Rednalhgih的个人主页 - 老虎社区

Rednalhgih

暂无个人介绍

IP属地：未知

4关注

0粉丝

0主题

0勋章

2021-05-13

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

Xpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏汽车EPS超过预期0.07美元，营收不及预期</blockquote>

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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</blockquote>

2021-05-13

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

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

2021-05-13

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

抱歉，原内容已删除

2021-05-13

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

抱歉，原内容已删除

2021-05-13

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

抱歉，原内容已删除

2021-05-13

Use dogecoin to generate passive income.https://app.cakedefi.com?ref=821807

Forget Dogecoin -- This Stock Is a Better Buy<blockquote>忘记狗狗币——这只股票更值得买入</blockquote>

2021-05-13

https://app.cakedefi.com?ref=821807

抱歉，原内容已删除

2021-04-21

...

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股的回归已经结束</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3560669368328062","uuid":"3560669368328062","gmtCreate":1597576933803,"gmtModify":1597576933803,"name":"Rednalhgih","pinyin":"rednalhgih","introduction":"","introductionEn":"","signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":4,"tweetSize":23,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.10","exceedPercentage":"93.93%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.20","exceedPercentage":"80.32%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"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":[],"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.laohu8.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>小鹏汽车EPS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，超过预期为0.07美元；GAAP每股收益为-0.15美元低于预期为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>在截至本季度交付的P7总数中，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由合共178家门店和61个服务中心组成，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扩容至172座，覆盖60个城市。</li></ul>股价+1.78%PM。</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人，较2020年同期的2,271人增加487.4%，较2020年第四季度的12,964人增加2.9%。</li><li>在截至本季度交付的P7总数中，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由178家门店和61个服务中心组成，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扩容至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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长3.5%。</li><li><b>汽车销售收入</b>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长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年第四季度为负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。不包括与优先股赎回权相关的以股份为基础的薪酬开支及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>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及优先股至赎回价值的增值，<b>归属于小鹏汽车普通股股东的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>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）。每份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、短期投资和长期存款</b>截至2021年3月31日为人民币362.01亿元（55.254亿美元）。</li></ul>小鹏汽车董事长兼首席执行官何小鹏先生表示：“尽管汽车需求季节性放缓且半导体短缺，但第一季度的汽车交付量仍创历史新高，为2021年开局良好。”“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，我们现在正在确认来自专有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支持下快速技术迭代的不断增长数据能力，我相信XPILOT的软件货币化将成为经常性收入，作为我们车辆销售收入的一部分。</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具有更强大硬件的新车型的能力。全球首款量产的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转型。此外，我们将继续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顾布莱恩博士表示：“小鹏汽车在2021年第一季度的强劲业绩证明了我们制造差异化智能电动汽车的强大能力，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高。特别是我们的毛利率继续保持上升趋势，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，我们专有软件实现的收入反映出我们在自动驾驶软件订阅方面处于行业前列。此外，我们良好的财务状况和强劲的现金状况使我们能够更好地执行增长战略，巩固竞争优势并抓住智能电动汽车领域的巨大增长机会，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付量</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月份交付量包括2,995辆小鹏智能运动轿车P7和2,152辆小鹏紧凑型智能SUV G3。截至2021年4月30日，年初至今的交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新的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>在武汉市政府的支持下，小鹏汽车将开始建设新的武汉基地，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抓住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>在当地政府的大力支持下，小鹏汽车扩张成为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，巩固了其在智能电动汽车领域的领导地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型亮相</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，小鹏推出了第三款量产车型小鹏P5智能轿车，这是全球首款搭载车规级激光雷达技术的量产智能EV。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订谅解备忘录，建立长期战略合作伙伴关系，向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，以进一步推动中国的智能电动汽车转型。</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的财务业绩</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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长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>汽车销售收入</i>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长2.7%。同比增长主要是由于P7于2020年6月底开始交付。环比增长主要归因于2021年第一季度XPILOT 3.0软件的收入确认，因为该功能已交付给累积的软件购买者群体，但部分被政府对新能源汽车的补贴减少所抵消。今年一月。</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1.406亿元（2150万美元），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1.159亿元增长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，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26.211亿元（4.001亿美元），较2020年同期的人民币4.319亿元增长506.8%，较2020年第四季度的人民币26.408亿元下降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年第四季度为负6.8%。该改善主要归因于材料成本降低及XPILOT软件销售的收入确认。</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>研发费用</b>2021年第一季度为人民币5.351亿元（8170万美元），较2020年同期的人民币3.108亿元增长72.2%，较2020年第四季度的人民币4.60亿元增长16.3%。同比增长主要是由于(i)研发人员扩大导致员工薪酬增加，(ii)与P5开发相关的费用增加，以及(iii)2021年第一季度确认的股份薪酬费用。环比增长主要是由于(i)员工薪酬随着工程人员的增加而增加，以及(ii)与P5开发相关的费用增加。</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7.208亿元（1.1亿美元），较2020年同期的人民币3.218亿元增长124.0%，较2020年第四季度的人民币9.179亿元下降21.5%。同比增长主要是由于(i)支持汽车销售的营销、促销和广告费用增加，(ii)我们销售网络的扩张和相关人员成本、销售和服务店的租赁费用以及加盟店的佣金，以及(iii)2021年第一季度确认的股权激励费用。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9.039亿元（1.380亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币11.212亿元。</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>非公认会计准则运营损失，</b>不包括股权激励费用，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>非公认会计准则净亏损，</b>不包括以股份为基础的薪酬费用和与优先股赎回权相关的衍生负债公允价值变动，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年和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>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>归属于小鹏汽车普通股股东的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），不包括以股份为基础的薪酬费用、与优先股赎回权相关的衍生负债公允价值变动以及优先股至赎回价值的增值，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>每股美国存托股基本和摊薄净亏损</b>2021年第一季度均为人民币0.99元（0.15美元），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，公司的现金及现金等价物、受限制现金、短期存款、短期投资和长期存款为人民币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>在15,500辆至16,000辆之间，同比增长约380.2%至395.7%。</li><li><b>总收入</b>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>小鹏汽车EPS超过预期0.07美元，营收不及预期</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\">\nXpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏汽车EPS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，超过预期为0.07美元；GAAP每股收益为-0.15美元低于预期为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>在截至本季度交付的P7总数中，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由合共178家门店和61个服务中心组成，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扩容至172座，覆盖60个城市。</li></ul>股价+1.78%PM。</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人，较2020年同期的2,271人增加487.4%，较2020年第四季度的12,964人增加2.9%。</li><li>在截至本季度交付的P7总数中，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由178家门店和61个服务中心组成，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扩容至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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长3.5%。</li><li><b>汽车销售收入</b>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长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年第四季度为负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。不包括与优先股赎回权相关的以股份为基础的薪酬开支及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>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及优先股至赎回价值的增值，<b>归属于小鹏汽车普通股股东的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>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）。每份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、短期投资和长期存款</b>截至2021年3月31日为人民币362.01亿元（55.254亿美元）。</li></ul>小鹏汽车董事长兼首席执行官何小鹏先生表示：“尽管汽车需求季节性放缓且半导体短缺，但第一季度的汽车交付量仍创历史新高，为2021年开局良好。”“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，我们现在正在确认来自专有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支持下快速技术迭代的不断增长数据能力，我相信XPILOT的软件货币化将成为经常性收入，作为我们车辆销售收入的一部分。</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具有更强大硬件的新车型的能力。全球首款量产的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转型。此外，我们将继续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顾布莱恩博士表示：“小鹏汽车在2021年第一季度的强劲业绩证明了我们制造差异化智能电动汽车的强大能力，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高。特别是我们的毛利率继续保持上升趋势，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，我们专有软件实现的收入反映出我们在自动驾驶软件订阅方面处于行业前列。此外，我们良好的财务状况和强劲的现金状况使我们能够更好地执行增长战略，巩固竞争优势并抓住智能电动汽车领域的巨大增长机会，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付量</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月份交付量包括2,995辆小鹏智能运动轿车P7和2,152辆小鹏紧凑型智能SUV G3。截至2021年4月30日，年初至今的交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新的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>在武汉市政府的支持下，小鹏汽车将开始建设新的武汉基地，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抓住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>在当地政府的大力支持下，小鹏汽车扩张成为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，巩固了其在智能电动汽车领域的领导地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型亮相</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，小鹏推出了第三款量产车型小鹏P5智能轿车，这是全球首款搭载车规级激光雷达技术的量产智能EV。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订谅解备忘录，建立长期战略合作伙伴关系，向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，以进一步推动中国的智能电动汽车转型。</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的财务业绩</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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长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>汽车销售收入</i>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长2.7%。同比增长主要是由于P7于2020年6月底开始交付。环比增长主要归因于2021年第一季度XPILOT 3.0软件的收入确认，因为该功能已交付给累积的软件购买者群体，但部分被政府对新能源汽车的补贴减少所抵消。