元），较2020年同期增长230%，主要是由于通过公司电子商务平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币2,963.2百万元（452.3百万美元），较2020年同期增长66%。收入分成成本（收入成本的关键组成部分）为人民币1,400.7百万元（213,800,000美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（1.431百万美元），较2020年同期增长77%，主要由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总经营开支为人民币1,968.8百万元（300.5百万美元），较二零二零年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销开支为人民币1,000.1百万元（152.6百万美元），同比增长65%。这一增长主要是由于推广哔哩哔哩应用和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及行政开支为人民币388.5百万元（59.3百万美元），同比增长127%。增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币580.3百万元（88.6百万美元），同比增长95%。该增加主要是由于研发人员人数增加及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>经营亏损。</b>经营亏损为人民币1,031.0百万元（157.4百万美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币12.5百万元（1.9百万美元），而2020年同期为人民币9.4百万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净亏损。</b>净亏损为人民币904.9百万元（138.1百万美元），而2020年同期为人民币538.6百万元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），而2020年同期为人民币4.746亿元，这是一项非GAAP衡量标准，不包括基于股份的薪酬费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本及摊薄每股收益及调整后基本及摊薄每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，本公司拥有现金及现金等价物、定期存款以及短期投资人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩成功将其Z类普通股在香港联交所主板上市。本公司于全球发售中合共发行28,750,000股Z类普通股，包括于二零二一年四月二十一日获悉数行使3,750,000股Z类普通股的超额配股权。全球发售所得款项净额（包括超额配股权）经扣除包销费用及其他发售开支后约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>2021年第二季度，本公司目前预计净收入将在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与正在进行的 COVID-19 大流行病有关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户是指在我们的平台上为各种产品和服务付费的用户，包括游戏中的购买和增值税的支付（不包括在我们的电子商务平台上的购买）。使用同一注册账户在我们平台上提供的不同产品和服务付款的用户被视为一名付款用户，我们将猫儿的付款用户数量添加到我们的付款用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非公认会计准则财务指标的更多信息，请参阅本公告末尾的 “非公认会计准则财务指标的使用 ”一节以及标题为 “公认会计准则和非公认会计准则业绩的未经审计调节表 ”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前交易上涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147949263","content_text":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.First Quarter 2021 Highlights:Total net revenuesreached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.Average monthly active users (MAUs)reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.Average daily active users (DAUs)reached 60.1 million, an 18% increase from the same period in 2020.Average monthly paying users (MPUs1)reached 20.5 million, a 53% increase from the same period in 2020.“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”First Quarter 2021 Financial ResultsTotal net revenues.Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.Mobile games.Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.Value-added services (VAS).Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.Advertising.Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.E-commerce and others.Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.Cost of revenues.Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.Gross profit.Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.Total operating expenses.Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.Sales and marketing expenses.Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.General and administrative expenses.General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.Research and development expenses.Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.Loss from operations.Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.Income tax expense.Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.Net loss.Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.Adjusted net loss2.Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.Basic and diluted EPS and adjustedbasic and diluted EPS2. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.Cash and cash equivalents, time deposits and short-term investments.As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.Secondary Listing in Hong KongOn March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.OutlookFor the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.1The paying users refer to users who make payments for various products and services on our platform, including purchases in games and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.2Adjusted net loss and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.Bilibili rose 1.49% in premarket trading.","news_type":1,"symbols_score_info":{"09626":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":2474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191437526,"gmtCreate":1620897455765,"gmtModify":1634195473616,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191437526","repostId":"1172412248","repostType":4,"repost":{"id":"1172412248","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":1620896640,"share":"https://www.laohunote.com/m/news/1172412248?lang=zh_CN&edition=full","pubTime":"2021-05-13 17:04","market":"us","language":"en","title":"Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172412248","media":"Tiger Newspress","summary":"XPeng Inc. a leading Chinese smart electric vehicle  company, today announced its unaudited financial results for the first quarter ended March 31, 2021.Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.Revenue of $450.4M misses by $15.38M.Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the tot","content":"<p>XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>中国领先的智能电动汽车（“智能电动汽车”）公司小鹏汽车今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.</li><li>Revenue of $450.4M&nbsp;misses by $15.38M.</li><li>Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul>Shares&nbsp;+1.78%&nbsp;PM.</p><p><blockquote><ul><li>小鹏汽车第一季度非 GAAP 每股收益为 -0.13 美元，超出 0.07 美元；GAAP 每股收益为 -0.15 美元，低于 0.02 美元。</li><li>收入4.504亿美元，低于预期1538万美元。</li><li>2021年第一季度汽车交付量达到13,340辆，较2020年同期的2,271辆增长487.4%，较2020年第四季度的12,964辆增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至2021年3月31日，小鹏汽车的实体销售和服务网络共有178家门店和61个服务中心，覆盖70个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul>下午股价 +1.78%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d69e0ac387bcf35b348fc3b8585197a\" tg-width=\"766\" tg-height=\"494\" referrerpolicy=\"no-referrer\"><b>First Quarter 2021 Operational Highlights</b></p><p><blockquote><b>2021年第一季度运营亮点</b></blockquote></p><p><ul><li><b>Deliveries of vehicles</b>reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul><b>First Quarter 2021 Financial Highlights</b></p><p><blockquote><ul><li><b>车辆交付</b>2021年第一季度达到13,340家，较2020年同期的2,271家增长487.4%，较2020年第四季度的12,964家增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至 2021 年 3 月 31 日，小鹏汽车的实体销售和服务网络共有 178 家门店和 61 个服务中心，覆盖 70 个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</li><li><b>Revenues from vehicle sales</b>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.</li><li><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.</li><li><b>Vehicle margin</b>, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.</li><li><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,<b>non-GAAP net loss</b>was RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,<b>non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per American depositary share (ADS)</b>were both RMB0.99 (US$0.15) for the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.</li><li><b>Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits</b>were RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.</li></ul>“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.</p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</li><li><b>车辆销售收入</b>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。</li><li><b>毛利率</b>2021年第一季度为11.2%，而2020年同期为负4.8%，2020年第四季度为7.4%。</li><li><b>车辆余量</b>2021年第一季度汽车销售毛利占汽车销售收入的百分比为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。</li><li><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。扣除以股份为基础的补偿开支及与优先股赎回权相关的衍生负债的公允价值变动，<b>非公认会计准则净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股的赎回价值增值，<b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>每股美国存托股 (ADS) 基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元）。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元）。每股美国存托凭证代表两股A类普通股。</li><li><b>现金及现金等价物、受限制现金、短期存款、短期投资及长期存款</b>截至2021年3月31日为人民币36,201.0百万元（5,525.4百万美元）。</li></ul>“小鹏汽车董事长兼首席执行官何小鹏先生说：”尽管汽车需求季节性放缓，半导体短缺，但第一季度为 2021 年开了个好头，汽车交付量仍打破纪录。“我们本季度的强劲势头得益于我们行业领先的全栈自动驾驶技术、稳健的差异化产品战略以及引领智能电动汽车开发和转型的愿景。</blockquote></p><p></p><p>“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&amp;D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.</p><p><blockquote>“值得注意的是，自 1 月底发布 XPILOT 3.0 的 OTA 更新以来，我们现在开始确认来自我们专有的 XPILOT 软件的收入。随着我们在全栈内部研发能力和强大的闭环数据能力的推动下，技术快速迭代不断发展壮大，我相信 XPILOT 的软件货币化将成为我们汽车销售收入的一部分，成为经常性收入。</blockquote></p><p>“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.</p><p><blockquote>“快速的软件迭代也支持我们不断推出配备更强大硬件的新车型。全球首款量产配备激光雷达的智能电动汽车 P5 的首次亮相凸显了我们塑造未来移动体验的使命。</blockquote></p><p>“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.</p><p><blockquote>“展望未来，我们将继续致力于我们的长期战略路线图和技术创新，以推动智能电动汽车的转型。此外，我们将继续进行长期投资，建设我们的销售、服务和充电设施，以及我们的生产和供应链能力，以支持未来几年的强劲增长，”何先生补充道。</blockquote></p><p>“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.</p><p><blockquote>“小鹏汽车副董事长兼总裁Brian Gu博士说：”小鹏汽车在2021年第一季度的强劲表现表明，我们有能力制造差异化的智能电动汽车，以满足庞大且不断增长的客户群的各种需求。“得益于本季度创纪录的交付量，我们第一季度的收入达到人民币29.509亿元，同比增长616.1%。我们的盈利能力也进一步提升。特别是，我们的毛利率继续上升，在本季度达到11.2%。</blockquote></p><p>“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.</p><p><blockquote>“此外，我们的专有软件实现的收入反映了我们在自动驾驶软件订阅方面处于行业前沿。此外，我们稳健的财务状况和雄厚的现金状况使我们能够更好地执行我们的增长战略，巩固竞争优势，并抓住智能电动汽车领域的巨大增长机遇，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>近期发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付</b></blockquote></p><p>Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.</p><p><blockquote>2021年4月，智能电动汽车总交付量达到5,147辆，同比增长285.3%。4 月份的交付量包括 2995 辆小鹏智能运动轿车 P7 和 2152 辆小鹏紧凑型智能 SUV G3。截至2021年4月30日，年初至今交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新型智能电动汽车制造基地</b></blockquote></p><p>On April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).</p><p><blockquote>2021年4月8日，小鹏汽车与武汉市签订合作协议，开发建设小鹏汽车武汉智能电动汽车制造基地（「武汉基地」）。