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2021-08-02

cool

Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>

2021-08-12

cool

抱歉，原内容已删除

2021-07-31

cool

You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>

2021-06-27

cool

NASDAQ TRADE HALT CONTINUES REASON NOT AVAILABLE AT 03:28 AM<blockquote>纳斯达克贸易暂停继续凌晨 03:28 不可用原因</blockquote>

2021-07-03

cool

AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并未气馁，反复抨击评级</blockquote>

2021-07-10

Cool

抱歉，原内容已删除

2021-06-30

ok

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2021-06-17

cool

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2021-07-17

cool

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2021-07-16

nice

UPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 消息来源</blockquote>

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627898076,"share":"https://www.laohunote.com/m/news/1131923658?lang=zh_CN&edition=full","pubTime":"2021-08-02 17:54","market":"us","language":"en","title":"Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131923658","media":"Tiger Newspress","summary":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second q","content":"<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度收益和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021 年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过 200,000 辆汽车，实现了 11% 的营业利润率，并有史以来首次超过 [10 亿美元] GAAP 净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对该季度的近距离观察，由报告中的五个必看要点捕捉到。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.收入达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长 121%，特斯拉的收入同比飙升 98%，达到约 120 亿美元。这打破了分析师对 113 亿美元收入的平均预测。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，看到利润飙升也就不足为奇了。净利润从去年同期的 1.04 亿美元增至 11.4 亿美元。非 GAAP（调整后）净利润同比增长 258%，达到 16 亿美元。这意味着非 GAAP 每股收益为 1.45 美元，远远高于分析师普遍预期的 0.98 美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长证明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的 4.18 亿美元增加到 6.19 亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从 2021 年第一季度的 171 亿美元下降至 162 亿美元，但这主要是由于 16 亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>4.车辆需求强劲</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司面临供应限制。“全球需求仍然强劲，我们的生产受到可用零部件供应的限制，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5. 未来将有更强劲的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉仍然对其增长轨迹持乐观态度。该公司表示，预计今年总交付量将同比增长 50% 以上。这意味着2021年的总交付量将超过75万辆。到目前为止，特斯拉今年已交付超过 386,000 辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>特斯拉指出：“增长率将取决于我们的设备产能、运营效率以及供应链的能力和稳定性。”</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉增长面临的四大挑战</h4>然而，投资者担心有几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个高效的市场，贴现上市公司的好消息和坏消息。因此，股价在好消息出现前上涨，在坏消息出现前抛售。有时，市场先生——用本杰明·格雷厄姆的话来说——过于乐观，导致上市公司的股价远高于其基本面或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股票都被高估了。例如，TipRanks 估计特斯拉过去 12 个月的股本回报率为 12.41%，而估计特斯拉的内在价值为 160.11 美元，远低于其当前价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾几何时，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，情况已不再如此，因为通用汽车、福特、大众和丰田正在入侵电动市场。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络来扩大电动汽车生产规模并跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而侵蚀特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的内容。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币暴露</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，基于第一季度比特币的激增，特斯拉15亿美元的投资价值24.8亿美元。然而，鉴于比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>加剧比特币波动性的是将数字货币视为无限期无形资产的会计规则。因此，倘其公平值于评估报告期内下跌至低于账面值，则会出现减值亏损。在出售资产之前，公司不能就任何后续公允价值增加收回减值亏损。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为 2300 万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“虽然我们正在全速制造汽车，但全球芯片短缺情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于我们供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham 分析师 Rajvindra Gill 说，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>“吉尔写道：”即使最近的业绩更加积极，我们也很难证明特斯拉'定价到完美'的估值是合理的。</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>摩根士丹利分析师 Adam Jonas 表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是一只价值股，企业市盈率为 70 倍。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“乔纳斯写道：”特斯拉不仅是世界上发展最快的汽车公司之一，也是最赚钱的公司之一。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师科林·兰根表示，汽车毛利率令人印象深刻，但可能不会持久。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>“Langran 写道：”我们认为，由于原料垫成本上升以及随着价格较低的 Model Y SR 在中国上市，混合动力稀释，第三季度/第四季度的汽车利润率将会放缓。</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B. of A. Securities 的约翰·墨菲 (John Murphy) 语气更加谨慎。尽管节奏很快，“竞争还是很激烈的，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从 750 美元上调至 800 美元，比周二的价格上涨了约 26%。他维持了该股的中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</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\">\nCan Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 17:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度收益和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021 年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过 200,000 辆汽车，实现了 11% 的营业利润率，并有史以来首次超过 [10 亿美元] GAAP 净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对该季度的近距离观察，由报告中的五个必看要点捕捉到。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.收入达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长 121%，特斯拉的收入同比飙升 98%，达到约 120 亿美元。这打破了分析师对 113 亿美元收入的平均预测。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，看到利润飙升也就不足为奇了。净利润从去年同期的 1.04 亿美元增至 11.4 亿美元。非 GAAP（调整后）净利润同比增长 258%，达到 16 亿美元。这意味着非 GAAP 每股收益为 1.45 美元，远远高于分析师普遍预期的 0.98 美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长证明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的 4.18 亿美元增加到 6.19 亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从 2021 年第一季度的 171 亿美元下降至 162 亿美元，但这主要是由于 16 亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>4.车辆需求强劲</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司面临供应限制。“全球需求仍然强劲，我们的生产受到可用零部件供应的限制，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5. 未来将有更强劲的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉仍然对其增长轨迹持乐观态度。该公司表示，预计今年总交付量将同比增长 50% 以上。这意味着2021年的总交付量将超过75万辆。到目前为止，特斯拉今年已交付超过 386,000 辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>特斯拉指出：“增长率将取决于我们的设备产能、运营效率以及供应链的能力和稳定性。”</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉增长面临的四大挑战</h4>然而，投资者担心有几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个高效的市场，贴现上市公司的好消息和坏消息。因此，股价在好消息出现前上涨，在坏消息出现前抛售。有时，市场先生——用本杰明·格雷厄姆的话来说——过于乐观，导致上市公司的股价远高于其基本面或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股票都被高估了。例如，TipRanks 估计特斯拉过去 12 个月的股本回报率为 12.41%，而估计特斯拉的内在价值为 160.11 美元，远低于其当前价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾几何时，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，情况已不再如此，因为通用汽车、福特、大众和丰田正在入侵电动市场。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络来扩大电动汽车生产规模并跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而侵蚀特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的内容。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币暴露</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，基于第一季度比特币的激增，特斯拉15亿美元的投资价值24.8亿美元。然而，鉴于比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>加剧比特币波动性的是将数字货币视为无限期无形资产的会计规则。因此，倘其公平值于评估报告期内下跌至低于账面值，则会出现减值亏损。在出售资产之前，公司不能就任何后续公允价值增加收回减值亏损。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为 2300 万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“虽然我们正在全速制造汽车，但全球芯片短缺情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于我们供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham 分析师 Rajvindra Gill 说，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>“吉尔写道：”即使最近的业绩更加积极，我们也很难证明特斯拉'定价到完美'的估值是合理的。</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>摩根士丹利分析师 Adam Jonas 表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是一只价值股，企业市盈率为 70 倍。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“乔纳斯写道：”特斯拉不仅是世界上发展最快的汽车公司之一，也是最赚钱的公司之一。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师科林·兰根表示，汽车毛利率令人印象深刻，但可能不会持久。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>“Langran 写道：”我们认为，由于原料垫成本上升以及随着价格较低的 Model Y SR 在中国上市，混合动力稀释，第三季度/第四季度的汽车利润率将会放缓。</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B. of A. Securities 的约翰·墨菲 (John Murphy) 语气更加谨慎。尽管节奏很快，“竞争还是很激烈的，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从 750 美元上调至 800 美元，比周二的价格上涨了约 26%。他维持了该股的中性评级。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131923658","content_text":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"\nHere's a closer look at the quarter, captured by five must-see takeaways from the report.\n1. Revenue hit $12 billion\nHelped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.\n2. Profits skyrocketed\nOf course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.\nThe outsized growth in Tesla's profits demonstrates the scalability of the company's business model.\n3. Free cash flow remains healthy\nTesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.\nTotal cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.\n4. Vehicle demand is robust\nTesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.\n5. There's more sharp growth to come\nImportantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.\n\"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.\nFour Challenges to Tesla’s Growth\nHowever,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.\nHigh Valuation\nWall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.\nTesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.\nCompetition from Colonizers\nOnce, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.\nThese \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.\nBitcoin Exposure\nTesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.\nAdding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.\nRising Material Costs\nTogether with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.\n\"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.\nMixed reviews from Wall Street\nNeedham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.\n“Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.\nMorgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.\n“Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.\nWells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.\n“We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.\nJohn Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"\nThe quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802151783,"gmtCreate":1627738623442,"gmtModify":1633756716704,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802151783","repostId":"1147779023","repostType":2,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">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":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179823829,"gmtCreate":1626505511161,"gmtModify":1633926156441,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179823829","repostId":"2152177683","repostType":2,"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170163710,"gmtCreate":1626413065330,"gmtModify":1633926957696,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170163710","repostId":"2151572098","repostType":2,"repost":{"id":"2151572098","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626410869,"share":"https://www.laohunote.com/m/news/2151572098?lang=zh_CN&edition=full","pubTime":"2021-07-16 12:47","market":"sg","language":"en","title":"UPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 消息来源</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2151572098","media":"Reuters","summary":"(Adds details)   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its ","content":"<p><html><body>(Adds details)</p><p><blockquote><html><body>（添加详细信息）</body></html></blockquote></p><p>   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.</p><p><blockquote>路透新加坡7月16日 - 两位知情人士称，印度尼西亚电子商务公司Bukalapak已将其IPO规模从此前目标的11亿美元提高到15亿美元，这凸显了投资者对这家正在成为最大本地发行的需求强于预期。</blockquote></p><p>   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources who was not authorised to speak publicly about the matter.</p><p><blockquote>该公司的支持者包括新加坡主权投资者GIC和微软，该公司表示，其首次公开募股吸引了多头基金、国内投资者和主权财富基金的兴趣<a href=\"https://laohu8.com/S/AONE.U\">一</a>无权公开谈论此事的消息来源。</blockquote></p><p>   There was no immediate response to a Reuters query sent to Bukalapak.</p><p><blockquote>路透社向 Bukalapak 提出的询问没有立即得到回应。</blockquote></p><p> (Reporting by Anshuman Daga Editing by Ed Davies)</p><p><blockquote>（安舒曼·达加报道，埃德·戴维斯编辑）</blockquote></p><p>((anshuman.daga@tr.com;))</p><p><blockquote>（（anshuman.daga@tr.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 消息来源</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\">\nUPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 消息来源</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-07-16 12:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>(Adds details)</p><p><blockquote><html><body>（添加详细信息）</body></html></blockquote></p><p>   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.</p><p><blockquote>路透新加坡7月16日 - 两位知情人士称，印度尼西亚电子商务公司Bukalapak已将其IPO规模从此前目标的11亿美元提高到15亿美元，这凸显了投资者对这家正在成为最大本地发行的需求强于预期。</blockquote></p><p>   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources who was not authorised to speak publicly about the matter.</p><p><blockquote>该公司的支持者包括新加坡主权投资者GIC和微软，该公司表示，其首次公开募股吸引了多头基金、国内投资者和主权财富基金的兴趣<a href=\"https://laohu8.com/S/AONE.U\">一</a>无权公开谈论此事的消息来源。</blockquote></p><p>   There was no immediate response to a Reuters query sent to Bukalapak.</p><p><blockquote>路透社向 Bukalapak 提出的询问没有立即得到回应。</blockquote></p><p> (Reporting by Anshuman Daga Editing by Ed Davies)</p><p><blockquote>（安舒曼·达加报道，埃德·戴维斯编辑）</blockquote></p><p>((anshuman.daga@tr.com;))</p><p><blockquote>（（anshuman.daga@tr.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","MSFT":"微软","09086":"华夏纳指-U"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151572098","content_text":"(Adds details)   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said one of the sources who was not authorised to speak publicly about the matter.   