今年一月。</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1.406亿元（2150万美元），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1.159亿元增长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，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26.211亿元（4.001亿美元），较2020年同期的人民币4.319亿元增长506.8%，较2020年第四季度的人民币26.408亿元下降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年第四季度为负6.8%。该改善主要归因于材料成本降低及XPILOT软件销售的收入确认。</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>研发费用</b>2021年第一季度为人民币5.351亿元（8170万美元），较2020年同期的人民币3.108亿元增长72.2%，较2020年第四季度的人民币4.60亿元增长16.3%。同比增长主要是由于(i)研发人员扩大导致员工薪酬增加，(ii)与P5开发相关的费用增加，以及(iii)2021年第一季度确认的股份薪酬费用。环比增长主要是由于(i)员工薪酬随着工程人员的增加而增加，以及(ii)与P5开发相关的费用增加。</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7.208亿元（1.1亿美元），较2020年同期的人民币3.218亿元增长124.0%，较2020年第四季度的人民币9.179亿元下降21.5%。同比增长主要是由于(i)支持汽车销售的营销、促销和广告费用增加，(ii)我们销售网络的扩张和相关人员成本、销售和服务店的租赁费用以及加盟店的佣金，以及(iii)2021年第一季度确认的股权激励费用。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9.039亿元（1.380亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币11.212亿元。</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>非公认会计准则运营损失，</b>不包括股权激励费用，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>非公认会计准则净亏损，</b>不包括以股份为基础的薪酬费用和与优先股赎回权相关的衍生负债公允价值变动，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年和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>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>归属于小鹏汽车普通股股东的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），不包括以股份为基础的薪酬费用、与优先股赎回权相关的衍生负债公允价值变动以及优先股至赎回价值的增值，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>每股美国存托股基本和摊薄净亏损</b>2021年第一季度均为人民币0.99元（0.15美元），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，公司的现金及现金等价物、受限制现金、短期存款、短期投资和长期存款为人民币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>在15,500辆至16,000辆之间，同比增长约380.2%至395.7%。</li><li><b>总收入</b>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":"小鹏汽车"},"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":3306,"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":[],"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.laohu8.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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</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39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到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，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了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基础，并扩大了我们在离家更近的金融市场的影响力。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+一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Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动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%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于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（595.4百万美元），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2020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>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</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2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，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>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商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29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），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（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</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>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020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>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序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>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该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所致。</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5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以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>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），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1250万元（190万美元），而2020年同期为人民币940万元。</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>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</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），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购收购的无形资产相关的摊销费用以及与通过业务收购收购的无形资产相关的所得税，2020年同期为人民币4.746亿元。</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>基本和稀释每股收益以及调整后基本和稀释每股收益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，公司的现金及现金等价物、定期存款以及短期投资为人民币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Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）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>公司目前预计2021年第二季度净收入在人民币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，包括与持续的COVID-19大流行相关的不确定性。</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平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，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GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</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39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到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，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了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基础，并扩大了我们在离家更近的金融市场的影响力。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+一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Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动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%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于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（595.4百万美元），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2020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>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</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2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，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>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商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29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），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（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</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>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020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>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序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>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该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所致。</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5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以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>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），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1250万元（190万美元），而2020年同期为人民币940万元。</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>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</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），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购收购的无形资产相关的摊销费用以及与通过业务收购收购的无形资产相关的所得税，2020年同期为人民币4.746亿元。</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>基本和稀释每股收益以及调整后基本和稀释每股收益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，公司的现金及现金等价物、定期存款以及短期投资为人民币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Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）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>公司目前预计2021年第二季度净收入在人民币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，包括与持续的COVID-19大流行相关的不确定性。</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平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，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GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”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":{"BILI":0.9,"09626":0.9}},"isVote":1,"tweetType":1,"viewCount":1579,"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":[],"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.laohu8.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，其他任何东西都无法完成这项工作，只是说如果没有其他东西，我所写的那种通货膨胀肯定会完成这项工作。这就是市场的恐惧，而且有一个很好的理由，这可能不是一些投资者首先想到的。</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>许多人谈论投资股票的“风险溢价”。随着通胀上升，债券收益率上升，以抵消通胀造成的损失。随着债券收益率上升，股票竞争力下降。</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，我们都知道购买股票的资金来自哪里——美联储和美国政府通过借入和分配美联储印刷的资金。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>美联储正陷入自己造成的混乱之中</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>在证明高通胀已经成为必然之后，用不了多久，美联储就会陷入一个陷阱，需要继续创造货币以保持市场上涨并继续刺激经济，但它不会。这就是为什么我们听到美联储不停地谈论通胀现在是“暂时的”。美联储需要让所有投资者相信通胀的快速曙光期将会很短，因此可以忽略它。美联储需要市场相信它能够也将继续印钞。</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，以便它可以忽略快速上升的数字，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送钞票的装甲车昼夜不停地运行。（当然是比喻性的。）</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，因为这些数字将太高，市场无法忽视。周三，我们在市场对多年来最高通胀消息的反应中看到了这一点——4月份的年化通胀为4.2%，远低于我们今年夏天即将看到的通胀水平。这只是球场的结束。</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获胜</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，如果通胀升至我确定的水平（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，这使得美联储看起来很愚蠢。声称自己无法持有的利率目标。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会从美联储手中夺取利息控制权，股市也会迫使美联储通过担心通胀来应对通胀，无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通胀。拖延的时间越长，美联储就必须加息的幅度就越大，就像保罗·沃尔克在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>在股市处于荒谬的危险高度之际，这个难题现在开始成为现实。通胀的微弱认识不再那么微弱，这就是市场动力不足的原因。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之言。</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，要崩溃，势头必须转向下行，而在市场确定美联储将失去控制之前，这种情况不太可能发生；但这可能会像2018年那样缓慢发生，然后很快发生。</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这样的幻想：它可以继续创造货币，将其注入普通投资者（散户投资者、罗宾汉人群等）手中。）通过政府刺激计划（应政府的要求），并继续努力保持低利率，通过贷款资助的公司股票回购向股市注入资金。通货膨胀会压垮宽松的货币。它统治着。美联储可以统治它，但只能通过拿走资金并摧毁完全依赖这些资金的市场。</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，它必须在小棍子的末端保持旋转。今天的市场走势表明，随着通胀表现得比投资者担心的更糟糕，市场开始关注板块下跌的声音。The<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（尽管这肯定会到来），而是通胀将变得足够激烈，以至于美联储将被迫关闭所有的go果汁。