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Jinkachu

Jinkachu

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2021-08-11

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The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</blockquote>

2021-05-19

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JD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</blockquote>

2021-03-16

Nice

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2021-07-07

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2021-08-01

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2021-07-09

$Senseonics(SENS)$lollolol

2021-04-14

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2021-11-11

$Lucid Group Inc(LCID)$lolololol

2021-08-24

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China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>

2021-08-14

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Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>

2021-08-11

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2021-05-11

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2021-04-02

$Sun Pacific Holding Corp.(SNPW)$oomg

2021-02-08

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2021-08-21

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Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>

2021-06-11

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2021-06-11

Pls help me liked and shared lll

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2021-05-28

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2021-03-29

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2021-02-16

Wow

Apple’s Search for an Autonomous Vehicle Partner Continues. Who It Could Choose<blockquote>苹果寻找自动驾驶汽车合作伙伴的工作仍在继续。它可以选择谁</blockquote>

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and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696681813","repostId":"1195383588","repostType":4,"isVote":1,"tweetType":1,"viewCount":2920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696681339,"gmtCreate":1640682613971,"gmtModify":1640682615550,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696681339","repostId":"1128880653","repostType":4,"isVote":1,"tweetType":1,"viewCount":4675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696681011,"gmtCreate":1640682591564,"gmtModify":1640682606449,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696681011","repostId":"1158499774","repostType":4,"repost":{"id":"1158499774","kind":"news","pubTimestamp":1640681542,"share":"https://www.laohu8.com/m/news/1158499774?lang=zh_CN&edition=full","pubTime":"2021-12-28 16:52","market":"us","language":"en","title":"The stock market's Santa Claus rally is just getting started — and tech stocks are your best bet for the near term<blockquote>股市的圣诞老人反弹才刚刚开始——科技股是您近期的最佳选择</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158499774","media":"Markets insider","summary":"The Santa Claus rally has just gotten underway and should last through Jan. 4, according to Doug Ram","content":"<p><ul>  <li>The Santa Claus rally has just gotten underway and should last through Jan. 4, according to Doug Ramsey, the chief investment officer at the Leuthold Group.</li>  <li>Ramsey says that, since 2000, the rally has generated an average gain of 0.96% for the S&amp;P 500, far outpacing the normal seven-day average of 0.19%.</li>  <li>Investors seeking extra juice should weight more towards tech stocks, which have historically been Santa-Claus-rally outperformers, according to Ramsey.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02e8b006bde94437e603888e55d5f81f\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Santa rallies have a long tradition on Wall Street.</span></p><p><blockquote><ul><li>Leuthold Group首席投资官道格·拉姆齐(Doug Ramsey)表示，圣诞老人集会刚刚开始，应该会持续到1月4日。</li><li>Ramsey表示，自2000年以来，标普500的平均涨幅为0.96%，远远超过0.19%的正常7天平均涨幅。</li><li>拉姆齐表示，寻求额外动力的投资者应该更多地关注科技股，这些股历来在圣诞老人反弹中表现出色。</li></ul><p class=\"t-img-caption\"><span>圣诞老人集会在华尔街有着悠久的传统。</span></p></blockquote></p><p> Those looking to best maximize the stock market's so-called Santa Claus rally should've waited until after Christmas, according to Doug Ramsey of the Leuthold Group.</p><p><blockquote>Leuthold Group的道格·拉姆齐(Doug Ramsey)表示，那些希望最大限度地利用股市所谓的圣诞老人反弹的人应该等到圣诞节之后。</blockquote></p><p> In a recent client note, the firm's chief investment officer noted that the rally would start on Dec. 27 and run through Jan. 4. The period has historically spanned the last five trading days of a given year, as well as the first two of the new year.</p><p><blockquote>在最近的一份客户报告中，该公司首席投资官指出，反弹将从12月27日开始，一直持续到1月4日。从历史上看，这一时期跨越了特定年份的最后五个交易日以及新年的前两个交易日。</blockquote></p><p> Since 2000, the&nbsp;S&amp;P 500's gain over the period has been 0.96%, far outpacing the normal seven-day average of 0.19%. And the Santa Claus rally has shown remarkable durability even after being labeled a trend in 1972, posting an average gain of 1.26% over the period, Ramsey found.</p><p><blockquote>自2000年以来，标准普尔500指数在此期间的涨幅为0.96%，远远超过0.19%的正常七天平均水平。