</blockquote></p><p>Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&amp;D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.</p><p><blockquote>在武汉政府的支持下，小鹏汽车将开始建设新的武汉基地，其中包括制造和动力总成工厂以及研发设施。武汉基地的年产能为 10 万辆，将进一步增强小鹏汽车满足消费者对智能电动汽车不断增长的需求的能力。</blockquote></p><p>Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.</p><p><blockquote>在地方政府的大力支持下，扩展到中国主要的汽车制造中心，是小鹏汽车战略发展的又一里程碑，也巩固了小鹏汽车在智能电动汽车领域的领先地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型首次亮相</b></blockquote></p><p>In April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.</p><p><blockquote>2021 年 4 月，小鹏汽车推出了第三款量产车型--小鹏 P5 智能轿车，这是全球首款配备车规级激光雷达技术的量产智能电动汽车。P5 搭载小鹏汽车自主研发的全栈自动驾驶技术--XPILOT 和智能车载操作系统--Xmart OS，将在 XPILOT 3.5 和 Xmart OS 3.0 上为用户提供市场领先的智能电动汽车驾驶体验。</blockquote></p><p><b>Forming New Strategic Partnership</b></p><p><blockquote><b>建立新的战略伙伴关系</b></blockquote></p><p>On April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.</p><p><blockquote>2021年4月15日，小鹏汽车与中升集团签署谅解备忘录，建立长期战略合作伙伴关系，为消费者提供小鹏汽车行业领先的智能电动汽车产品和中升汽车的优质服务，以进一步推动中国智能电动汽车转型。</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</p><p><blockquote><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</blockquote></p><p></p><p><i>Revenues from vehicle sales</i>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.</p><p><blockquote><i>车辆销售收入</i>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。同比增加主要由于P7于2020年6月底开始交付。环比增长主要归因于XPILOT 3.0软件于2021年第一季度确认了该功能，因为该功能已交付给一组累积的软件购买者，但部分被政府对新能源汽车的补贴减少所抵销今年1月起。</blockquote></p><p><i>Revenues from services and others</i>were RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.</p><p><blockquote><i>服务及其他收入</i>2021年第一季度为人民币140.6百万元（21.5百万美元），较2020年同期的人民币39.9百万元增长252.2%，较2020年第四季度的人民币115.9百万元增长21.3%。同比和环比增长主要归因于零部件、配件和服务销量的增加，这与累计汽车销量的增加一致。</blockquote></p><p><b>Cost of sales</b>was RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.</p><p><blockquote><b>销售成本</b>2021年第一季度为人民币2,621.1百万元（400.1百万美元），较2020年同期的人民币431.9百万元增长506.8%，较2020年第四季度的人民币2,640.8百万元减少0.7%。同比增长主要是由于如上所述的车辆交付量增加，而环比下降主要是由于有利的材料成本降低。</blockquote></p><p><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.</p><p><blockquote><b>毛利率</b>2021年第一季度为11.2%，而2020年第一季度和2020年第四季度分别为负4.8%和7.4%。</blockquote></p><p><b>Vehicle margin</b>was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.</p><p><blockquote><b>车辆余量</b>2021年第一季度为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。该改善主要归因于XPILOT软件销售的重大成本降低及收益确认。</blockquote></p><p><b>Research and development expenses</b>were RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.</p><p><blockquote><b>研发开支</b>2021年第一季度为人民币535.1百万元（81.7百万美元），较2020年同期的人民币310.8百万元增长72.2%，较2020年第四季度的人民币460.0百万元增长16.3%。同比增加主要由于(i)研发人员扩充导致雇员薪酬增加，(ii)与P5开发相关的开支增加，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比增长主要由于（i）随着工程人员的增加，雇员薪酬有所增加，及（ii）与P5开发相关的开支增加。</blockquote></p><p><b>Selling, general and administrative expenses</b>were RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.</p><p><blockquote><b>销售、一般及行政开支</b>2021年第一季度为人民币720.8百万元（110.0百万美元），较2020年同期的人民币321.8百万元增长124.0%，较2020年第四季度的人民币917.9百万元减少21.5%。同比增长主要由于(i)支持车辆销售的营销、促销及广告开支增加，(ii)扩大我们的销售网络及相关人员成本、销售及服务店的租赁开支以及特许经营店的佣金，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比下降主要是由于与第四季度销售旺季相比，营销、促销和广告费用较低。</blockquote></p><p><b>Loss from operations</b>was RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币903.9百万元（138.0百万美元），而2020年同期为人民币649.3百万元，2020年第四季度为人民币1121.2百万元。</blockquote></p><p><b>Non-GAAP loss from operations,</b>which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 运营亏损，</b>不包括以股份为基础的薪酬开支，2021年第一季度为人民币8.137亿元（1.242亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币10.464亿元。</blockquote></p><p><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.</p><p><blockquote><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p><b>Non-GAAP net loss,</b>which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非美国通用会计准则净亏损，</b>不包括以股份为基础的薪酬开支和与优先股赎回权相关的衍生负债的公允价值变动，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.</p><p><blockquote><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p></p><p><b>Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股赎回价值的增加，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>were both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元），而 2020 年第一季度为人民币 5.16 元，2020 年第四季度为人民币 1.05 元。</blockquote></p><p><b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元），而 2020 年第一季度为人民币 3.56 元，2020 年第四季度为人民币 0.95 元。</blockquote></p><p><b>Balance Sheets</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p>As of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.</p><p><blockquote>截至2021年3月31日，本公司的现金及现金等价物、受限制现金、短期存款、短期投资及长期存款为人民币36,201.0百万元（5,525.4百万美元），而截至2020年12月31日为人民币35,342.1百万元。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p><ul><li><b>Deliveries of vehicles</b>to be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.</li><li><b>Total revenues</b>to be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.</li></ul>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>15,500辆至16,000辆，同比增长约380.2%至395.7%。</li><li><b>收入总额</b>为人民币34亿元至人民币35亿元，同比增长约475.5%至492.4%。</li></ul>上述展望基于当前的市场状况，反映了公司对市场和经营状况以及客户需求的初步估计，这些估计都可能发生变化。</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>Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</blockquote></title>\n<style 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#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\">\nXpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏每股收益超过预期 0.07 美元，营收不及预期</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\">2021-05-13 17:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>中国领先的智能电动汽车（“智能电动汽车”）公司小鹏汽车今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><ul><li>Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.</li><li>Revenue of $450.4M&nbsp;misses by $15.38M.</li><li>Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul>Shares&nbsp;+1.78%&nbsp;PM.</p><p><blockquote><ul><li>小鹏汽车第一季度非 GAAP 每股收益为 -0.13 美元，超出 0.07 美元；GAAP 每股收益为 -0.15 美元，低于 0.02 美元。</li><li>收入4.504亿美元，低于预期1538万美元。</li><li>2021年第一季度汽车交付量达到13,340辆，较2020年同期的2,271辆增长487.4%，较2020年第四季度的12,964辆增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至2021年3月31日，小鹏汽车的实体销售和服务网络共有178家门店和61个服务中心，覆盖70个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul>下午股价 +1.78%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d69e0ac387bcf35b348fc3b8585197a\" tg-width=\"766\" tg-height=\"494\" referrerpolicy=\"no-referrer\"><b>First Quarter 2021 Operational Highlights</b></p><p><blockquote><b>2021年第一季度运营亮点</b></blockquote></p><p><ul><li><b>Deliveries of vehicles</b>reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.</li><li>Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.</li><li>As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.</li><li>As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.</li></ul><b>First Quarter 2021 Financial Highlights</b></p><p><blockquote><ul><li><b>车辆交付</b>2021年第一季度达到13,340家，较2020年同期的2,271家增长487.4%，较2020年第四季度的12,964家增长2.9%。</li><li>在本季度交付的所有P7中，96%可以支持XPILOT 2.5或XPILOT 3.0。</li><li>截至 2021 年 3 月 31 日，小鹏汽车的实体销售和服务网络共有 178 家门店和 61 个服务中心，覆盖 70 个城市。</li><li>截至2021年3月31日，小鹏品牌超级充电站已扩展至172座，覆盖60个城市。</li></ul><b>2021年第一季度财务摘要</b></blockquote></p><p><ul><li><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</li><li><b>Revenues from vehicle sales</b>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.</li><li><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.</li><li><b>Vehicle margin</b>, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.</li><li><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,<b>non-GAAP net loss</b>was RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,<b>non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</li><li><b>Basic and diluted net loss per American depositary share (ADS)</b>were both RMB0.99 (US$0.15) for the first quarter of 2021.<b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.</li><li><b>Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits</b>were RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.</li></ul>“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.</p><p><blockquote><ul><li><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</li><li><b>车辆销售收入</b>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。</li><li><b>毛利率</b>2021年第一季度为11.2%，而2020年同期为负4.8%，2020年第四季度为7.4%。</li><li><b>车辆余量</b>2021年第一季度汽车销售毛利占汽车销售收入的百分比为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。</li><li><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。扣除以股份为基础的补偿开支及与优先股赎回权相关的衍生负债的公允价值变动，<b>非公认会计准则净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股的赎回价值增值，<b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</li><li><b>每股美国存托股 (ADS) 基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元）。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元）。每股美国存托凭证代表两股A类普通股。</li><li><b>现金及现金等价物、受限制现金、短期存款、短期投资及长期存款</b>截至2021年3月31日为人民币36,201.0百万元（5,525.4百万美元）。</li></ul>“小鹏汽车董事长兼首席执行官何小鹏先生说：”尽管汽车需求季节性放缓，半导体短缺，但第一季度为 2021 年开了个好头，汽车交付量仍打破纪录。“我们本季度的强劲势头得益于我们行业领先的全栈自动驾驶技术、稳健的差异化产品战略以及引领智能电动汽车开发和转型的愿景。</blockquote></p><p></p><p>“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&amp;D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.</p><p><blockquote>“值得注意的是，自 1 月底发布 XPILOT 3.0 的 OTA 更新以来，我们现在开始确认来自我们专有的 XPILOT 软件的收入。随着我们在全栈内部研发能力和强大的闭环数据能力的推动下，技术快速迭代不断发展壮大，我相信 XPILOT 的软件货币化将成为我们汽车销售收入的一部分，成为经常性收入。</blockquote></p><p>“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.</p><p><blockquote>“快速的软件迭代也支持我们不断推出配备更强大硬件的新车型。全球首款量产配备激光雷达的智能电动汽车 P5 的首次亮相凸显了我们塑造未来移动体验的使命。</blockquote></p><p>“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.</p><p><blockquote>“展望未来，我们将继续致力于我们的长期战略路线图和技术创新，以推动智能电动汽车的转型。此外，我们将继续进行长期投资，建设我们的销售、服务和充电设施，以及我们的生产和供应链能力，以支持未来几年的强劲增长，”何先生补充道。</blockquote></p><p>“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.</p><p><blockquote>“小鹏汽车副董事长兼总裁Brian Gu博士说：”小鹏汽车在2021年第一季度的强劲表现表明，我们有能力制造差异化的智能电动汽车，以满足庞大且不断增长的客户群的各种需求。“得益于本季度创纪录的交付量，我们第一季度的收入达到人民币29.509亿元，同比增长616.1%。我们的盈利能力也进一步提升。特别是，我们的毛利率继续上升，在本季度达到11.2%。