</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扭转市场情绪，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月份的一年里，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>通胀不安将变成通胀<i>恐慌</i>当很明显，升至4.2不仅仅是一个暂时现象，而是消费者方面未来许多步骤中的第一步。希望我的读者中没有人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>Incapital交易主管帕特里克·利里(Patrick Leary)在接受MarketWatch采访时表示：“通货膨胀会摧毁财富。就这样。”“我们看到通货膨胀出现在市场上。如果它确实是暂时的，市场可以接受。<b><i>但如果它不是暂时的，那么它就会成为股市的麻烦。</i></b>“财富的破坏是一个担忧，但我认为，更大的担忧是亚马逊规模的、轻松流入市场的资金的损失。这就是为什么当就业报告非常糟糕时，市场会上涨。就业疲软的报告缓解了人们对通胀的担忧，导致美联储关闭了资金流动。这就是为什么今天市场因与通胀高于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；如果你一直在这里阅读——尤其是那些重点关注通货膨胀的顾客帖子，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政策才能阻止通胀；人们只需要等到股票投资者确信美联储将不得不收紧货币政策，<i>不管美联储声称如何向投资者保证不会。</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>周二股市看起来充满风险，尤其是科技股，<b><i>随着通胀不安情绪继续波及整个市场。该行业一直首当其冲，人们担心通胀上升可能会促使美联储提前结束COVID-19大流行推动的宽松立场。</i></b>在上周就业意外下滑之后，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>市场在自身负荷下头重脚轻、紧张不安，如果仅仅相信美联储将被迫紧缩，市场就会崩溃。这就是为什么今天它像前震一样震动，但如果你一直在这里阅读，它根本不是一个冲击。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>情景”对于这个充满自满投资者的定时炸弹市场，</i></b>《股票交易者日报》总裁兼首席执行官兼Equity Logic投资组合经理Thomas H.Kee Jr.警告我们当天的看涨期权。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，刺激措施成为可能的唯一原因是因为没有通货膨胀。<b><i>如果通胀卷土重来，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激计划中的免费资金）将被解散，而且不会</i></b><b>能干</b><b><i>回来拯救世界</i></b>，”Kee告诉MarketWatch……他表示，最近的就业数据确实表明价格上涨将“比之前想象的更严重……”“下降幅度可能比25%严重得多<b><i>如果FOMC（联邦公开市场委员会）因为通货膨胀而被束缚，投资者已经习惯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-[至]35倍。更像是15倍……”让这一点变得现实的是投资者自然风险认知的回归——目前这种认知严重缺乏。“政府给了他们免费的钱，刺激计划全面生效，投资者根本没有察觉到任何风险。那是最危险的事情！”纪说……”<b><i>当大买家不在那里时…那就是对风险的自然感知回来的时候，如果发生这种情况…请注意下面！！</i></b>“你看，通胀上升有能力让美联储屈服。我一直在写的那种通胀可能会让美联储失去魔力，这就是为什么鲍威尔已经在尽最大努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就是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场易感性</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>这次牛市不可能不以非常糟糕的方式结束。我们都知道这是这个流动性推动的市场的现实，</i></b>但我们继续投资是因为“害怕错过”。<i>寻求阿尔法</i>美联储和美联储涌入市场的所有刺激资金创造了多少现金流，使过去一年的疯狂成为可能？</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，涌入股市的资金比过去12年的总和还要多。算一算，问问你自己，如果货币不得不被关闭，会发生什么，因为通货膨胀迫使美联储停止在商品很少的环境中创造大量新货币，这是由于以前的COVID关闭短缺和他们已经建立的持续问题。</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，如果您不认为市场因宽松资金而不稳定地走高，请看看保证金债务（欠经纪人的钱）上升导致市场上涨了多少：</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压力时，经纪人就不会如此自由地放贷了。现在，以几乎免费的利率轻松赚钱。然而，更重要的是，当市场因担心美联储切断宽松货币供应而开始下跌时，所有保证金债务都开始匆忙平仓，因为人们被迫出售资产并减少保证金债务。</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>正如您还可以看到的，市场债务往往会在严重崩盘之前发生像这样的巨大、快速飙升：</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长期忽视经济基本面，但在高利润率债务的环境下，对长期被忽视的基本面看法的突然变化会带来人们的快速修正框架参考。</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，投资者忽视了经济和盈利将改善的基本面，以证明市场高估的合理性。这不太可能发生。即使是这样，大多数圈子对金融格局（货币的核心价值）的看法也过于乐观，正如今天的冲击所表明的那样；但你可以看到一年后的情况。</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>美联储说得好像它仍然没有看到即将发生的事情，但这是同一个美联储谈论紧缩将是多么容易。它似乎不知道自己没有一个不会导致市场情绪急剧下降并导致市场崩溃的退出计划。然而，那些不在费德神父脚下敬拜的人，多年后也能看到这一点。</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>当复苏预期落空时，市场将开始为其内在价值重新定价。鉴于市场目前的交易水平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%，纳斯达克下跌368点（2.67%）。股票中没有太多安全的空间。</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。在另一个顾客帖子中会有更多的介绍。</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，让我再一次做我说过的在这个时候是必不可少的那种纠正性报告。一、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>基础效应</i>-一年前的这个时候，经济受到了新冠疫情最严重的打击，通货膨胀率异常低。CNBC这并不准确。正如我在上一篇赞助人帖子中所说，我还列出了统计事实和来源来支持我的声明，</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>尽管发生了疫情，食品价格和许多其他价格仍像去年三月一样上涨。事实上，3月份之后，它们的涨幅比正常情况更糟糕，2020年剩余时间里每个月的年化涨幅都在3.5%至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，他说食品杂货和燃料现在只是在弥补上次的损失：</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>比如食品杂货，</i>气体正在赶上回到我们实际预期的位置…去年主要发生的是<i>燃料</i>由于没有任何东西被运输，缺乏度假和通勤，价格暴跌，但<i>杂货</i>？来吧！</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2018年的价格，汽油的“追赶”可能是真的，但当你在评论中接受杂货时，这完全是马粪。食品杂货没有什么可做的。2020年全年食品的平均通胀率为3.4%，相比之下，自2011年以来，每年的平均通胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的整体通胀率低于正常水平，但这与今年有什么关系呢？【总体】去年物价仍上涨；因此，这并不是说你在与一个反常的年份进行比较，在这几个月里，整体价格下跌，这意味着今年的一些涨幅只是弥补了去年的反常损失。那么你就可以如实地说有一个基数效应。<b><i>因此，通货膨胀的到来比美联储让人们相信的要严重得多；而且，正如我最近的赞助人帖子所展示的那样，生产者方面已经酝酿了更多的通货膨胀，这肯定会被传递出去。我注意到你现在可以期待看到这一点开始出现在消费者方面，你也确实做到了。这将是一个通胀炎热的夏天，这可能会恶化市场情绪，因此股市不会很好地适应。可以肯定的是，无论如何，仍然有很多睾丸激素决心推高股市，但炎热潮湿的夏天将会摧毁这种情绪，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，它都会继续波动。在事实面前，趋势会很快改变</i></b><b>如果</b><b><i>事实以足够的活力闯入。我认为高通胀是一个令人恐惧的事实，它可以通过阻止美联储计划的推进来突破。</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>如果美联储真的继续带着同样的盲目无知和顽固的决心前进，以证明自己是正确的，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，这与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这不是不可能的。</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仅落后于形势，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·卡辛(Art Cashin)周三表示CNBCAS的一位经济学家指出，</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：“我们怀疑这份报告能否改变官员们的看法，即通胀压力‘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“短暂”。</i></b>“CNBC确实如此。更多。当他们用完一个假的基础效应来指责它时，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，其他任何东西都无法完成这项工作，只是说如果没有其他东西，我所写的那种通货膨胀肯定会完成这项工作。这就是市场的恐惧，而且有一个很好的理由，这可能不是一些投资者首先想到的。</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>许多人谈论投资股票的“风险溢价”。随着通胀上升，债券收益率上升，以抵消通胀造成的损失。随着债券收益率上升，股票竞争力下降。</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，我们都知道购买股票的资金来自哪里——美联储和美国政府通过借入和分配美联储印刷的资金。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>美联储正陷入自己造成的混乱之中</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>在证明高通胀已经成为必然之后，用不了多久，美联储就会陷入一个陷阱，需要继续创造货币以保持市场上涨并继续刺激经济，但它不会。这就是为什么我们听到美联储不停地谈论通胀现在是“暂时的”。美联储需要让所有投资者相信通胀的快速曙光期将会很短，因此可以忽略它。美联储需要市场相信它能够也将继续印钞。</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，以便它可以忽略快速上升的数字，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送钞票的装甲车昼夜不停地运行。（当然是比喻性的。）</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，因为这些数字将太高，市场无法忽视。周三，我们在市场对多年来最高通胀消息的反应中看到了这一点——4月份的年化通胀为4.2%，远低于我们今年夏天即将看到的通胀水平。这只是球场的结束。</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获胜</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，如果通胀升至我确定的水平（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，这使得美联储看起来很愚蠢。声称自己无法持有的利率目标。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会从美联储手中夺取利息控制权，股市也会迫使美联储通过担心通胀来应对通胀，无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通胀。拖延的时间越长，美联储就必须加息的幅度就越大，就像保罗·沃尔克在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>在股市处于荒谬的危险高度之际，这个难题现在开始成为现实。通胀的微弱认识不再那么微弱，这就是市场动力不足的原因。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之言。</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，要崩溃，势头必须转向下行，而在市场确定美联储将失去控制之前，这种情况不太可能发生；但这可能会像2018年那样缓慢发生，然后很快发生。</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这样的幻想：它可以继续创造货币，将其注入普通投资者（散户投资者、罗宾汉人群等）手中。）通过政府刺激计划（应政府的要求），并继续努力保持低利率，通过贷款资助的公司股票回购向股市注入资金。通货膨胀会压垮宽松的货币。它统治着。美联储可以统治它，但只能通过拿走资金并摧毁完全依赖这些资金的市场。</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，它必须在小棍子的末端保持旋转。今天的市场走势表明，随着通胀表现得比投资者担心的更糟糕，市场开始关注板块下跌的声音。The<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（尽管这肯定会到来），而是通胀将变得足够激烈，以至于美联储将被迫关闭所有的go果汁。</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扭转市场情绪，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月份的一年里，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>通胀不安将变成通胀<i>恐慌</i>当很明显，升至4.2不仅仅是一个暂时现象，而是消费者方面未来许多步骤中的第一步。希望我的读者中没有人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>Incapital交易主管帕特里克·利里(Patrick Leary)在接受MarketWatch采访时表示：“通货膨胀会摧毁财富。就这样。”“我们看到通货膨胀出现在市场上。如果它确实是暂时的，市场可以接受。<b><i>但如果它不是暂时的，那么它就会成为股市的麻烦。</i></b>“财富的破坏是一个担忧，但我认为，更大的担忧是亚马逊规模的、轻松流入市场的资金的损失。这就是为什么当就业报告非常糟糕时，市场会上涨。就业疲软的报告缓解了人们对通胀的担忧，导致美联储关闭了资金流动。这就是为什么今天市场因与通胀高于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；如果你一直在这里阅读——尤其是那些重点关注通货膨胀的顾客帖子，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政策才能阻止通胀；人们只需要等到股票投资者确信美联储将不得不收紧货币政策，<i>不管美联储声称如何向投资者保证不会。</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>周二股市看起来充满风险，尤其是科技股，<b><i>随着通胀不安情绪继续波及整个市场。该行业一直首当其冲，人们担心通胀上升可能会促使美联储提前结束COVID-19大流行推动的宽松立场。</i></b>在上周就业意外下滑之后，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>市场在自身负荷下头重脚轻、紧张不安，如果仅仅相信美联储将被迫紧缩，市场就会崩溃。这就是为什么今天它像前震一样震动，但如果你一直在这里阅读，它根本不是一个冲击。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>情景”对于这个充满自满投资者的定时炸弹市场，</i></b>《股票交易者日报》总裁兼首席执行官兼Equity Logic投资组合经理Thomas H.Kee Jr.警告我们当天的看涨期权。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，刺激措施成为可能的唯一原因是因为没有通货膨胀。<b><i>如果通胀卷土重来，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激计划中的免费资金）将被解散，而且不会</i></b><b>能干</b><b><i>回来拯救世界</i></b>，”Kee告诉MarketWatch……他表示，最近的就业数据确实表明价格上涨将“比之前想象的更严重……”“下降幅度可能比25%严重得多<b><i>如果FOMC（联邦公开市场委员会）因为通货膨胀而被束缚，投资者已经习惯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-[至]35倍。更像是15倍……”让这一点变得现实的是投资者自然风险认知的回归——目前这种认知严重缺乏。“政府给了他们免费的钱，刺激计划全面生效，投资者根本没有察觉到任何风险。那是最危险的事情！”纪说……”<b><i>当大买家不在那里时…那就是对风险的自然感知回来的时候，如果发生这种情况…请注意下面！！</i></b>“你看，通胀上升有能力让美联储屈服。我一直在写的那种通胀可能会让美联储失去魔力，这就是为什么鲍威尔已经在尽最大努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就是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场易感性</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>这次牛市不可能不以非常糟糕的方式结束。我们都知道这是这个流动性推动的市场的现实，</i></b>但我们继续投资是因为“害怕错过”。<i>寻求阿尔法</i>美联储和美联储涌入市场的所有刺激资金创造了多少现金流，使过去一年的疯狂成为可能？</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，涌入股市的资金比过去12年的总和还要多。算一算，问问你自己，如果货币不得不被关闭，会发生什么，因为通货膨胀迫使美联储停止在商品很少的环境中创造大量新货币，这是由于以前的COVID关闭短缺和他们已经建立的持续问题。</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，如果您不认为市场因宽松资金而不稳定地走高，请看看保证金债务（欠经纪人的钱）上升导致市场上涨了多少：</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压力时，经纪人就不会如此自由地放贷了。现在，以几乎免费的利率轻松赚钱。然而，更重要的是，当市场因担心美联储切断宽松货币供应而开始下跌时，所有保证金债务都开始匆忙平仓，因为人们被迫出售资产并减少保证金债务。</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>正如您还可以看到的，市场债务往往会在严重崩盘之前发生像这样的巨大、快速飙升：</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长期忽视经济基本面，但在高利润率债务的环境下，对长期被忽视的基本面看法的突然变化会带来人们的快速修正框架参考。</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，投资者忽视了经济和盈利将改善的基本面，以证明市场高估的合理性。这不太可能发生。即使是这样，大多数圈子对金融格局（货币的核心价值）的看法也过于乐观，正如今天的冲击所表明的那样；但你可以看到一年后的情况。</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>美联储说得好像它仍然没有看到即将发生的事情，但这是同一个美联储谈论紧缩将是多么容易。它似乎不知道自己没有一个不会导致市场情绪急剧下降并导致市场崩溃的退出计划。然而，那些不在费德神父脚下敬拜的人，多年后也能看到这一点。</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>当复苏预期落空时，市场将开始为其内在价值重新定价。