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2021-11-04

恒生指数分析目前恒生头肩底形态大概率形成。7/8月20号左右左肩底，右肩底雏形。上方26200附近前期压力，最理想的结果是大型科技股发力快速突破26200，28100目标位可期。如果反弹过慢，26200受阻，有回撤24900的可能。

2021-11-03

恒生指数

恒生指数头肩底大概率形成，23600反弹到26200左右回落到强支撑24900附近。也就是前期7.8月底的支撑平台。大胆买入三倍YINN.

2021-06-22

tech

周期、科技还香不香？下半年押注哪些板块？

2021-06-22

ok

抱歉，原内容已删除

2021-06-14

Long hold

2021-06-13

double bottom buying point..

2021-06-09

volume increasing.

2021-06-07

Buy now

2021-06-05

so many ipos

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>

2021-06-03

2nd entry point now

2021-06-01

2nd half of the year belongs to BA

2021-05-27

strong buy now

2021-05-25

struggling

2021-05-22

Anyone holding this?

2021-05-15

Buy dip

2021-05-09

Anyone holding this?

2021-05-05

Buy or sell?

2021-05-02

Strong buy when it is low

2021-05-01

strong hold

U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?<blockquote>美国股市今年已升至历史新高。你应该“五月卖掉然后离开”吗？</blockquote>