</blockquote></p><p>“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.</p><p><blockquote>“此外，我们的专有软件实现的收入反映了我们在自动驾驶软件订阅方面处于行业前沿。此外，我们稳健的财务状况和雄厚的现金状况使我们能够更好地执行我们的增长战略，巩固竞争优势，并抓住智能电动汽车领域的巨大增长机遇，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>近期发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付</b></blockquote></p><p>Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.</p><p><blockquote>2021年4月，智能电动汽车总交付量达到5,147辆，同比增长285.3%。4 月份的交付量包括 2995 辆小鹏智能运动轿车 P7 和 2152 辆小鹏紧凑型智能 SUV G3。截至2021年4月30日，年初至今交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新型智能电动汽车制造基地</b></blockquote></p><p>On April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).</p><p><blockquote>2021年4月8日，小鹏汽车与武汉市签订合作协议，开发建设小鹏汽车武汉智能电动汽车制造基地（「武汉基地」）。</blockquote></p><p>Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&amp;D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.</p><p><blockquote>在武汉政府的支持下，小鹏汽车将开始建设新的武汉基地，其中包括制造和动力总成工厂以及研发设施。武汉基地的年产能为 10 万辆，将进一步增强小鹏汽车满足消费者对智能电动汽车不断增长的需求的能力。</blockquote></p><p>Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.</p><p><blockquote>在地方政府的大力支持下，扩展到中国主要的汽车制造中心，是小鹏汽车战略发展的又一里程碑，也巩固了小鹏汽车在智能电动汽车领域的领先地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型首次亮相</b></blockquote></p><p>In April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.</p><p><blockquote>2021 年 4 月，小鹏汽车推出了第三款量产车型--小鹏 P5 智能轿车，这是全球首款配备车规级激光雷达技术的量产智能电动汽车。P5 搭载小鹏汽车自主研发的全栈自动驾驶技术--XPILOT 和智能车载操作系统--Xmart OS，将在 XPILOT 3.5 和 Xmart OS 3.0 上为用户提供市场领先的智能电动汽车驾驶体验。</blockquote></p><p><b>Forming New Strategic Partnership</b></p><p><blockquote><b>建立新的战略伙伴关系</b></blockquote></p><p>On April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.</p><p><blockquote>2021年4月15日，小鹏汽车与中升集团签署谅解备忘录，建立长期战略合作伙伴关系，为消费者提供小鹏汽车行业领先的智能电动汽车产品和中升汽车的优质服务，以进一步推动中国智能电动汽车转型。</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>were RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.</p><p><blockquote><b>收入总额</b>2021年第一季度为人民币2,950.9百万元（450.4百万美元），较2020年同期的人民币412.1百万元增长616.1%，较2020年第四季度的人民币2,851.4百万元增长3.5%。</blockquote></p><p></p><p><i>Revenues from vehicle sales</i>were RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.</p><p><blockquote><i>车辆销售收入</i>2021年第一季度为人民币2,810.3百万元（4.289百万美元），较2020年同期的人民币372.2百万元增长655.2%，较2020年第四季度的人民币2,735.4百万元增长2.7%。同比增加主要由于P7于2020年6月底开始交付。环比增长主要归因于XPILOT 3.0软件于2021年第一季度确认了该功能，因为该功能已交付给一组累积的软件购买者，但部分被政府对新能源汽车的补贴减少所抵销今年1月起。</blockquote></p><p><i>Revenues from services and others</i>were RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.</p><p><blockquote><i>服务及其他收入</i>2021年第一季度为人民币140.6百万元（21.5百万美元），较2020年同期的人民币39.9百万元增长252.2%，较2020年第四季度的人民币115.9百万元增长21.3%。同比和环比增长主要归因于零部件、配件和服务销量的增加，这与累计汽车销量的增加一致。</blockquote></p><p><b>Cost of sales</b>was RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.</p><p><blockquote><b>销售成本</b>2021年第一季度为人民币2,621.1百万元（400.1百万美元），较2020年同期的人民币431.9百万元增长506.8%，较2020年第四季度的人民币2,640.8百万元减少0.7%。同比增长主要是由于如上所述的车辆交付量增加，而环比下降主要是由于有利的材料成本降低。</blockquote></p><p><b>Gross margin</b>was 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.</p><p><blockquote><b>毛利率</b>2021年第一季度为11.2%，而2020年第一季度和2020年第四季度分别为负4.8%和7.4%。</blockquote></p><p><b>Vehicle margin</b>was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.</p><p><blockquote><b>车辆余量</b>2021年第一季度为10.1%，而2020年同期为负5.3%，2020年第四季度为6.8%。该改善主要归因于XPILOT软件销售的重大成本降低及收益确认。</blockquote></p><p><b>Research and development expenses</b>were RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.</p><p><blockquote><b>研发开支</b>2021年第一季度为人民币535.1百万元（81.7百万美元），较2020年同期的人民币310.8百万元增长72.2%，较2020年第四季度的人民币460.0百万元增长16.3%。同比增加主要由于(i)研发人员扩充导致雇员薪酬增加，(ii)与P5开发相关的开支增加，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比增长主要由于（i）随着工程人员的增加，雇员薪酬有所增加，及（ii）与P5开发相关的开支增加。</blockquote></p><p><b>Selling, general and administrative expenses</b>were RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.</p><p><blockquote><b>销售、一般及行政开支</b>2021年第一季度为人民币720.8百万元（110.0百万美元），较2020年同期的人民币321.8百万元增长124.0%，较2020年第四季度的人民币917.9百万元减少21.5%。同比增长主要由于(i)支持车辆销售的营销、促销及广告开支增加，(ii)扩大我们的销售网络及相关人员成本、销售及服务店的租赁开支以及特许经营店的佣金，及(iii)于2021年第一季度确认的以股份为基础的薪酬开支。环比下降主要是由于与第四季度销售旺季相比，营销、促销和广告费用较低。</blockquote></p><p><b>Loss from operations</b>was RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币903.9百万元（138.0百万美元），而2020年同期为人民币649.3百万元，2020年第四季度为人民币1121.2百万元。</blockquote></p><p><b>Non-GAAP loss from operations,</b>which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 运营亏损，</b>不包括以股份为基础的薪酬开支，2021年第一季度为人民币8.137亿元（1.242亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币10.464亿元。</blockquote></p><p><b>Net loss</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.</p><p><blockquote><b>净亏损</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币6.498亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p><b>Non-GAAP net loss,</b>which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非美国通用会计准则净亏损，</b>不包括以股份为基础的薪酬开支和与优先股赎回权相关的衍生负债的公允价值变动，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders of XPeng Inc.</b>was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.</p><p><blockquote><b>小鹏汽车普通股股东应占亏损净额</b>2021年第一季度为人民币7.866亿元（1.201亿美元），而2020年同期为人民币9.351亿元，2020年第四季度为人民币7.874亿元。</blockquote></p><p></p><p><b>Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.</b>, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则归属于小鹏汽车普通股股东的净亏损</b>不包括以股份为基础的薪酬开支、与优先股赎回权相关的衍生负债的公允价值变动以及优先股赎回价值的增加，2021年第一季度为人民币6.963亿元（1.063亿美元），而2020年同期为人民币6.448亿元，2020年第四季度为人民币7.126亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>were both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>2021 年第一季度均为人民币 0.99 元（0.15 美元），而 2020 年第一季度为人民币 5.16 元，2020 年第四季度为人民币 1.05 元。</blockquote></p><p><b>Non-GAAP basic and diluted net loss per ADS</b>were both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.</p><p><blockquote><b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>2021 年第一季度均为人民币 0.88 元（0.13 美元），而 2020 年第一季度为人民币 3.56 元，2020 年第四季度为人民币 0.95 元。</blockquote></p><p><b>Balance Sheets</b></p><p><blockquote><b>资产负债表</b></blockquote></p><p>As of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.</p><p><blockquote>截至2021年3月31日，本公司的现金及现金等价物、受限制现金、短期存款、短期投资及长期存款为人民币36,201.0百万元（5,525.4百万美元），而截至2020年12月31日为人民币35,342.1百万元。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, the Company expects:</p><p><blockquote>对于2021年第二季度，公司预计：</blockquote></p><p><ul><li><b>Deliveries of vehicles</b>to be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.</li><li><b>Total revenues</b>to be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.</li></ul>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.</p><p><blockquote><ul><li><b>车辆交付</b>15,500辆至16,000辆，同比增长约380.2%至395.7%。</li><li><b>收入总额</b>为人民币34亿元至人民币35亿元，同比增长约475.5%至492.4%。</li></ul>上述展望基于当前的市场状况，反映了公司对市场和经营状况以及客户需求的初步估计，这些估计都可能发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172412248","content_text":"XPeng Inc. a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the first quarter ended March 31, 2021.Xpeng Q1 Non-GAAP EPS of -$0.13beats by $0.07; GAAP EPS of -$0.15misses by $0.02.Revenue of $450.4M misses by $15.38M.Deliveries of vehicles reached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.As of March 31, 2021, XPeng’s physical sales and service network consisted of a total of 178 stores and 61 service centers, covering 70 cities.As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.Shares +1.78% PM.First Quarter 2021 Operational HighlightsDeliveries of vehiclesreached 13,340 in the first quarter of 2021, representing an increase of 487.4% from 2,271 in the corresponding period of 2020 and an increase of 2.9% from 12,964 in the fourth quarter of 2020.Among the total P7s delivered as of the quarter, 96% can support XPILOT 2.5 or XPILOT 3.0.As ofMarch 31, 2021,XPeng’s physical sales and service network consisted of atotal of 178 stores and 61 service centers, covering 70 cities.As of March 31, 2021, XPeng-branded super charging stations expanded to 172, covering 60 cities.First Quarter 2021 Financial HighlightsTotal revenueswere RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.Revenues from vehicle saleswere RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020, and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020.Gross marginwas 11.2% for the first quarter of 2021, compared with negative 4.8% for the same period of 2020 and 7.4% for the fourth quarter of 2020.Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020.Net losswas RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares,non-GAAP net losswas RMB696.3 million (US$106.3 million) in the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Net loss attributable to ordinary shareholders of XPeng Inc.was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Basic and diluted net loss per American depositary share (ADS)were both RMB0.99 (US$0.15) for the first quarter of 2021.Non-GAAP basic and diluted net loss per ADSwere both RMB0.88 (US$0.13) for the first quarter of 2021. Each ADS represents two Class A ordinary shares.Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term depositswere RMB36,201.0 million (US$5,525.4 million) as of March 31, 2021.“The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation.“Notably, since releasing OTA updates for XPILOT 3.0 in late January, we are now recognizing revenues from our proprietary XPILOT software. As we continue to grow with rapid technology iterations powered by our full-stack in-house R&D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales.“Rapid software iterations also support our ability to continuously introduce new vehicle models featuring more powerful hardware. The debut of the P5, the world’s first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future.“Looking ahead, we remain dedicated to our long-term strategic roadmap and technology innovations to fuel Smart EV transformation. Additionally, we will continue long-term investments in building out our sales, service and charging facilities, as well as our production and supply chain capabilities to support vigorous growth over the next few years,” Mr. He added.