鉴于市场目前的交易水平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%，纳斯达克下跌368点（2.67%）。股票中没有太多安全的空间。</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。在另一个顾客帖子中会有更多的介绍。</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，让我再一次做我说过的在这个时候是必不可少的那种纠正性报告。一、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>基础效应</i>-一年前的这个时候，经济受到了新冠疫情最严重的打击，通货膨胀率异常低。CNBC这并不准确。正如我在上一篇赞助人帖子中所说，我还列出了统计事实和来源来支持我的声明，</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>尽管发生了疫情，食品价格和许多其他价格仍像去年三月一样上涨。事实上，3月份之后，它们的涨幅比正常情况更糟糕，2020年剩余时间里每个月的年化涨幅都在3.5%至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，他说食品杂货和燃料现在只是在弥补上次的损失：</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>比如食品杂货，</i>气体正在赶上回到我们实际预期的位置…去年主要发生的是<i>燃料</i>由于没有任何东西被运输，缺乏度假和通勤，价格暴跌，但<i>杂货</i>？来吧！</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2018年的价格，汽油的“追赶”可能是真的，但当你在评论中接受杂货时，这完全是马粪。食品杂货没有什么可做的。2020年全年食品的平均通胀率为3.4%，相比之下，自2011年以来，每年的平均通胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的整体通胀率低于正常水平，但这与今年有什么关系呢？【总体】去年物价仍上涨；因此，这并不是说你在与一个反常的年份进行比较，在这几个月里，整体价格下跌，这意味着今年的一些涨幅只是弥补了去年的反常损失。那么你就可以如实地说有一个基数效应。<b><i>因此，通货膨胀的到来比美联储让人们相信的要严重得多；而且，正如我最近的赞助人帖子所展示的那样，生产者方面已经酝酿了更多的通货膨胀，这肯定会被传递出去。我注意到你现在可以期待看到这一点开始出现在消费者方面，你也确实做到了。这将是一个通胀炎热的夏天，这可能会恶化市场情绪，因此股市不会很好地适应。可以肯定的是，无论如何，仍然有很多睾丸激素决心推高股市，但炎热潮湿的夏天将会摧毁这种情绪，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，它都会继续波动。在事实面前，趋势会很快改变</i></b><b>如果</b><b><i>事实以足够的活力闯入。我认为高通胀是一个令人恐惧的事实，它可以通过阻止美联储计划的推进来突破。</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>如果美联储真的继续带着同样的盲目无知和顽固的决心前进，以证明自己是正确的，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，这与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这不是不可能的。</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仅落后于形势，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·卡辛(Art Cashin)周三表示CNBCAS的一位经济学家指出，</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：“我们怀疑这份报告能否改变官员们的看法，即通胀压力‘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“短暂”。</i></b>“CNBC确实如此。更多。当他们用完一个假的基础效应来指责它时，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":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"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":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1462,"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":[],"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":2091,"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":[],"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":2368,"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":[],"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":1569,"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":[],"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.laohu8.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——这只股票更值得买入</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·马斯克马克·库班(Elon MuskorMark Cuban)在推文中提到，就很难为一天交易过程中价值上涨或下跌26%的东西做出真正的投资案例。</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选择一家有望给现有行业带来根本性转变的公司。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年后将增至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增长一倍以上。</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）已在该业务中成立，该公司的投资者可以驾驭电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>特殊目的收购公司并购业绩</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，该公司迄今为止已达到销售预期，并保持未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，在北美和欧洲的网络上拥有4,000多个商业和车队客户，以及超过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。但与其他国内外参与者相比，ChargePoint是最大的参与者之一。该行业几家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年收入预测（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>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>沃尔特</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</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是当前的最爱</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在北美已经遥遥领先，在使用240伏电源的2级充电网络中占有70%的份额。其全面的产品网络还包括2,000多个公共快速充电站。其产品套件可满足电动汽车车主、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>作为基础设施计划的一部分，乔·拜登总统提议在美国安装50万个新充电站，这表明市场可以增长多大。他还打算让公交车队和政府车队电气化。虽然ChargePoint支持基础设施一揽子计划，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使其充电网络快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应把握机遇，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>押注电动汽车行业不是短期策略。但如果到2040年全球汽车保有量实现超过5400万辆的指数增长，那么该行业目前的高估值最终可能是合理的。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：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>（纳斯达克：TSLA）的超级充电网络模型。但随着汽车制造商提高电动汽车产量，他们专注于自己最了解的领域（可能包括电池生产）似乎更有意义。</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>对于想要投机获取巨额收益的投资者来说，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，它就不可能长期持续下去。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——这只股票更值得买入</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——这只股票更值得买入</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·马斯克马克·库班(Elon MuskorMark Cuban)在推文中提到，就很难为一天交易过程中价值上涨或下跌26%的东西做出真正的投资案例。</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选择一家有望给现有行业带来根本性转变的公司。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年后将增至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增长一倍以上。</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）已在该业务中成立，该公司的投资者可以驾驭电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>特殊目的收购公司并购业绩</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，该公司迄今为止已达到销售预期，并保持未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，在北美和欧洲的网络上拥有4,000多个商业和车队客户，以及超过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。但与其他国内外参与者相比，ChargePoint是最大的参与者之一。该行业几家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年收入预测（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>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>沃尔特</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</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是当前的最爱</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在北美已经遥遥领先，在使用240伏电源的2级充电网络中占有70%的份额。其全面的产品网络还包括2,000多个公共快速充电站。其产品套件可满足电动汽车车主、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>作为基础设施计划的一部分，乔·拜登总统提议在美国安装50万个新充电站，这表明市场可以增长多大。他还打算让公交车队和政府车队电气化。虽然ChargePoint支持基础设施一揽子计划，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使其充电网络快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应把握机遇，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>押注电动汽车行业不是短期策略。但如果到2040年全球汽车保有量实现超过5400万辆的指数增长，那么该行业目前的高估值最终可能是合理的。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：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>（纳斯达克：TSLA）的超级充电网络模型。但随着汽车制造商提高电动汽车产量，他们专注于自己最了解的领域（可能包括电池生产）似乎更有意义。</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>对于想要投机获取巨额收益的投资者来说，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，它就不可能长期持续下去。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":1594,"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":[],"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":1847,"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":[],"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.laohu8.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股的回归已经结束</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，引发了人们的疑问：与经济密切相关的公司股票（被忽视了近十年）的短暂喘息是否已经结束。但市场的最新走势可能只表明暂停，而不是价值回归的逆转。</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，或那些相对于现金流或其他指标通常以较低倍数交易的股票，在去年年底开始回升。Covid-19疫苗的消息引发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个逆转。iShares标普500价值ETF（股票代码：IVE）在过去一个月上涨了3.7%，而iShares标普500增长ETF（IVW）上涨了7.7%。DataTrek Research联合创始人Nicholas Colas在周二给客户的一份报告中将growth最近的优异表现归功于五家公司：苹果(AAPL)；微软（MSFT）；亚马逊（AMZN）；谷歌的所有者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：“短期内，突然转向品牌成长型股票对市场来说通常不是一个好兆头。”去年市场暴跌时，投资者纷纷买入大型科技股，而最近资金又重新流入这些股的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放的投资。他表示，投资者可能正在等待更多复苏将会到来的证据。</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的Lisa Shalett也对近期成长股的复苏以及本周期经济反弹幅度狭窄、迫使美联储维持超低利率的可能性持怀疑态度。低利率往往比价值型股票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周期更广泛、更强劲，信贷增长可能会恢复。财政政策，无论是通过基础设施支出还是其他刺激措施，将取代货币政策，在市场上占据主导地位——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、价值和质量因素。</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，价值型交易所交易基金已连续12周录得净流入，而成长型ETF则出现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>根据他们跟踪的迹象，美国银行策略师认为价值还有更大的恢复空间。例如，value的表现仅优于增长约20%，而平均为60%，而且其表现仅在第七个月，而value跑赢增长的时期平均为33个月。利润增长也尚未见顶，基金经理仍然不看好价值导向型股票，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阿沛·德什潘德(Abhay Deshpande)尽管市场看起来昂贵，但他仍进行了充分投资。</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发现的许多机会正在海外中小型公司中涌现，包括规模较小的新兴市场，这些市场因投资者纷纷涌向大型科技股和中国等大型市场而被忽视。Desphande发现有一个领域很有吸引力：随着疫苗分发的增加和全球复苏的到来，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>GoodHaven(GOODX)基金经理拉里·皮特科斯基(Larry Pitkowsky)也认为市场价格昂贵，但他正在寻找金融股中他倾向于青睐的优质价值股票。皮特科夫斯基认为，市场尚未完全消化利率上升给金融公司带来的好处，因此他正在增持Progressive(PGR)等股票。他表示，该保险公司提供较高的资本回报率、不断增长的收入和强大的管理层，但该股的交易价格相对便宜，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股的回归已经结束</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股的回归已经结束</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，引发了人们的疑问：与经济密切相关的公司股票（被忽视了近十年）的短暂喘息是否已经结束。但市场的最新走势可能只表明暂停，而不是价值回归的逆转。</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，或那些相对于现金流或其他指标通常以较低倍数交易的股票，在去年年底开始回升。Covid-19疫苗的消息引发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个逆转。iShares标普500价值ETF（股票代码：IVE）在过去一个月上涨了3.7%，而iShares标普500增长ETF（IVW）上涨了7.7%。DataTrek Research联合创始人Nicholas Colas在周二给客户的一份报告中将growth最近的优异表现归功于五家公司：苹果(AAPL)；微软（MSFT）；亚马逊（AMZN）；谷歌的所有者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：“短期内，突然转向品牌成长型股票对市场来说通常不是一个好兆头。”去年市场暴跌时，投资者纷纷买入大型科技股，而最近资金又重新流入这些股的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放的投资。他表示，投资者可能正在等待更多复苏将会到来的证据。</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的Lisa Shalett也对近期成长股的复苏以及本周期经济反弹幅度狭窄、迫使美联储维持超低利率的可能性持怀疑态度。低利率往往比价值型股票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周期更广泛、更强劲，信贷增长可能会恢复。财政政策，无论是通过基础设施支出还是其他刺激措施，将取代货币政策，在市场上占据主导地位——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、价值和质量因素。</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，价值型交易所交易基金已连续12周录得净流入，而成长型ETF则出现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>根据他们跟踪的迹象，美国银行策略师认为价值还有更大的恢复空间。例如，value的表现仅优于增长约20%，而平均为60%，而且其表现仅在第七个月，而value跑赢增长的时期平均为33个月。利润增长也尚未见顶，基金经理仍然不看好价值导向型股票，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阿沛·德什潘德(Abhay Deshpande)尽管市场看起来昂贵，但他仍进行了充分投资。