There was no immediate response to a Reuters query sent to Bukalapak. (Reporting by Anshuman Daga Editing by Ed 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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1625293431,"share":"https://www.laohunote.com/m/news/1136694264?lang=zh_CN&edition=full","pubTime":"2021-07-03 14:23","market":"us","language":"en","title":"AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并未气馁，反复抨击评级</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136694264","media":"Benzinga Earnings","summary":"On Friday morning, Iceberg Researchannouncedit had taken a short position inAMC Entertainment Holdin","content":"<p>On Friday morning, Iceberg Researchannouncedit had taken a short position in<b>AMC Entertainment Holdings</b>AMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Researchannouncedit 已在<b>AMC院线控股</b>AMC 4.08%。Iceberg 表示，由于 6 月份股票交易横盘，期权交易员已经亏损，而且该股周围的水泵看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构继续抛售 AMC 看涨期权合约，周五期权交易员买入了价值超过 259 万美元的合约。这些合约的到期日从今天到 12 月 17 日不等，一些交易员选择了高达 145 美元的执行价格。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC 的股票从周五横盘交易形成的对称三角形中看跌突破，但守住了 47.91 美元的支撑位，并从该支撑位反弹。多头希望看到下跌继续被买入，并希望 AMC 以打印锤式烛台并收于 21 天指数移动平均线之上来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么重要：</b>当出现横扫订单时，表明交易者希望快速建仓，并预计股价即将出现大幅波动。扫货者为看涨期权或看跌期权支付市场价格，而不是出价，扫货者扫描多个交易所的订单簿，立即完成订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这类看涨期权期权订单通常由机构下达，散户投资者会发现留意扫货很有用，因为这表明 “聪明的资金 ”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC 期权交易：</b>以下是 Benzinga Pro 提供的著名选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午 9 点 42 分，一名交易员在 265 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 59 美元，将于 7 月 9 日到期。该交易代表了 52,205 美元的看涨押注，交易者为此支付了每份期权合约 1.97 美元。</li><li>上午 9:51，一名交易员在 247 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了221,065美元的看涨赌注，交易者为此支付了每份期权合约8.95美元。</li><li>上午 9 点 52 分，一名交易员在 248 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了 260,400 美元的看涨押注，交易者为此支付了每份期权合约 10.50 美元。</li><li>上午 9:53，一名交易员在 356 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 311,500 美元的看涨押注，交易者为此支付了每份期权合约 8.75 美元。</li><li>上午 9:53，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 266,600 美元的看涨押注，交易者为此支付了每份期权合约 8.60 美元。</li><li>上午 9:56，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了266,600美元的看涨押注，交易者为此支付了每份期权合约8.60美元。</li><li>上午 9 点 57 分，一名交易员在 300 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 28 美元，将于 7 月 2 日到期。该交易代表了221,065美元的看涨押注，交易者为此支付了每份期权合约23.40美元。</li><li>上午 9:58，一名交易员在 289 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了303,450美元的看涨赌注，交易者为此支付了每份期权合约10.50美元。</li><li>上午 9 点 58 分，一名交易员在 580 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 55 美元，将于 7 月 16 日到期。该交易代表了 278,400 美元的看涨押注，交易者为此支付了每份期权合约 4.80 美元。</li><li>上午 10:07，一名交易员在 258 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 80 美元，将于 7 月 16 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.52 美元。</li><li>上午 10:24，一名交易员在 352 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 50 美元，将于 7 月 2 日到期。该交易代表了 54,560 美元的看涨押注，交易者为此支付了每份期权合约 1.55 美元。</li><li>上午 10:26，一名交易员在 234 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 7 月 23 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.31 美元。</li><li>上午 10:31，一名交易员在 224 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 9 月 17 日到期。该交易代表了 105,280 美元的看涨押注，交易者为此支付了每份期权合约 4.70 美元。</li><li>上午 10:38，一名交易员在 500 份AMC院线期权出价附近执行了看涨期权扫荡，执行价格为 47 美元，将于 7 月 2 日到期。该交易代表了 146,000 美元的看涨押注，交易者为此支付了每份期权合约 2.92 美元。</li><li>中午 12:02，一名交易员在 500 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 45 美元，将于 7 月 9 日到期。该交易代表了 305,000 美元的看涨押注，交易者为此支付了每份期权合约 6.10 美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌 5.3%，至 51.33 美元。</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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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\">\nAMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并未气馁，反复抨击评级</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-07-03 14:23</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>On Friday morning, Iceberg Researchannouncedit had taken a short position in<b>AMC Entertainment Holdings</b>AMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Researchannouncedit 已在<b>AMC院线控股</b>AMC 4.08%。Iceberg 表示，由于 6 月份股票交易横盘，期权交易员已经亏损，而且该股周围的水泵看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构继续抛售 AMC 看涨期权合约，周五期权交易员买入了价值超过 259 万美元的合约。这些合约的到期日从今天到 12 月 17 日不等，一些交易员选择了高达 145 美元的执行价格。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC 的股票从周五横盘交易形成的对称三角形中看跌突破，但守住了 47.91 美元的支撑位，并从该支撑位反弹。多头希望看到下跌继续被买入，并希望 AMC 以打印锤式烛台并收于 21 天指数移动平均线之上来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么重要：</b>当出现横扫订单时，表明交易者希望快速建仓，并预计股价即将出现大幅波动。扫货者为看涨期权或看跌期权支付市场价格，而不是出价，扫货者扫描多个交易所的订单簿，立即完成订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这类看涨期权期权订单通常由机构下达，散户投资者会发现留意扫货很有用，因为这表明 “聪明的资金 ”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC 期权交易：</b>以下是 Benzinga Pro 提供的著名选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午 9 点 42 分，一名交易员在 265 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 59 美元，将于 7 月 9 日到期。该交易代表了 52,205 美元的看涨押注，交易者为此支付了每份期权合约 1.97 美元。</li><li>上午 9:51，一名交易员在 247 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了221,065美元的看涨赌注，交易者为此支付了每份期权合约8.95美元。</li><li>上午 9 点 52 分，一名交易员在 248 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了 260,400 美元的看涨押注，交易者为此支付了每份期权合约 10.50 美元。</li><li>上午 9:53，一名交易员在 356 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 311,500 美元的看涨押注，交易者为此支付了每份期权合约 8.75 美元。</li><li>上午 9:53，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 266,600 美元的看涨押注，交易者为此支付了每份期权合约 8.60 美元。</li><li>上午 9:56，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了266,600美元的看涨押注，交易者为此支付了每份期权合约8.60美元。</li><li>上午 9 点 57 分，一名交易员在 300 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 28 美元，将于 7 月 2 日到期。该交易代表了221,065美元的看涨押注，交易者为此支付了每份期权合约23.40美元。</li><li>上午 9:58，一名交易员在 289 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了303,450美元的看涨赌注，交易者为此支付了每份期权合约10.50美元。</li><li>上午 9 点 58 分，一名交易员在 580 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 55 美元，将于 7 月 16 日到期。该交易代表了 278,400 美元的看涨押注，交易者为此支付了每份期权合约 4.80 美元。</li><li>上午 10:07，一名交易员在 258 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 80 美元，将于 7 月 16 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.52 美元。</li><li>上午 10:24，一名交易员在 352 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 50 美元，将于 7 月 2 日到期。该交易代表了 54,560 美元的看涨押注，交易者为此支付了每份期权合约 1.55 美元。</li><li>上午 10:26，一名交易员在 234 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 7 月 23 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.31 美元。</li><li>上午 10:31，一名交易员在 224 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 9 月 17 日到期。该交易代表了 105,280 美元的看涨押注，交易者为此支付了每份期权合约 4.70 美元。</li><li>上午 10:38，一名交易员在 500 份AMC院线期权出价附近执行了看涨期权扫荡，执行价格为 47 美元，将于 7 月 2 日到期。该交易代表了 146,000 美元的看涨押注，交易者为此支付了每份期权合约 2.92 美元。</li><li>中午 12:02，一名交易员在 500 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 45 美元，将于 7 月 9 日到期。该交易代表了 305,000 美元的看涨押注，交易者为此支付了每份期权合约 6.10 美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌 5.3%，至 51.33 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136694264","content_text":"On Friday morning, Iceberg Researchannouncedit had taken a short position inAMC Entertainment HoldingsAMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.\nThe news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.\nAMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.\nWhy It’s Important:When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.\nThese types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.\nThe AMC Option Trades:Below is a look at the notable options alerts, courtesy ofBenzinga Pro:\n\nAt 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.\nAt 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.\nAt 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.\nAt 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.\nAt 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.\nAt 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.\nAt 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.\nAt 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.\nAt 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.\n\nAMC Price Action:Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151026843,"gmtCreate":1625059075682,"gmtModify":1633945365012,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"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/151026843","repostId":"2147786816","repostType":2,"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124708687,"gmtCreate":1624787977549,"gmtModify":1633948614782,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124708687","repostId":"2146677004","repostType":2,"repost":{"id":"2146677004","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624778901,"share":"https://www.laohunote.com/m/news/2146677004?lang=zh_CN&edition=full","pubTime":"2021-06-27 15:28","language":"en","title":"NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM<blockquote>纳斯达克贸易暂停继续 凌晨 03:28 不可用原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2146677004","media":"Reuters","summary":"NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM","content":"<p><html><body>NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM</p><p><blockquote><html><body>纳斯达克贸易暂停继续 凌晨 03:28 不可用原因</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.</p><p><blockquote>据国际能源署（IEA）称，到2050年，全球道路上的绝大多数运输车辆预计将是电动的。杰富瑞集团 (Jefferies Group) 综合石油和天然气分析师贾科莫·罗密欧 (Giacomo Romeo) 表示，运输行业约占综合石油和天然气公司所有业务的一半，这些公司处理从勘探到生产再到炼油的所有三个方面。</blockquote></p><p> Electric passenger vehicles such as the Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;Model 3, Nissan’s&nbsp;(<b>NSANY</b>)&nbsp;Leaf, Hyundai’s&nbsp;(<b>HYMTF</b>)&nbsp;Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”</p><p><blockquote>电动乘用车，如特斯拉（<b>特斯拉</b>) -获取报告 Model 3，日产 (<b>恩萨尼</b>) 聆风，现代的 (<b>HYMTF</b>) 预计到 2050 年，Kona Electric 和其他公司将占道路上所有乘用车的 86%，比去年的 1% 大幅上升。与此同时，根据国际能源署的报告《到2050年实现净零：全球能源行业路线图》，电动货车预计将从去年的0%飙升至84%，而79%的公共汽车和59%的重型卡车将是电动的，分别从2%和0%有所上升。</blockquote></p><p> Catalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.</p><p><blockquote>推动美国这一增长的催化剂预计将来自汽车制造商增加电动汽车的总数和提供的车型数量、政府机构为消费者购买电动汽车提供激励措施以及拜登总统支持增加电动汽车的使用埃德蒙兹表示。这家汽车研究公司今年发布的一份报告发现，美国电动汽车市场今年的销量有望创下历史新高，电动汽车预计将占今年美国汽车销量的2.5%，高于2020年的1.9%。</blockquote></p><p> “Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"</p><p><blockquote>“Edmunds insights 执行董事杰西卡-考德威尔（Jessica Caldwell）说：”价格和车型选择是消费者购买电动汽车的最大障碍。“你总是要花更多的钱买电动汽车，一旦人们开始购买汽车，他们一开始就打算买电动汽车，但当他们开始比较时，他们发现他们可以买到比电动汽车功能更多的更大的电动汽车。人们把更大等同于更好，认为这是一辆更好、更有价值的车”。</blockquote></p><p> Recently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.</p><p><blockquote>最近，消费者越来越倾向于大型车辆，而这些车辆往往是汽油动力的。但考德威尔指出，今年，消费者将首次可以选择购买电动卡车，这将消费电动汽车类别扩大到乘用车和 SUV 之外。</blockquote></p><p> By 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.</p><p><blockquote>根据德勤洞察公司（Deloitte Insights）的《电动汽车为2030年设定路线》报告，到2030年，全球电动汽车销量预计将达到3110万辆，约占所有新车销量的32%，高于去年的250万辆。</blockquote></p><p> However, oil and gas companies, especially Royal Dutch Shell&nbsp;(<b>RDS.A</b>) -Get Report&nbsp;and British Petroleum&nbsp;(<b>BP ADR</b>), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.</p><p><blockquote>然而，石油和天然气公司，尤其是荷兰皇家壳牌公司（<b>RDS.A</b>）-获取报告和英国石油公司（<b>BP ADR</b>分析师表示，随着对化石燃料的需求大幅下降，它们可能不会步恐龙的后尘。</blockquote></p><p> “I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.</p><p><blockquote>“德勤英国汽车行业战略与运营总监兼负责人杰米-汉密尔顿（Jamie Hamilton）说：”我不确定交通运输行业能否实现 100% 电动汽车。“乘用车可能会在未来五到十年内达到这一水平，这取决于价格下降和充电基础设施的推出，但货运和重型车辆可能不会”，因为它们的重量。</blockquote></p><p> <b>Dinosaurs Learn a New Dance</b></p><p><blockquote><b>恐龙学习新舞蹈</b></blockquote></p><p> The oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.</p><p><blockquote>石油和天然气行业正在探索许多变通办法，以避免电动汽车带来的石油和天然气需求潜在下降带来的财务打击。他们尝到了当新冠肺炎来袭，人们窝在家里而不是去办公室或旅行时，交通需求的大幅下降会是什么样子。</blockquote></p><p> “Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”</p><p><blockquote>“德勤能源、资源和工业研究中心执行主任凯特-哈丁（Kate Hardin）说：”大多数石油和天然气行业已经关注了更大市场的变化一段时间，因此电动汽车的增长并不令人意外。但随着驾驶和通勤使用 COVID 的减少，这比人们预测的要明显得多。“这使得一些社区的通勤率下降了 40% 到 50%”。</blockquote></p><p> Hardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.</p><p><blockquote>哈丁表示，大型石油和天然气公司之间已经进行了大量讨论，以探索新的商业模式，例如开发太阳能、电池技术和储能。</blockquote></p><p> Many fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.</p><p><blockquote>罗密欧说，许多化石燃料公司正在投资发电，例如太阳能和风能等可再生能源。目前，石油和天然气行业将其总资本的15%投资于发电，预计2025年后这一比例将增至25%。</blockquote></p><p></p><p> However, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.</p><p><blockquote>然而，罗密欧表示，发电业务的回报率最多只有10%，而下游提炼化石燃料业务的回报率为10%至15%，上游提取和生产燃料业务的回报率约为20%。虽然石油和天然气业务通常具有较高的回报，但罗马表示，该业务的波动性也远远高于发电业务。</blockquote></p><p> Additionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.</p><p><blockquote>此外，由于石油和天然气业务对环境、社会和治理（ESG）相关的担忧日益增加，以及投资者兴趣下降，石油和天然气业务的资本成本高于可再生能源行业。</blockquote></p><p> “There is always a balance that has to be weighed,” Romeo said.</p><p><blockquote>“罗密欧说：”总有一个天平需要权衡。</blockquote></p><p> <b>One-Stop Shop Strategy</b></p><p><blockquote><b>一站式商店策略</b></blockquote></p><p> The larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.</p><p><blockquote>随着消费者的需求和行为预计会发生变化，大型石油和天然气公司也在评估其零售加油站的设计和使用。</blockquote></p><p> Companies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.</p><p><blockquote>拥有大型加油站网络的公司正在考虑将其过渡到电动汽车充电站，而那些将便利店作为加油站一部分的公司预计，一旦它们被转换，就能从中赚到更多的钱。这是因为给电动汽车充电通常比给内燃机汽车加满汽油所需的时间要长得多。</blockquote></p><p> Companies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.</p><p><blockquote>罗密欧说，欧洲和美国的公司实际上从零售站的非燃料业务中获得的收入比从燃料中获得的收入更多。</blockquote></p><p> “Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”</p><p><blockquote>“罗密欧说：”石油公司认为，随着人们给汽车充电，他们会花更多的时间在零售店喝咖啡、购买食品杂货。