“XPeng’s robust performance in the first quarter of 2021 demonstrates our strong capabilities to make differentiated Smart EVs that appeal to various needs of a large and growing customer base,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Thanks to our record-breaking deliveries in this quarter, our revenues reached RMB2,950.9 million in Q1, representing year-over-year growth of 616.1%. We also witnessed further improvement in our profitability. In particular, our gross margin continued the upward trend and reached 11.2% in the quarter.“Additionally, the revenue realized from our proprietary software reflect that we are at the forefront of the industry in autonomous driving software subscription. Moreover, our sound financial condition and strong cash position enable us to better execute our growth strategies, cement competitive advantages and grasp enormous growth opportunities in the Smart EV sector,” Dr. Gu concluded.Recent DevelopmentsDeliveries in April 2021Total Smart EV deliveries reached 5,147 units in April 2021, representing a 285.3% increase year-over-year. The April deliveries consisted of 2,995 P7s, XPeng’s smart sports sedan, and 2,152 G3s, XPeng’s compact smart SUV. As of April 30, 2021, year-to-date deliveries reached 18,487 units, representing a 412.5% increase year-over-year.New Smart EV Manufacturing BaseOn April 8, 2021, XPeng entered into a cooperation agreement with the City of Wuhan to develop and build the XPeng Motors Wuhan Smart EV Manufacturing Base (“Wuhan Base”).Supported by the Wuhan government, XPeng will commence the construction of the new Wuhan Base, featuring manufacturing and powertrain plants as well as R&D facilities. With an annual capacity by 100,000 units, the Wuhan Base will further bolster XPeng’s ability to capture growing consumer demand for Smart EVs.Expanding into China’s major auto manufacturing hub with strong local government support is another landmark in XPeng’s strategic development, and cements its leadership position in the Smart EV sector.Debut of Third Production ModelIn April 2021, XPeng debuted its third production model, the XPeng P5 smart sedan, which is the world’s first mass-produced Smart EV equipped with automotive-grade LiDAR technology. Powered by XPeng’s full-stack in-house developed autonomous driving technology – XPILOT and intelligent in-car operating system – Xmart OS, the P5 will provide users with market-leading Smart EV driving experience on the XPILOT 3.5 and the Xmart OS 3.0.Forming New Strategic PartnershipOn April 15, 2021, XPeng entered into a Memorandum of Understanding with Zhongsheng Group to establish a long-term strategic partnership to deliver both XPeng’s industry-leading Smart EV products and Zhongsheng’s high quality services to consumers, in order to further boost the Smart EV transformation in China.First Quarter 2021 Unaudited Financial ResultsTotal revenueswere RMB2,950.9 million (US$450.4 million) for the first quarter of 2021, representing an increase of 616.1% from RMB412.1 million for the same period of 2020 and an increase of 3.5% from RMB2,851.4 million for the fourth quarter of 2020.Revenues from vehicle saleswere RMB2,810.3 million (US$428.9 million) for the first quarter of 2021, representing an increase of 655.2% from RMB372.2 million for the same period of 2020 and an increase of 2.7% from RMB2,735.4 million for the fourth quarter of 2020. The year-over-year increase was mainly due to delivery of the P7, which started at the end of June 2020. The quarter-over-quarter increase was primarily attributable to the revenue recognition on XPILOT 3.0 software in the first quarter of 2021 since the functionality was delivered to an accumulated group of software purchasers, partially offset by the lower government subsidy for the new energy vehicle starting from January this year.Revenues from services and otherswere RMB140.6 million (US$21.5 million) for the first quarter of 2021, representing an increase of 252.2% from RMB39.9 million for the same period of 2020 and an increase of 21.3% from RMB115.9 million for the fourth quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to higher sales of parts, accessories, and services in line with higher accumulated vehicle sales.Cost of saleswas RMB2,621.1 million (US$400.1 million) for the first quarter of 2021, representing an increase of 506.8% from RMB431.9 million for the same period of 2020, and a decrease of 0.7% from RMB2,640.8 million for the fourth quarter of 2020. The year-over-year increase was mainly due to the increase of vehicle deliveries as described above, while the quarter-over-quarter decrease was mainly due to favorable material cost reduction.Gross marginwas 11.2% for the first quarter of 2021, compared to negative 4.8% and 7.4% for the first quarter of 2020 and the fourth quarter of 2020, respectively.Vehicle marginwas 10.1% for the first quarter of 2021, compared to negative 5.3% for the same period of 2020 and 6.8% for the fourth quarter of 2020. The improvement was primarily attributable to material cost reduction and revenue recognition of XPILOT software sales.Research and development expenseswere RMB535.1 million (US$81.7 million) for the first quarter of 2021, representing an increase of 72.2% from RMB310.8 million for the same period of 2020 and an increase of 16.3% from RMB460.0 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, (ii) higher expenses relating to the P5 development, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter increase was mainly due to (i) the increase in employee compensation in line with increasing engineering staff, and (ii) higher expenses relating to the development of the P5.Selling, general and administrative expenseswere RMB720.8 million (US$110.0 million) for the first quarter of 2021, representing an increase of 124.0% from RMB321.8 million for the same period of 2020 and a decrease of 21.5% from RMB917.9 million for the fourth quarter of 2020. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, lease expenses for sales and service stores, and commission for the franchised stores, and (iii) share-based compensation expenses recognized in the first quarter of 2021. The quarter-over-quarter decrease was mainly due to lower marketing, promotional and advertising expenses compared with peak sales season in the fourth quarter.Loss from operationswas RMB903.9 million (US$138.0 million) for the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,121.2 million for the fourth quarter of 2020.Non-GAAP loss from operations,which excludes share-based compensation expenses, was RMB813.7 million (US$124.2 million) in the first quarter of 2021, compared with RMB649.3 million for the same period of 2020 and RMB1,046.4 million for the fourth quarter of 2020.Net losswas RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB649.8 million for the same period of 2020 and RMB787.4 million for the fourth quarter of 2020.Non-GAAP net loss,which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Net loss attributable to ordinary shareholders of XPeng Inc.was RMB786.6 million (US$120.1 million) for the first quarter of 2021, compared with RMB935.1 million for the same period of 2020 and RMB787.4 million in the fourth quarter of 2020.Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB696.3 million (US$106.3 million) for the first quarter of 2021, compared with RMB644.8 million for the same period of 2020 and RMB712.6 million for the fourth quarter of 2020.Basic and diluted net loss per ADSwere both RMB0.99 (US$0.15) for the first quarter of 2021, compared to RMB5.16 for the first quarter of 2020 and RMB1.05 for the fourth quarter of 2020.Non-GAAP basic and diluted net loss per ADSwere both RMB0.88 (US$0.13) for the first quarter of 2021, compared to RMB3.56 for the first quarter of 2020 and RMB0.95 for the fourth quarter of 2020.Balance SheetsAs of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB36,201.0 million (US$5,525.4 million), compared to RMB35,342.1 million as of December 31, 2020.Business OutlookFor the second quarter of 2021, the Company expects:Deliveries of vehiclesto be between 15,500 and 16,000 vehicles, representing a year-over-year increase of approximately 380.2% to 395.7%.Total revenuesto be between RMB3.4 billion and RMB3.5 billion, representing a year-over-year increase of approximately 475.5% to 492.4%.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191434411,"gmtCreate":1620897409733,"gmtModify":1634195474326,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560669368328062","idStr":"3560669368328062"},"themes":[],"title":"","htmlText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","listText":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","text":"Use BTC or ETH to generate passive income!!https://app.cakedefi.com?ref=821807","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191434411","repostId":"1134419676","repostType":4,"repost":{"id":"1134419676","kind":"news","pubTimestamp":1620892887,"share":"https://www.laohunote.com/m/news/1134419676?lang=zh_CN&edition=full","pubTime":"2021-05-13 16:01","market":"us","language":"en","title":"Inflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134419676","media":"zerohedge","summary":"I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of i","content":"<p>I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.</p><p><blockquote>我并不是说在通货膨胀完全到来之前，没有其他方法可以做到这一点，只是说，如果其他方法都做不到，我一直在写的那种通货膨胀肯定会做到这一点。这就是让市场感到恐惧的原因，这可能不是一些投资者首先想到的原因。</blockquote></p><p>Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.</p><p><blockquote>许多人都在谈论投资股票的 “风险溢价”。随着通货膨胀上升，债券收益率上升以抵消通货膨胀造成的损失。随着债券收益率上升，股票的竞争力下降。</blockquote></p><p>That’s a problem, but it’s not the big problem. Not this time.</p><p><blockquote>这是个问题，但不是大问题。这次不行。</blockquote></p><p>The big&nbsp;problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.</p><p><blockquote>最大的问题是，我们都知道股票的资金来源——美联储和美国政府通过借入和分配美联储印制的货币。