</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发现的许多机会正在海外中小型公司中涌现，包括规模较小的新兴市场，这些市场因投资者纷纷涌向大型科技股和中国等大型市场而被忽视。Desphande发现有一个领域很有吸引力：随着疫苗分发的增加和全球复苏的到来，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>GoodHaven(GOODX)基金经理拉里·皮特科斯基(Larry Pitkowsky)也认为市场价格昂贵，但他正在寻找金融股中他倾向于青睐的优质价值股票。皮特科夫斯基认为，市场尚未完全消化利率上升给金融公司带来的好处，因此他正在增持Progressive(PGR)等股票。他表示，该保险公司提供较高的资本回报率、不断增长的收入和强大的管理层，但该股的交易价格相对便宜，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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","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,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1913,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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.laohu8.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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</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39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到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，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了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基础，并扩大了我们在离家更近的金融市场的影响力。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+一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Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动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%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于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（595.4百万美元），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2020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>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</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2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，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>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商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29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），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（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</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>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020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>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序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>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该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所致。</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5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以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>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），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1250万元（190万美元），而2020年同期为人民币940万元。</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>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</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），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购收购的无形资产相关的摊销费用以及与通过业务收购收购的无形资产相关的所得税，2020年同期为人民币4.746亿元。</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>基本和稀释每股收益以及调整后基本和稀释每股收益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，公司的现金及现金等价物、定期存款以及短期投资为人民币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Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）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>公司目前预计2021年第二季度净收入在人民币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，包括与持续的COVID-19大流行相关的不确定性。</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平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，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GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长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：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</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39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到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，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了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基础，并扩大了我们在离家更近的金融市场的影响力。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+一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Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动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%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于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（595.4百万美元），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2020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>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</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2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，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>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商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29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），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（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</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>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020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>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序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>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该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所致。</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5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以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>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），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1250万元（190万美元），而2020年同期为人民币940万元。</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>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</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），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购收购的无形资产相关的摊销费用以及与通过业务收购收购的无形资产相关的所得税，2020年同期为人民币4.746亿元。</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>基本和稀释每股收益以及调整后基本和稀释每股收益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，公司的现金及现金等价物、定期存款以及短期投资为人民币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Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）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>公司目前预计2021年第二季度净收入在人民币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，包括与持续的COVID-19大流行相关的不确定性。</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平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，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GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”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":{"BILI":0.9,"09626":0.9}},"isVote":1,"tweetType":1,"viewCount":1579,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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.laohu8.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>小鹏汽车EPS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，超过预期为0.07美元；GAAP每股收益为-0.15美元低于预期为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>在截至本季度交付的P7总数中，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由合共178家门店和61个服务中心组成，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扩容至172座，覆盖60个城市。</li></ul>股价+1.78%PM。</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人，较2020年同期的2,271人增加487.4%，较2020年第四季度的12,964人增加2.9%。</li><li>在截至本季度交付的P7总数中，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由178家门店和61个服务中心组成，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扩容至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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长3.5%。</li><li><b>汽车销售收入</b>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长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年第四季度为负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。不包括与优先股赎回权相关的以股份为基础的薪酬开支及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>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及优先股至赎回价值的增值，<b>归属于小鹏汽车普通股股东的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>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）。每份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、短期投资和长期存款</b>截至2021年3月31日为人民币362.01亿元（55.254亿美元）。</li></ul>小鹏汽车董事长兼首席执行官何小鹏先生表示：“尽管汽车需求季节性放缓且半导体短缺，但第一季度的汽车交付量仍创历史新高，为2021年开局良好。”“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，我们现在正在确认来自专有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支持下快速技术迭代的不断增长数据能力，我相信XPILOT的软件货币化将成为经常性收入，作为我们车辆销售收入的一部分。</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具有更强大硬件的新车型的能力。全球首款量产的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转型。此外，我们将继续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顾布莱恩博士表示：“小鹏汽车在2021年第一季度的强劲业绩证明了我们制造差异化智能电动汽车的强大能力，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高。特别是我们的毛利率继续保持上升趋势，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，我们专有软件实现的收入反映出我们在自动驾驶软件订阅方面处于行业前列。此外，我们良好的财务状况和强劲的现金状况使我们能够更好地执行增长战略，巩固竞争优势并抓住智能电动汽车领域的巨大增长机会，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付量</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月份交付量包括2,995辆小鹏智能运动轿车P7和2,152辆小鹏紧凑型智能SUV G3。截至2021年4月30日，年初至今的交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新的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>在武汉市政府的支持下，小鹏汽车将开始建设新的武汉基地，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抓住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>在当地政府的大力支持下，小鹏汽车扩张成为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，巩固了其在智能电动汽车领域的领导地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型亮相</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，小鹏推出了第三款量产车型小鹏P5智能轿车，这是全球首款搭载车规级激光雷达技术的量产智能EV。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订谅解备忘录，建立长期战略合作伙伴关系，向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，以进一步推动中国的智能电动汽车转型。</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的财务业绩</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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长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>汽车销售收入</i>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长2.7%。同比增长主要是由于P7于2020年6月底开始交付。环比增长主要归因于2021年第一季度XPILOT 3.0软件的收入确认，因为该功能已交付给累积的软件购买者群体，但部分被政府对新能源汽车的补贴减少所抵消。