“英国石油公司和壳牌公司已经在讨论这个问题了。”</blockquote></p><p> However, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.</p><p><blockquote>然而，人们也将减少使用零售充电站的频率，因为他们可以在家里、工作场所或其他有充电站的地方给汽车充电。</blockquote></p><p> <b>Other Survival Strategies</b></p><p><blockquote><b>其他生存策略</b></blockquote></p><p> Biofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.</p><p><blockquote>生物燃料由玉米、其他蔬菜和动物脂肪等有机材料制成，是石油和天然气公司正在探索的另一个领域。据路透社报道，对于航空业来说，生物燃料目前正与传统喷气燃料混合使用，但据路透社报道，波音公司计划到 2030 年让其机队使用 100% 生物燃料飞行。</blockquote></p><p> Biofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.</p><p><blockquote>罗密欧指出，生物燃料的投资回报率也很高。总部位于芬兰的 Neste（OTC：NTOIY）公司最近摆脱了传统炼油业务，成为世界上最大的可再生柴油生产商，其传统炼油业务的回报率为 30%，而其传统炼油业务的回报率为 12%。</blockquote></p><p> Integrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.</p><p><blockquote>综合石油和天然气公司负责勘探、生产和精炼等过程的所有三个方面，也在投资氢和电池。因为太阳能和风能等可再生能源不能提供恒定的能量流，所以它们产生的能量需要储存在氢气或电池中以备后用。</blockquote></p><p> Storing energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.</p><p><blockquote>储存能源可以盈利，因为它允许壳牌和英国石油公司等公司充当利用供需的能源交易商。罗密欧表示，例如，壳牌计划将其电力交易业务从目前的 255 太瓦/小时 (TWh) 增加到 2030 年的 560TWh。</blockquote></p><p> The battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.</p><p><blockquote>根据《财富》商业洞察，到 2027 年，电池储能市场预计将达到 197 亿美元。然而，与全球石油和天然气勘探和生产市场相比，这只是九牛一毛，根据 IBISWorld 的数据，今年的全球石油和天然气勘探和生产市场预计将达到 2.1 万亿美元。</blockquote></p><p> <b>Which Oil Companies Could Still Thrive</b></p><p><blockquote><b>哪些石油公司仍然可以蓬勃发展</b></blockquote></p><p> Potentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.</p><p><blockquote>随着电动汽车蚕食化石燃料业务，实现转型的潜在赢家包括壳牌。</blockquote></p><p> “I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”</p><p><blockquote>“罗密欧说：”我喜欢壳牌公司--我相信他们从正确的角度看待能源转型。“他们将自己视为提供低碳能源解决方案的能源中心。他们并不寻求拥有自己的产能，而是计划通过可再生能源、碳信用额和其他抵消措施的结合，为客户提供脱碳解决方案”。</blockquote></p><p> Edmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.</p><p><blockquote>埃德蒙兹的考德威尔认为，尽管各州和民族最近采取措施限制未来几十年新燃气动力汽车的销售，但传统的石油和天然气公司仍有一定的持久力。</blockquote></p><p> “Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.</p><p><blockquote>“燃气动力汽车不会在一夜之间消失。禁令针对的是新车销售，而不是燃气动力汽车的所有权。我认为，石油和天然气行业将有一个很长的转型窗口。这不是一个转动开关就会消失的，”考德威尔说。</blockquote></p><p></p>","source":"lsy1610613172068","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>What the Growing Ascendance of Electric Vehicles Means for Oil and Gas Stocks<blockquote>电动汽车日益增长的优势对石油和天然气股票意味着什么</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\">\nWhat the Growing Ascendance of Electric Vehicles Means for Oil and Gas Stocks<blockquote>电动汽车日益增长的优势对石油和天然气股票意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-24 15:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying out a host of strategies to compensate.</b>  Electric vehicles (EVs) are poised to run over the oil and gas industry -- at least that’s what it seems like at first glance.</p><p><blockquote><b>随着特斯拉和其他汽车制造商增加上路电动汽车的数量，石油和天然气公司正在尝试一系列策略来弥补。</b>电动汽车（EV）即将席卷石油和天然气行业--至少乍一看是这样。</blockquote></p><p> By 2050, the vast majority of transport vehicles on the road across the globe are expected to be electric, according to the International Energy Agency (IEA). And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.</p><p><blockquote>据国际能源署（IEA）称，到2050年，全球道路上的绝大多数运输车辆预计将是电动的。杰富瑞集团 (Jefferies Group) 综合石油和天然气分析师贾科莫·罗密欧 (Giacomo Romeo) 表示，运输行业约占综合石油和天然气公司所有业务的一半，这些公司处理从勘探到生产再到炼油的所有三个方面。</blockquote></p><p> Electric passenger vehicles such as the Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;Model 3, Nissan’s&nbsp;(<b>NSANY</b>)&nbsp;Leaf, Hyundai’s&nbsp;(<b>HYMTF</b>)&nbsp;Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”</p><p><blockquote>电动乘用车，如特斯拉（<b>特斯拉</b>) -获取报告 Model 3，日产 (<b>恩萨尼</b>) 聆风，现代的 (<b>HYMTF</b>) 预计到 2050 年，Kona Electric 和其他公司将占道路上所有乘用车的 86%，比去年的 1% 大幅上升。与此同时，根据国际能源署的报告《到2050年实现净零：全球能源行业路线图》，电动货车预计将从去年的0%飙升至84%，而79%的公共汽车和59%的重型卡车将是电动的，分别从2%和0%有所上升。</blockquote></p><p> Catalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.</p><p><blockquote>推动美国这一增长的催化剂预计将来自汽车制造商增加电动汽车的总数和提供的车型数量、政府机构为消费者购买电动汽车提供激励措施以及拜登总统支持增加电动汽车的使用埃德蒙兹表示。这家汽车研究公司今年发布的一份报告发现，美国电动汽车市场今年的销量有望创下历史新高，电动汽车预计将占今年美国汽车销量的2.5%，高于2020年的1.9%。</blockquote></p><p> “Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"</p><p><blockquote>“Edmunds insights 执行董事杰西卡-考德威尔（Jessica Caldwell）说：”价格和车型选择是消费者购买电动汽车的最大障碍。“你总是要花更多的钱买电动汽车，一旦人们开始购买汽车，他们一开始就打算买电动汽车，但当他们开始比较时，他们发现他们可以买到比电动汽车功能更多的更大的电动汽车。人们把更大等同于更好，认为这是一辆更好、更有价值的车”。</blockquote></p><p> Recently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.</p><p><blockquote>最近，消费者越来越倾向于大型车辆，而这些车辆往往是汽油动力的。但考德威尔指出，今年，消费者将首次可以选择购买电动卡车，这将消费电动汽车类别扩大到乘用车和 SUV 之外。</blockquote></p><p> By 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.</p><p><blockquote>根据德勤洞察公司（Deloitte Insights）的《电动汽车为2030年设定路线》报告，到2030年，全球电动汽车销量预计将达到3110万辆，约占所有新车销量的32%，高于去年的250万辆。</blockquote></p><p> However, oil and gas companies, especially Royal Dutch Shell&nbsp;(<b>RDS.A</b>) -Get Report&nbsp;and British Petroleum&nbsp;(<b>BP ADR</b>), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.</p><p><blockquote>然而，石油和天然气公司，尤其是荷兰皇家壳牌公司（<b>RDS.A</b>）-获取报告和英国石油公司（<b>BP ADR</b>分析师表示，随着对化石燃料的需求大幅下降，它们可能不会步恐龙的后尘。</blockquote></p><p> “I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.</p><p><blockquote>“德勤英国汽车行业战略与运营总监兼负责人杰米-汉密尔顿（Jamie Hamilton）说：”我不确定交通运输行业能否实现 100% 电动汽车。“乘用车可能会在未来五到十年内达到这一水平，这取决于价格下降和充电基础设施的推出，但货运和重型车辆可能不会”，因为它们的重量。</blockquote></p><p> <b>Dinosaurs Learn a New Dance</b></p><p><blockquote><b>恐龙学习新舞蹈</b></blockquote></p><p> The oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.</p><p><blockquote>石油和天然气行业正在探索许多变通办法，以避免电动汽车带来的石油和天然气需求潜在下降带来的财务打击。他们尝到了当新冠肺炎来袭，人们窝在家里而不是去办公室或旅行时，交通需求的大幅下降会是什么样子。</blockquote></p><p> “Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”</p><p><blockquote>“德勤能源、资源和工业研究中心执行主任凯特-哈丁（Kate Hardin）说：”大多数石油和天然气行业已经关注了更大市场的变化一段时间，因此电动汽车的增长并不令人意外。但随着驾驶和通勤使用 COVID 的减少，这比人们预测的要明显得多。“这使得一些社区的通勤率下降了 40% 到 50%”。</blockquote></p><p> Hardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.</p><p><blockquote>哈丁表示，大型石油和天然气公司之间已经进行了大量讨论，以探索新的商业模式，例如开发太阳能、电池技术和储能。</blockquote></p><p> Many fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.</p><p><blockquote>罗密欧说，许多化石燃料公司正在投资发电，例如太阳能和风能等可再生能源。目前，石油和天然气行业将其总资本的15%投资于发电，预计2025年后这一比例将增至25%。</blockquote></p><p></p><p> However, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.</p><p><blockquote>然而，罗密欧表示，发电业务的回报率最多只有10%，而下游提炼化石燃料业务的回报率为10%至15%，上游提取和生产燃料业务的回报率约为20%。虽然石油和天然气业务通常具有较高的回报，但罗马表示，该业务的波动性也远远高于发电业务。</blockquote></p><p> Additionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.</p><p><blockquote>此外，由于石油和天然气业务对环境、社会和治理（ESG）相关的担忧日益增加，以及投资者兴趣下降，石油和天然气业务的资本成本高于可再生能源行业。</blockquote></p><p> “There is always a balance that has to be weighed,” Romeo said.</p><p><blockquote>“罗密欧说：”总有一个天平需要权衡。</blockquote></p><p> <b>One-Stop Shop Strategy</b></p><p><blockquote><b>一站式商店策略</b></blockquote></p><p> The larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.</p><p><blockquote>随着消费者的需求和行为预计会发生变化，大型石油和天然气公司也在评估其零售加油站的设计和使用。</blockquote></p><p> Companies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.</p><p><blockquote>拥有大型加油站网络的公司正在考虑将其过渡到电动汽车充电站，而那些将便利店作为加油站一部分的公司预计，一旦它们被转换，就能从中赚到更多的钱。这是因为给电动汽车充电通常比给内燃机汽车加满汽油所需的时间要长得多。</blockquote></p><p> Companies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.</p><p><blockquote>罗密欧说，欧洲和美国的公司实际上从零售站的非燃料业务中获得的收入比从燃料中获得的收入更多。</blockquote></p><p> “Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”</p><p><blockquote>“罗密欧说：”石油公司认为，随着人们给汽车充电，他们会花更多的时间在零售店喝咖啡、购买食品杂货。“英国石油公司和壳牌公司已经在讨论这个问题了。”</blockquote></p><p> However, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.</p><p><blockquote>然而，人们也将减少使用零售充电站的频率，因为他们可以在家里、工作场所或其他有充电站的地方给汽车充电。</blockquote></p><p> <b>Other Survival Strategies</b></p><p><blockquote><b>其他生存策略</b></blockquote></p><p> Biofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.</p><p><blockquote>生物燃料由玉米、其他蔬菜和动物脂肪等有机材料制成，是石油和天然气公司正在探索的另一个领域。据路透社报道，对于航空业来说，生物燃料目前正与传统喷气燃料混合使用，但据路透社报道，波音公司计划到 2030 年让其机队使用 100% 生物燃料飞行。</blockquote></p><p> Biofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.</p><p><blockquote>罗密欧指出，生物燃料的投资回报率也很高。总部位于芬兰的 Neste（OTC：NTOIY）公司最近摆脱了传统炼油业务，成为世界上最大的可再生柴油生产商，其传统炼油业务的回报率为 30%，而其传统炼油业务的回报率为 12%。</blockquote></p><p> Integrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.</p><p><blockquote>综合石油和天然气公司负责勘探、生产和精炼等过程的所有三个方面，也在投资氢和电池。因为太阳能和风能等可再生能源不能提供恒定的能量流，所以它们产生的能量需要储存在氢气或电池中以备后用。</blockquote></p><p> Storing energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.</p><p><blockquote>储存能源可以盈利，因为它允许壳牌和英国石油公司等公司充当利用供需的能源交易商。罗密欧表示，例如，壳牌计划将其电力交易业务从目前的 255 太瓦/小时 (TWh) 增加到 2030 年的 560TWh。</blockquote></p><p> The battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.</p><p><blockquote>根据《财富》商业洞察，到 2027 年，电池储能市场预计将达到 197 亿美元。然而，与全球石油和天然气勘探和生产市场相比，这只是九牛一毛，根据 IBISWorld 的数据，今年的全球石油和天然气勘探和生产市场预计将达到 2.1 万亿美元。</blockquote></p><p> <b>Which Oil Companies Could Still Thrive</b></p><p><blockquote><b>哪些石油公司仍然可以蓬勃发展</b></blockquote></p><p> Potentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.</p><p><blockquote>随着电动汽车蚕食化石燃料业务，实现转型的潜在赢家包括壳牌。</blockquote></p><p> “I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”</p><p><blockquote>“罗密欧说：”我喜欢壳牌公司--我相信他们从正确的角度看待能源转型。“他们将自己视为提供低碳能源解决方案的能源中心。他们并不寻求拥有自己的产能，而是计划通过可再生能源、碳信用额和其他抵消措施的结合，为客户提供脱碳解决方案”。</blockquote></p><p> Edmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.</p><p><blockquote>埃德蒙兹的考德威尔认为，尽管各州和民族最近采取措施限制未来几十年新燃气动力汽车的销售，但传统的石油和天然气公司仍有一定的持久力。</blockquote></p><p> “Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.</p><p><blockquote>“燃气动力汽车不会在一夜之间消失。禁令针对的是新车销售，而不是燃气动力汽车的所有权。我认为，石油和天然气行业将有一个很长的转型窗口。这不是一个转动开关就会消失的，”考德威尔说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/what-growing-ascendance-of-evs-means-for-oil-and-gas-stocks\">The Street</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":{"RDS.A":"荷兰皇家壳牌石油A类股","TSLA":"特斯拉","NSANY":"日产汽车","BP":"英国石油"},"source_url":"https://www.thestreet.com/investing/what-growing-ascendance-of-evs-means-for-oil-and-gas-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170018171","content_text":"As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying out a host of strategies to compensate.\n\nElectric vehicles (EVs) are poised to run over the oil and gas industry -- at least that’s what it seems like at first glance.\nBy 2050, the vast majority of transport vehicles on the road across the globe are expected to be electric, according to the International Energy Agency (IEA). And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.\nElectric passenger vehicles such as the Tesla (TSLA) -Get Report Model 3, Nissan’s (NSANY) Leaf, Hyundai’s (HYMTF) Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”\nCatalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.\n“Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"\nRecently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.\nBy 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.\nHowever, oil and gas companies, especially Royal Dutch Shell (RDS.A) -Get Report and British Petroleum (BP ADR), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.\n“I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.\nDinosaurs Learn a New Dance\nThe oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.\n“Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”\nHardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.\nMany fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.\nHowever, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.\nAdditionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.\n“There is always a balance that has to be weighed,” Romeo said.\nOne-Stop Shop Strategy\nThe larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.\nCompanies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.\nCompanies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.\n“Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”\nHowever, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.\nOther Survival Strategies\nBiofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.\nBiofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.\nIntegrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.\nStoring energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.\nThe battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.\nWhich Oil Companies Could Still Thrive\nPotentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.\n“I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”\nEdmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.\n“Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.","news_type":1,"symbols_score_info":{"TSLA":0.9,"BP":0.9,"HYMTF":0.9,"NSANY":0.9,"RDS.A":0.9}},"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128590635,"gmtCreate":1624522245227,"gmtModify":1634004913105,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/128590635","repostId":"1170018171","repostType":2,"repost":{"id":"1170018171","kind":"news","pubTimestamp":1624518095,"share":"https://www.laohunote.com/m/news/1170018171?lang=zh_CN&edition=full","pubTime":"2021-06-24 15:01","market":"us","language":"en","title":"What the Growing Ascendance of Electric Vehicles Means for Oil and Gas Stocks<blockquote>电动汽车日益增长的优势对石油和天然气股票意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170018171","media":"The Street","summary":"As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying","content":"<p>  <b>As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying out a host of strategies to compensate.</b>  Electric vehicles (EVs) are poised to run over the oil and gas industry -- at least that’s what it seems like at first glance.</p><p><blockquote><b>随着特斯拉和其他汽车制造商增加上路电动汽车的数量，石油和天然气公司正在尝试一系列策略来弥补。</b>电动汽车（EV）即将席卷石油和天然气行业--至少乍一看是这样。