所以，最大的问题是美联储。</blockquote></p><p><b>Fed is getting tangled in a mess of its own making</b></p><p><blockquote><b>美联储陷入了自己造成的混乱</b></blockquote></p><p>Having made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.</p><p><blockquote>美联储已经证明高通胀已成定局，用不了多久，美联储就会陷入一个陷阱：它需要继续创造货币，以保持市场上涨并继续刺激经济，但它将无法做到这一点。这就是为什么我们现在不断听到美联储在谈论通货膨胀是 “短暂的”。美联储需要让所有投资者相信通货膨胀迅速出现的时期将是短暂的，因此可以忽略不计。美联储需要市场相信它能够并且将会继续印钞。</blockquote></p><p>However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)</p><p><blockquote>然而，美联储只是在自欺欺人。它声称通货膨胀是暂时的，以便可以忽略快速增长的数字，通货膨胀就会越失控，因为美联储和联邦政府继续印钞和运输货币的装甲车昼夜不停地行驶。（当然，这是比喻。）</blockquote></p><p>The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.</p><p><blockquote>美联储可能会欺骗自己（和我们）的长期伤害，但它不太可能欺骗市场太久，因为这些数字将变得太高，市场无法忽视。周三，我们从市场对多年来最高通胀率消息的反应中看到了这一点--4 月份的年化通胀率为 4.2%，远低于我们今年夏天即将看到的通胀率水平。这只是球场的收尾。</blockquote></p><p><b>How inflation will fight the Fed and win</b></p><p><blockquote><b>通胀将如何对抗美联储并取得胜利</b></blockquote></p><p>The danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.</p><p><blockquote>通胀带来的危险是，如果它上升到我确信它会上涨的高度（两位数），那么美联储将被迫提高利率目标，因为市场无论如何都会推高利率，使美联储看起来很愚蠢，因为它声称利率目标是它无法持有的。美联储将无法在不通过创造新货币造成更大通胀的情况下不惜一切代价压低利率。</blockquote></p><p>However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.</p><p><blockquote>然而，这不仅仅是债券义务警员将从美联储手中夺走利率控制权，股市还将迫使美联储应对通货膨胀，因为无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通货膨胀。拖延的时间越长，美联储就必须大幅提高利率，就像保罗-沃尔克（Paul Volker）在 80 年代为控制通胀所做的那样。</blockquote></p><p>This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.</p><p><blockquote>在股市处于荒谬危险的高度之际，这个难题现在开始成为现实。对通货膨胀的模糊认识不再那么模糊，这就是为什么市场正在耗尽动力。投资者开始相信美联储将失去对利率的控制。投资者开始怀疑美联储的信心。</blockquote></p><p>Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.</p><p><blockquote>当然，要崩盘，势头必须向下，而在市场确信美联储将失去控制之前，这种情况不太可能发生；但这种情况一开始可能会缓慢发生，然后像 2018 年那样迅速发生。</blockquote></p><p>Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.</p><p><blockquote>通胀是美联储背上的一颗定时炸弹。我的论点是，现在每个月，美联储都会发现越来越难维持一种幻觉，即它可以继续创造货币，通过政府刺激计划（应政府要求）将货币注入夫妻俩投资者（散户投资者、罗宾汉人群等）手中，并继续试图保持低利率，通过贷款资助的公司股票回购将资金注入股市。通货膨胀将压垮宽松货币。它统治。美联储可以控制它，但只能通过拿走资金并摧毁完全依赖资金的市场。</blockquote></p><p>The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The&nbsp;<i>real</i>&nbsp;fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.</p><p><blockquote>盘子旋转器开始失去对所有盘子的控制，它必须在小棒的末端保持旋转。今天的市场走势表明，随着通胀比投资者担心的更糟糕，市场开始关注板块下跌的声音。这个<i>真的</i>恐惧——直到现在才被预示的深度瘫痪恐惧——不是来自债券收益率上升的竞争（这肯定会到来），而是通胀将变得足够热，以至于美联储将被迫关闭所有的动力。</blockquote></p><p></p><p>Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.</p><p><blockquote>通货膨胀有能力突然改变市场情绪，因为，嗯，跟随资金回到它的来源。</blockquote></p><p>Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. <i>MarketWatch</i>Inflation jitters will become inflation&nbsp;<i>panic</i>&nbsp;when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.</p><p><blockquote>一份报告显示，随着新冠疫情的复苏，截至 4 月份的一年中，美国通胀率以约 13 年来最快的速度上升，通胀担忧再次蔓延，股市大幅走低。<i>市场观察</i>通货膨胀恐慌将变成通货膨胀<i>恐慌</i>当人们清楚地认识到，升至 4.2 不仅仅是昙花一现，而是未来许多步骤中消费者方面的第一步时。希望我的读者都没有太关注那些预测只有3.6%的经济学家。</blockquote></p><p>“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.&nbsp; <b><i>But if it’s not transitory, that’s when it is going to become troubling for stocks.</i></b>”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.</p><p><blockquote>“通货膨胀摧毁财富。Incapital 交易主管帕特里克-利里（Patrick Leary）在接受 MarketWatch 采访时说：”通货膨胀摧毁财富。“我们看到通货膨胀出现在市场上。如果通货膨胀确实是暂时的，市场就能忍受通货膨胀。<b><i>但如果不是暂时的，那就会成为股市的麻烦。</i></b>“财富的毁灭是一个问题，但我认为，更大的问题是亚马逊规模的轻松资金流入市场的流失。这就是为什么当就业报告真的很糟糕时，市场上涨了。就业放缓的报告缓解了对通胀的担忧，导致美联储关闭了这一流动。这就是为什么市场今天因与许多人预期相反的可靠消息而暴跌。</blockquote></p><p>The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten,<i>&nbsp;regardless of what the Fed claims to assure investors it won’t.</i></p><p><blockquote>美联储的手可能很快就会被现实所迫；如果你一直在阅读这里--尤其是《赞助人》中那些重点关注通货膨胀的帖子，你就会对即将发生的事情有一个很好的了解。然而，人们不必等到美联储收紧货币政策才能阻止通货膨胀；人们只需等到股票投资者确信美联储将不得不收紧货币政策，<i>无论美联储声称向投资者保证什么，它都不会。</i></blockquote></p><p>As&nbsp;<i>MarketWatch</i>&nbsp;noted yesterday,</p><p><blockquote>作为<i>市场观察</i>昨天指出，</blockquote></p><p>Tuesday is looking dicey for stocks, notably the technology space,&nbsp; <b><i>as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.</i></b>&nbsp;After last week’s downside jobs surprise, some fear&nbsp; <b><i>Wednesday’s consumer price data could also deliver a nasty shock.</i></b>The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.</p><p><blockquote>周二股市看起来很危险，尤其是科技领域，<b><i>随着通胀紧张情绪继续波及整个市场。由于担心通胀上升可能会促使美联储提前结束因 COVID-19 大流行病而采取的宽松立场，该行业一直首当其冲。</i></b>继上周就业意外之后，一些人感到担忧<b><i>周三的消费者价格数据也可能带来严重冲击。</i></b>市场在自己的负担下不堪重负和紧张，以至于如果它仅仅相信美联储将被迫收紧货币政策，它就会崩溃。这就是为什么它今天会像预震一样震动，但如果你一直在阅读这里的内容，那就一点也不震动了。这是意料之中的。</blockquote></p><p><b><i>Inflation is the “</i></b> <b>worst-case</b> <b><i>&nbsp;scenario” for this ticking-time-bomb market full of complacent investors,</i></b>&nbsp;warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the&nbsp;<i>key</i>:</p><p><blockquote><b><i>通货膨胀是“</i></b><b>最坏情况</b><b><i>对于这个充满自满投资者的定时炸弹市场，</i></b>Stock Traders Daily 总裁兼首席执行官兼 Equity Logic 投资组合经理 Thomas H. Kee Jr. 警告我们今天的看涨期权。这是<i>钥匙</i>:</blockquote></p><p>“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.&nbsp; <b><i>If inflation comes back,</i></b> <b>all</b> <b><i>&nbsp;of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be</i></b> <b>able</b> <b><i>&nbsp;to come back to save the day</i></b>,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and <b><i>&nbsp;if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen</i></b>&nbsp;either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ <b><i>When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!</i></b>”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed&nbsp;<i>wants</i>&nbsp;higher inflation and convince them that the higher inflation it wants is temporary before it even begins.</p><p><blockquote>“可以说，刺激措施之所以成为可能，唯一的原因就是没有通货膨胀。<b><i>如果通货膨胀再次出现，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激措施带来的免费资金）将被取消，并且不会……</i></b><b>能</b><b><i>回来拯救世界</i></b>Kee告诉MarketWatch……他说，最近的就业数据确实表明，物价上涨将“比之前想象的更严重……”。“降幅可能比25%严重得多，<b><i>如果FOMC（联邦公开市场委员会）因通货膨胀而被束缚，投资者习以为常的快速反弹将不会发生</i></b>基说。“SPX SPX (^GSPC) 的公允价值倍数不是 30 倍，而是 35 倍。更像是 15 倍.”投资者对自然风险意识的回归--而目前这种意识严重缺乏。“政府给了他们免费的钱，刺激计划正在全面发挥作用，投资者根本感觉不到任何风险。这才是最危险的!”基说……”<b><i>当大买家不在的时候…那就是对风险的自然感知回来的时候，如果发生这种情况…小心下面!!</i></b>“你看，不断上升的通货膨胀有能力让美联储屈服。我一直在写的那种通货膨胀会让美联储失去魔力，这就是为什么鲍威尔已经在竭尽全力让金融市场相信美联储<i>想要</i>更高的通胀，并让他们相信它想要的更高通胀在开始之前是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场敏感性</blockquote></p><p>Notes Lance Roberts,</p><p><blockquote>兰斯·罗伯茨指出，</blockquote></p><p></p><p><b><i>There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market,</i></b>&nbsp;but we keep investing for “Fear Of Missing Out.” <i>Seeking Alpha</i>How much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?</p><p><blockquote><b><i>这轮牛市不可能不会以非常糟糕的方式结束。我们都知道这是这个流动性驱动的市场的现实，</i></b>但我们继续投资是为了 “害怕错过 ”。<i>寻求阿尔法</i>美联储和联储涌入市场的所有刺激资金究竟创造了多少现金流，使去年的疯狂成为可能？</blockquote></p><p>Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.</p><p><blockquote>过去5个月，流入股市的资金比过去12年的总和还要多。算一算，问问自己，如果因为通货膨胀迫使美联储在商品太少的环境下停止创造太多的新货币，而不得不关闭货币，会发生什么，因为之前的 COVID 关闭短缺以及它们造成的持续问题。</blockquote></p><p>And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):</p><p><blockquote>而且，如果你不认为市场在轻松货币的推动下岌岌可危，那就看看保证金债务（欠经纪人的钱）上涨了多少：</blockquote></p><p><img src=\"https://static.tigerbbs.com/4ca87d635f36dfaa1c989d7e459550d1\" tg-width=\"914\" tg-height=\"592\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>When the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.</p><p><blockquote>当美联储面临加息和停止印钞的巨大压力时，经纪人在放贷时就不会那么自由了。目前，几乎免费的利率很容易赚钱。不过，更重要的是，当市场因担心美联储切断宽松货币而开始下跌时，随着人们被迫出售资产并减少保证金债务，所有保证金债务都开始匆忙解除。</blockquote></p><p>As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:</p><p><blockquote>正如您所看到的，像这样的市场债务的巨大、快速飙升往往发生在严重崩溃之前：</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ff13864e0443e2a448952529cdf6e2c\" tg-width=\"758\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>In the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.</p><p><blockquote>短期来看，基本面并不重要。然而，从长远来看，它们非常重要。情绪可能会导致投资者在很长一段时间内忽视经济基本面，但在高利润率债务环境下，对长期被忽视的基本面看法的突然改变会导致人们的参照系迅速修正。</blockquote></p><p>Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.</p><p><blockquote>目前，投资者忽视了基本面，预期经济和盈利将改善，以证明市场高估是合理的。这不太可能发生。即使确实如此，从今天的冲击来看，大多数圈子里对金融格局（货币的核心价值）的看法也过于乐观；但你可以在一年后看到这一点。</blockquote></p><p>The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.</p><p><blockquote>美联储的言论就好像它仍然看不到未来会发生什么，但这正是美联储谈论紧缩政策将有多容易。它似乎并不知道自己没有一个不会导致市场情绪急剧下跌并导致市场崩溃的退出计划。然而，这一点，也可以被那些没有在美德神父脚下敬拜的人看到。</blockquote></p><p>When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&amp;P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.</p><p><blockquote>当或如果复苏预期落空，市场将开始重新定价其内在价值。鉴于市场目前的交易价格是潜在经济增长水平的两倍多，而潜在经济增长是企业利润的来源，这表明存在重大风险。这就是为什么道琼斯指数今天下跌 682 点（2%），标准普尔指数下跌 2.14%，纳斯达克指数下跌 368 点（2.67%）。股票中没有太多的安全空间。</blockquote></p><p>Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.</p><p><blockquote>别告诉我通货膨胀对这个市场无关紧要。六个月来最糟糕的一天。更多详情请见另一篇赞助人帖子。</blockquote></p><p>Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:</p><p><blockquote>现在让我再一次做我所说的此时必不可少的纠正性报告。首先，假新闻：</blockquote></p><p>One big reason for the acceleration was&nbsp; <i>base effects</i>&nbsp;– at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,</p><p><blockquote>加速的一个重要原因是<i>基底效应</i>- 一年前的这个时候，经济受到了科维德大流行病最严重的打击，通货膨胀率异常低。正如我在上一篇赞助人帖子中所说，我还列出了支持我声明的统计数据和来源，</blockquote></p><p>Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:</p><p><blockquote>尽管有疫情，食品价格和许多其他价格像去年3月一样上涨。事实上，在 3 月份之后，它们的涨幅比正常水平更差，2020 年剩余时间里，每个月的年化涨幅都在 3.5% 到 4% 之间。“通胀海啸警报正在尖叫!”我特别注意到一位经济学家说，食品杂货和燃料现在刚刚弥补了上一次的涨幅：</blockquote></p><p>So,&nbsp; <i>like groceries,</i>&nbsp;gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that&nbsp;<i>fuel</i>&nbsp;prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but&nbsp;<i>groceries</i>? Come on!</p><p><blockquote>所以，<i>比如杂货，</i>天然气正在赶上，回到我们实际期望的地方…去年主要发生的事情是<i>燃料</i>由于没有运输任何东西，缺乏假期和通勤，价格暴跌，但是<i>杂货</i>?快点!</blockquote></p><p></p><p>“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.<b><i>So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of facts</i></b><b>if</b><b><i>&nbsp;the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.