今年一月。</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1.406亿元（2150万美元），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1.159亿元增长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，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26.211亿元（4.001亿美元），较2020年同期的人民币4.319亿元增长506.8%，较2020年第四季度的人民币26.408亿元下降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年第四季度为负6.8%。该改善主要归因于材料成本降低及XPILOT软件销售的收入确认。</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>研发费用</b>2021年第一季度为人民币5.351亿元（8170万美元），较2020年同期的人民币3.108亿元增长72.2%，较2020年第四季度的人民币4.60亿元增长16.3%。同比增长主要是由于(i)研发人员扩大导致员工薪酬增加，(ii)与P5开发相关的费用增加，以及(iii)2021年第一季度确认的股份薪酬费用。环比增长主要是由于(i)员工薪酬随着工程人员的增加而增加，以及(ii)与P5开发相关的费用增加。</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7.208亿元（1.1亿美元），较2020年同期的人民币3.218亿元增长124.0%，较2020年第四季度的人民币9.179亿元下降21.5%。同比增长主要是由于(i)支持汽车销售的营销、促销和广告费用增加，(ii)我们销售网络的扩张和相关人员成本、销售和服务店的租赁费用以及加盟店的佣金，以及(iii)2021年第一季度确认的股权激励费用。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9.039亿元（1.380亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币11.212亿元。</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>非公认会计准则运营损失，</b>不包括股权激励费用，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>非公认会计准则净亏损，</b>不包括以股份为基础的薪酬费用和与优先股赎回权相关的衍生负债公允价值变动，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年和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>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>归属于小鹏汽车普通股股东的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），不包括以股份为基础的薪酬费用、与优先股赎回权相关的衍生负债公允价值变动以及优先股至赎回价值的增值，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>每股美国存托股基本和摊薄净亏损</b>2021年第一季度均为人民币0.99元（0.15美元），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，公司的现金及现金等价物、受限制现金、短期存款、短期投资和长期存款为人民币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>在15,500辆至16,000辆之间，同比增长约380.2%至395.7%。</li><li><b>总收入</b>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>小鹏汽车EPS超过预期0.07美元，营收不及预期</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\">\nXpeng EPS beats by $0.07, misses on revenue<blockquote>小鹏汽车EPS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，超过预期为0.07美元；GAAP每股收益为-0.15美元低于预期为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>在截至本季度交付的P7总数中，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由合共178家门店和61个服务中心组成，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扩容至172座，覆盖60个城市。</li></ul>股价+1.78%PM。</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人，较2020年同期的2,271人增加487.4%，较2020年第四季度的12,964人增加2.9%。</li><li>在截至本季度交付的P7总数中，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由178家门店和61个服务中心组成，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扩容至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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长3.5%。</li><li><b>汽车销售收入</b>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长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年第四季度为负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。不包括与优先股赎回权相关的以股份为基础的薪酬开支及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>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及优先股至赎回价值的增值，<b>归属于小鹏汽车普通股股东的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>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）。每份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、短期投资和长期存款</b>截至2021年3月31日为人民币362.01亿元（55.254亿美元）。</li></ul>小鹏汽车董事长兼首席执行官何小鹏先生表示：“尽管汽车需求季节性放缓且半导体短缺，但第一季度的汽车交付量仍创历史新高，为2021年开局良好。”“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，我们现在正在确认来自专有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支持下快速技术迭代的不断增长数据能力，我相信XPILOT的软件货币化将成为经常性收入，作为我们车辆销售收入的一部分。</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具有更强大硬件的新车型的能力。全球首款量产的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转型。此外，我们将继续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顾布莱恩博士表示：“小鹏汽车在2021年第一季度的强劲业绩证明了我们制造差异化智能电动汽车的强大能力，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高。特别是我们的毛利率继续保持上升趋势，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，我们专有软件实现的收入反映出我们在自动驾驶软件订阅方面处于行业前列。此外，我们良好的财务状况和强劲的现金状况使我们能够更好地执行增长战略，巩固竞争优势并抓住智能电动汽车领域的巨大增长机会，”顾博士总结道。</blockquote></p><p><b>Recent Developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p><b>Deliveries in April 2021</b></p><p><blockquote><b>2021年4月交付量</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月份交付量包括2,995辆小鹏智能运动轿车P7和2,152辆小鹏紧凑型智能SUV G3。截至2021年4月30日，年初至今的交付量达到18,487台，同比增长412.5%。</blockquote></p><p><b>New Smart EV Manufacturing Base</b></p><p><blockquote><b>新的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>在武汉市政府的支持下，小鹏汽车将开始建设新的武汉基地，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抓住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>在当地政府的大力支持下，小鹏汽车扩张成为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，巩固了其在智能电动汽车领域的领导地位。</blockquote></p><p><b>Debut of Third Production Model</b></p><p><blockquote><b>第三款量产车型亮相</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，小鹏推出了第三款量产车型小鹏P5智能轿车，这是全球首款搭载车规级激光雷达技术的量产智能EV。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订谅解备忘录，建立长期战略合作伙伴关系，向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，以进一步推动中国的智能电动汽车转型。</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的财务业绩</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>总收入</b>2021年第一季度为人民币29.509亿元（4.504亿美元），较2020年同期的人民币4.121亿元增长616.1%，较2020年第四季度的人民币28.514亿元增长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>汽车销售收入</i>2021年第一季度为人民币28.103亿元（4.289亿美元），较2020年同期的人民币3.722亿元增长655.2%，较2020年第四季度的人民币27.354亿元增长2.7%。同比增长主要是由于P7于2020年6月底开始交付。环比增长主要归因于2021年第一季度XPILOT 3.0软件的收入确认，因为该功能已交付给累积的软件购买者群体，但部分被政府对新能源汽车的补贴减少所抵消。今年一月。</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1.406亿元（2150万美元），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1.159亿元增长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，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26.211亿元（4.001亿美元），较2020年同期的人民币4.319亿元增长506.8%，较2020年第四季度的人民币26.408亿元下降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年第四季度为负6.8%。该改善主要归因于材料成本降低及XPILOT软件销售的收入确认。</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>研发费用</b>2021年第一季度为人民币5.351亿元（8170万美元），较2020年同期的人民币3.108亿元增长72.2%，较2020年第四季度的人民币4.60亿元增长16.3%。同比增长主要是由于(i)研发人员扩大导致员工薪酬增加，(ii)与P5开发相关的费用增加，以及(iii)2021年第一季度确认的股份薪酬费用。环比增长主要是由于(i)员工薪酬随着工程人员的增加而增加，以及(ii)与P5开发相关的费用增加。</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7.208亿元（1.1亿美元），较2020年同期的人民币3.218亿元增长124.0%，较2020年第四季度的人民币9.179亿元下降21.5%。同比增长主要是由于(i)支持汽车销售的营销、促销和广告费用增加，(ii)我们销售网络的扩张和相关人员成本、销售和服务店的租赁费用以及加盟店的佣金，以及(iii)2021年第一季度确认的股权激励费用。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9.039亿元（1.380亿美元），而2020年同期为人民币6.493亿元，2020年第四季度为人民币11.212亿元。</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>非公认会计准则运营损失，</b>不包括股权激励费用，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>非公认会计准则净亏损，</b>不包括以股份为基础的薪酬费用和与优先股赎回权相关的衍生负债公允价值变动，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年和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>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>归属于小鹏汽车普通股股东的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），不包括以股份为基础的薪酬费用、与优先股赎回权相关的衍生负债公允价值变动以及优先股至赎回价值的增值，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>每股美国存托股基本和摊薄净亏损</b>2021年第一季度均为人民币0.99元（0.15美元），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，公司的现金及现金等价物、受限制现金、短期存款、短期投资和长期存款为人民币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>在15,500辆至16,000辆之间，同比增长约380.2%至395.7%。</li><li><b>总收入</b>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":"小鹏汽车"},"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":3306,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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.laohu8.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，其他任何东西都无法完成这项工作，只是说如果没有其他东西，我所写的那种通货膨胀肯定会完成这项工作。这就是市场的恐惧，而且有一个很好的理由，这可能不是一些投资者首先想到的。</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>许多人谈论投资股票的“风险溢价”。随着通胀上升，债券收益率上升，以抵消通胀造成的损失。随着债券收益率上升，股票竞争力下降。</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，我们都知道购买股票的资金来自哪里——美联储和美国政府通过借入和分配美联储印刷的资金。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>美联储正陷入自己造成的混乱之中</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>在证明高通胀已经成为必然之后，用不了多久，美联储就会陷入一个陷阱，需要继续创造货币以保持市场上涨并继续刺激经济，但它不会。这就是为什么我们听到美联储不停地谈论通胀现在是“暂时的”。美联储需要让所有投资者相信通胀的快速曙光期将会很短，因此可以忽略它。美联储需要市场相信它能够也将继续印钞。</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，以便它可以忽略快速上升的数字，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送钞票的装甲车昼夜不停地运行。（当然是比喻性的。）</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，因为这些数字将太高，市场无法忽视。周三，我们在市场对多年来最高通胀消息的反应中看到了这一点——4月份的年化通胀为4.2%，远低于我们今年夏天即将看到的通胀水平。这只是球场的结束。</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获胜</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，如果通胀升至我确定的水平（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，这使得美联储看起来很愚蠢。声称自己无法持有的利率目标。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会从美联储手中夺取利息控制权，股市也会迫使美联储通过担心通胀来应对通胀，无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通胀。拖延的时间越长，美联储就必须加息的幅度就越大，就像保罗·沃尔克在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>在股市处于荒谬的危险高度之际，这个难题现在开始成为现实。通胀的微弱认识不再那么微弱，这就是市场动力不足的原因。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之言。</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，要崩溃，势头必须转向下行，而在市场确定美联储将失去控制之前，这种情况不太可能发生；但这可能会像2018年那样缓慢发生，然后很快发生。</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这样的幻想：它可以继续创造货币，将其注入普通投资者（散户投资者、罗宾汉人群等）手中。）通过政府刺激计划（应政府的要求），并继续努力保持低利率，通过贷款资助的公司股票回购向股市注入资金。通货膨胀会压垮宽松的货币。它统治着。美联储可以统治它，但只能通过拿走资金并摧毁完全依赖这些资金的市场。</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，它必须在小棍子的末端保持旋转。今天的市场走势表明，随着通胀表现得比投资者担心的更糟糕，市场开始关注板块下跌的声音。The<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（尽管这肯定会到来），而是通胀将变得足够激烈，以至于美联储将被迫关闭所有的go果汁。</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扭转市场情绪，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月份的一年里，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>通胀不安将变成通胀<i>恐慌</i>当很明显，升至4.2不仅仅是一个暂时现象，而是消费者方面未来许多步骤中的第一步。希望我的读者中没有人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>Incapital交易主管帕特里克·利里(Patrick Leary)在接受MarketWatch采访时表示：“通货膨胀会摧毁财富。就这样。”“我们看到通货膨胀出现在市场上。如果它确实是暂时的，市场可以接受。<b><i>但如果它不是暂时的，那么它就会成为股市的麻烦。</i></b>“财富的破坏是一个担忧，但我认为，更大的担忧是亚马逊规模的、轻松流入市场的资金的损失。这就是为什么当就业报告非常糟糕时，市场会上涨。就业疲软的报告缓解了人们对通胀的担忧，导致美联储关闭了资金流动。