</blockquote></p><p> By 2050, the vast majority of transport vehicles on the road across the globe are expected to be electric, according to the International Energy Agency (IEA). And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.</p><p><blockquote>据国际能源署（IEA）称，到2050年，全球道路上的绝大多数运输车辆预计将是电动的。杰富瑞集团 (Jefferies Group) 综合石油和天然气分析师贾科莫·罗密欧 (Giacomo Romeo) 表示，运输行业约占综合石油和天然气公司所有业务的一半，这些公司处理从勘探到生产再到炼油的所有三个方面。</blockquote></p><p> Electric passenger vehicles such as the Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;Model 3, Nissan’s&nbsp;(<b>NSANY</b>)&nbsp;Leaf, Hyundai’s&nbsp;(<b>HYMTF</b>)&nbsp;Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”</p><p><blockquote>电动乘用车，如特斯拉（<b>特斯拉</b>) -获取报告 Model 3，日产 (<b>恩萨尼</b>) 聆风，现代的 (<b>HYMTF</b>) 预计到 2050 年，Kona Electric 和其他公司将占道路上所有乘用车的 86%，比去年的 1% 大幅上升。与此同时，根据国际能源署的报告《到2050年实现净零：全球能源行业路线图》，电动货车预计将从去年的0%飙升至84%，而79%的公共汽车和59%的重型卡车将是电动的，分别从2%和0%有所上升。</blockquote></p><p> Catalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.</p><p><blockquote>推动美国这一增长的催化剂预计将来自汽车制造商增加电动汽车的总数和提供的车型数量、政府机构为消费者购买电动汽车提供激励措施以及拜登总统支持增加电动汽车的使用埃德蒙兹表示。这家汽车研究公司今年发布的一份报告发现，美国电动汽车市场今年的销量有望创下历史新高，电动汽车预计将占今年美国汽车销量的2.5%，高于2020年的1.9%。</blockquote></p><p> “Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"</p><p><blockquote>“Edmunds insights 执行董事杰西卡-考德威尔（Jessica Caldwell）说：”价格和车型选择是消费者购买电动汽车的最大障碍。“你总是要花更多的钱买电动汽车，一旦人们开始购买汽车，他们一开始就打算买电动汽车，但当他们开始比较时，他们发现他们可以买到比电动汽车功能更多的更大的电动汽车。人们把更大等同于更好，认为这是一辆更好、更有价值的车”。</blockquote></p><p> Recently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.</p><p><blockquote>最近，消费者越来越倾向于大型车辆，而这些车辆往往是汽油动力的。但考德威尔指出，今年，消费者将首次可以选择购买电动卡车，这将消费电动汽车类别扩大到乘用车和 SUV 之外。</blockquote></p><p> By 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.</p><p><blockquote>根据德勤洞察公司（Deloitte Insights）的《电动汽车为2030年设定路线》报告，到2030年，全球电动汽车销量预计将达到3110万辆，约占所有新车销量的32%，高于去年的250万辆。</blockquote></p><p> However, oil and gas companies, especially Royal Dutch Shell&nbsp;(<b>RDS.A</b>) -Get Report&nbsp;and British Petroleum&nbsp;(<b>BP ADR</b>), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.</p><p><blockquote>然而，石油和天然气公司，尤其是荷兰皇家壳牌公司（<b>RDS.A</b>）-获取报告和英国石油公司（<b>BP ADR</b>分析师表示，随着对化石燃料的需求大幅下降，它们可能不会步恐龙的后尘。</blockquote></p><p> “I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.</p><p><blockquote>“德勤英国汽车行业战略与运营总监兼负责人杰米-汉密尔顿（Jamie Hamilton）说：”我不确定交通运输行业能否实现 100% 电动汽车。“乘用车可能会在未来五到十年内达到这一水平，这取决于价格下降和充电基础设施的推出，但货运和重型车辆可能不会”，因为它们的重量。</blockquote></p><p> <b>Dinosaurs Learn a New Dance</b></p><p><blockquote><b>恐龙学习新舞蹈</b></blockquote></p><p> The oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.</p><p><blockquote>石油和天然气行业正在探索许多变通办法，以避免电动汽车带来的石油和天然气需求潜在下降带来的财务打击。他们尝到了当新冠肺炎来袭，人们窝在家里而不是去办公室或旅行时，交通需求的大幅下降会是什么样子。</blockquote></p><p> “Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”</p><p><blockquote>“德勤能源、资源和工业研究中心执行主任凯特-哈丁（Kate Hardin）说：”大多数石油和天然气行业已经关注了更大市场的变化一段时间，因此电动汽车的增长并不令人意外。但随着驾驶和通勤使用 COVID 的减少，这比人们预测的要明显得多。“这使得一些社区的通勤率下降了 40% 到 50%”。</blockquote></p><p> Hardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.</p><p><blockquote>哈丁表示，大型石油和天然气公司之间已经进行了大量讨论，以探索新的商业模式，例如开发太阳能、电池技术和储能。</blockquote></p><p> Many fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.</p><p><blockquote>罗密欧说，许多化石燃料公司正在投资发电，例如太阳能和风能等可再生能源。目前，石油和天然气行业将其总资本的15%投资于发电，预计2025年后这一比例将增至25%。</blockquote></p><p></p><p> However, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.</p><p><blockquote>然而，罗密欧表示，发电业务的回报率最多只有10%，而下游提炼化石燃料业务的回报率为10%至15%，上游提取和生产燃料业务的回报率约为20%。虽然石油和天然气业务通常具有较高的回报，但罗马表示，该业务的波动性也远远高于发电业务。</blockquote></p><p> Additionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.</p><p><blockquote>此外，由于石油和天然气业务对环境、社会和治理（ESG）相关的担忧日益增加，以及投资者兴趣下降，石油和天然气业务的资本成本高于可再生能源行业。</blockquote></p><p> “There is always a balance that has to be weighed,” Romeo said.</p><p><blockquote>“罗密欧说：”总有一个天平需要权衡。</blockquote></p><p> <b>One-Stop Shop Strategy</b></p><p><blockquote><b>一站式商店策略</b></blockquote></p><p> The larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.</p><p><blockquote>随着消费者的需求和行为预计会发生变化，大型石油和天然气公司也在评估其零售加油站的设计和使用。</blockquote></p><p> Companies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.</p><p><blockquote>拥有大型加油站网络的公司正在考虑将其过渡到电动汽车充电站，而那些将便利店作为加油站一部分的公司预计，一旦它们被转换，就能从中赚到更多的钱。这是因为给电动汽车充电通常比给内燃机汽车加满汽油所需的时间要长得多。</blockquote></p><p> Companies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.</p><p><blockquote>罗密欧说，欧洲和美国的公司实际上从零售站的非燃料业务中获得的收入比从燃料中获得的收入更多。</blockquote></p><p> “Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”</p><p><blockquote>“罗密欧说：”石油公司认为，随着人们给汽车充电，他们会花更多的时间在零售店喝咖啡、购买食品杂货。“英国石油公司和壳牌公司已经在讨论这个问题了。”</blockquote></p><p> However, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.</p><p><blockquote>然而，人们也将减少使用零售充电站的频率，因为他们可以在家里、工作场所或其他有充电站的地方给汽车充电。</blockquote></p><p> <b>Other Survival Strategies</b></p><p><blockquote><b>其他生存策略</b></blockquote></p><p> Biofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.</p><p><blockquote>生物燃料由玉米、其他蔬菜和动物脂肪等有机材料制成，是石油和天然气公司正在探索的另一个领域。据路透社报道，对于航空业来说，生物燃料目前正与传统喷气燃料混合使用，但据路透社报道，波音公司计划到 2030 年让其机队使用 100% 生物燃料飞行。</blockquote></p><p> Biofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.</p><p><blockquote>罗密欧指出，生物燃料的投资回报率也很高。总部位于芬兰的 Neste（OTC：NTOIY）公司最近摆脱了传统炼油业务，成为世界上最大的可再生柴油生产商，其传统炼油业务的回报率为 30%，而其传统炼油业务的回报率为 12%。</blockquote></p><p> Integrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.</p><p><blockquote>综合石油和天然气公司负责勘探、生产和精炼等过程的所有三个方面，也在投资氢和电池。因为太阳能和风能等可再生能源不能提供恒定的能量流，所以它们产生的能量需要储存在氢气或电池中以备后用。</blockquote></p><p> Storing energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.</p><p><blockquote>储存能源可以盈利，因为它允许壳牌和英国石油公司等公司充当利用供需的能源交易商。罗密欧表示，例如，壳牌计划将其电力交易业务从目前的 255 太瓦/小时 (TWh) 增加到 2030 年的 560TWh。</blockquote></p><p> The battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.</p><p><blockquote>根据《财富》商业洞察，到 2027 年，电池储能市场预计将达到 197 亿美元。然而，与全球石油和天然气勘探和生产市场相比，这只是九牛一毛，根据 IBISWorld 的数据，今年的全球石油和天然气勘探和生产市场预计将达到 2.1 万亿美元。</blockquote></p><p> <b>Which Oil Companies Could Still Thrive</b></p><p><blockquote><b>哪些石油公司仍然可以蓬勃发展</b></blockquote></p><p> Potentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.</p><p><blockquote>随着电动汽车蚕食化石燃料业务，实现转型的潜在赢家包括壳牌。</blockquote></p><p> “I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”</p><p><blockquote>“罗密欧说：”我喜欢壳牌公司--我相信他们从正确的角度看待能源转型。“他们将自己视为提供低碳能源解决方案的能源中心。他们并不寻求拥有自己的产能，而是计划通过可再生能源、碳信用额和其他抵消措施的结合，为客户提供脱碳解决方案”。</blockquote></p><p> Edmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.</p><p><blockquote>埃德蒙兹的考德威尔认为，尽管各州和民族最近采取措施限制未来几十年新燃气动力汽车的销售，但传统的石油和天然气公司仍有一定的持久力。</blockquote></p><p> “Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.</p><p><blockquote>“燃气动力汽车不会在一夜之间消失。禁令针对的是新车销售，而不是燃气动力汽车的所有权。我认为，石油和天然气行业将有一个很长的转型窗口。这不是一个转动开关就会消失的，”考德威尔说。</blockquote></p><p></p>","source":"lsy1610613172068","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>What the Growing Ascendance of Electric Vehicles Means for Oil and Gas Stocks<blockquote>电动汽车日益增长的优势对石油和天然气股票意味着什么</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\">\nWhat the Growing Ascendance of Electric Vehicles Means for Oil and Gas Stocks<blockquote>电动汽车日益增长的优势对石油和天然气股票意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-24 15:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying out a host of strategies to compensate.</b>  Electric vehicles (EVs) are poised to run over the oil and gas industry -- at least that’s what it seems like at first glance.</p><p><blockquote><b>随着特斯拉和其他汽车制造商增加上路电动汽车的数量，石油和天然气公司正在尝试一系列策略来弥补。</b>电动汽车（EV）即将席卷石油和天然气行业--至少乍一看是这样。</blockquote></p><p> By 2050, the vast majority of transport vehicles on the road across the globe are expected to be electric, according to the International Energy Agency (IEA). And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.</p><p><blockquote>据国际能源署（IEA）称，到2050年，全球道路上的绝大多数运输车辆预计将是电动的。杰富瑞集团 (Jefferies Group) 综合石油和天然气分析师贾科莫·罗密欧 (Giacomo Romeo) 表示，运输行业约占综合石油和天然气公司所有业务的一半，这些公司处理从勘探到生产再到炼油的所有三个方面。</blockquote></p><p> Electric passenger vehicles such as the Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;Model 3, Nissan’s&nbsp;(<b>NSANY</b>)&nbsp;Leaf, Hyundai’s&nbsp;(<b>HYMTF</b>)&nbsp;Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”</p><p><blockquote>电动乘用车，如特斯拉（<b>特斯拉</b>) -获取报告 Model 3，日产 (<b>恩萨尼</b>) 聆风，现代的 (<b>HYMTF</b>) 预计到 2050 年，Kona Electric 和其他公司将占道路上所有乘用车的 86%，比去年的 1% 大幅上升。与此同时，根据国际能源署的报告《到2050年实现净零：全球能源行业路线图》，电动货车预计将从去年的0%飙升至84%，而79%的公共汽车和59%的重型卡车将是电动的，分别从2%和0%有所上升。</blockquote></p><p> Catalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.</p><p><blockquote>推动美国这一增长的催化剂预计将来自汽车制造商增加电动汽车的总数和提供的车型数量、政府机构为消费者购买电动汽车提供激励措施以及拜登总统支持增加电动汽车的使用埃德蒙兹表示。这家汽车研究公司今年发布的一份报告发现，美国电动汽车市场今年的销量有望创下历史新高，电动汽车预计将占今年美国汽车销量的2.5%，高于2020年的1.9%。</blockquote></p><p> “Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"</p><p><blockquote>“Edmunds insights 执行董事杰西卡-考德威尔（Jessica Caldwell）说：”价格和车型选择是消费者购买电动汽车的最大障碍。“你总是要花更多的钱买电动汽车，一旦人们开始购买汽车，他们一开始就打算买电动汽车，但当他们开始比较时，他们发现他们可以买到比电动汽车功能更多的更大的电动汽车。人们把更大等同于更好，认为这是一辆更好、更有价值的车”。</blockquote></p><p> Recently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.</p><p><blockquote>最近，消费者越来越倾向于大型车辆，而这些车辆往往是汽油动力的。但考德威尔指出，今年，消费者将首次可以选择购买电动卡车，这将消费电动汽车类别扩大到乘用车和 SUV 之外。</blockquote></p><p> By 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.</p><p><blockquote>根据德勤洞察公司（Deloitte Insights）的《电动汽车为2030年设定路线》报告，到2030年，全球电动汽车销量预计将达到3110万辆，约占所有新车销量的32%，高于去年的250万辆。</blockquote></p><p> However, oil and gas companies, especially Royal Dutch Shell&nbsp;(<b>RDS.A</b>) -Get Report&nbsp;and British Petroleum&nbsp;(<b>BP ADR</b>), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.</p><p><blockquote>然而，石油和天然气公司，尤其是荷兰皇家壳牌公司（<b>RDS.A</b>）-获取报告和英国石油公司（<b>BP ADR</b>分析师表示，随着对化石燃料的需求大幅下降，它们可能不会步恐龙的后尘。</blockquote></p><p> “I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.</p><p><blockquote>“德勤英国汽车行业战略与运营总监兼负责人杰米-汉密尔顿（Jamie Hamilton）说：”我不确定交通运输行业能否实现 100% 电动汽车。“乘用车可能会在未来五到十年内达到这一水平，这取决于价格下降和充电基础设施的推出，但货运和重型车辆可能不会”，因为它们的重量。</blockquote></p><p> <b>Dinosaurs Learn a New Dance</b></p><p><blockquote><b>恐龙学习新舞蹈</b></blockquote></p><p> The oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.</p><p><blockquote>石油和天然气行业正在探索许多变通办法，以避免电动汽车带来的石油和天然气需求潜在下降带来的财务打击。他们尝到了当新冠肺炎来袭，人们窝在家里而不是去办公室或旅行时，交通需求的大幅下降会是什么样子。</blockquote></p><p> “Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”</p><p><blockquote>“德勤能源、资源和工业研究中心执行主任凯特-哈丁（Kate Hardin）说：”大多数石油和天然气行业已经关注了更大市场的变化一段时间，因此电动汽车的增长并不令人意外。但随着驾驶和通勤使用 COVID 的减少，这比人们预测的要明显得多。“这使得一些社区的通勤率下降了 40% 到 50%”。</blockquote></p><p> Hardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.</p><p><blockquote>哈丁表示，大型石油和天然气公司之间已经进行了大量讨论，以探索新的商业模式，例如开发太阳能、电池技术和储能。</blockquote></p><p> Many fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.</p><p><blockquote>罗密欧说，许多化石燃料公司正在投资发电，例如太阳能和风能等可再生能源。目前，石油和天然气行业将其总资本的15%投资于发电，预计2025年后这一比例将增至25%。</blockquote></p><p></p><p> However, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.</p><p><blockquote>然而，罗密欧表示，发电业务的回报率最多只有10%，而下游提炼化石燃料业务的回报率为10%至15%，上游提取和生产燃料业务的回报率约为20%。虽然石油和天然气业务通常具有较高的回报，但罗马表示，该业务的波动性也远远高于发电业务。</blockquote></p><p> Additionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.</p><p><blockquote>此外，由于石油和天然气业务对环境、社会和治理（ESG）相关的担忧日益增加，以及投资者兴趣下降，石油和天然气业务的资本成本高于可再生能源行业。</blockquote></p><p> “There is always a balance that has to be weighed,” Romeo said.</p><p><blockquote>“罗密欧说：”总有一个天平需要权衡。</blockquote></p><p> <b>One-Stop Shop Strategy</b></p><p><blockquote><b>一站式商店策略</b></blockquote></p><p> The larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.</p><p><blockquote>随着消费者的需求和行为预计会发生变化，大型石油和天然气公司也在评估其零售加油站的设计和使用。</blockquote></p><p> Companies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.</p><p><blockquote>拥有大型加油站网络的公司正在考虑将其过渡到电动汽车充电站，而那些将便利店作为加油站一部分的公司预计，一旦它们被转换，就能从中赚到更多的钱。这是因为给电动汽车充电通常比给内燃机汽车加满汽油所需的时间要长得多。</blockquote></p><p> Companies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.</p><p><blockquote>罗密欧说，欧洲和美国的公司实际上从零售站的非燃料业务中获得的收入比从燃料中获得的收入更多。</blockquote></p><p> “Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”</p><p><blockquote>“罗密欧说：”石油公司认为，随着人们给汽车充电，他们会花更多的时间在零售店喝咖啡、购买食品杂货。“英国石油公司和壳牌公司已经在讨论这个问题了。”</blockquote></p><p> However, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.</p><p><blockquote>然而，人们也将减少使用零售充电站的频率，因为他们可以在家里、工作场所或其他有充电站的地方给汽车充电。</blockquote></p><p> <b>Other Survival Strategies</b></p><p><blockquote><b>其他生存策略</b></blockquote></p><p> Biofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.</p><p><blockquote>生物燃料由玉米、其他蔬菜和动物脂肪等有机材料制成，是石油和天然气公司正在探索的另一个领域。据路透社报道，对于航空业来说，生物燃料目前正与传统喷气燃料混合使用，但据路透社报道，波音公司计划到 2030 年让其机队使用 100% 生物燃料飞行。</blockquote></p><p> Biofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.</p><p><blockquote>罗密欧指出，生物燃料的投资回报率也很高。总部位于芬兰的 Neste（OTC：NTOIY）公司最近摆脱了传统炼油业务，成为世界上最大的可再生柴油生产商，其传统炼油业务的回报率为 30%，而其传统炼油业务的回报率为 12%。</blockquote></p><p> Integrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.</p><p><blockquote>综合石油和天然气公司负责勘探、生产和精炼等过程的所有三个方面，也在投资氢和电池。因为太阳能和风能等可再生能源不能提供恒定的能量流，所以它们产生的能量需要储存在氢气或电池中以备后用。</blockquote></p><p> Storing energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.</p><p><blockquote>储存能源可以盈利，因为它允许壳牌和英国石油公司等公司充当利用供需的能源交易商。罗密欧表示，例如，壳牌计划将其电力交易业务从目前的 255 太瓦/小时 (TWh) 增加到 2030 年的 560TWh。</blockquote></p><p> The battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.</p><p><blockquote>根据《财富》商业洞察，到 2027 年，电池储能市场预计将达到 197 亿美元。然而，与全球石油和天然气勘探和生产市场相比，这只是九牛一毛，根据 IBISWorld 的数据，今年的全球石油和天然气勘探和生产市场预计将达到 2.1 万亿美元。</blockquote></p><p> <b>Which Oil Companies Could Still Thrive</b></p><p><blockquote><b>哪些石油公司仍然可以蓬勃发展</b></blockquote></p><p> Potentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.</p><p><blockquote>随着电动汽车蚕食化石燃料业务，实现转型的潜在赢家包括壳牌。</blockquote></p><p> “I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”</p><p><blockquote>“罗密欧说：”我喜欢壳牌公司--我相信他们从正确的角度看待能源转型。“他们将自己视为提供低碳能源解决方案的能源中心。他们并不寻求拥有自己的产能，而是计划通过可再生能源、碳信用额和其他抵消措施的结合，为客户提供脱碳解决方案”。