</i></b></p><p><blockquote>如果你回顾一下 2018 年的汽油价格，“迎头赶上 ”可能是真的，但当你在评论中拥抱杂货时，这完全是马粪。杂货店什么都赶不上。2020年全年食品的平均通货膨胀率为3.4%，而2011年之前每年的平均通货膨胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的总体通胀率低于正常水平，但这与今年有什么关系？【总体】去年价格仍在上涨；因此，这并不是说你在与一个异常的年份进行比较，因为在那几个月里，整体价格都在下跌，这意味着今年的部分涨幅只是弥补了去年不寻常的损失。然后你可以如实地说有一个基数效应。<b><i>因此，通胀的到来比美联储让人们相信的要快得多；而且，正如我最近的赞助人帖子所说，生产者方面已经酝酿了更多的通货膨胀，这些通货膨胀肯定会被传递出去。我注意到你可以期待看到这一点现在开始出现在消费者方面，而你确实做到了。这将是一个通胀高涨的夏天，这可能会影响市场情绪，因此股市不会对此感到满意。可以肯定的是，无论如何，仍有大量的睾丸激素决心推高股票，但炎热潮湿的夏天将削弱这种情绪，就像今天一样；无论图表读者根据当前的情绪趋势做出什么预测，它都将继续改变它。面对事实，趋势可能会迅速改变</i></b><b>如果</b><b><i>事实以足够的活力撞击。我认为，高通胀是一个令人担忧的事实，它可能会阻止美联储的计划向前推进。</i></b></blockquote></p><p>If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.</p><p><blockquote>如果美联储确实继续以同样的盲目无知和顽固决心证明自己是正确的，这导致它继续推行经济紧缩制度（正如我在2018年声称的那样，它会这样做太久，与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这并非不可能。</blockquote></p><p>“ <b><i>There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,</i></b>” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,</p><p><blockquote>“<b><i>有些人认为美联储不仅落后于曲线，他们可能没有抓住要点，当他们开始追赶时，已经太晚了、</i></b>华尔街资深人士阿特·卡申周三在接受CNBC采访时表示，</blockquote></p><p>“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.&nbsp; <b><i>“It’s just that there’s a</i></b> <b>lot more</b> <b><i>&nbsp;‘transitory’ than they were expecting.</i></b>”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?</p><p><blockquote>“凯投宏观（Capital Economics）美国高级经济学家迈克尔-皮尔斯（Michael Pearce）写道：”我们怀疑这份报告是否会改变官员们的观点，即通胀压力'在很大程度上是暂时的'。<b><i>“只是有一个</i></b><b>更多</b><b><i>比他们预期的要'短暂'。</i></b>“CNBC确实。更多。当他们用完了一个假的基地效应来指责它时，他们会怎么做？</blockquote></p><p>Liked it? Take a second to support David Haggith on Patreon!</p><p><blockquote>喜欢吗？花点时间在Patreon上支持大卫·哈吉斯!</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>Inflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</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\">\nInflation Will Kill This Stock Market<blockquote>通货膨胀会扼杀这个股市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-13 16:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.</p><p><blockquote>我并不是说在通货膨胀完全到来之前，没有其他方法可以做到这一点，只是说，如果其他方法都做不到，我一直在写的那种通货膨胀肯定会做到这一点。这就是让市场感到恐惧的原因，这可能不是一些投资者首先想到的原因。</blockquote></p><p>Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.</p><p><blockquote>许多人都在谈论投资股票的 “风险溢价”。随着通货膨胀上升，债券收益率上升以抵消通货膨胀造成的损失。随着债券收益率上升，股票的竞争力下降。</blockquote></p><p>That’s a problem, but it’s not the big problem. Not this time.</p><p><blockquote>这是个问题，但不是大问题。这次不行。</blockquote></p><p>The big&nbsp;problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.</p><p><blockquote>最大的问题是，我们都知道股票的资金来源——美联储和美国政府通过借入和分配美联储印制的货币。所以，最大的问题是美联储。</blockquote></p><p><b>Fed is getting tangled in a mess of its own making</b></p><p><blockquote><b>美联储陷入了自己造成的混乱</b></blockquote></p><p>Having made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.</p><p><blockquote>美联储已经证明高通胀已成定局，用不了多久，美联储就会陷入一个陷阱：它需要继续创造货币，以保持市场上涨并继续刺激经济，但它将无法做到这一点。这就是为什么我们现在不断听到美联储在谈论通货膨胀是 “短暂的”。美联储需要让所有投资者相信通货膨胀迅速出现的时期将是短暂的，因此可以忽略不计。美联储需要市场相信它能够并且将会继续印钞。</blockquote></p><p>However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)</p><p><blockquote>然而，美联储只是在自欺欺人。它声称通货膨胀是暂时的，以便可以忽略快速增长的数字，通货膨胀就会越失控，因为美联储和联邦政府继续印钞和运输货币的装甲车昼夜不停地行驶。（当然，这是比喻。）</blockquote></p><p>The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.</p><p><blockquote>美联储可能会欺骗自己（和我们）的长期伤害，但它不太可能欺骗市场太久，因为这些数字将变得太高，市场无法忽视。周三，我们从市场对多年来最高通胀率消息的反应中看到了这一点--4 月份的年化通胀率为 4.2%，远低于我们今年夏天即将看到的通胀率水平。这只是球场的收尾。</blockquote></p><p><b>How inflation will fight the Fed and win</b></p><p><blockquote><b>通胀将如何对抗美联储并取得胜利</b></blockquote></p><p>The danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.</p><p><blockquote>通胀带来的危险是，如果它上升到我确信它会上涨的高度（两位数），那么美联储将被迫提高利率目标，因为市场无论如何都会推高利率，使美联储看起来很愚蠢，因为它声称利率目标是它无法持有的。美联储将无法在不通过创造新货币造成更大通胀的情况下不惜一切代价压低利率。</blockquote></p><p>However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.</p><p><blockquote>然而，这不仅仅是债券义务警员将从美联储手中夺走利率控制权，股市还将迫使美联储应对通货膨胀，因为无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通货膨胀。拖延的时间越长，美联储就必须大幅提高利率，就像保罗-沃尔克（Paul Volker）在 80 年代为控制通胀所做的那样。</blockquote></p><p>This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.</p><p><blockquote>在股市处于荒谬危险的高度之际，这个难题现在开始成为现实。对通货膨胀的模糊认识不再那么模糊，这就是为什么市场正在耗尽动力。投资者开始相信美联储将失去对利率的控制。投资者开始怀疑美联储的信心。</blockquote></p><p>Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.</p><p><blockquote>当然，要崩盘，势头必须向下，而在市场确信美联储将失去控制之前，这种情况不太可能发生；但这种情况一开始可能会缓慢发生，然后像 2018 年那样迅速发生。</blockquote></p><p>Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.</p><p><blockquote>通胀是美联储背上的一颗定时炸弹。我的论点是，现在每个月，美联储都会发现越来越难维持一种幻觉，即它可以继续创造货币，通过政府刺激计划（应政府要求）将货币注入夫妻俩投资者（散户投资者、罗宾汉人群等）手中，并继续试图保持低利率，通过贷款资助的公司股票回购将资金注入股市。通货膨胀将压垮宽松货币。它统治。美联储可以控制它，但只能通过拿走资金并摧毁完全依赖资金的市场。</blockquote></p><p>The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The&nbsp;<i>real</i>&nbsp;fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.</p><p><blockquote>盘子旋转器开始失去对所有盘子的控制，它必须在小棒的末端保持旋转。今天的市场走势表明，随着通胀比投资者担心的更糟糕，市场开始关注板块下跌的声音。这个<i>真的</i>恐惧——直到现在才被预示的深度瘫痪恐惧——不是来自债券收益率上升的竞争（这肯定会到来），而是通胀将变得足够热，以至于美联储将被迫关闭所有的动力。</blockquote></p><p></p><p>Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.</p><p><blockquote>通货膨胀有能力突然改变市场情绪，因为，嗯，跟随资金回到它的来源。</blockquote></p><p>Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. <i>MarketWatch</i>Inflation jitters will become inflation&nbsp;<i>panic</i>&nbsp;when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.</p><p><blockquote>一份报告显示，随着新冠疫情的复苏，截至 4 月份的一年中，美国通胀率以约 13 年来最快的速度上升，通胀担忧再次蔓延，股市大幅走低。<i>市场观察</i>通货膨胀恐慌将变成通货膨胀<i>恐慌</i>当人们清楚地认识到，升至 4.2 不仅仅是昙花一现，而是未来许多步骤中消费者方面的第一步时。希望我的读者都没有太关注那些预测只有3.6%的经济学家。</blockquote></p><p>“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.&nbsp; <b><i>But if it’s not transitory, that’s when it is going to become troubling for stocks.</i></b>”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.</p><p><blockquote>“通货膨胀摧毁财富。Incapital 交易主管帕特里克-利里（Patrick Leary）在接受 MarketWatch 采访时说：”通货膨胀摧毁财富。“我们看到通货膨胀出现在市场上。如果通货膨胀确实是暂时的，市场就能忍受通货膨胀。<b><i>但如果不是暂时的，那就会成为股市的麻烦。</i></b>“财富的毁灭是一个问题，但我认为，更大的问题是亚马逊规模的轻松资金流入市场的流失。这就是为什么当就业报告真的很糟糕时，市场上涨了。就业放缓的报告缓解了对通胀的担忧，导致美联储关闭了这一流动。这就是为什么市场今天因与许多人预期相反的可靠消息而暴跌。</blockquote></p><p>The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten,<i>&nbsp;regardless of what the Fed claims to assure investors it won’t.</i></p><p><blockquote>美联储的手可能很快就会被现实所迫；如果你一直在阅读这里--尤其是《赞助人》中那些重点关注通货膨胀的帖子，你就会对即将发生的事情有一个很好的了解。然而，人们不必等到美联储收紧货币政策才能阻止通货膨胀；人们只需等到股票投资者确信美联储将不得不收紧货币政策，<i>无论美联储声称向投资者保证什么，它都不会。</i></blockquote></p><p>As&nbsp;<i>MarketWatch</i>&nbsp;noted yesterday,</p><p><blockquote>作为<i>市场观察</i>昨天指出，</blockquote></p><p>Tuesday is looking dicey for stocks, notably the technology space,&nbsp; <b><i>as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.</i></b>&nbsp;After last week’s downside jobs surprise, some fear&nbsp; <b><i>Wednesday’s consumer price data could also deliver a nasty shock.</i></b>The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.</p><p><blockquote>周二股市看起来很危险，尤其是科技领域，<b><i>随着通胀紧张情绪继续波及整个市场。由于担心通胀上升可能会促使美联储提前结束因 COVID-19 大流行病而采取的宽松立场，该行业一直首当其冲。</i></b>继上周就业意外之后，一些人感到担忧<b><i>周三的消费者价格数据也可能带来严重冲击。</i></b>市场在自己的负担下不堪重负和紧张，以至于如果它仅仅相信美联储将被迫收紧货币政策，它就会崩溃。这就是为什么它今天会像预震一样震动，但如果你一直在阅读这里的内容，那就一点也不震动了。这是意料之中的。</blockquote></p><p><b><i>Inflation is the “</i></b> <b>worst-case</b> <b><i>&nbsp;scenario” for this ticking-time-bomb market full of complacent investors,</i></b>&nbsp;warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the&nbsp;<i>key</i>:</p><p><blockquote><b><i>通货膨胀是“</i></b><b>最坏情况</b><b><i>对于这个充满自满投资者的定时炸弹市场，</i></b>Stock Traders Daily 总裁兼首席执行官兼 Equity Logic 投资组合经理 Thomas H. Kee Jr. 警告我们今天的看涨期权。这是<i>钥匙</i>:</blockquote></p><p>“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.&nbsp; <b><i>If inflation comes back,</i></b> <b>all</b> <b><i>&nbsp;of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be</i></b> <b>able</b> <b><i>&nbsp;to come back to save the day</i></b>,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and <b><i>&nbsp;if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen</i></b>&nbsp;either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ <b><i>When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!</i></b>”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed&nbsp;<i>wants</i>&nbsp;higher inflation and convince them that the higher inflation it wants is temporary before it even begins.</p><p><blockquote>“可以说，刺激措施之所以成为可能，唯一的原因就是没有通货膨胀。<b><i>如果通货膨胀再次出现，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激措施带来的免费资金）将被取消，并且不会……</i></b><b>能</b><b><i>回来拯救世界</i></b>Kee告诉MarketWatch……他说，最近的就业数据确实表明，物价上涨将“比之前想象的更严重……”。“降幅可能比25%严重得多，<b><i>如果FOMC（联邦公开市场委员会）因通货膨胀而被束缚，投资者习以为常的快速反弹将不会发生</i></b>基说。“SPX SPX (^GSPC) 的公允价值倍数不是 30 倍，而是 35 倍。更像是 15 倍.”投资者对自然风险意识的回归--而目前这种意识严重缺乏。“政府给了他们免费的钱，刺激计划正在全面发挥作用，投资者根本感觉不到任何风险。这才是最危险的!”基说……”<b><i>当大买家不在的时候…那就是对风险的自然感知回来的时候，如果发生这种情况…小心下面!!</i></b>“你看，不断上升的通货膨胀有能力让美联储屈服。我一直在写的那种通货膨胀会让美联储失去魔力，这就是为什么鲍威尔已经在竭尽全力让金融市场相信美联储<i>想要</i>更高的通胀，并让他们相信它想要的更高通胀在开始之前是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场敏感性</blockquote></p><p>Notes Lance Roberts,</p><p><blockquote>兰斯·罗伯茨指出，</blockquote></p><p></p><p><b><i>There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market,</i></b>&nbsp;but we keep investing for “Fear Of Missing Out.” <i>Seeking Alpha</i>How much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?</p><p><blockquote><b><i>这轮牛市不可能不会以非常糟糕的方式结束。我们都知道这是这个流动性驱动的市场的现实，</i></b>但我们继续投资是为了 “害怕错过 ”。<i>寻求阿尔法</i>美联储和联储涌入市场的所有刺激资金究竟创造了多少现金流，使去年的疯狂成为可能？</blockquote></p><p>Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.</p><p><blockquote>过去5个月，流入股市的资金比过去12年的总和还要多。算一算，问问自己，如果因为通货膨胀迫使美联储在商品太少的环境下停止创造太多的新货币，而不得不关闭货币，会发生什么，因为之前的 COVID 关闭短缺以及它们造成的持续问题。</blockquote></p><p>And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):</p><p><blockquote>而且，如果你不认为市场在轻松货币的推动下岌岌可危，那就看看保证金债务（欠经纪人的钱）上涨了多少：</blockquote></p><p><img src=\"https://static.tigerbbs.com/4ca87d635f36dfaa1c989d7e459550d1\" tg-width=\"914\" tg-height=\"592\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>When the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.