这就是为什么今天市场因与通胀高于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；如果你一直在这里阅读——尤其是那些重点关注通货膨胀的顾客帖子，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政策才能阻止通胀；人们只需要等到股票投资者确信美联储将不得不收紧货币政策，<i>不管美联储声称如何向投资者保证不会。</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>周二股市看起来充满风险，尤其是科技股，<b><i>随着通胀不安情绪继续波及整个市场。该行业一直首当其冲，人们担心通胀上升可能会促使美联储提前结束COVID-19大流行推动的宽松立场。</i></b>在上周就业意外下滑之后，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>市场在自身负荷下头重脚轻、紧张不安，如果仅仅相信美联储将被迫紧缩，市场就会崩溃。这就是为什么今天它像前震一样震动，但如果你一直在这里阅读，它根本不是一个冲击。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>情景”对于这个充满自满投资者的定时炸弹市场，</i></b>《股票交易者日报》总裁兼首席执行官兼Equity Logic投资组合经理Thomas H.Kee Jr.警告我们当天的看涨期权。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，刺激措施成为可能的唯一原因是因为没有通货膨胀。<b><i>如果通胀卷土重来，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激计划中的免费资金）将被解散，而且不会</i></b><b>能干</b><b><i>回来拯救世界</i></b>，”Kee告诉MarketWatch……他表示，最近的就业数据确实表明价格上涨将“比之前想象的更严重……”“下降幅度可能比25%严重得多<b><i>如果FOMC（联邦公开市场委员会）因为通货膨胀而被束缚，投资者已经习惯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-[至]35倍。更像是15倍……”让这一点变得现实的是投资者自然风险认知的回归——目前这种认知严重缺乏。“政府给了他们免费的钱，刺激计划全面生效，投资者根本没有察觉到任何风险。那是最危险的事情！”纪说……”<b><i>当大买家不在那里时…那就是对风险的自然感知回来的时候，如果发生这种情况…请注意下面！！</i></b>“你看，通胀上升有能力让美联储屈服。我一直在写的那种通胀可能会让美联储失去魔力，这就是为什么鲍威尔已经在尽最大努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就是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场易感性</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>这次牛市不可能不以非常糟糕的方式结束。我们都知道这是这个流动性推动的市场的现实，</i></b>但我们继续投资是因为“害怕错过”。<i>寻求阿尔法</i>美联储和美联储涌入市场的所有刺激资金创造了多少现金流，使过去一年的疯狂成为可能？</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，涌入股市的资金比过去12年的总和还要多。算一算，问问你自己，如果货币不得不被关闭，会发生什么，因为通货膨胀迫使美联储停止在商品很少的环境中创造大量新货币，这是由于以前的COVID关闭短缺和他们已经建立的持续问题。</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，如果您不认为市场因宽松资金而不稳定地走高，请看看保证金债务（欠经纪人的钱）上升导致市场上涨了多少：</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压力时，经纪人就不会如此自由地放贷了。现在，以几乎免费的利率轻松赚钱。然而，更重要的是，当市场因担心美联储切断宽松货币供应而开始下跌时，所有保证金债务都开始匆忙平仓，因为人们被迫出售资产并减少保证金债务。</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>正如您还可以看到的，市场债务往往会在严重崩盘之前发生像这样的巨大、快速飙升：</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长期忽视经济基本面，但在高利润率债务的环境下，对长期被忽视的基本面看法的突然变化会带来人们的快速修正框架参考。</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，投资者忽视了经济和盈利将改善的基本面，以证明市场高估的合理性。这不太可能发生。即使是这样，大多数圈子对金融格局（货币的核心价值）的看法也过于乐观，正如今天的冲击所表明的那样；但你可以看到一年后的情况。</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>美联储说得好像它仍然没有看到即将发生的事情，但这是同一个美联储谈论紧缩将是多么容易。它似乎不知道自己没有一个不会导致市场情绪急剧下降并导致市场崩溃的退出计划。然而，那些不在费德神父脚下敬拜的人，多年后也能看到这一点。</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>当复苏预期落空时，市场将开始为其内在价值重新定价。鉴于市场目前的交易水平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%，纳斯达克下跌368点（2.67%）。股票中没有太多安全的空间。</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。在另一个顾客帖子中会有更多的介绍。</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，让我再一次做我说过的在这个时候是必不可少的那种纠正性报告。一、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>基础效应</i>-一年前的这个时候，经济受到了新冠疫情最严重的打击，通货膨胀率异常低。CNBC这并不准确。正如我在上一篇赞助人帖子中所说，我还列出了统计事实和来源来支持我的声明，</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>尽管发生了疫情，食品价格和许多其他价格仍像去年三月一样上涨。事实上，3月份之后，它们的涨幅比正常情况更糟糕，2020年剩余时间里每个月的年化涨幅都在3.5%至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，他说食品杂货和燃料现在只是在弥补上次的损失：</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>比如食品杂货，</i>气体正在赶上回到我们实际预期的位置…去年主要发生的是<i>燃料</i>由于没有任何东西被运输，缺乏度假和通勤，价格暴跌，但<i>杂货</i>？来吧！</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2018年的价格，汽油的“追赶”可能是真的，但当你在评论中接受杂货时，这完全是马粪。食品杂货没有什么可做的。2020年全年食品的平均通胀率为3.4%，相比之下，自2011年以来，每年的平均通胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的整体通胀率低于正常水平，但这与今年有什么关系呢？【总体】去年物价仍上涨；因此，这并不是说你在与一个反常的年份进行比较，在这几个月里，整体价格下跌，这意味着今年的一些涨幅只是弥补了去年的反常损失。那么你就可以如实地说有一个基数效应。<b><i>因此，通货膨胀的到来比美联储让人们相信的要严重得多；而且，正如我最近的赞助人帖子所展示的那样，生产者方面已经酝酿了更多的通货膨胀，这肯定会被传递出去。我注意到你现在可以期待看到这一点开始出现在消费者方面，你也确实做到了。这将是一个通胀炎热的夏天，这可能会恶化市场情绪，因此股市不会很好地适应。可以肯定的是，无论如何，仍然有很多睾丸激素决心推高股市，但炎热潮湿的夏天将会摧毁这种情绪，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，它都会继续波动。在事实面前，趋势会很快改变</i></b><b>如果</b><b><i>事实以足够的活力闯入。我认为高通胀是一个令人恐惧的事实，它可以通过阻止美联储计划的推进来突破。</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>如果美联储真的继续带着同样的盲目无知和顽固的决心前进，以证明自己是正确的，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，这与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这不是不可能的。</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仅落后于形势，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·卡辛(Art Cashin)周三表示CNBCAS的一位经济学家指出，</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：“我们怀疑这份报告能否改变官员们的看法，即通胀压力‘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“短暂”。</i></b>“CNBC确实如此。更多。当他们用完一个假的基础效应来指责它时，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，其他任何东西都无法完成这项工作，只是说如果没有其他东西，我所写的那种通货膨胀肯定会完成这项工作。这就是市场的恐惧，而且有一个很好的理由，这可能不是一些投资者首先想到的。</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>许多人谈论投资股票的“风险溢价”。随着通胀上升，债券收益率上升，以抵消通胀造成的损失。随着债券收益率上升，股票竞争力下降。</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，我们都知道购买股票的资金来自哪里——美联储和美国政府通过借入和分配美联储印刷的资金。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>美联储正陷入自己造成的混乱之中</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>在证明高通胀已经成为必然之后，用不了多久，美联储就会陷入一个陷阱，需要继续创造货币以保持市场上涨并继续刺激经济，但它不会。这就是为什么我们听到美联储不停地谈论通胀现在是“暂时的”。美联储需要让所有投资者相信通胀的快速曙光期将会很短，因此可以忽略它。美联储需要市场相信它能够也将继续印钞。</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，以便它可以忽略快速上升的数字，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送钞票的装甲车昼夜不停地运行。（当然是比喻性的。）</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，因为这些数字将太高，市场无法忽视。周三，我们在市场对多年来最高通胀消息的反应中看到了这一点——4月份的年化通胀为4.2%，远低于我们今年夏天即将看到的通胀水平。这只是球场的结束。</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获胜</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，如果通胀升至我确定的水平（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，这使得美联储看起来很愚蠢。声称自己无法持有的利率目标。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会从美联储手中夺取利息控制权，股市也会迫使美联储通过担心通胀来应对通胀，无论美联储是否表示应该这样做。消费者还将向国会施压，要求美联储应对通胀。拖延的时间越长，美联储就必须加息的幅度就越大，就像保罗·沃尔克在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>在股市处于荒谬的危险高度之际，这个难题现在开始成为现实。通胀的微弱认识不再那么微弱，这就是市场动力不足的原因。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之言。</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，要崩溃，势头必须转向下行，而在市场确定美联储将失去控制之前，这种情况不太可能发生；但这可能会像2018年那样缓慢发生，然后很快发生。</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这样的幻想：它可以继续创造货币，将其注入普通投资者（散户投资者、罗宾汉人群等）手中。）通过政府刺激计划（应政府的要求），并继续努力保持低利率，通过贷款资助的公司股票回购向股市注入资金。通货膨胀会压垮宽松的货币。它统治着。美联储可以统治它，但只能通过拿走资金并摧毁完全依赖这些资金的市场。</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，它必须在小棍子的末端保持旋转。今天的市场走势表明，随着通胀表现得比投资者担心的更糟糕，市场开始关注板块下跌的声音。The<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（尽管这肯定会到来），而是通胀将变得足够激烈，以至于美联储将被迫关闭所有的go果汁。</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扭转市场情绪，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月份的一年里，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>通胀不安将变成通胀<i>恐慌</i>当很明显，升至4.2不仅仅是一个暂时现象，而是消费者方面未来许多步骤中的第一步。希望我的读者中没有人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>Incapital交易主管帕特里克·利里(Patrick Leary)在接受MarketWatch采访时表示：“通货膨胀会摧毁财富。就这样。”“我们看到通货膨胀出现在市场上。如果它确实是暂时的，市场可以接受。<b><i>但如果它不是暂时的，那么它就会成为股市的麻烦。</i></b>“财富的破坏是一个担忧，但我认为，更大的担忧是亚马逊规模的、轻松流入市场的资金的损失。这就是为什么当就业报告非常糟糕时，市场会上涨。就业疲软的报告缓解了人们对通胀的担忧，导致美联储关闭了资金流动。这就是为什么今天市场因与通胀高于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；如果你一直在这里阅读——尤其是那些重点关注通货膨胀的顾客帖子，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政策才能阻止通胀；人们只需要等到股票投资者确信美联储将不得不收紧货币政策，<i>不管美联储声称如何向投资者保证不会。</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>周二股市看起来充满风险，尤其是科技股，<b><i>随着通胀不安情绪继续波及整个市场。该行业一直首当其冲，人们担心通胀上升可能会促使美联储提前结束COVID-19大流行推动的宽松立场。</i></b>在上周就业意外下滑之后，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>市场在自身负荷下头重脚轻、紧张不安，如果仅仅相信美联储将被迫紧缩，市场就会崩溃。这就是为什么今天它像前震一样震动，但如果你一直在这里阅读，它根本不是一个冲击。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>情景”对于这个充满自满投资者的定时炸弹市场，</i></b>《股票交易者日报》总裁兼首席执行官兼Equity Logic投资组合经理Thomas H.Kee Jr.警告我们当天的看涨期权。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，刺激措施成为可能的唯一原因是因为没有通货膨胀。<b><i>如果通胀卷土重来，</i></b><b>全部</b><b><i>投资者获得的保障措施（刺激计划中的免费资金）将被解散，而且不会</i></b><b>能干</b><b><i>回来拯救世界</i></b>，”Kee告诉MarketWatch……他表示，最近的就业数据确实表明价格上涨将“比之前想象的更严重……”“下降幅度可能比25%严重得多<b><i>如果FOMC（联邦公开市场委员会）因为通货膨胀而被束缚，投资者已经习惯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-[至]35倍。更像是15倍……”让这一点变得现实的是投资者自然风险认知的回归——目前这种认知严重缺乏。“政府给了他们免费的钱，刺激计划全面生效，投资者根本没有察觉到任何风险。那是最危险的事情！”纪说……”<b><i>当大买家不在那里时…那就是对风险的自然感知回来的时候，如果发生这种情况…请注意下面！！</i></b>“你看，通胀上升有能力让美联储屈服。我一直在写的那种通胀可能会让美联储失去魔力，这就是为什么鲍威尔已经在尽最大努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就是暂时的。</blockquote></p><p>Market susceptibility</p><p><blockquote>市场易感性</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>这次牛市不可能不以非常糟糕的方式结束。我们都知道这是这个流动性推动的市场的现实，</i></b>但我们继续投资是因为“害怕错过”。<i>寻求阿尔法</i>美联储和美联储涌入市场的所有刺激资金创造了多少现金流，使过去一年的疯狂成为可能？</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，涌入股市的资金比过去12年的总和还要多。算一算，问问你自己，如果货币不得不被关闭，会发生什么，因为通货膨胀迫使美联储停止在商品很少的环境中创造大量新货币，这是由于以前的COVID关闭短缺和他们已经建立的持续问题。</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，如果您不认为市场因宽松资金而不稳定地走高，请看看保证金债务（欠经纪人的钱）上升导致市场上涨了多少：</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压力时，经纪人就不会如此自由地放贷了。现在，以几乎免费的利率轻松赚钱。然而，更重要的是，当市场因担心美联储切断宽松货币供应而开始下跌时，所有保证金债务都开始匆忙平仓，因为人们被迫出售资产并减少保证金债务。</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>正如您还可以看到的，市场债务往往会在严重崩盘之前发生像这样的巨大、快速飙升：</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长期忽视经济基本面，但在高利润率债务的环境下，对长期被忽视的基本面看法的突然变化会带来人们的快速修正框架参考。</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，投资者忽视了经济和盈利将改善的基本面，以证明市场高估的合理性。这不太可能发生。即使是这样，大多数圈子对金融格局（货币的核心价值）的看法也过于乐观，正如今天的冲击所表明的那样；但你可以看到一年后的情况。</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>美联储说得好像它仍然没有看到即将发生的事情，但这是同一个美联储谈论紧缩将是多么容易。它似乎不知道自己没有一个不会导致市场情绪急剧下降并导致市场崩溃的退出计划。然而，那些不在费德神父脚下敬拜的人，多年后也能看到这一点。</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>当复苏预期落空时，市场将开始为其内在价值重新定价。鉴于市场目前的交易水平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%，纳斯达克下跌368点（2.67%）。股票中没有太多安全的空间。</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。在另一个顾客帖子中会有更多的介绍。</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，让我再一次做我说过的在这个时候是必不可少的那种纠正性报告。一、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>基础效应</i>-一年前的这个时候，经济受到了新冠疫情最严重的打击，通货膨胀率异常低。CNBC这并不准确。正如我在上一篇赞助人帖子中所说，我还列出了统计事实和来源来支持我的声明，</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>尽管发生了疫情，食品价格和许多其他价格仍像去年三月一样上涨。