</blockquote></p><p> Edmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.</p><p><blockquote>埃德蒙兹的考德威尔认为，尽管各州和民族最近采取措施限制未来几十年新燃气动力汽车的销售，但传统的石油和天然气公司仍有一定的持久力。</blockquote></p><p> “Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.</p><p><blockquote>“燃气动力汽车不会在一夜之间消失。禁令针对的是新车销售，而不是燃气动力汽车的所有权。我认为，石油和天然气行业将有一个很长的转型窗口。这不是一个转动开关就会消失的，”考德威尔说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/what-growing-ascendance-of-evs-means-for-oil-and-gas-stocks\">The Street</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":{"RDS.A":"荷兰皇家壳牌石油A类股","TSLA":"特斯拉","NSANY":"日产汽车","BP":"英国石油"},"source_url":"https://www.thestreet.com/investing/what-growing-ascendance-of-evs-means-for-oil-and-gas-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170018171","content_text":"As Tesla and other carmakers ramp up the number of EVs on the road, oil and gas companies are trying out a host of strategies to compensate.\n\nElectric vehicles (EVs) are poised to run over the oil and gas industry -- at least that’s what it seems like at first glance.\nBy 2050, the vast majority of transport vehicles on the road across the globe are expected to be electric, according to the International Energy Agency (IEA). And the transportation industry contributes roughly half of all the business for integrated oil and gas companies, which handle all three aspects of the process from exploration to production to refining, according to Giacomo Romeo, integrated oil and gas analyst with Jefferies Group.\nElectric passenger vehicles such as the Tesla (TSLA) -Get Report Model 3, Nissan’s (NSANY) Leaf, Hyundai’s (HYMTF) Kona Electric and others are expected to account for 86% of all passenger vehicles on the road by 2050,up dramaticallyfrom just 1% last year. Meanwhile, electric vans are expected to soar to 84% of all vans from 0% last year, while 79% of buses and 59% of heavy trucks will be electric, up from 2% and 0%, respectively, according to IEA’s report “Net Zero by 2050: A Roadmap for the Global Energy Sector.”\nCatalysts driving this growth in the U.S. are expected to come from car manufacturers increasing both the total number of electric vehicles and the number of models they offer, government agencies offering incentives to consumers to purchase electric vehicles and support from President Biden to increase the use of electric vehicles, according to Edmunds. The automotive research firm released a report this year that found the U.S. electric vehicle market is on track to post record sales this year, with EVs expected to represent 2.5% of U.S. vehicle sales this year, up from 1.9% in 2020.\n“Price and choice of models are the biggest barriers to buying EVs for consumers,” said Jessica Caldwell, executive director of insights for Edmunds. “You always pay more for EVs and once people start shopping for a car, they start with the intent of buying an EV, but when they begin to compare they see they can get a bigger one with more features than an EV. People equate bigger with better and think it’s a nicer car and more worthy.\"\nRecently, consumers’ preference hasswung to larger vehiclesand those tend to be gas-powered. But this year, for the first time, consumers will have the option of purchasing electric trucks, which expands the consumer EV categories beyond just passenger cars and SUVs, Caldwell noted.\nBy 2030, EV sales worldwide are expected to reach 31.1 million and represent approximately 32% of all new car sales, up from 2.5 million EVs sold last year, according to Deloitte Insights’ “Electric Vehicles Setting a Course for 2030” report.\nHowever, oil and gas companies, especially Royal Dutch Shell (RDS.A) -Get Report and British Petroleum (BP ADR), likely won't go the way of the dinosaurs as demand for their fossil fuels takes a deep dive, analysts say.\n“I’m not sure the transportation industry will get to 100% EV,” said Jamie Hamilton, director and leader in the UK automotive sector strategy and operations for Deloitte. “Passenger cars may get there in the next five to 10 years depending on prices coming down and charging infrastructure rollouts, but freight and heavy vehicles may not” due to their weight.\nDinosaurs Learn a New Dance\nThe oil and gas industry is exploring a number of workarounds to avoid the financial hit from a potential decline in oil and gas demand brought on by electric vehicles. They received a taste of what a big dip in transportation demand would look like when COVID-19 hit and people hunkered down at home versus heading into the office or traveling.\n“Most of the oil and gas industry already had an eye on the changes going on in the larger market for some time, so the growth of EVs is not a surprise. But with the decline in driving and commuting with COVID, this was more stark than people predicted,” said Kate Hardin, executive director of Deloitte Energy, Resources and Industrials research center. “That took commuting down by 40% to 50% in some communities.”\nHardin said there has been a lot of discussion among large oil and gas companies to explore new business models, such as developing solar energy, battery technology and energy storage.\nMany fossil fuel companies are investing in power generation, such as renewable energy including solar and wind, Romeo said. Currently, the oil and gas industry is investing 15% of its total capital into power generation, and that is expected to increase to 25% after 2025.\nHowever, the power generation business has returns of 10% at best, while the downstream business of refining fossil fuels has returns of 10% to 15% and the upstream business of extracting and producing the fuels about 20%, Romeo said. While the oil and gas business generally has higher returns, Rome said it is also far more volatile than the power generation business.\nAdditionally, the cost of capital for the oil and gas business is higher than that for the renewables industry, due to increasing environmental, social and governance (ESG)- related concerns in the oil and gas business, and declining interest from investors.\n“There is always a balance that has to be weighed,” Romeo said.\nOne-Stop Shop Strategy\nThe larger oil and gas companies are also evaluating the design and use of their retail gas stations as consumers’ needs and behavior are expected to change.\nCompanies with a large network of gas stations are considering transitioning them to EV charging stations, and those that have convenience stores as part of their stations expect to make even more money off of them once they are converted. That’s because charging an EV typically takes significantly longer than filling an internal combustion engine vehicle with gas.\nCompanies in Europe and the U.S. actually get more revenue from their non-fuel business at their retail stations than they do from fuel, Romeo said.\n“Oil companies see [that] as people charge their cars, they will spend more time in retail stores drinking coffee, shopping for groceries,” Romeo said. “BP and Shell are already talking about this.”\nHowever, people will also be using retail charging stations less often because they can charge their cars at home, at work or at other places that have charging stations.\nOther Survival Strategies\nBiofuels, which are produced from organic material such as corn, other vegetables and animal fats, are another area that oil and gas companies are exploring. For the aviation industry, biofuel is currently being mixed in with traditional jet fuel, but Boeing BA, for example, plans to fly its fleet using 100% biofuel by 2030, according to Reuters.\nBiofuels have high returns on investment too, Romeo noted. One company, Finland-based Neste (OTC: NTOIY), recently moved away from traditional refining to become the world’s largest renewable diesel producer, generating 30% returns compared to 12% for its traditional refining business.\nIntegrated oil and gas companies, which handle all three aspects of the process including exploration, production and refining, are also investing in hydrogen and batteries. Because renewable energy sources such as solar and wind do not provide a constant stream of energy, the energy they generate needs to be stored in either hydrogen or batteries for later use.\nStoring energy can be profitable since it allows companies like Shell and British Petroleum to act as energy traders that leverage supply and demand. Shell, for example, plans to increase its power trading business from 255 Terawatts per hour (TWh) now to 560TWh in 2030, Romeo said.\nThe battery energy storage market is expected to reach $19.7 billion by 2027, according to Fortune Business Insights. However, that’s a drop in the bucket compared to the global oil and gas exploration and production market, which is expected to reach an estimated $2.1 trillion this year, according to IBISWorld.\nWhich Oil Companies Could Still Thrive\nPotentialwinners in making the transitionas electric vehicles eat into their fossil fuel business include Shell.\n“I like Shell -- I believe they see energy transition from the right angle,” Romeo said. “They view themselves as an energy center that delivers lower-carbon energy solutions. They don’t seek to own capacity but instead, they plan to deliver de-carbonization solutions to their customers via a combination of renewable power, carbon credits, and other offsets.”\nEdmunds’ Caldwell believes the traditional oil and gas companies have some staying power, despite recent moves by states and nations to limit the sale of new gas-powered vehicles over the next several decades.\n“Gas-powered vehicles are not going away overnight. The bans are on new vehicle sales and not ownership of gas-powered vehicles. I think there will be a long window for the oil and gas industries to pivot. It is not a flip of the switch and they’re gone,” Caldwell said.","news_type":1,"symbols_score_info":{"TSLA":0.9,"BP":0.9,"HYMTF":0.9,"NSANY":0.9,"RDS.A":0.9}},"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123567852,"gmtCreate":1624430133476,"gmtModify":1634006222926,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123567852","repostId":"2145578060","repostType":2,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129256083,"gmtCreate":1624374860442,"gmtModify":1634007038851,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129256083","repostId":"1180651681","repostType":2,"repost":{"id":"1180651681","kind":"news","pubTimestamp":1624374662,"share":"https://www.laohunote.com/m/news/1180651681?lang=zh_CN&edition=full","pubTime":"2021-06-22 23:11","market":"us","language":"en","title":"Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180651681","media":"zerohedge","summary":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary ","content":"<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动快速周期性增长反弹，甚至欢迎通胀回升。这与老一代政策制定者在1994年面临类似的周期性反弹形成鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了需要的时间。与1995年老一代政策制定者在1994年面临类似情况时设计的软着陆相比，目前的方法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年对1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济有很多与1994年相同的特点。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲的反弹反映了经济的重新开放以及宽松的货币和财政刺激。1994年反弹的催化剂来自宽松货币的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021 年的快速增长更快、更广泛。普遍估计，2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021 年前五个月，核心消费者通胀率年化率为 5%，而通胀率在 1994 年达到峰值 3%。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，认为多个产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者终止所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划削减其资产购买计划，在完全透明之前，它不能这样做。那毫无意义。<b>一项推动不可持续的需求激增和房价上涨的政策，今天是错误的，明天会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者看到强劲的订单和材料价格上涨，证明公司需要更多的库存来保护生产计划。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年，决策者连续12个月提高官方利率，将官方利率从3%翻了一番，提高到6%。官方利率的上升导致了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零利率和资产购买的政策立场使经济走上了不同的道路，硬着陆的可能性更大</b>.美联储需要有人尽快发声，因为在经济快速增长和物价压力上升的背景下，创纪录的货币宽松政策已不再必要，在此过程中，经济将走上一条不可持续的道路，最终结局将很糟糕。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Someone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</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\">\nSomeone At The Fed Needs To Speak Up To Avoid Committing A Major Policy Error<blockquote>美联储需要有人大声疾呼，以避免犯下重大政策错误</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-22 23:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder</b></p><p><blockquote><b>美联储需要有人大声疾呼，以避免犯下重大政策错误</b></blockquote></p><p> Monetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.</p><p><blockquote>2021年的货币政策正在积极推动快速周期性增长反弹，甚至欢迎通胀回升。这与老一代政策制定者在1994年面临类似的周期性反弹形成鲜明对比。当时，政策制定者迅速而积极地抑制周期性扩张，特别是通胀上升。</blockquote></p><p> <i><b>Someone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.</b></i></p><p><blockquote><i><b>美联储需要有人大声疾呼，以避免犯下重大政策错误。透明度和可预测性的制度僵化使得宽松货币政策持续的时间超过了需要的时间。与1995年老一代政策制定者在1994年面临类似情况时设计的软着陆相比，目前的方法使经济走上了硬着陆的道路。</b></i></blockquote></p><p> <u><b>2021 vs. 1994</b></u></p><p><blockquote><u><b>2021年对1994年</b></u></blockquote></p><p> The economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.</p><p><blockquote>2021年的经济有很多与1994年相同的特点。随着不利因素的消退，这两年都出现了快速增长和价格压力。2021年，强劲的反弹反映了经济的重新开放以及宽松的货币和财政刺激。1994年反弹的催化剂来自宽松货币的延长以及家庭去杠杆化、企业重组和国防削减的结束。</blockquote></p><p> 2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.</p><p><blockquote>继上一年创纪录的下降之后，2021 年的快速增长更快、更广泛。普遍估计，2021年实际GDP增长率在6%至7%之间，而1994年的增长率为4%。但这两年最大的区别是通货膨胀。</blockquote></p><p> Core consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.<b>Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.</b></p><p><blockquote>2021 年前五个月，核心消费者通胀率年化率为 5%，而通胀率在 1994 年达到峰值 3%。管道通货膨胀的速度是它的三倍多。<b>中间材料的核心价格上涨了17%，而1994年的峰值为5%。</b></blockquote></p><p> The current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.