2021-04-30

best time to buy now

抱歉，原内容已删除

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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n周期、科技还香不香？下半年押注哪些板块？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 09:47 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg><strong>中国证券报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投资机会前景乐观，看好景气度较好的行业，如新能源汽车、电子等板块。\n对于上半年表现最好的周期板块，基金经理之间出现分歧，有基金机构认为，接下来周期股整体性价比有所下降，建议逐步降低周期配置比例。但也有...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175629755","content_text":"又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投资机会前景乐观，看好景气度较好的行业，如新能源汽车、电子等板块。\n对于上半年表现最好的周期板块，基金经理之间出现分歧，有基金机构认为，接下来周期股整体性价比有所下降，建议逐步降低周期配置比例。但也有基金经理仍然看好，认为在经济复苏持续的背景下，周期板块仍有投资机会。\n或维持区间震荡\n经历了2020年的上涨之后，A股市场从春节后开始震荡调整，截至6月21日，上证综指和深证成指今年以来的涨幅分别只有1.62%和1.18%。上半年通胀预期叠加供需错配，原材料价格持续上行，钢铁、采掘、化工等周期行业领涨。\n即将进入2021年下半程，基金经理开始着手布局下半年。对于下半年的宏观经济，汇丰晋信基金首席宏观及策略师闵良超表示，整体来看，经济可能会放缓，但斜率可控，因基建和消费有较大的空间，A股有可能继续区间震荡。考虑到当前的宏观环境，后续投资应以自下而上的选股为主，关注企业的基本面和盈利能力，优选基本面超预期，或者成长性能够覆盖和消化估值的优质上市公司。\n金鹰基金权益投资部总经理陈立表示，展望下半年以及更长时期，全球经济整体复苏的力度和持续性尚需要观察，全球流动性的收缩预计是有序可控的。长期看，由于全球整体缺乏强有力的经济增长动能，维持较低增速概率大，全球中长期或仍将处于低利率环境。因此，投资者不应过度担忧，随着投资者对宏观流动性因素的认识提升后，市场将重回经济基本面。\n对于A股而言，陈立认为，与大宗商品相关度高、利率敏感的顺周期行业不排除会有回调的可能。不过，当前A股上市公司已经超过4300家，在产业更迭背景下具备长期结构性的投资机会。中长期而言，对权益市场的前景保持乐观。\n看好新能源车、电子等行业\n银华基金指出，当前宏观经济仍在持续恢复，对全年流动性依旧维持谨慎，社融后续表现恐仍偏弱。历史上看，这样的宏观背景不利于估值的扩张，后续市场不易走出单边行情，超额收益主要来自两方面：一是行业景气度能穿越经济周期，且估值与长期成长能力较为匹配的板块。二是精选Alpha，尤其是中小市值中，市场认知尚不充分、估值较低的成长股。\n银华基金建议，在行业配置上，建议均衡配置，一是建议逐步降低周期配置比例，配置银行等低估值行业以及自动化、汽车零部件等受益于全球经济复苏、出口产业链的偏中游制造类行业；二是中期看好受益于行业格局以及景气度仍较好的成长类子行业，如新能车、面板及军工等行业。\n富荣基金表示，短期维持市场整体偏震荡的格局不变，中长期认为业绩成长仍然是核心主线，看好高景气周期的光伏和电动车、电子等，看好低估值银行、部分周期龙头。\n诺安基金建议关注以下三大板块机会：一是科技板块，该板块近期或在行业基本面和政策的持续推动下有所表现；二是新能源板块，美国加码电动车刺激政策强化全球电动车逻辑正在验证，电动车板块行情或可延续；三是高端制造业，数据显示当前企业的资本开支在加大，未来业绩有望得到支撑。\n加仓or减持？对周期股看法不一\n周期板块是今年上半年最亮的星，精准把握周期股行情的基金，也在主动权益类基金中表现暂时领先，比如广发多因子、广发价值领先、宝盈产业优势等重仓周期行业股票的基金。\n对于下半年周期股行情能否持续，基金机构有不同的看法。银华基金认为，虽然当前全球复苏共振，宏观仍处于向上趋势，大宗商品价格或仍有上涨动力，但周期股整体性价比有所下降，建议逐步降低周期配置比例。\n也有基金经理表示，周期股上涨的主要逻辑就在于供需错配，一般情况下，只需要一到两个季度的时间，这种供需错配就会得到纠正，现在已是错配的尾部时间。\n仍然看好周期行情的基金经理也有充分的理由。一位明星基金经理表示：“市场对周期品的分歧，关键是对宏观经济的判断存在分歧”。全球供需不匹配、不均衡的复苏，还会持续一段时间。在经济持续复苏的背景下，周期品尤其是上游资源品的价格上涨，或者说价格在高点维持的时间，可能比市场预期得要长。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120537564,"gmtCreate":1624327375458,"gmtModify":1634007733438,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120537564","repostId":"1182298025","repostType":4,"isVote":1,"tweetType":1,"viewCount":3375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185492498,"gmtCreate":1623665219914,"gmtModify":1634030471968,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Long hold","listText":"Long hold","text":"Long hold","images":[{"img":"https://static.tigerbbs.com/5292111190104193827a4d73ddf0c444","width":"1440","height":"5014"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185492498","isVote":1,"tweetType":1,"viewCount":3610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":182909115,"gmtCreate":1623549397737,"gmtModify":1634031937718,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"double bottom buying point..&nbsp;","listText":"double bottom buying point..&nbsp;","text":"double bottom buying point..","images":[{"img":"https://static.tigerbbs.com/e70f30b3cb07adb32f5ba9f783936908","width":"1440","height":"5416"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182909115","isVote":1,"tweetType":1,"viewCount":2225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":180622565,"gmtCreate":1623202608257,"gmtModify":1634035862264,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"volume increasing.","listText":"volume increasing.","text":"volume increasing.","images":[{"img":"https://static.tigerbbs.com/b116d1552810085c3abaf0aab434b479","width":"1440","height":"4716"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180622565","isVote":1,"tweetType":1,"viewCount":3988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114915727,"gmtCreate":1623041921869,"gmtModify":1634095921369,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Buy now","listText":"Buy now","text":"Buy now","images":[{"img":"https://static.tigerbbs.com/64adee2100adee83ec272f7ae0aeb058","width":"1440","height":"3145"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114915727","isVote":1,"tweetType":1,"viewCount":1860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":112541752,"gmtCreate":1622892704576,"gmtModify":1634097029554,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"so many ipos","listText":"so many ipos","text":"so many ipos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112541752","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohunote.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{".DJI":"道琼斯","LFST":"LifeStance Health Group, Inc.","ZETA":"Zeta Global Holdings Corp.","ZME":"掌门教育","MQ":"Marqeta, Inc.","BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","MNDY":"Monday.com Ltd.","DIBS":"1stdibs.com Inc.","TASK":"TaskUs Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"ZME":0.9,".DJI":0.9,".IXIC":0.9,"BZ":0.9,"MNDY":0.9,"MQ":0.9,".SPX":0.9,"DIBS":0.9,"LFST":0.9,"ZETA":0.9,"TASK":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111257410,"gmtCreate":1622683918130,"gmtModify":1634099189315,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"2nd entry point now","listText":"2nd entry point now","text":"2nd entry point 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BA","images":[{"img":"https://static.tigerbbs.com/c7e9f41e31f26f4b242cb00d8dbecc31","width":"1440","height":"4626"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119029406","isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":132429198,"gmtCreate":1622108273114,"gmtModify":1634183784241,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"strong buy now","listText":"strong buy now","text":"strong buy 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this?","images":[{"img":"https://static.tigerbbs.com/7765c13ce3733dfe8d3dd2334f45046d","width":"1440","height":"4626"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190092025","isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":102352118,"gmtCreate":1620179415034,"gmtModify":1634207188924,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Buy or sell?","listText":"Buy or sell?","text":"Buy or sell?","images":[{"img":"https://static.tigerbbs.com/a72054c22e0918fc5e4e5e826daf5abd","width":"1440","height":"4502"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102352118","isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":101463159,"gmtCreate":1619932395271,"gmtModify":1634209011745,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Strong buy when it is low","listText":"Strong buy when it is low","text":"Strong buy when it is low","images":[{"img":"https://static.tigerbbs.com/5c5d9cfc8252a249a308661973edf315","width":"1440","height":"4626"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101463159","isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":101060253,"gmtCreate":1619831117972,"gmtModify":1634209658513,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"strong hold","listText":"strong hold","text":"strong hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101060253","repostId":"2132548564","repostType":2,"repost":{"id":"2132548564","kind":"highlight","pubTimestamp":1620001778,"share":"https://www.laohunote.com/m/news/2132548564?lang=zh_CN&edition=full","pubTime":"2021-05-03 08:29","market":"us","language":"en","title":"U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?<blockquote>美国股市今年已升至历史新高。你应该“五月卖掉然后离开”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2132548564","media":"MarketWatch","summary":"In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.\n\nStocks have been","content":"<p>In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.</p><p><blockquote>过去，五月卖出策略在欧洲比在美国更受欢迎。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/18b93b4406770158f62b0e2dd392f424\" tg-width=\"1260\" tg-height=\"822\"></p><p><blockquote></blockquote></p><p> Stocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"</p><p><blockquote>今年以来，股市一直在下跌，让投资者质疑是否“五月卖出并离开”。</blockquote></p><p> \"With stocks at record highs, some investors may be tempted to follow the old adage,\" a team of strategists at UBS Group's global wealth management division, wrote in a note Friday.</p><p><blockquote>瑞银集团全球财富管理部门的一组策略师在周五的一份报告中写道：“随着股市创下历史新高，一些投资者可能会遵循这句古老的格言。”</blockquote></p><p> The hypothesis is that equities tend to underperform in the six months through October, so investors should sell stocks at the start of May, invest in cash and then re-enter the market in late autumn, the strategists said. Historically, the approach has worked for Europe, but not as well in the U.S., according to their note.</p><p><blockquote>策略师表示，假设股市在截至 10 月份的六个月内往往表现不佳，因此投资者应该在 5 月初出售股票，投资现金，然后在深秋重新进入市场。根据他们的笔记，从历史上看，这种方法对欧洲有效，但对美国则不然。