拉姆齐发现，即使在1972年被贴上趋势的标签后，圣诞老人反弹也表现出了非凡的持久性，在此期间平均上涨了1.26%。</blockquote></p><p> For investors looking to get a little more juice out of the Santa Claus rally, Ramsey recommended betting on the tech-heavy&nbsp;Nasdaq. He highlighted its market-beating 1.46% return since 2000, although acknowledged that the average is skewed by the bubble years of 2000 and 2001.</p><p><blockquote>对于希望从圣诞老人反弹中获得更多好处的投资者，拉姆齐建议押注以科技股为主的纳斯达克。他强调了自2000年以来超过市场的1.46%的回报率，尽管他承认平均回报率因2000年和2001年的泡沫年而有所偏差。</blockquote></p><p> Check out the historical success of the Nasdaq's Santa Claus rally:</p><p><blockquote>看看纳斯达克圣诞老人拉力赛的历史性成功：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b129d4ab990f7639b30b42c4b6a48868\" tg-width=\"672\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>The Leuthold Group</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德集团</span></p></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>The stock market's Santa Claus rally is just getting started — and tech stocks are your best bet for the near term<blockquote>股市的圣诞老人反弹才刚刚开始——科技股是您近期的最佳选择</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\">\nThe stock market's Santa Claus rally is just getting started — and tech stocks are your best bet for the near term<blockquote>股市的圣诞老人反弹才刚刚开始——科技股是您近期的最佳选择</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Markets insider</strong><span class=\"h-time small\">2021-12-28 16:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>The Santa Claus rally has just gotten underway and should last through Jan. 4, according to Doug Ramsey, the chief investment officer at the Leuthold Group.</li>  <li>Ramsey says that, since 2000, the rally has generated an average gain of 0.96% for the S&amp;P 500, far outpacing the normal seven-day average of 0.19%.</li>  <li>Investors seeking extra juice should weight more towards tech stocks, which have historically been Santa-Claus-rally outperformers, according to Ramsey.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02e8b006bde94437e603888e55d5f81f\" tg-width=\"790\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Santa rallies have a long tradition on Wall Street.</span></p><p><blockquote><ul><li>Leuthold Group首席投资官道格·拉姆齐(Doug Ramsey)表示，圣诞老人集会刚刚开始，应该会持续到1月4日。</li><li>Ramsey表示，自2000年以来，标普500的平均涨幅为0.96%，远远超过0.19%的正常7天平均涨幅。</li><li>拉姆齐表示，寻求额外动力的投资者应该更多地关注科技股，这些股历来在圣诞老人反弹中表现出色。</li></ul><p class=\"t-img-caption\"><span>圣诞老人集会在华尔街有着悠久的传统。</span></p></blockquote></p><p> Those looking to best maximize the stock market's so-called Santa Claus rally should've waited until after Christmas, according to Doug Ramsey of the Leuthold Group.</p><p><blockquote>Leuthold Group的道格·拉姆齐(Doug Ramsey)表示，那些希望最大限度地利用股市所谓的圣诞老人反弹的人应该等到圣诞节之后。</blockquote></p><p> In a recent client note, the firm's chief investment officer noted that the rally would start on Dec. 27 and run through Jan. 4. The period has historically spanned the last five trading days of a given year, as well as the first two of the new year.</p><p><blockquote>在最近的一份客户报告中，该公司首席投资官指出，反弹将从12月27日开始，一直持续到1月4日。从历史上看，这一时期跨越了特定年份的最后五个交易日以及新年的前两个交易日。</blockquote></p><p> Since 2000, the&nbsp;S&amp;P 500's gain over the period has been 0.96%, far outpacing the normal seven-day average of 0.19%. And the Santa Claus rally has shown remarkable durability even after being labeled a trend in 1972, posting an average gain of 1.26% over the period, Ramsey found.</p><p><blockquote>自2000年以来，标准普尔500指数在此期间的涨幅为0.96%，远远超过0.19%的正常七天平均水平。拉姆齐发现，即使在1972年被贴上趋势的标签后，圣诞老人反弹也表现出了非凡的持久性，在此期间平均上涨了1.26%。</blockquote></p><p> For investors looking to get a little more juice out of the Santa Claus rally, Ramsey recommended betting on the tech-heavy&nbsp;Nasdaq. He highlighted its market-beating 1.46% return since 2000, although acknowledged that the average is skewed by the bubble years of 2000 and 2001.</p><p><blockquote>对于希望从圣诞老人反弹中获得更多好处的投资者，拉姆齐建议押注以科技股为主的纳斯达克。他强调了自2000年以来超过市场的1.46%的回报率，尽管他承认平均回报率因2000年和2001年的泡沫年而有所偏差。</blockquote></p><p> Check out the historical success of the Nasdaq's Santa Claus rally:</p><p><blockquote>看看纳斯达克圣诞老人拉力赛的历史性成功：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b129d4ab990f7639b30b42c4b6a48868\" tg-width=\"672\" tg-height=\"526\" width=\"100%\" height=\"auto\"><span>The Leuthold Group</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德集团</span></p></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/stock-market-outlook-santa-claus-rally-just-starting-buy-tech-2021-12\">Markets insider</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",".IXIC":"NASDAQ Composite"},"source_url":"https://markets.businessinsider.com/news/stocks/stock-market-outlook-santa-claus-rally-just-starting-buy-tech-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158499774","content_text":"The Santa Claus rally has just gotten underway and should last through Jan. 4, according to Doug Ramsey, the chief investment officer at the Leuthold Group.\nRamsey says that, since 2000, the rally has generated an average gain of 0.96% for the S&P 500, far outpacing the normal seven-day average of 0.19%.