</p><p><blockquote>当代政策制定者认为，产品市场的供需将在某个时候“自动修正”。这意味着，随着企业提高生产水平以满足更高水平的需求，而不会对经济造成任何干扰，管道通胀压力将消失。当然，在现实中，一两个产品市场可以重新调整。但是，认为多个产品市场是天真的，住房和服务经济的许多部分可以同时这样做。</blockquote></p><p> Institutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.<b>A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.</b></p><p><blockquote>透明度和可预测性的制度僵化阻止了政策制定者终止所有人都认为不再需要的住房资产购买计划。这是实施货币政策的正确方式吗？仅仅因为政策制定者没有告诉或告知金融市场它计划削减其资产购买计划，在完全透明之前，它不能这样做。那毫无意义。<b>一项推动不可持续的需求激增和房价上涨的政策，今天是错误的，明天会更加错误。</b></blockquote></p><p> In 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.</p><p><blockquote>1994年，老一代政策制定者看到强劲的订单和材料价格上涨，证明公司需要更多的库存来保护生产计划。2021年已经有企业因零部件短缺而不得不减产的例子。抑制最终需求被视为打破和缩短通胀周期性上升的必要条件。因此，1994年，决策者连续12个月提高官方利率，将官方利率从3%翻了一番，提高到6%。官方利率的上升导致了1995年的软着陆。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e215035587498373a49afd2e7a1eb321\" tg-width=\"500\" tg-height=\"372\"><b>The current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome</b>. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.</p><p><blockquote><b>目前零利率和资产购买的政策立场使经济走上了不同的道路，硬着陆的可能性更大</b>.美联储需要有人尽快发声，因为在经济快速增长和物价压力上升的背景下，创纪录的货币宽松政策已不再必要，在此过程中，经济将走上一条不可持续的道路，最终结局将很糟糕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">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":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/someone-fed-needs-speak-avoid-committing-major-policy-error?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180651681","content_text":"Someone At The Fed Needs To Speak Up To Save Itself From Committing A Major Policy Blunder\nMonetary policy in 2021 is actively promoting the fast cyclical growth bounce and even welcoming the uptick in inflation. That's in sharp contrast to how the old generation of policymakers confronted a similar cyclical bounce in 1994. Back then, policymakers worked quickly and aggressively to restrain the cyclical expansion, particularly the uptick in inflation.\nSomeone at the Fed needs to speak up to save itself from committing a major policy blunder. Institutional rigidities of transparency and predictability are keeping a policy of easy money for longer than is needed. The current approach puts the economy on a course for a hard landing compared to the soft landing the old generation of policymakers engineered in 1995 when faced with a similar scenario in 1994.\n2021 vs. 1994\nThe economy in 2021 has a lot of the same features as in 1994. Both years saw rapid growth and price pressures emerge as headwinds faded. In 2021, the strong rebound reflects the re-opening of the economy helped along with easy money and fiscal stimulus. The catalyst for the rebound in 1994 came from an extended span of easy money and the end of household deleveraging, corporate restructuring, and defense cutbacks.\n2021 rapid growth is faster and broader as it followed a record decline in the prior year. Consensus estimates put Real GDP growth in 2021 in the 6% to 7% range, whereas the increase in 1994 came in at 4%. But the big difference between the two years is inflation.\nCore consumer inflation runs at a 5% annualized rate through the first five months of 2021, whereas inflation peaked at 3% in 1994. Pipeline inflation is more than three times as fast.Core prices for intermediate materials have increased 17% in the past year versus a peak of 5% in 1994.\nThe current generation of policymakers thinks that the supply and demand in the product markets will at some point \"autocorrect.\" That implies pipeline inflation pressures will disappear as companies raise production levels to meet the higher level of demand without causing any disturbances in the economy. Of course, in reality, a single or two product markets can readjust. But, it is naive to think of multiple product markets, and housing and many parts of the service economy can do so simultaneously.\nInstitutional rigidities of transparency and predictability stop policymakers from ending the asset purchase program for housing that everyone agrees is no longer needed. Is that the proper way to conduct monetary policy? Just because policymakers did not tell or inform the financial markets it planned to curtail its asset purchase program, it cannot do so until complete transparency. That makes zero sense.A policy that fuels an unsustainable surge in demand and a rise in house prices that is wrong today will be even more so tomorrow.\nIn 1994, the old generation of policymakers saw strong ordering and material price increases as evidence that companies needed more inventories to protect production schedules. There have already been examples in 2021 in which companies had to curtail production because of a shortage of parts. Subduing final demand was seen as a necessary condition to break and shorten the cyclical uptick in inflation. Thus, in 1994 policymakers lifted official rates for twelve consecutive months, doubling official rates from 3% to 6%. That ratcheting up of official rates brought about a soft landing in 1995.\nThe current policy stance of zero official rates and asset purchases puts the economy on a different course, with a hard landing a much likelier outcome. Someone at the Fed needs to speak up soon as record monetary accommodation is no longer necessary against a backdrop of fast growth and rising price pressure and, in the process, puts the economy on an unsustainable course that will end badly.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129367994,"gmtCreate":1624360338618,"gmtModify":1634007323113,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129367994","repostId":"2145051255","repostType":2,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120095047,"gmtCreate":1624287272489,"gmtModify":1634008339857,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562051412158983","authorIdStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120095047","repostId":"2145033942","repostType":2,"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":805449945,"gmtCreate":1627902296387,"gmtModify":1633755468597,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805449945","repostId":"1131923658","repostType":2,"repost":{"id":"1131923658","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627898076,"share":"https://www.laohunote.com/m/news/1131923658?lang=zh_CN&edition=full","pubTime":"2021-08-02 17:54","market":"us","language":"en","title":"Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131923658","media":"Tiger Newspress","summary":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second q","content":"<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度收益和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021 年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过 200,000 辆汽车，实现了 11% 的营业利润率，并有史以来首次超过 [10 亿美元] GAAP 净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对该季度的近距离观察，由报告中的五个必看要点捕捉到。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.收入达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长 121%，特斯拉的收入同比飙升 98%，达到约 120 亿美元。这打破了分析师对 113 亿美元收入的平均预测。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，看到利润飙升也就不足为奇了。净利润从去年同期的 1.04 亿美元增至 11.4 亿美元。非 GAAP（调整后）净利润同比增长 258%，达到 16 亿美元。这意味着非 GAAP 每股收益为 1.45 美元，远远高于分析师普遍预期的 0.98 美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长证明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的 4.18 亿美元增加到 6.19 亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从 2021 年第一季度的 171 亿美元下降至 162 亿美元，但这主要是由于 16 亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>4.车辆需求强劲</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司面临供应限制。“全球需求仍然强劲，我们的生产受到可用零部件供应的限制，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5. 未来将有更强劲的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉仍然对其增长轨迹持乐观态度。该公司表示，预计今年总交付量将同比增长 50% 以上。这意味着2021年的总交付量将超过75万辆。到目前为止，特斯拉今年已交付超过 386,000 辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>特斯拉指出：“增长率将取决于我们的设备产能、运营效率以及供应链的能力和稳定性。”</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉增长面临的四大挑战</h4>然而，投资者担心有几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个高效的市场，贴现上市公司的好消息和坏消息。因此，股价在好消息出现前上涨，在坏消息出现前抛售。有时，市场先生——用本杰明·格雷厄姆的话来说——过于乐观，导致上市公司的股价远高于其基本面或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股票都被高估了。例如，TipRanks 估计特斯拉过去 12 个月的股本回报率为 12.41%，而估计特斯拉的内在价值为 160.11 美元，远低于其当前价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾几何时，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，情况已不再如此，因为通用汽车、福特、大众和丰田正在入侵电动市场。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络来扩大电动汽车生产规模并跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而侵蚀特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的内容。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币暴露</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，基于第一季度比特币的激增，特斯拉15亿美元的投资价值24.8亿美元。然而，鉴于比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>加剧比特币波动性的是将数字货币视为无限期无形资产的会计规则。因此，倘其公平值于评估报告期内下跌至低于账面值，则会出现减值亏损。在出售资产之前，公司不能就任何后续公允价值增加收回减值亏损。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为 2300 万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“虽然我们正在全速制造汽车，但全球芯片短缺情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于我们供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham 分析师 Rajvindra Gill 说，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>“吉尔写道：”即使最近的业绩更加积极，我们也很难证明特斯拉'定价到完美'的估值是合理的。</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>摩根士丹利分析师 Adam Jonas 表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是一只价值股，企业市盈率为 70 倍。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“乔纳斯写道：”特斯拉不仅是世界上发展最快的汽车公司之一，也是最赚钱的公司之一。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师科林·兰根表示，汽车毛利率令人印象深刻，但可能不会持久。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>“Langran 写道：”我们认为，由于原料垫成本上升以及随着价格较低的 Model Y SR 在中国上市，混合动力稀释，第三季度/第四季度的汽车利润率将会放缓。</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B. of A. Securities 的约翰·墨菲 (John Murphy) 语气更加谨慎。尽管节奏很快，“竞争还是很激烈的，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从 750 美元上调至 800 美元，比周二的价格上涨了约 26%。他维持了该股的中性评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</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\">\nCan Tesla's stock price return to the upward channel?<blockquote>特斯拉股价能否重回上升通道？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 17:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla released Q2 earnings and revenues last week that beat analysts' expectations.</p><p><blockquote>特斯拉上周发布的第二季度收益和收入超出了分析师的预期。</blockquote></p><p> \"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"</p><p><blockquote>特斯拉在公司第二季度更新中表示：“2021 年第二季度，我们打破了新的、引人注目的记录。”“我们生产和交付了超过 200,000 辆汽车，实现了 11% 的营业利润率，并有史以来首次超过 [10 亿美元] GAAP 净利润。”</blockquote></p><p> Here's a closer look at the quarter, captured by five must-see takeaways from the report.</p><p><blockquote>以下是对该季度的近距离观察，由报告中的五个必看要点捕捉到。</blockquote></p><p> <b>1. Revenue hit $12 billion</b></p><p><blockquote><b>1.收入达到120亿美元</b></blockquote></p><p> Helped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.</p><p><blockquote>得益于汽车交付量同比增长 121%，特斯拉的收入同比飙升 98%，达到约 120 亿美元。这打破了分析师对 113 亿美元收入的平均预测。</blockquote></p><p> <b>2. Profits skyrocketed</b></p><p><blockquote><b>2、利润暴涨</b></blockquote></p><p> Of course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.</p><p><blockquote>当然，有了这样的收入，看到利润飙升也就不足为奇了。净利润从去年同期的 1.04 亿美元增至 11.4 亿美元。非 GAAP（调整后）净利润同比增长 258%，达到 16 亿美元。这意味着非 GAAP 每股收益为 1.45 美元，远远高于分析师普遍预期的 0.98 美元。</blockquote></p><p> The outsized growth in Tesla's profits demonstrates the scalability of the company's business model.</p><p><blockquote>特斯拉利润的大幅增长证明了该公司商业模式的可扩展性。</blockquote></p><p> <b>3. Free cash flow remains healthy</b></p><p><blockquote><b>3.自由现金流保持健康</b></blockquote></p><p> Tesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.</p><p><blockquote>特斯拉再次产生了正的自由现金流，即运营现金流减去资本支出。期内自由现金流从去年同期的 4.18 亿美元增加到 6.19 亿美元。</blockquote></p><p> Total cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.</p><p><blockquote>手头现金总额从 2021 年第一季度的 171 亿美元下降至 162 亿美元，但这主要是由于 16 亿美元的净债务和融资租赁还款。</blockquote></p><p> <b>4. Vehicle demand is robust</b></p><p><blockquote><b>4.车辆需求强劲</b></blockquote></p><p> Tesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.</p><p><blockquote>特斯拉再次表示，对其汽车的需求达到了创纪录的水平。事实上，需求如此强劲，以至于该公司面临供应限制。“全球需求仍然强劲，我们的生产受到可用零部件供应的限制，”特斯拉解释道。</blockquote></p><p> <b>5. There's more sharp growth to come</b></p><p><blockquote><b>5. 未来将有更强劲的增长</b></blockquote></p><p> Importantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.</p><p><blockquote>重要的是，特斯拉仍然对其增长轨迹持乐观态度。该公司表示，预计今年总交付量将同比增长 50% 以上。这意味着2021年的总交付量将超过75万辆。到目前为止，特斯拉今年已交付超过 386,000 辆汽车。</blockquote></p><p> \"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.</p><p><blockquote>特斯拉指出：“增长率将取决于我们的设备产能、运营效率以及供应链的能力和稳定性。”</blockquote></p><p> <h4>Four Challenges to Tesla’s Growth</h4> However,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.</p><p><blockquote><h4>特斯拉增长面临的四大挑战</h4>然而，投资者担心有几个因素可能会很快减缓特斯拉狂热的股价增长。</blockquote></p><p> <b>High Valuation</b></p><p><blockquote><b>高估值</b></blockquote></p><p> Wall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.</p><p><blockquote>华尔街是一个高效的市场，贴现上市公司的好消息和坏消息。因此，股价在好消息出现前上涨，在坏消息出现前抛售。有时，市场先生——用本杰明·格雷厄姆的话来说——过于乐观，导致上市公司的股价远高于其基本面或内在价值。其他时候，先生。市场过于悲观，导致上市公司股价远低于其内在价值。</blockquote></p><p> Tesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.</p><p><blockquote>从许多标准来看，特斯拉的股票都被高估了。例如，TipRanks 估计特斯拉过去 12 个月的股本回报率为 12.41%，而估计特斯拉的内在价值为 160.11 美元，远低于其当前价格水平。</blockquote></p><p> <b>Competition from Colonizers</b></p><p><blockquote><b>来自殖民者的竞争</b></blockquote></p><p> Once, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.</p><p><blockquote>曾几何时，特斯拉几乎没有竞争，因为它开创的电动汽车（EV）市场几乎没有来自传统汽车制造商的竞争。然而，情况已不再如此，因为通用汽车、福特、大众和丰田正在入侵电动市场。</blockquote></p><p> These \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.