</p><p><blockquote>当美联储面临加息和停止印钞的巨大压力时，经纪人在放贷时就不会那么自由了。目前，几乎免费的利率很容易赚钱。不过，更重要的是，当市场因担心美联储切断宽松货币而开始下跌时，随着人们被迫出售资产并减少保证金债务，所有保证金债务都开始匆忙解除。</blockquote></p><p>As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:</p><p><blockquote>正如您所看到的，像这样的市场债务的巨大、快速飙升往往发生在严重崩溃之前：</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ff13864e0443e2a448952529cdf6e2c\" tg-width=\"758\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><i>Seeking Alpha</i></p><p><blockquote><i>寻求阿尔法</i></blockquote></p><p>In the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.</p><p><blockquote>短期来看，基本面并不重要。然而，从长远来看，它们非常重要。情绪可能会导致投资者在很长一段时间内忽视经济基本面，但在高利润率债务环境下，对长期被忽视的基本面看法的突然改变会导致人们的参照系迅速修正。</blockquote></p><p>Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.</p><p><blockquote>目前，投资者忽视了基本面，预期经济和盈利将改善，以证明市场高估是合理的。这不太可能发生。即使确实如此，从今天的冲击来看，大多数圈子里对金融格局（货币的核心价值）的看法也过于乐观；但你可以在一年后看到这一点。</blockquote></p><p>The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.</p><p><blockquote>美联储的言论就好像它仍然看不到未来会发生什么，但这正是美联储谈论紧缩政策将有多容易。它似乎并不知道自己没有一个不会导致市场情绪急剧下跌并导致市场崩溃的退出计划。然而，这一点，也可以被那些没有在美德神父脚下敬拜的人看到。</blockquote></p><p>When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&amp;P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.</p><p><blockquote>当或如果复苏预期落空，市场将开始重新定价其内在价值。鉴于市场目前的交易价格是潜在经济增长水平的两倍多，而潜在经济增长是企业利润的来源，这表明存在重大风险。这就是为什么道琼斯指数今天下跌 682 点（2%），标准普尔指数下跌 2.14%，纳斯达克指数下跌 368 点（2.67%）。股票中没有太多的安全空间。</blockquote></p><p>Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.</p><p><blockquote>别告诉我通货膨胀对这个市场无关紧要。六个月来最糟糕的一天。更多详情请见另一篇赞助人帖子。</blockquote></p><p>Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:</p><p><blockquote>现在让我再一次做我所说的此时必不可少的纠正性报告。首先，假新闻：</blockquote></p><p>One big reason for the acceleration was&nbsp; <i>base effects</i>&nbsp;– at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,</p><p><blockquote>加速的一个重要原因是<i>基底效应</i>- 一年前的这个时候，经济受到了科维德大流行病最严重的打击，通货膨胀率异常低。正如我在上一篇赞助人帖子中所说，我还列出了支持我声明的统计数据和来源，</blockquote></p><p>Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:</p><p><blockquote>尽管有疫情，食品价格和许多其他价格像去年3月一样上涨。事实上，在 3 月份之后，它们的涨幅比正常水平更差，2020 年剩余时间里，每个月的年化涨幅都在 3.5% 到 4% 之间。“通胀海啸警报正在尖叫!”我特别注意到一位经济学家说，食品杂货和燃料现在刚刚弥补了上一次的涨幅：</blockquote></p><p>So,&nbsp; <i>like groceries,</i>&nbsp;gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that&nbsp;<i>fuel</i>&nbsp;prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but&nbsp;<i>groceries</i>? Come on!</p><p><blockquote>所以，<i>比如杂货，</i>天然气正在赶上，回到我们实际期望的地方…去年主要发生的事情是<i>燃料</i>由于没有运输任何东西，缺乏假期和通勤，价格暴跌，但是<i>杂货</i>?快点!</blockquote></p><p></p><p>“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.<b><i>So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of facts</i></b><b>if</b><b><i>&nbsp;the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.</i></b></p><p><blockquote>如果你回顾一下 2018 年的汽油价格，“迎头赶上 ”可能是真的，但当你在评论中拥抱杂货时，这完全是马粪。杂货店什么都赶不上。2020年全年食品的平均通货膨胀率为3.4%，而2011年之前每年的平均通货膨胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的总体通胀率低于正常水平，但这与今年有什么关系？【总体】去年价格仍在上涨；因此，这并不是说你在与一个异常的年份进行比较，因为在那几个月里，整体价格都在下跌，这意味着今年的部分涨幅只是弥补了去年不寻常的损失。然后你可以如实地说有一个基数效应。<b><i>因此，通胀的到来比美联储让人们相信的要快得多；而且，正如我最近的赞助人帖子所说，生产者方面已经酝酿了更多的通货膨胀，这些通货膨胀肯定会被传递出去。我注意到你可以期待看到这一点现在开始出现在消费者方面，而你确实做到了。这将是一个通胀高涨的夏天，这可能会影响市场情绪，因此股市不会对此感到满意。可以肯定的是，无论如何，仍有大量的睾丸激素决心推高股票，但炎热潮湿的夏天将削弱这种情绪，就像今天一样；无论图表读者根据当前的情绪趋势做出什么预测，它都将继续改变它。面对事实，趋势可能会迅速改变</i></b><b>如果</b><b><i>事实以足够的活力撞击。我认为，高通胀是一个令人担忧的事实，它可能会阻止美联储的计划向前推进。</i></b></blockquote></p><p>If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.</p><p><blockquote>如果美联储确实继续以同样的盲目无知和顽固决心证明自己是正确的，这导致它继续推行经济紧缩制度（正如我在2018年声称的那样，它会这样做太久，与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这并非不可能。</blockquote></p><p>“ <b><i>There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,</i></b>” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,</p><p><blockquote>“<b><i>有些人认为美联储不仅落后于曲线，他们可能没有抓住要点，当他们开始追赶时，已经太晚了、</i></b>华尔街资深人士阿特·卡申周三在接受CNBC采访时表示，</blockquote></p><p>“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.&nbsp; <b><i>“It’s just that there’s a</i></b> <b>lot more</b> <b><i>&nbsp;‘transitory’ than they were expecting.</i></b>”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?</p><p><blockquote>“凯投宏观（Capital Economics）美国高级经济学家迈克尔-皮尔斯（Michael Pearce）写道：”我们怀疑这份报告是否会改变官员们的观点，即通胀压力'在很大程度上是暂时的'。<b><i>“只是有一个</i></b><b>更多</b><b><i>比他们预期的要'短暂'。</i></b>“CNBC确实。更多。当他们用完了一个假的基地效应来指责它时，他们会怎么做？</blockquote></p><p>Liked it? Take a second to support David Haggith on Patreon!</p><p><blockquote>喜欢吗？花点时间在Patreon上支持大卫·哈吉斯!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/news/2021-05-12/inflation-will-kill-stock-market\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/news/2021-05-12/inflation-will-kill-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134419676","content_text":"I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does. That’s what terrifies the market and for a very good reason that may not be the first one that comes to some investors’ minds.Many talk about the “risk premium” of investing in stocks. As inflation rises, bond yields rise to offset what will be lost to inflation. As bond yields rise, stocks become less competitive.That’s a problem, but it’s not the big problem. Not this time.The big problem is that we all know where the money for stocks is coming from — the Federal reserve and the US government by borrowing and distributing the money the Fed prints. So, the big problem is the Fed.Fed is getting tangled in a mess of its own makingHaving made the case that high inflation is now already a given, it won’t be long before the Fed is caught in a trap where it needs to continue creating money in order to keep the market rising and to keep stimulating the economy, but it won’t be able to. That’s why we hear the Fed talking incessantly about how inflation is “transitory” right now. The Fed NEEDS to have all investors believe that the rapidly dawning period of inflation will be short so it can be ignored. The Fed needs the market to believe it CAN and WILL keep printing money.However, the Fed is just fooling itself. The longer it claims inflation is temporary so that it can ignore the rapidly rising numbers, the more inflation will move out of control because the Fed and the federal government keep the money printing and the armored cars for transporting it running around the clock. (Figuratively speaking, of course.)The Fed may fool itself to its (and our) longterm harm, but it is not likely to fool the market much longer because the numbers will be coming in too high for the market to ignore. We’ve saw that on Wednesday in how the market responded to news of the highest inflation in years — a number annualized at 4.2% in April, which is well below the level of inflation we’re about to see this summer. That’s just the wind-up for the pitch.How inflation will fight the Fed and winThe danger inflation imposes is that, if it rises as high as I am certain it is going to rise (double digits), then the Fed will be forced to raise its interest targets because the market will shove interest up regardless, making the Fed look dumb for claiming an interest target it cannot hold. The Fed won’t be able to what it takes to hold interest down without creating massively greater inflation through its creation of new money.However, it is not just that the bond vigilantes will wrest control of interest out of the Fed’s hands, it’s that the stock market will force the Fed to deal with inflation by fearing it whether the Fed says it should or not. Consumers will also press congress to press the Fed to deal with inflation. The longer it delays, the more massively the Fed will have to raise interest rates, just as Paul Volker did in the 80’s to get inflation under control.This conundrum is starting to materialize now at a time when the stock market is at absurdly perilous heights. Faint realizations of inflation are no longer so faint, which is why the market is running out of momentum. Investors are starting to believe the Fed will lose control of interest rates. Investors are starting to doubt the Fed’s words of confidence.Of course, to crash, momentum has to turn downward, and that won’t likely happen until the market is certain the Fed is going to lose control; but that can happen slowly at first and then quickly as it did in 2018.Inflation is a time bomb on the Fed’s back. My thesis is that every month now the Fed is going to find it harder and harder to maintain the illusion that it can keep creating money, pumping it into mom-and-pop investor hands (retail investors, the Robinhood crowed, etc.) through government stimulus programs (at the government’s demand) and keep trying to maintain low interest to pump money into the stock market via corporate stock buybacks funded on loans. Inflation will crush easy money. It rule. The Fed can rule over it, but only by taking away money and crashing markets that are utterly dependent on that money.The plate spinner is starting to lose control of all the plates it has to keep twirling on the ends of little sticks. Today’s action in the market shows the market is starting to pay attention to the clatter of falling plates as inflation shows up worse than investors feared. The real fear — the deep paralyzing fear that is only now being foreshadowed — is not competition from rising bond yields (certain as that is to come) but that inflation will become hot enough that the Fed will be forced to turn off all of its go juice.Inflation has the power to suddenly turn market sentiment on its head because, well, follow the money back to where it is coming from.Stocks headed sharply lower as inflation jitters percolated again, following a report showing U.S. inflation in the year to April rose at its fastest pace in about 13 years, amid the recovery from the COVID pandemic. MarketWatchInflation jitters will become inflation panic when it becomes clear that the rise to 4.2 is not just a blip but the first step on the consumer side of many steps to come. Hopefully none of my readers were paying much attention to economists who were forecasting a meager 3.6%.