</blockquote></p><p> \"In the U.S., a stay invested strategy has tended to outperform, particularly in recent years,\" the strategists said. \"Market composition, with the U.S. market more tilted towards growth stocks, partly explains the outperformance.\"</p><p><blockquote>策略师表示：“在美国，维持投资策略往往跑赢大盘，尤其是近年来。”“市场构成，美国市场更倾向于成长型股票，在一定程度上解释了表现优异的原因。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b499645739c349ea55647a2512665932\" tg-width=\"1064\" tg-height=\"808\"></p><p><blockquote></blockquote></p><p> The technology sector now accounts for 27% of the S&amp;P 500, or much higher than the 8% weighting for the MSCI Europe index, according to UBS. For that reason, investors who tried timing the U.S. equity benchmark for \"seasonal reasons\" would have missed the outperformance of growth stocks in the bull market since the global financial crisis of 2008-09.</p><p><blockquote>根据瑞银的数据，科技行业目前占标普500的 27%，远高于 MSCI 欧洲指数的 8% 权重。因此，出于“季节性原因”试图把握美国股市基准的投资者将错过自 2008-09 年全球金融危机以来牛市中成长型股票的优异表现。</blockquote></p><p> Using the past as a guide, the UBS team recommends staying invested, even through they also point to historical evidence in Europe that supported a sell-in-May strategy.</p><p><blockquote>瑞银团队以过去为指导，建议保持投资，尽管他们还指出了欧洲支持五月卖出策略的历史证据。</blockquote></p><p> Over the past 15 years, returns in Europe have been negative in June 80% of the time, according to the report. \"This has contributed to a sell-in-May strategy outperforming a stay invested strategy during those years,\" the strategists said.</p><p><blockquote>报告称，过去 15 年来，欧洲 6 月份 80% 的回报率为负。策略师表示：“这导致五月卖出策略在那些年里优于维持投资策略。”</blockquote></p><p> Meanwhile, the U.S. stock market has risen to all-time records this year, including as recently as this week, as measured by the S&amp;P 500 and Dow Jones Industrial Average benchmarks. The S&amp;P 500 rose to a record 4,211.47 finish on April 29, for example, and was up 11.3% this year as of Friday's close.</p><p><blockquote>与此同时，以标普500和道琼斯工业平均指数衡量，美国股市今年已升至历史新高，包括最近本周。例如，4 月 29 日，标普500指数上涨至创纪录的 4,211.47 点，截至周五收盘，今年已上涨 11.3%。</blockquote></p><p> \"We are now entering a time of year when stocks have historically found it more challenging to advance,\" according to the UBS report. \"With many equity indexes making new highs, some measures of sentiment looking extended, and ongoing concerns about the spread of new COVID-19 variants,\" some investors may be contemplating selling.</p><p><blockquote>瑞银报告称：“我们现在正进入一年中的一个时期，历史上股市上涨更具挑战性。”“随着许多股票指数创下新高，一些情绪指标看起来延长，以及对新的 COVID-19 变种传播的持续担忧，”一些投资者可能正在考虑抛售。</blockquote></p><p> Billionaire investor Leon Cooperman, a self-described \"fully invested bear,\" told CNBC on Friday that he has \"an eye on the exit\" given a coming expected rise in taxes, inflation and a \"reasonably richly appraised market.\"</p><p><blockquote>亿万富翁投资者莱昂·库珀曼 (Leon Cooperman) 自称是“完全投资的空头”，他周五对 CNBC 表示，鉴于即将到来的税收、通货膨胀和“估值合理丰富的市场”的预期上升，他“密切关注退出”。</blockquote></p><p> Ryan Detrick, chief market strategist for LPL Financial, said in a blog Friday that the six months from May through October have been \"some of the weakest months of the year for stocks\" in the past 10 years. \"But with an accommodative Fed, fiscal and monetary policy, along with an economy that is opening faster than nearly anyone expected, we'd use any weakness as an opportunity to add to positions,\" he said.</p><p><blockquote>LPL Financial 首席市场策略师瑞安·德特里克 (Ryan Detrick) 周五在博客中表示，5 月至 10 月的六个月是过去 10 年来“股市一年中最疲软的几个月”。“但随着美联储宽松的财政和货币政策，以及经济开放速度快于几乎任何人的预期，我们会利用任何疲软作为增加头寸的机会，”他表示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/50be26e2a50ece27ce6023a634a9e705\" tg-width=\"1260\" tg-height=\"725\"></p><p><blockquote></blockquote></p><p> \"Here's the catch,\" Detrick said. \"Stocks have actually been higher during these worst months of the year eight of the past ten years.\"</p><p><blockquote>“问题来了，”德特里克说。“在过去十年中最糟糕的第八个月份，股市实际上一直在走高。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?<blockquote>美国股市今年已升至历史新高。你应该“五月卖掉然后离开”吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks have risen to all-time highs this year. Should you ‘sell in May and go away’?<blockquote>美国股市今年已升至历史新高。你应该“五月卖掉然后离开”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-03 08:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.</p><p><blockquote>过去，五月卖出策略在欧洲比在美国更受欢迎。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/18b93b4406770158f62b0e2dd392f424\" tg-width=\"1260\" tg-height=\"822\"></p><p><blockquote></blockquote></p><p> Stocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"</p><p><blockquote>今年以来，股市一直在下跌，让投资者质疑是否“五月卖出并离开”。