</p><p><blockquote>这些电动汽车市场的“殖民者”拥有制造经验、专业知识和分销网络来扩大电动汽车生产规模并跨越将电动汽车推向大众的“临界点”。与此同时，新竞争对手进入电动汽车市场可能会引发价格竞争，从而侵蚀特斯拉的收入增长和利润率。这是华尔街在季度财务报表中密切关注的内容。</blockquote></p><p> <b>Bitcoin Exposure</b></p><p><blockquote><b>比特币暴露</b></blockquote></p><p> Tesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克对比特币情有独钟。这就是为什么他一直将公司的部分现金投资于数字货币。截至3月底，基于第一季度比特币的激增，特斯拉15亿美元的投资价值24.8亿美元。然而，鉴于比特币的波动性，这也有其风险。</blockquote></p><p> Adding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.</p><p><blockquote>加剧比特币波动性的是将数字货币视为无限期无形资产的会计规则。因此，倘其公平值于评估报告期内下跌至低于账面值，则会出现减值亏损。在出售资产之前，公司不能就任何后续公允价值增加收回减值亏损。随着数字货币价格暴跌，特斯拉报告第二季度与比特币相关的减值为 2300 万美元。</blockquote></p><p> <b>Rising Material Costs</b></p><p><blockquote><b>材料成本上升</b></blockquote></p><p></p><p> Together with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.</p><p><blockquote>由于COVID-19大流行期间供应链中断，特斯拉与传统汽车制造商一起面临严重的材料短缺，预计这将减缓其狂热增长的步伐。</blockquote></p><p> \"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.</p><p><blockquote>“虽然我们正在全速制造汽车，但全球芯片短缺情况仍然相当严重，”马斯克告诉投资者。“在今年剩余时间里，我们的增长率将取决于我们供应链中最慢的部分，”他补充说，有多种芯片将成为增长的刹车。</blockquote></p><p> <h4>Mixed reviews from Wall Street</h4> Needham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.</p><p><blockquote><h4>华尔街褒贬不一</h4>Needham 分析师 Rajvindra Gill 说，特斯拉股票的定价已经非常完美，这可以解释该股周二的疲软。</blockquote></p><p> “Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.</p><p><blockquote>“吉尔写道：”即使最近的业绩更加积极，我们也很难证明特斯拉'定价到完美'的估值是合理的。</blockquote></p><p> Morgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.</p><p><blockquote>摩根士丹利分析师 Adam Jonas 表示，本季度可能不会改变多头或空头的说法，特斯拉仍然不是一只价值股，企业市盈率为 70 倍。</blockquote></p><p> “Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.</p><p><blockquote>“乔纳斯写道：”特斯拉不仅是世界上发展最快的汽车公司之一，也是最赚钱的公司之一。</blockquote></p><p> Wells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.</p><p><blockquote>富国银行分析师科林·兰根表示，汽车毛利率令人印象深刻，但可能不会持久。</blockquote></p><p> “We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.</p><p><blockquote>“Langran 写道：”我们认为，由于原料垫成本上升以及随着价格较低的 Model Y SR 在中国上市，混合动力稀释，第三季度/第四季度的汽车利润率将会放缓。</blockquote></p><p> John Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"</p><p><blockquote>B. of A. Securities 的约翰·墨菲 (John Murphy) 语气更加谨慎。尽管节奏很快，“竞争还是很激烈的，”他说。“（特斯拉的）运营环境正在从真空转向日益拥挤的空间。”</blockquote></p><p> The quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.</p><p><blockquote>季度业绩“在很大程度上得益于积极的定价动态和良好的执行力”，墨菲将该股的目标价从 750 美元上调至 800 美元，比周二的价格上涨了约 26%。他维持了该股的中性评级。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131923658","content_text":"Tesla released Q2 earnings and revenues last week that beat analysts' expectations.\n\"In the second quarter of 2021, we broke new and notable records,\" said Tesla in the company's second-quarter update. \"We produced and delivered over 200,000 vehicles, achieved an operating margin of 11% and exceeded [$1 billion] of GAAP net income for the first time in our history.\"\nHere's a closer look at the quarter, captured by five must-see takeaways from the report.\n1. Revenue hit $12 billion\nHelped by a 121% year-over-year increase in vehicle deliveries, Tesla's revenue surged 98% year over year to approximately $12 billion. This crushed analysts' average forecast for revenue of $11.3 billion.\n2. Profits skyrocketed\nOf course, with revenue like this, it wasn't surprising to see profits soar. Net income increased from $104 million in the year-ago period to $1.14 billion. Non-GAAP (adjusted) net income increased 258% year over year to $1.6 billion. This translated to non-GAAP earnings per share of $1.45 -- far ahead of a consensus analyst estimate of $0.98.\nThe outsized growth in Tesla's profits demonstrates the scalability of the company's business model.\n3. Free cash flow remains healthy\nTesla once again generated positive free cash flow, or cash flow from operations less capital expenditures. Free cash flow for the period increased from $418 million in the year-ago period to $619 million.\nTotal cash on hand fell from $17.1 billion in the first quarter of 2021 to $16.2 billion but this was primarily due to $1.6 billion in net debt and finance lease repayments.\n4. Vehicle demand is robust\nTesla once again said demand for its vehicles achieved record levels. Indeed, demand is so robust that the company is supply constrained. \"Global demand continues to be robust, and we are producing at the limits of available parts supply,\" Tesla explained.\n5. There's more sharp growth to come\nImportantly, Tesla remains optimistic about its growth trajectory. The company says it continues to expect to grow its total deliveries more than 50% year over year this year. This implies 2021 total deliveries of more than 750,000. So far, Tesla has delivered more than 386,000 vehicles this year.\n\"The rate of growth will depend on our equipment capacity, operational efficiency, and the capacity and stability of the supply chain,\" Tesla noted.\nFour Challenges to Tesla’s Growth\nHowever,investors are concerned with several factors that may slow Tesla's feverish share price growth soon.\nHigh Valuation\nWall Street is an efficient market, discounting good news and bad news on listed companies. As a result, shares are run-up ahead of good news and sold-off ahead of bad news. Sometimes, Mr. Market—to use Benjamin Graham's terminology—is too optimistic, sending the shares of listed companies well above their fundamental or intrinsic value. Other times, Mr. Market is too pessimistic, sending shares of listed companies well below their intrinsic value.\nTesla's shares are overvalued by many standards. TipRanks, for instance, estimates Tesla's 12-month-trailing return on equity to be a modest 12.41%, while estimates put Tesla's intrinsic value at $160.11, well below its current price level.\nCompetition from Colonizers\nOnce, Tesla had little competition, as the electric vehicle (EV) market it pioneered had little competition from traditional automakers. However, that's no longer the case, as General Motors, Ford, Volkswagen, and Toyota are invading the electric market.\nThese \"colonizers\" of the EV market have the manufacturing experience, expertise, and distribution networks to scale up EV production and cross the \"tipping point\" of bringing EVs to the masses. Meanwhile, the entry of new competitors into the EV market could unleash price competition that will erode Tesla's revenue growth and profit margins. That's something Wall Street is watching closely in quarterly financial statements.\nBitcoin Exposure\nTesla's CEO Elon Musk has an affinity for bitcoin. That's why he has been investing some of the company's cash in digital currency. As of the end of March, Tesla's $1.5 billion investment was worth $2.48 billion, based on the surge in bitcoin in the first quarter. However, that has its risks, too, given bitcoin's volatility.\nAdding to bitcoin's volatility are accounting rules that treat the digital currency as an indefinite-lived intangible asset. Thus, it is subject to impairment losses if its fair value decreases below the carrying value during the assessed reporting period. Companies cannot recover impairment losses for any subsequent increase in fair value until the asset's sale. Tesla reported bitcoin-related impairments of $23 million in Q2 as the price of digital currency dived.\nRising Material Costs\nTogether with traditional automobile makers, Tesla faces a severe material shortage due to supply chain disruptions during the COVID-19 pandemic, which is expected to slow down the pace of its feverish growth.\n\"While we're making cars at full speed, the global chip shortage situation remains quite serious,\" Musk told investors. \"For the rest of this year, our growth rates will be determined by the slowest part in our supply chain,\" adding that there are a wide range of chips that will serve as that brake on growth.\nMixed reviews from Wall Street\nNeedham analyst Rajvindra Gill said Tesla shares are already priced to perfection, which could explain the stock’s weakness on Tuesday.\n“Tesla's ‘priced to perfection’ valuation is hard for us to justify, even with more positive recent Results,” Gill wrote.\nMorgan Stanley analyst Adam Jonas said the quarter likely didn’t change the narrative for bulls or bears, and Tesla is still not a value stock priced at an enterprise multiple of 70x.\n“Tesla is not only among the fastest growing auto companies in the world, it is also one of the most profitable,” Jonas wrote.\nWells Fargo analyst Colin Langan said auto gross margins were impressive, but they may not last.\n“We see auto margins moderating in Q3/Q4 due to rising raw mat costs and mix dilution as the lower priced Model Y SR launches in China,” Langran wrote.\nJohn Murphy with B. of A. Securities struck a more cautious tone. Despite the beat, \"competition is fierce and heating up,\" he said. \"(Tesla's) operating environment is shifting from that of a vacuum to an increasingly crowded space.\"\nThe quarterly beat was \"very much helped by positive pricing dynamics and good execution,\" and Murphy raised his price target on the stock to $800 from $750, which represents an upside around 26% from Tuesday's prices. He kept B. of A.'s neutral rating on the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895403809,"gmtCreate":1628761364501,"gmtModify":1633689713940,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895403809","repostId":"2158530942","repostType":2,"isVote":1,"tweetType":1,"viewCount":1975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802151783,"gmtCreate":1627738623442,"gmtModify":1633756716704,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802151783","repostId":"1147779023","repostType":2,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">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":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124708687,"gmtCreate":1624787977549,"gmtModify":1633948614782,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124708687","repostId":"2146677004","repostType":2,"repost":{"id":"2146677004","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624778901,"share":"https://www.laohunote.com/m/news/2146677004?lang=zh_CN&edition=full","pubTime":"2021-06-27 15:28","language":"en","title":"NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM<blockquote>纳斯达克贸易暂停继续 凌晨 03:28 不可用原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2146677004","media":"Reuters","summary":"NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM","content":"<p><html><body>NASDAQ TRADE HALT CONTINUES    REASON NOT AVAILABLE AT 03:28 AM</p><p><blockquote><html><body>纳斯达克贸易暂停继续 凌晨 03:28 不可用原因</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Researchannouncedit 已在<b>AMC院线控股</b>AMC 4.08%。Iceberg 表示，由于 6 月份股票交易横盘，期权交易员已经亏损，而且该股周围的水泵看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构继续抛售 AMC 看涨期权合约，周五期权交易员买入了价值超过 259 万美元的合约。这些合约的到期日从今天到 12 月 17 日不等，一些交易员选择了高达 145 美元的执行价格。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC 的股票从周五横盘交易形成的对称三角形中看跌突破，但守住了 47.91 美元的支撑位，并从该支撑位反弹。多头希望看到下跌继续被买入，并希望 AMC 以打印锤式烛台并收于 21 天指数移动平均线之上来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么重要：</b>当出现横扫订单时，表明交易者希望快速建仓，并预计股价即将出现大幅波动。扫货者为看涨期权或看跌期权支付市场价格，而不是出价，扫货者扫描多个交易所的订单簿，立即完成订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这类看涨期权期权订单通常由机构下达，散户投资者会发现留意扫货很有用，因为这表明 “聪明的资金 ”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC 期权交易：</b>以下是 Benzinga Pro 提供的著名选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午 9 点 42 分，一名交易员在 265 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 59 美元，将于 7 月 9 日到期。该交易代表了 52,205 美元的看涨押注，交易者为此支付了每份期权合约 1.97 美元。</li><li>上午 9:51，一名交易员在 247 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了221,065美元的看涨赌注，交易者为此支付了每份期权合约8.95美元。</li><li>上午 9 点 52 分，一名交易员在 248 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了 260,400 美元的看涨押注，交易者为此支付了每份期权合约 10.50 美元。</li><li>上午 9:53，一名交易员在 356 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 311,500 美元的看涨押注，交易者为此支付了每份期权合约 8.75 美元。</li><li>上午 9:53，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 266,600 美元的看涨押注，交易者为此支付了每份期权合约 8.60 美元。</li><li>上午 9:56，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了266,600美元的看涨押注，交易者为此支付了每份期权合约8.60美元。</li><li>上午 9 点 57 分，一名交易员在 300 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 28 美元，将于 7 月 2 日到期。该交易代表了221,065美元的看涨押注，交易者为此支付了每份期权合约23.40美元。</li><li>上午 9:58，一名交易员在 289 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了303,450美元的看涨赌注，交易者为此支付了每份期权合约10.50美元。</li><li>上午 9 点 58 分，一名交易员在 580 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 55 美元，将于 7 月 16 日到期。该交易代表了 278,400 美元的看涨押注，交易者为此支付了每份期权合约 4.80 美元。</li><li>上午 10:07，一名交易员在 258 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 80 美元，将于 7 月 16 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.52 美元。</li><li>上午 10:24，一名交易员在 352 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 50 美元，将于 7 月 2 日到期。该交易代表了 54,560 美元的看涨押注，交易者为此支付了每份期权合约 1.55 美元。</li><li>上午 10:26，一名交易员在 234 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 7 月 23 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.31 美元。</li><li>上午 10:31，一名交易员在 224 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 9 月 17 日到期。该交易代表了 105,280 美元的看涨押注，交易者为此支付了每份期权合约 4.70 美元。</li><li>上午 10:38，一名交易员在 500 份AMC院线期权出价附近执行了看涨期权扫荡，执行价格为 47 美元，将于 7 月 2 日到期。该交易代表了 146,000 美元的看涨押注，交易者为此支付了每份期权合约 2.92 美元。</li><li>中午 12:02，一名交易员在 500 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 45 美元，将于 7 月 9 日到期。