“Inflation destroys wealth. Period,” said Patrick Leary, head of trading at Incapital, in an interview with MarketWatch. “We see inflation showing up in markets. If it’s indeed transitory, markets can live with it.  But if it’s not transitory, that’s when it is going to become troubling for stocks.”The destruction of wealth is one concern, but the bigger concern, I believe, is the loss of the Amazon-scale, easy-money stream into the market. This is why the market went up when the jobs report was truly horrible. The report of slackening employment eased feelings of concern about inflation causing the Fed to turn off the flow. Its why the market plunged today on solid news to the contrary of higher inflation than many were expecting.The Fed’s hand may soon be forced by reality; and if you’ve been reading here — particularly the Patron Posts that focused intensively on inflation, you’ve had a good idea of what is coming. One won’t have to wait until the Fed tightens to stop inflation, however; one only has to wait until stock investors become convinced the Fed will have to tighten, regardless of what the Fed claims to assure investors it won’t.As MarketWatch noted yesterday,Tuesday is looking dicey for stocks, notably the technology space,  as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance. After last week’s downside jobs surprise, some fear  Wednesday’s consumer price data could also deliver a nasty shock.The market is top-heavy and jittery under its own load to such an extent that it will crash if it merely believes the Fed will be forced to tighten. That’s why it jolted as a foreshock today, but it wasn’t a shock at all if you’ve been reading here. It was expected.Inflation is the “ worst-case  scenario” for this ticking-time-bomb market full of complacent investors, warns our call of the day from Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.And here’s the key:“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation.  If inflation comes back, all  of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be able  to come back to save the day,” Kee told MarketWatch…. He said recent jobs data indeed suggest price rises will be “more serious than previously thought….”“The declines can be much worse than 25% and  if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen either,” said Kee. “The fair value multiple on the SPX SPX (^GSPC) is not 30 – [to] 35x. It’s more like 15x….”What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said….“ When the big buyer is not there … that is when natural perceptions of risk come back, and if that happens … watch out below!!”You see, rising inflation has the power to cut the Fed off at the knees. The kind of inflation I’ve been writing about can suck the mojo right out of the Fed, and that is why Powell is already doing his best to convince financial markets that the Fed wants higher inflation and convince them that the higher inflation it wants is temporary before it even begins.Market susceptibilityNotes Lance Roberts,There is no way this bull market doesn’t end very badly. We all know that is the reality of this liquidity-fueled market, but we keep investing for “Fear Of Missing Out.” Seeking AlphaHow much does all that stimulus money from Fed and Feds pouring into the market create the cashflow that made the past year’s insanity possible?Over the past 5-MONTHS, more money has poured into the equity markets than in the last 12-YEARS combined.Do the math and ask yourself what happens if the money HAS to be turned off because inflation forces the Fed to stop creating to much new money in an environment of to few goods due to previous COVID-shutdown shortages and the continuing problems they’ve set up.And, if you don’t think the market is precariously riding high on easy money, look at how much it is rising on rising margin debt (money owed to brokers):Seeking AlphaWhen the Fed is pressed hard to raise interest rates and stop printing money, brokers aren’t going to be so free in lending money. Right now, it’s easy money at almost free rates. More to the point, though, when the market does start coming down because of concerns about the Fed cutting off easy money, all that margin debt starts unwinding in a hurry as people are forced to sell assets and reduce their margin debt.As you can also see, huge, rapid spikes like this in market debt tend to happen right before severe crashes:Seeking AlphaIn the short term, fundamentals do not matter. However, in the long term, they matter a lot.Sentiment can cause investors to overlook economic fundamentals for a long time, but a sudden change in perception of fundamentals long overlooked in an environment of high margin debt and bring a rapid correction of one’s frame of reference.Currently, investors are overlooking fundamentals on the expectation the economy and earnings will improve to justify the market overvaluation.That is not likely to happen. Even if it does, perception of the financial landscape (the core value of of money) has been far too optimistic in most circles, as seen by the shock today; but you could see this coming from a year away.The Fed talks as though it still doesn’t see what is coming, but that’s the same Fed that talked about how easy tightening was going to be. It appears it had no idea that it didn’t have an exit plan that wouldn’t send sentiment sharply south and crash the market. Yet, that, too, could be seen from years away by those who were not worshipping at the feet of Father Fed.When, or if, expectations of recovery are disappointed, the market will begin to reprice itself for its intrinsic value. Given that the market is currently trading more than twice the level of underlying economic growth, which is where corporate profits come from, such suggests a significant risk.That’s why the Dow fell 682 points (2%) today, and the S&P fell 2.14% and the NASDAQ, 368 points (2.67%). There wasn’t much of a safe space to be found in stocks.Don’t tell me inflation doesn’t matter to this market. Worst day in six months. More on this in another Patron Post.Now let me, once again, do the kind of corrective reporting I said was going to be essential at this time. First, the fake news:One big reason for the acceleration was  base effects – at this time a year ago, the economy was hit with the worst of the Covid pandemic and inflation was unusually low.CNBCThat isn’t accurate. As I said in my last Patron Post, wherein I also laid out the statistical facts and source to back up my statement,Food prices and many other prices rose like they normally do last March, in spite of the pandemic. In fact, after March, they rose worse than normal with every month in the remainder of 2020 coming in between 3.5% and 4% on an annualized basis.“Inflation Tsunami Sirens Are Screaming!“I noted in particular one economist who said groceries and fuel were now just making up for last time:So,  like groceries, gas is catching up to get back to where we would actually expect it to be….What predominantly happened last year was that fuel prices plummeted due to nothing being transported and lack of vacationing and lack of commuting, but groceries? Come on!“Catching up” may be true for gas if you look back to where prices were in 2018, but it’s total horse manure when you embrace groceries in the comment. Groceries have no catching up to do whatsoever. The average rate of inflation for food for all of 2020 was 3.4%, which compares to rates that 0.3%-2.5% for every year going back until 2011 where the average for the year was. 3.6%.And while overall inflation was less than normal for April through June last year, what does that have to do with this year? [Overall] prices still rose last year; so, it is NOT as if you are comparing to an anomalous year where overall prices fell in those months, meaning some of this year’s gain was just making up for last year’s unusual loss. Then you could truthfully say there was a base effect.So, inflation is coming in much hotter than the Fed led people to believe; and, as my recent Patron Posts have laid out, there is plenty more inflation already baked in on the producer side that will certainly be passed through. I noted you could expect to see that starting to show up on the consumer side now, and you just did. It’s going to be an inflation-hot summer, which can sour sentiment, so stocks won’t take well to that. To be sure, there is a lot of testosterone still determined to press stocks up no matter what, but a hot and humid summer will zap that sentiment, as it did today; and it will keep zapping it no matter what the charts readers are prognosticating based on current sentimental trends. Trends can change quickly in the face of factsif the facts crash in with enough vigor. I think high inflation is the much-feared fact that can break through by stopping the Fed’s plans from moving forward.If the Fed does keep moving forward with the same kind of blind ignorance and stubborn resolve to prove itself right that led it to keep pursuing its economic tightening regime (as I claimed it would do for too long in 2018, contrary to good judgment), it will really be making things worse for itself and harder to tame. I think that is not unlikely.“ There are people who think the Fed is not just behind the curve, they’re maybe missing the point and by the time they start to play catch up, it’s too late,” Wall Street veteran Art Cashin said WednesdayCNBCAs one economist noted,“We doubt this report will change the view of officials that inflationary pressures are ‘largely transitory,‘” wrote Michael Pearce, senior U.S. economist at Capital Economics.  “It’s just that there’s a lot more  ‘transitory’ than they were expecting.”CNBCIndeed. A lot more. What will they do when they run out of a fake base effect to blame it on?Liked it? 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