</blockquote></p><p> \"With stocks at record highs, some investors may be tempted to follow the old adage,\" a team of strategists at UBS Group's global wealth management division, wrote in a note Friday.</p><p><blockquote>瑞银集团全球财富管理部门的一组策略师在周五的一份报告中写道：“随着股市创下历史新高，一些投资者可能会遵循这句古老的格言。”</blockquote></p><p> The hypothesis is that equities tend to underperform in the six months through October, so investors should sell stocks at the start of May, invest in cash and then re-enter the market in late autumn, the strategists said. Historically, the approach has worked for Europe, but not as well in the U.S., according to their note.</p><p><blockquote>策略师表示，假设股市在截至 10 月份的六个月内往往表现不佳，因此投资者应该在 5 月初出售股票，投资现金，然后在深秋重新进入市场。根据他们的笔记，从历史上看，这种方法对欧洲有效，但对美国则不然。</blockquote></p><p> \"In the U.S., a stay invested strategy has tended to outperform, particularly in recent years,\" the strategists said. \"Market composition, with the U.S. market more tilted towards growth stocks, partly explains the outperformance.\"</p><p><blockquote>策略师表示：“在美国，维持投资策略往往跑赢大盘，尤其是近年来。”“市场构成，美国市场更倾向于成长型股票，在一定程度上解释了表现优异的原因。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b499645739c349ea55647a2512665932\" tg-width=\"1064\" tg-height=\"808\"></p><p><blockquote></blockquote></p><p> The technology sector now accounts for 27% of the S&amp;P 500, or much higher than the 8% weighting for the MSCI Europe index, according to UBS. For that reason, investors who tried timing the U.S. equity benchmark for \"seasonal reasons\" would have missed the outperformance of growth stocks in the bull market since the global financial crisis of 2008-09.</p><p><blockquote>根据瑞银的数据，科技行业目前占标普500的 27%，远高于 MSCI 欧洲指数的 8% 权重。因此，出于“季节性原因”试图把握美国股市基准的投资者将错过自 2008-09 年全球金融危机以来牛市中成长型股票的优异表现。</blockquote></p><p> Using the past as a guide, the UBS team recommends staying invested, even through they also point to historical evidence in Europe that supported a sell-in-May strategy.</p><p><blockquote>瑞银团队以过去为指导，建议保持投资，尽管他们还指出了欧洲支持五月卖出策略的历史证据。</blockquote></p><p> Over the past 15 years, returns in Europe have been negative in June 80% of the time, according to the report. \"This has contributed to a sell-in-May strategy outperforming a stay invested strategy during those years,\" the strategists said.</p><p><blockquote>报告称，过去 15 年来，欧洲 6 月份 80% 的回报率为负。策略师表示：“这导致五月卖出策略在那些年里优于维持投资策略。”</blockquote></p><p> Meanwhile, the U.S. stock market has risen to all-time records this year, including as recently as this week, as measured by the S&amp;P 500 and Dow Jones Industrial Average benchmarks. The S&amp;P 500 rose to a record 4,211.47 finish on April 29, for example, and was up 11.3% this year as of Friday's close.</p><p><blockquote>与此同时，以标普500和道琼斯工业平均指数衡量，美国股市今年已升至历史新高，包括最近本周。例如，4 月 29 日，标普500指数上涨至创纪录的 4,211.47 点，截至周五收盘，今年已上涨 11.3%。</blockquote></p><p> \"We are now entering a time of year when stocks have historically found it more challenging to advance,\" according to the UBS report. \"With many equity indexes making new highs, some measures of sentiment looking extended, and ongoing concerns about the spread of new COVID-19 variants,\" some investors may be contemplating selling.</p><p><blockquote>瑞银报告称：“我们现在正进入一年中的一个时期，历史上股市上涨更具挑战性。”“随着许多股票指数创下新高，一些情绪指标看起来延长，以及对新的 COVID-19 变种传播的持续担忧，”一些投资者可能正在考虑抛售。</blockquote></p><p> Billionaire investor Leon Cooperman, a self-described \"fully invested bear,\" told CNBC on Friday that he has \"an eye on the exit\" given a coming expected rise in taxes, inflation and a \"reasonably richly appraised market.\"</p><p><blockquote>亿万富翁投资者莱昂·库珀曼 (Leon Cooperman) 自称是“完全投资的空头”，他周五对 CNBC 表示，鉴于即将到来的税收、通货膨胀和“估值合理丰富的市场”的预期上升，他“密切关注退出”。</blockquote></p><p> Ryan Detrick, chief market strategist for LPL Financial, said in a blog Friday that the six months from May through October have been \"some of the weakest months of the year for stocks\" in the past 10 years. \"But with an accommodative Fed, fiscal and monetary policy, along with an economy that is opening faster than nearly anyone expected, we'd use any weakness as an opportunity to add to positions,\" he said.</p><p><blockquote>LPL Financial 首席市场策略师瑞安·德特里克 (Ryan Detrick) 周五在博客中表示，5 月至 10 月的六个月是过去 10 年来“股市一年中最疲软的几个月”。“但随着美联储宽松的财政和货币政策，以及经济开放速度快于几乎任何人的预期，我们会利用任何疲软作为增加头寸的机会，”他表示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/50be26e2a50ece27ce6023a634a9e705\" tg-width=\"1260\" tg-height=\"725\"></p><p><blockquote></blockquote></p><p> \"Here's the catch,\" Detrick said. \"Stocks have actually been higher during these worst months of the year eight of the past ten years.