事实上，3月份之后，它们的涨幅比正常情况更糟糕，2020年剩余时间里每个月的年化涨幅都在3.5%至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，他说食品杂货和燃料现在只是在弥补上次的损失：</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>比如食品杂货，</i>气体正在赶上回到我们实际预期的位置…去年主要发生的是<i>燃料</i>由于没有任何东西被运输，缺乏度假和通勤，价格暴跌，但<i>杂货</i>？来吧！</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2018年的价格，汽油的“追赶”可能是真的，但当你在评论中接受杂货时，这完全是马粪。食品杂货没有什么可做的。2020年全年食品的平均通胀率为3.4%，相比之下，自2011年以来，每年的平均通胀率为0.3%-2.5%。3.6%。虽然去年4月至6月的整体通胀率低于正常水平，但这与今年有什么关系呢？【总体】去年物价仍上涨；因此，这并不是说你在与一个反常的年份进行比较，在这几个月里，整体价格下跌，这意味着今年的一些涨幅只是弥补了去年的反常损失。那么你就可以如实地说有一个基数效应。<b><i>因此，通货膨胀的到来比美联储让人们相信的要严重得多；而且，正如我最近的赞助人帖子所展示的那样，生产者方面已经酝酿了更多的通货膨胀，这肯定会被传递出去。我注意到你现在可以期待看到这一点开始出现在消费者方面，你也确实做到了。这将是一个通胀炎热的夏天，这可能会恶化市场情绪，因此股市不会很好地适应。可以肯定的是，无论如何，仍然有很多睾丸激素决心推高股市，但炎热潮湿的夏天将会摧毁这种情绪，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，它都会继续波动。在事实面前，趋势会很快改变</i></b><b>如果</b><b><i>事实以足够的活力闯入。我认为高通胀是一个令人恐惧的事实，它可以通过阻止美联储计划的推进来突破。</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>如果美联储真的继续带着同样的盲目无知和顽固的决心前进，以证明自己是正确的，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，这与良好的判断相反），它真的会让事情变得更糟，更难驯服。我认为这不是不可能的。</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仅落后于形势，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·卡辛(Art Cashin)周三表示CNBCAS的一位经济学家指出，</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：“我们怀疑这份报告能否改变官员们的看法，即通胀压力‘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“短暂”。</i></b>“CNBC确实如此。更多。当他们用完一个假的基础效应来指责它时，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":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"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":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1462,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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":2091,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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":2368,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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":1569,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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.laohu8.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——这只股票更值得买入</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·马斯克马克·库班(Elon MuskorMark Cuban)在推文中提到，就很难为一天交易过程中价值上涨或下跌26%的东西做出真正的投资案例。</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选择一家有望给现有行业带来根本性转变的公司。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年后将增至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增长一倍以上。</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）已在该业务中成立，该公司的投资者可以驾驭电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>特殊目的收购公司并购业绩</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，该公司迄今为止已达到销售预期，并保持未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，在北美和欧洲的网络上拥有4,000多个商业和车队客户，以及超过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。但与其他国内外参与者相比，ChargePoint是最大的参与者之一。该行业几家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年收入预测（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>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>沃尔特</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</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是当前的最爱</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在北美已经遥遥领先，在使用240伏电源的2级充电网络中占有70%的份额。其全面的产品网络还包括2,000多个公共快速充电站。其产品套件可满足电动汽车车主、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>作为基础设施计划的一部分，乔·拜登总统提议在美国安装50万个新充电站，这表明市场可以增长多大。他还打算让公交车队和政府车队电气化。虽然ChargePoint支持基础设施一揽子计划，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使其充电网络快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应把握机遇，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>押注电动汽车行业不是短期策略。但如果到2040年全球汽车保有量实现超过5400万辆的指数增长，那么该行业目前的高估值最终可能是合理的。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：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>（纳斯达克：TSLA）的超级充电网络模型。但随着汽车制造商提高电动汽车产量，他们专注于自己最了解的领域（可能包括电池生产）似乎更有意义。</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>对于想要投机获取巨额收益的投资者来说，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，它就不可能长期持续下去。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——这只股票更值得买入</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——这只股票更值得买入</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·马斯克马克·库班(Elon MuskorMark Cuban)在推文中提到，就很难为一天交易过程中价值上涨或下跌26%的东西做出真正的投资案例。</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选择一家有望给现有行业带来根本性转变的公司。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年后将增至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增长一倍以上。</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）已在该业务中成立，该公司的投资者可以驾驭电动汽车爆炸性增长趋势。</blockquote></p><p><b>De-SPAC results</b></p><p><blockquote><b>特殊目的收购公司并购业绩</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，该公司迄今为止已达到销售预期，并保持未来前景不变。这是因为它在上市之前就已经是一家成熟的企业，在北美和欧洲的网络上拥有4,000多个商业和车队客户，以及超过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。但与其他国内外参与者相比，ChargePoint是最大的参与者之一。该行业几家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年收入预测（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>EVBox</td><td>$145</td><td>$84</td></tr><tr><td>沃尔特</td><td>$47</td><td>$25</td></tr><tr><td>EVgo</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是当前的最爱</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在北美已经遥遥领先，在使用240伏电源的2级充电网络中占有70%的份额。其全面的产品网络还包括2,000多个公共快速充电站。其产品套件可满足电动汽车车主、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>作为基础设施计划的一部分，乔·拜登总统提议在美国安装50万个新充电站，这表明市场可以增长多大。他还打算让公交车队和政府车队电气化。虽然ChargePoint支持基础设施一揽子计划，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使其充电网络快速增长。</blockquote></p><p><b>Investors should play the odds and think long-term</b></p><p><blockquote><b>投资者应把握机遇，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>押注电动汽车行业不是短期策略。但如果到2040年全球汽车保有量实现超过5400万辆的指数增长，那么该行业目前的高估值最终可能是合理的。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：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>（纳斯达克：TSLA）的超级充电网络模型。但随着汽车制造商提高电动汽车产量，他们专注于自己最了解的领域（可能包括电池生产）似乎更有意义。</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>对于想要投机获取巨额收益的投资者来说，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，它就不可能长期持续下去。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":1594,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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":1847,"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,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"themes":[],"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.laohu8.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股的回归已经结束</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，引发了人们的疑问：与经济密切相关的公司股票（被忽视了近十年）的短暂喘息是否已经结束。但市场的最新走势可能只表明暂停，而不是价值回归的逆转。</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，或那些相对于现金流或其他指标通常以较低倍数交易的股票，在去年年底开始回升。Covid-19疫苗的消息引发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个逆转。iShares标普500价值ETF（股票代码：IVE）在过去一个月上涨了3.7%，而iShares标普500增长ETF（IVW）上涨了7.7%。DataTrek Research联合创始人Nicholas Colas在周二给客户的一份报告中将growth最近的优异表现归功于五家公司：苹果(AAPL)；微软（MSFT）；亚马逊（AMZN）；谷歌的所有者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：“短期内，突然转向品牌成长型股票对市场来说通常不是一个好兆头。”去年市场暴跌时，投资者纷纷买入大型科技股，而最近资金又重新流入这些股的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放的投资。他表示，投资者可能正在等待更多复苏将会到来的证据。</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的Lisa Shalett也对近期成长股的复苏以及本周期经济反弹幅度狭窄、迫使美联储维持超低利率的可能性持怀疑态度。低利率往往比价值型股票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周期更广泛、更强劲，信贷增长可能会恢复。财政政策，无论是通过基础设施支出还是其他刺激措施，将取代货币政策，在市场上占据主导地位——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、价值和质量因素。</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，价值型交易所交易基金已连续12周录得净流入，而成长型ETF则出现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>根据他们跟踪的迹象，美国银行策略师认为价值还有更大的恢复空间。例如，value的表现仅优于增长约20%，而平均为60%，而且其表现仅在第七个月，而value跑赢增长的时期平均为33个月。利润增长也尚未见顶，基金经理仍然不看好价值导向型股票，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阿沛·德什潘德(Abhay Deshpande)尽管市场看起来昂贵，但他仍进行了充分投资。</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发现的许多机会正在海外中小型公司中涌现，包括规模较小的新兴市场，这些市场因投资者纷纷涌向大型科技股和中国等大型市场而被忽视。Desphande发现有一个领域很有吸引力：随着疫苗分发的增加和全球复苏的到来，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>GoodHaven(GOODX)基金经理拉里·皮特科斯基(Larry Pitkowsky)也认为市场价格昂贵，但他正在寻找金融股中他倾向于青睐的优质价值股票。皮特科夫斯基认为，市场尚未完全消化利率上升给金融公司带来的好处，因此他正在增持Progressive(PGR)等股票。他表示，该保险公司提供较高的资本回报率、不断增长的收入和强大的管理层，但该股的交易价格相对便宜，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股的回归已经结束</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股的回归已经结束</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，引发了人们的疑问：与经济密切相关的公司股票（被忽视了近十年）的短暂喘息是否已经结束。但市场的最新走势可能只表明暂停，而不是价值回归的逆转。</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，或那些相对于现金流或其他指标通常以较低倍数交易的股票，在去年年底开始回升。Covid-19疫苗的消息引发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个逆转。iShares标普500价值ETF（股票代码：IVE）在过去一个月上涨了3.7%，而iShares标普500增长ETF（IVW）上涨了7.7%。DataTrek Research联合创始人Nicholas Colas在周二给客户的一份报告中将growth最近的优异表现归功于五家公司：苹果(AAPL)；微软（MSFT）；亚马逊（AMZN）；谷歌的所有者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：“短期内，突然转向品牌成长型股票对市场来说通常不是一个好兆头。”去年市场暴跌时，投资者纷纷买入大型科技股，而最近资金又重新流入这些股的事实可能表明，人们在增持更具周期性的股票之前，正在暂停重新开放的投资。他表示，投资者可能正在等待更多复苏将会到来的证据。</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的Lisa Shalett也对近期成长股的复苏以及本周期经济反弹幅度狭窄、迫使美联储维持超低利率的可能性持怀疑态度。低利率往往比价值型股票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周期更广泛、更强劲，信贷增长可能会恢复。财政政策，无论是通过基础设施支出还是其他刺激措施，将取代货币政策，在市场上占据主导地位——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、价值和质量因素。</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，价值型交易所交易基金已连续12周录得净流入，而成长型ETF则出现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>根据他们跟踪的迹象，美国银行策略师认为价值还有更大的恢复空间。例如，value的表现仅优于增长约20%，而平均为60%，而且其表现仅在第七个月，而value跑赢增长的时期平均为33个月。利润增长也尚未见顶，基金经理仍然不看好价值导向型股票，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阿沛·德什潘德(Abhay Deshpande)尽管市场看起来昂贵，但他仍进行了充分投资。</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发现的许多机会正在海外中小型公司中涌现，包括规模较小的新兴市场，这些市场因投资者纷纷涌向大型科技股和中国等大型市场而被忽视。Desphande发现有一个领域很有吸引力：随着疫苗分发的增加和全球复苏的到来，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>GoodHaven(GOODX)基金经理拉里·皮特科斯基(Larry Pitkowsky)也认为市场价格昂贵，但他正在寻找金融股中他倾向于青睐的优质价值股票。皮特科夫斯基认为，市场尚未完全消化利率上升给金融公司带来的好处，因此他正在增持Progressive(PGR)等股票。他表示，该保险公司提供较高的资本回报率、不断增长的收入和强大的管理层，但该股的交易价格相对便宜，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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","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,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}