该交易代表了 305,000 美元的看涨押注，交易者为此支付了每份期权合约 6.10 美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌 5.3%，至 51.33 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并未气馁，反复抨击评级</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\">\nAMC Options Traders Aren't Discouraged, Repeatedly Hammer Calls<blockquote>AMC期权交易员并未气馁，反复抨击评级</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-07-03 14:23</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>On Friday morning, Iceberg Researchannouncedit had taken a short position in<b>AMC Entertainment Holdings</b>AMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.</p><p><blockquote>周五上午，Iceberg Researchannouncedit 已在<b>AMC院线控股</b>AMC 4.08%。Iceberg 表示，由于 6 月份股票交易横盘，期权交易员已经亏损，而且该股周围的水泵看起来不稳定。</blockquote></p><p> The news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.</p><p><blockquote>这一消息并没有阻止机构继续抛售 AMC 看涨期权合约，周五期权交易员买入了价值超过 259 万美元的合约。这些合约的到期日从今天到 12 月 17 日不等，一些交易员选择了高达 145 美元的执行价格。</blockquote></p><p> AMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.</p><p><blockquote>AMC 的股票从周五横盘交易形成的对称三角形中看跌突破，但守住了 47.91 美元的支撑位，并从该支撑位反弹。多头希望看到下跌继续被买入，并希望 AMC 以打印锤式烛台并收于 21 天指数移动平均线之上来结束这一天。</blockquote></p><p> <b>Why It’s Important:</b>When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.</p><p><blockquote><b>为什么重要：</b>当出现横扫订单时，表明交易者希望快速建仓，并预计股价即将出现大幅波动。扫货者为看涨期权或看跌期权支付市场价格，而不是出价，扫货者扫描多个交易所的订单簿，立即完成订单。</blockquote></p><p> These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.</p><p><blockquote>这类看涨期权期权订单通常由机构下达，散户投资者会发现留意扫货很有用，因为这表明 “聪明的资金 ”已经建仓。</blockquote></p><p> <b>The AMC Option Trades:</b>Below is a look at the notable options alerts, courtesy ofBenzinga Pro:</p><p><blockquote><b>AMC 期权交易：</b>以下是 Benzinga Pro 提供的著名选项警报：</blockquote></p><p></p><p> <ul>  <li>At 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.</li>  <li>At 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.</li>  <li>At 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.</li>  <li>At 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.</li>  <li>At 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.</li>  <li>At 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.</li>  <li>At 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.</li>  <li>At 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.</li>  <li>At 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.</li>  <li>At 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.</li>  <li>At 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.</li>  <li>At 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.</li> </ul> <b>AMC Price Action:</b>Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.</p><p><blockquote><ul><li>周五上午 9 点 42 分，一名交易员在 265 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 59 美元，将于 7 月 9 日到期。该交易代表了 52,205 美元的看涨押注，交易者为此支付了每份期权合约 1.97 美元。</li><li>上午 9:51，一名交易员在 247 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了221,065美元的看涨赌注，交易者为此支付了每份期权合约8.95美元。</li><li>上午 9 点 52 分，一名交易员在 248 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了 260,400 美元的看涨押注，交易者为此支付了每份期权合约 10.50 美元。</li><li>上午 9:53，一名交易员在 356 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 311,500 美元的看涨押注，交易者为此支付了每份期权合约 8.75 美元。</li><li>上午 9:53，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了 266,600 美元的看涨押注，交易者为此支付了每份期权合约 8.60 美元。</li><li>上午 9:56，一名交易员在 310 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 65 美元，将于 8 月 20 日到期。该交易代表了266,600美元的看涨押注，交易者为此支付了每份期权合约8.60美元。</li><li>上午 9 点 57 分，一名交易员在 300 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 28 美元，将于 7 月 2 日到期。该交易代表了221,065美元的看涨押注，交易者为此支付了每份期权合约23.40美元。</li><li>上午 9:58，一名交易员在 289 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 120 美元，将于 12 月 17 日到期。该交易代表了303,450美元的看涨赌注，交易者为此支付了每份期权合约10.50美元。</li><li>上午 9 点 58 分，一名交易员在 580 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 55 美元，将于 7 月 16 日到期。该交易代表了 278,400 美元的看涨押注，交易者为此支付了每份期权合约 4.80 美元。</li><li>上午 10:07，一名交易员在 258 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 80 美元，将于 7 月 16 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.52 美元。</li><li>上午 10:24，一名交易员在 352 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 50 美元，将于 7 月 2 日到期。该交易代表了 54,560 美元的看涨押注，交易者为此支付了每份期权合约 1.55 美元。</li><li>上午 10:26，一名交易员在 234 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 7 月 23 日到期。该交易代表了 39,216 美元的看涨押注，交易者为此支付了每份期权合约 1.31 美元。</li><li>上午 10:31，一名交易员在 224 份AMC院线期权的出价附近执行了看涨期权扫描，执行价格为 145 美元，将于 9 月 17 日到期。该交易代表了 105,280 美元的看涨押注，交易者为此支付了每份期权合约 4.70 美元。</li><li>上午 10:38，一名交易员在 500 份AMC院线期权出价附近执行了看涨期权扫荡，执行价格为 47 美元，将于 7 月 2 日到期。该交易代表了 146,000 美元的看涨押注，交易者为此支付了每份期权合约 2.92 美元。</li><li>中午 12:02，一名交易员在 500 份AMC院线期权的出价附近执行了看涨期权扫荡，执行价格为 45 美元，将于 7 月 9 日到期。该交易代表了 305,000 美元的看涨押注，交易者为此支付了每份期权合约 6.10 美元。</li></ul><b>AMC价格走势：</b>截至发稿时，AMC院线股价下跌 5.3%，至 51.33 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136694264","content_text":"On Friday morning, Iceberg Researchannouncedit had taken a short position inAMC Entertainment HoldingsAMC 4.08%. Iceberg said options traders have lost money due to the stock trading sideways for the month of June and that the pump around the stock looks shaky.\nThe news didn’t stop institutions from continuously hammering AMC call contracts and on Friday options traders had purchased over $2.59 million worth. The expiration dates for the contracts ranged from today up until Dec. 17 and a few traders chose a strike price of a whopping $145.\nAMC’s stock broke bearishly from a symmetrical triangle it had formed through its sideways trading on Friday, but held a support level at $47.91 and bounced from it. Bulls would like to see the dip continue to be bought and for AMC to end the day by printing a hammer candlestick and closing above the 21-day exponential moving average.\nWhy It’s Important:When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.\nThese types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.\nThe AMC Option Trades:Below is a look at the notable options alerts, courtesy ofBenzinga Pro:\n\nAt 9:42 a.m., Friday a trader executed a call sweep near the bid of 265 AMC Entertainment options with a strike price of $59 expiring on July 9. The trade represented a $52,205 bullish bet for which the trader paid $1.97 per option contract.\nAt 9:51 a.m., a trader executed a call sweep near the bid of 247 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $221,065 bullish bet for which the trader paid $8.95 per option contract.\nAt 9:52 a.m., a trader executed a call sweep near the bid of 248 AMC Entertainment options with a strike price of $120 expiring on Dec. 17. The trade represented a $260,400 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 356 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $311,500 bullish bet for which the trader paid $8.75 per option contract.\nAt 9:53 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:56 a.m., a trader executed a call sweep near the bid of 310 AMC Entertainment options with a strike price of $65 expiring on Aug. 20. The trade represented a $266,600 bullish bet for which the trader paid $8.60 per option contract.\nAt 9:57 a.m., a trader executed a call sweep near the bid of 300 AMC Entertainment options with a strike price of $28 expiring on July 2. The trade represented a $221,065 bullish bet for which the trader paid $23.40 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 289 AMC Entertainment options with a strike price of $120 expiring on Dec., 17. The trade represented a $303,450 bullish bet for which the trader paid $10.50 per option contract.\nAt 9:58 a.m., a trader executed a call sweep near the bid of 580 AMC Entertainment options with a strike price of $55 expiring on July 16. The trade represented a $278,400 bullish bet for which the trader paid $4.80 per option contract.\nAt 10:07 a.m., a trader executed a call sweep near the bid of 258 AMC Entertainment options with a strike price of $80 expiring on July 16. The trade represented a $39,216 bullish bet for which the trader paid $1.52 per option contract.\nAt 10:24 a.m., a trader executed a call sweep near the bid of 352 AMC Entertainment options with a strike price of $50 expiring on July 2. The trade represented a $54,560 bullish bet for which the trader paid $1.55 per option contract.\nAt 10:26 a.m., a trader executed a call sweep near the bid of 234 AMC Entertainment options with a strike price of $145 expiring on July 23. The trade represented a $39,216 bullish bet for which the trader paid $1.31 per option contract.\nAt 10:31 a.m., a trader executed a call sweep near the bid of 224 AMC Entertainment options with a strike price of $145 expiring on Sept. 17. The trade represented a $105,280 bullish bet for which the trader paid $4.70 per option contract.\nAt 10:38 a.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $47 expiring on July 2. The trade represented a $146,000 bullish bet for which the trader paid $2.92 per option contract.\nAt 12:02 p.m., a trader executed a call sweep near the bid of 500 AMC Entertainment options with a strike price of $45 expiring on July 9. The trade represented a $305,000 bullish bet for which the trader paid $6.10 per option contract.\n\nAMC Price Action:Shares of AMC Entertainment were trading down 5.3% to $51.33 at publication time.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148935625,"gmtCreate":1625912799767,"gmtModify":1633936146781,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148935625","repostId":"2150306047","repostType":2,"isVote":1,"tweetType":1,"viewCount":2753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151026843,"gmtCreate":1625059075682,"gmtModify":1633945365012,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"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/151026843","repostId":"2147786816","repostType":2,"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163669062,"gmtCreate":1623883299756,"gmtModify":1634026637620,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163669062","repostId":"2144412718","repostType":2,"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179823829,"gmtCreate":1626505511161,"gmtModify":1633926156441,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179823829","repostId":"2152177683","repostType":2,"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170163710,"gmtCreate":1626413065330,"gmtModify":1633926957696,"author":{"id":"3562051412158983","authorId":"3562051412158983","name":"kro_ax","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562051412158983","idStr":"3562051412158983"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170163710","repostId":"2151572098","repostType":2,"repost":{"id":"2151572098","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626410869,"share":"https://www.laohunote.com/m/news/2151572098?lang=zh_CN&edition=full","pubTime":"2021-07-16 12:47","market":"sg","language":"en","title":"UPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 消息来源</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2151572098","media":"Reuters","summary":"(Adds details)   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its ","content":"<p><html><body>(Adds details)</p><p><blockquote><html><body>（添加详细信息）</body></html></blockquote></p><p>   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.</p><p><blockquote>路透新加坡7月16日 - 两位知情人士称，印度尼西亚电子商务公司Bukalapak已将其IPO规模从此前目标的11亿美元提高到15亿美元，这凸显了投资者对这家正在成为最大本地发行的需求强于预期。</blockquote></p><p>   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources who was not authorised to speak publicly about the matter.</p><p><blockquote>该公司的支持者包括新加坡主权投资者GIC和微软，该公司表示，其首次公开募股吸引了多头基金、国内投资者和主权财富基金的兴趣<a href=\"https://laohu8.com/S/AONE.U\">一</a>无权公开谈论此事的消息来源。</blockquote></p><p>   There was no immediate response to a Reuters query sent to Bukalapak.</p><p><blockquote>路透社向 Bukalapak 提出的询问没有立即得到回应。</blockquote></p><p> (Reporting by Anshuman Daga Editing by Ed Davies)</p><p><blockquote>（安舒曼·达加报道，埃德·戴维斯编辑）</blockquote></p><p>((anshuman.daga@tr.com;))</p><p><blockquote>（（anshuman.daga@tr.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 1-Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln -sources<blockquote>更新 1-印度尼西亚 Bukalapak 将 IPO 目标从 11 亿美元上调至 15 亿美元 - 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消息来源</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-07-16 12:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>(Adds details)</p><p><blockquote><html><body>（添加详细信息）</body></html></blockquote></p><p>   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.</p><p><blockquote>路透新加坡7月16日 - 两位知情人士称，印度尼西亚电子商务公司Bukalapak已将其IPO规模从此前目标的11亿美元提高到15亿美元，这凸显了投资者对这家正在成为最大本地发行的需求强于预期。</blockquote></p><p>   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources who was not authorised to speak publicly about the matter.</p><p><blockquote>该公司的支持者包括新加坡主权投资者GIC和微软，该公司表示，其首次公开募股吸引了多头基金、国内投资者和主权财富基金的兴趣<a href=\"https://laohu8.com/S/AONE.U\">一</a>无权公开谈论此事的消息来源。</blockquote></p><p>   There was no immediate response to a Reuters query sent to Bukalapak.</p><p><blockquote>路透社向 Bukalapak 提出的询问没有立即得到回应。</blockquote></p><p> (Reporting by Anshuman Daga Editing by Ed Davies)</p><p><blockquote>（安舒曼·达加报道，埃德·戴维斯编辑）</blockquote></p><p>((anshuman.daga@tr.com;))</p><p><blockquote>（（anshuman.daga@tr.com；））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","MSFT":"微软","09086":"华夏纳指-U"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151572098","content_text":"(Adds details)   SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.   The company, which counts Singapore sovereign investor GIC and Microsoft    among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said one of the sources who was not authorised to speak publicly about the matter.   There was no immediate response to a Reuters query sent to Bukalapak. (Reporting by Anshuman Daga Editing by Ed Davies)((anshuman.daga@tr.com;))","news_type":1,"symbols_score_info":{"09086":0.6,"03086":0.6,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}