\"</p><p><blockquote>“问题来了，”德特里克说。“在过去十年中最糟糕的第八个月份，股市实际上一直在走高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/u-s-stocks-have-risen-to-all-time-highs-this-year-should-you-sell-in-may-and-go-away-11619818845?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite","SH":"做空标普500-Proshares","OEF":"标普100指数ETF-iShares","OEX":"标普100","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","IVV":"标普500ETF-iShares",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares"},"source_url":"https://www.marketwatch.com/story/u-s-stocks-have-risen-to-all-time-highs-this-year-should-you-sell-in-may-and-go-away-11619818845?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132548564","content_text":"In the past, the sell-in-May strategy shakes out better in Europe than in the U.S.\n\nStocks have been on a tear this year, leaving investors to question whether to \"sell in May and go away.\"\n\"With stocks at record highs, some investors may be tempted to follow the old adage,\" a team of strategists at UBS Group's global wealth management division, wrote in a note Friday.\nThe hypothesis is that equities tend to underperform in the six months through October, so investors should sell stocks at the start of May, invest in cash and then re-enter the market in late autumn, the strategists said. Historically, the approach has worked for Europe, but not as well in the U.S., according to their note.\n\"In the U.S., a stay invested strategy has tended to outperform, particularly in recent years,\" the strategists said. \"Market composition, with the U.S. market more tilted towards growth stocks, partly explains the outperformance.\"\n\nThe technology sector now accounts for 27% of the S&P 500, or much higher than the 8% weighting for the MSCI Europe index, according to UBS. For that reason, investors who tried timing the U.S. equity benchmark for \"seasonal reasons\" would have missed the outperformance of growth stocks in the bull market since the global financial crisis of 2008-09.\nUsing the past as a guide, the UBS team recommends staying invested, even through they also point to historical evidence in Europe that supported a sell-in-May strategy.\nOver the past 15 years, returns in Europe have been negative in June 80% of the time, according to the report. \"This has contributed to a sell-in-May strategy outperforming a stay invested strategy during those years,\" the strategists said.\nMeanwhile, the U.S. stock market has risen to all-time records this year, including as recently as this week, as measured by the S&P 500 and Dow Jones Industrial Average benchmarks. The S&P 500 rose to a record 4,211.47 finish on April 29, for example, and was up 11.3% this year as of Friday's close.\n\"We are now entering a time of year when stocks have historically found it more challenging to advance,\" according to the UBS report. \"With many equity indexes making new highs, some measures of sentiment looking extended, and ongoing concerns about the spread of new COVID-19 variants,\" some investors may be contemplating selling.\nBillionaire investor Leon Cooperman, a self-described \"fully invested bear,\" told CNBC on Friday that he has \"an eye on the exit\" given a coming expected rise in taxes, inflation and a \"reasonably richly appraised market.\"\nRyan Detrick, chief market strategist for LPL Financial, said in a blog Friday that the six months from May through October have been \"some of the weakest months of the year for stocks\" in the past 10 years. \"But with an accommodative Fed, fiscal and monetary policy, along with an economy that is opening faster than nearly anyone expected, we'd use any weakness as an opportunity to add to positions,\" he said.\n\n\"Here's the catch,\" Detrick said. \"Stocks have actually been higher during these worst months of the year eight of the past ten years.\"","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SSO":0.9,".SPX":0.9,"SH":0.9,"OEX":0.9,"OEF":0.9,"IVV":0.9,"ESmain":0.9,"SPXU":0.9,"SDS":0.9,".IXIC":0.9,"UPRO":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103936378,"gmtCreate":1619742300594,"gmtModify":1634210297010,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561252728435238","idStr":"3561252728435238"},"themes":[],"title":"","htmlText":"best time to buy now","listText":"best time to buy now","text":"best time to buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103936378","repostId":"2131534297","repostType":2,"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":359339470,"gmtCreate":1616338787790,"gmtModify":1634526299336,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"expected","listText":"expected","text":"expected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359339470","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohunote.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">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":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361462379,"gmtCreate":1614255699391,"gmtModify":1634550450451,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Good news but will still go down","listText":"Good news but will still go down","text":"Good news but will still go down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/361462379","repostId":"2114317810","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112541752,"gmtCreate":1622892704576,"gmtModify":1634097029554,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"so many ipos","listText":"so many ipos","text":"so many ipos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112541752","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohunote.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>美国 IPO 前一周：数字支付、心理健康服务等多元化 8 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</li><li>支付平台 Marqeta 计划以 124 亿美元的市值筹集 10 亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八次IPO计划筹集37亿美元，涉及数字支付、心理健康服务等。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>市场</b>(MQ) 计划以 124 亿美元的市值筹集 10 亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta 发展迅速，其客户中包括 Affirm (AFRM) 和 DoorDash (DASH) 等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中国在线招聘平台<b>看准</b>(BZ) 计划以 82 亿美元的市值筹集 8.64 亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，根据MAUs，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>LifeStance健康</b>(LFST) 计划以 61 亿美元的市值筹集 6.4 亿美元。LifeStance表示，它已经建立了美国最大的门诊心理健康平台之一，截至2021年3月31日，在27个州的73个MSA雇佣了3300多名持牌心理健康临床医生。尽管息税前利润在2021年第一季度变为负值，但该公司仍表现出增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>星期一网</b>(MNDY) 计划以 68 亿美元的市值筹集 4.9 亿美元。monday.com允许组织轻松构建适合其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce 和 Zoom 计划同时投资 1.5 亿美元进行私募。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>口袋</b>（任务）计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利且增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA) 计划以 21 亿美元的市值筹集 2.5 亿美元。该公司的 Zeta 营销平台利用身份数据，通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta 盈利，为 1,000 多名客户提供服务，到 2020 年将提供大约 5 亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>在线奢侈品市场<b>1stDibs</b>(DIBS) 计划以 7.73 亿美元的市值筹集 1.12 亿美元。1stDibs连接古董、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020 年，该市场在过去一年中有超过 58,000 名买家进行了购买，平均每年总购买金额超过 5,500 美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME) 计划以 19 亿美元的市值筹集 4300 万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 11 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月3日，文艺复兴IPO指数年初至今下跌6.0%，而标普500上涨11.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括Zoom Video (ZM) 和优步 (UBER)。Renaissance International IPO 指数今年迄今下跌 1.1%，而 ACWX 指数上涨 10.5%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Nexi 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{".DJI":"道琼斯","LFST":"LifeStance Health Group, Inc.","ZETA":"Zeta Global Holdings Corp.","ZME":"掌门教育","MQ":"Marqeta, Inc.","BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","MNDY":"Monday.com Ltd.","DIBS":"1stdibs.com Inc.","TASK":"TaskUs Inc.",".SPX":"S&P 500 Index"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"ZME":0.9,".DJI":0.9,".IXIC":0.9,"BZ":0.9,"MNDY":0.9,"MQ":0.9,".SPX":0.9,"DIBS":0.9,"LFST":0.9,"ZETA":0.9,"TASK":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353935794,"gmtCreate":1616453912718,"gmtModify":1634525795836,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"chiong ah","listText":"chiong ah","text":"chiong ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353935794","repostId":"1155582622","repostType":4,"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362268320,"gmtCreate":1614643158560,"gmtModify":1703479198009,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"wasted. didnt go in","listText":"wasted. didnt go in","text":"wasted. didnt go in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/362268320","repostId":"1102947994","repostType":4,"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362263340,"gmtCreate":1614643052480,"gmtModify":1703479195108,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/362263340","repostId":"1189063169","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120510122,"gmtCreate":1624327396666,"gmtModify":1634007732846,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"tech","listText":"tech","text":"tech","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120510122","repostId":"1175629755","repostType":4,"repost":{"id":"1175629755","kind":"news","pubTimestamp":1624326466,"share":"https://www.laohunote.com/m/news/1175629755?lang=zh_CN&edition=full","pubTime":"2021-06-22 09:47","market":"sh","language":"zh","title":"周期、科技还香不香？下半年押注哪些板块？","url":"https://stock-news.laohu8.com/highlight/detail?id=1175629755","media":"中国证券报","summary":"又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投","content":"<div>\n<p>又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投资机会前景乐观，看好景气度较好的行业，如新能源汽车、电子等板块。\n对于上半年表现最好的周期板块，基金经理之间出现分歧，有基金机构认为，接下来周期股整体性价比有所下降，建议逐步降低周期配置比例。但也有...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg\">网页链接</a>\n\n</div>\n","source":"zgzqb","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>周期、科技还香不香？下半年押注哪些板块？</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n周期、科技还香不香？下半年押注哪些板块？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 09:47 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg><strong>中国证券报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投资机会前景乐观，看好景气度较好的行业，如新能源汽车、电子等板块。\n对于上半年表现最好的周期板块，基金经理之间出现分歧，有基金机构认为，接下来周期股整体性价比有所下降，建议逐步降低周期配置比例。但也有...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/uImug2NKXUWY4l6_3fn5Bg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175629755","content_text":"又到了各大券商中期策略密集出炉的时间。还有7个交易日，2021年上半年将收官，基金经理们也开始了下半年的投资布局。\n整体而言，基金机构认为，下半年A股可能维持区间震荡态势，仍对权益市场的长期结构性的投资机会前景乐观，看好景气度较好的行业，如新能源汽车、电子等板块。\n对于上半年表现最好的周期板块，基金经理之间出现分歧，有基金机构认为，接下来周期股整体性价比有所下降，建议逐步降低周期配置比例。但也有基金经理仍然看好，认为在经济复苏持续的背景下，周期板块仍有投资机会。\n或维持区间震荡\n经历了2020年的上涨之后，A股市场从春节后开始震荡调整，截至6月21日，上证综指和深证成指今年以来的涨幅分别只有1.62%和1.18%。上半年通胀预期叠加供需错配，原材料价格持续上行，钢铁、采掘、化工等周期行业领涨。\n即将进入2021年下半程，基金经理开始着手布局下半年。对于下半年的宏观经济，汇丰晋信基金首席宏观及策略师闵良超表示，整体来看，经济可能会放缓，但斜率可控，因基建和消费有较大的空间，A股有可能继续区间震荡。考虑到当前的宏观环境，后续投资应以自下而上的选股为主，关注企业的基本面和盈利能力，优选基本面超预期，或者成长性能够覆盖和消化估值的优质上市公司。\n金鹰基金权益投资部总经理陈立表示，展望下半年以及更长时期，全球经济整体复苏的力度和持续性尚需要观察，全球流动性的收缩预计是有序可控的。长期看，由于全球整体缺乏强有力的经济增长动能，维持较低增速概率大，全球中长期或仍将处于低利率环境。因此，投资者不应过度担忧，随着投资者对宏观流动性因素的认识提升后，市场将重回经济基本面。\n对于A股而言，陈立认为，与大宗商品相关度高、利率敏感的顺周期行业不排除会有回调的可能。不过，当前A股上市公司已经超过4300家，在产业更迭背景下具备长期结构性的投资机会。中长期而言，对权益市场的前景保持乐观。\n看好新能源车、电子等行业\n银华基金指出，当前宏观经济仍在持续恢复，对全年流动性依旧维持谨慎，社融后续表现恐仍偏弱。历史上看，这样的宏观背景不利于估值的扩张，后续市场不易走出单边行情，超额收益主要来自两方面：一是行业景气度能穿越经济周期，且估值与长期成长能力较为匹配的板块。二是精选Alpha，尤其是中小市值中，市场认知尚不充分、估值较低的成长股。\n银华基金建议，在行业配置上，建议均衡配置，一是建议逐步降低周期配置比例，配置银行等低估值行业以及自动化、汽车零部件等受益于全球经济复苏、出口产业链的偏中游制造类行业；二是中期看好受益于行业格局以及景气度仍较好的成长类子行业，如新能车、面板及军工等行业。\n富荣基金表示，短期维持市场整体偏震荡的格局不变，中长期认为业绩成长仍然是核心主线，看好高景气周期的光伏和电动车、电子等，看好低估值银行、部分周期龙头。\n诺安基金建议关注以下三大板块机会：一是科技板块，该板块近期或在行业基本面和政策的持续推动下有所表现；二是新能源板块，美国加码电动车刺激政策强化全球电动车逻辑正在验证，电动车板块行情或可延续；三是高端制造业，数据显示当前企业的资本开支在加大，未来业绩有望得到支撑。\n加仓or减持？对周期股看法不一\n周期板块是今年上半年最亮的星，精准把握周期股行情的基金，也在主动权益类基金中表现暂时领先，比如广发多因子、广发价值领先、宝盈产业优势等重仓周期行业股票的基金。\n对于下半年周期股行情能否持续，基金机构有不同的看法。银华基金认为，虽然当前全球复苏共振，宏观仍处于向上趋势，大宗商品价格或仍有上涨动力，但周期股整体性价比有所下降，建议逐步降低周期配置比例。\n也有基金经理表示，周期股上涨的主要逻辑就在于供需错配，一般情况下，只需要一到两个季度的时间，这种供需错配就会得到纠正，现在已是错配的尾部时间。\n仍然看好周期行情的基金经理也有充分的理由。一位明星基金经理表示：“市场对周期品的分歧，关键是对宏观经济的判断存在分歧”。全球供需不匹配、不均衡的复苏，还会持续一段时间。在经济持续复苏的背景下，周期品尤其是上游资源品的价格上涨，或者说价格在高点维持的时间，可能比市场预期得要长。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342957991,"gmtCreate":1618162991713,"gmtModify":1634294666689,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/342957991","repostId":"2126053888","repostType":2,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323663759,"gmtCreate":1615338645371,"gmtModify":1703487528238,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"Chiong ah","listText":"Chiong ah","text":"Chiong ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323663759","repostId":"1146881306","repostType":4,"isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360535516,"gmtCreate":1613954783135,"gmtModify":1631884564186,"author":{"id":"3561252728435238","authorId":"3561252728435238","name":"NiuBili","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3561252728435238","authorIdStr":"3561252728435238"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AFRM\">$Affirm Holdings, Inc.(AFRM)$</a>Good price to long now","listText":"<a href=\"https://laohu8.com/S/AFRM\">$Affirm Holdings, Inc.(AFRM)$</a>Good price to long now","text":"$Affirm Holdings, Inc.(AFRM)$Good price to long 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