\nInvestors seeking extra juice should weight more towards tech stocks, which have historically been Santa-Claus-rally outperformers, according to Ramsey.\n\nSanta rallies have a long tradition on Wall Street.\nThose looking to best maximize the stock market's so-called Santa Claus rally should've waited until after Christmas, according to Doug Ramsey of the Leuthold Group.\nIn a recent client note, the firm's chief investment officer noted that the rally would start on Dec. 27 and run through Jan. 4. The period has historically spanned the last five trading days of a given year, as well as the first two of the new year.\nSince 2000, the S&P 500's gain over the period has been 0.96%, far outpacing the normal seven-day average of 0.19%. And the Santa Claus rally has shown remarkable durability even after being labeled a trend in 1972, posting an average gain of 1.26% over the period, Ramsey found.\nFor investors looking to get a little more juice out of the Santa Claus rally, Ramsey recommended betting on the tech-heavy Nasdaq. He highlighted its market-beating 1.46% return since 2000, although acknowledged that the average is skewed by the bubble years of 2000 and 2001.\nCheck out the historical success of the Nasdaq's Santa Claus rally:\nThe Leuthold Group","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":871868678,"gmtCreate":1637052840841,"gmtModify":1637052841419,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and 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l","images":[{"img":"https://static.tigerbbs.com/a9a0fdf9e5afecc5bbd2bfbc825f3b9f","width":"1080","height":"1417"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841546369","isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":892647290,"gmtCreate":1628659113410,"gmtModify":1633745297959,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and commet&nbsp;","listText":"Like and commet&nbsp;","text":"Like and commet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/892647290","repostId":"1163924715","repostType":4,"repost":{"id":"1163924715","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":1628654753,"share":"https://www.laohu8.com/m/news/1163924715?lang=zh_CN&edition=full","pubTime":"2021-08-11 12:05","market":"sh","language":"en","title":"The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163924715","media":"Tiger Newspress","summary":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond","content":"<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前下跌，美国10年期国债收益率在亚洲时段再度走低，拖累大宗商品价格，原油跌幅最高达5%，中概股盘前小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一家公司已经清算或正在逐步清算其持有的股份。根据方舟基金的日常操作，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管前述股票近期出现了一定反弹。最近出现的一个更令人高兴的信号是，方舟基金已经停止减仓中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，方舟基金共覆盖了10只在美上市的中概股，其中包括8只在美国场外交易（OTC）交易的中概股和2只港股，以当日收盘价计算，这10只股票合计吸金18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够活跃的基金，18亿美元的持仓规模很难说小。投资新兴市场的最大共同基金是景顺发展中市场基金，该基金在中国的投资额为150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为本，但似乎该基金并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金目前持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest首席执行官兼首席信息官Cathie Wood曾在电视上称赞百度的无人驾驶技术，而他们在百度股票中的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标不是中国电动汽车三巨头，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>，但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约卖得很好，而另外三家制造商尚未扩展到美国。再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的减仓情况</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择10只股票分析其份额变化。7月1日持仓最多的5只股票（京东、TCEHY、BEKE、PDD、百度）如图1所示，合计15亿美元，占比约80%，另外5只股票分别是阿里巴巴、牛、虎牙、比亚迪、BZ，合计3亿美元，占比约20%（图2）。关键日期标记如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金在7月13日和14日清仓了虎牙的所有头寸（如上图所示）。虎牙与斗鱼合并失败的消息于7月12日公布，但方舟基金当天并未大幅减仓，延续了前几日的节奏。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到发生了连锁反应，在香港上市的中资股将在接下来的一周暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被Ark减持，贝壳控股站在缺口处。这反映了Cathie Wood对中国高增长公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在此轮动荡中，方舟基金仅减仓了BOSS直聘的股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值比较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>过去一周，中概股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，持仓为4.5亿美元，与7月1日相比减少了75%。</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>The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</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\">\nThe Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减仓中概股的动作</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\">2021-08-11 12:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前下跌，美国10年期国债收益率在亚洲时段再度走低，拖累大宗商品价格，原油跌幅最高达5%，中概股盘前小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一家公司已经清算或正在逐步清算其持有的股份。根据方舟基金的日常操作，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管前述股票近期出现了一定反弹。最近出现的一个更令人高兴的信号是，方舟基金已经停止减仓中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，方舟基金共覆盖了10只在美上市的中概股，其中包括8只在美国场外交易（OTC）交易的中概股和2只港股，以当日收盘价计算，这10只股票合计吸金18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够活跃的基金，18亿美元的持仓规模很难说小。投资新兴市场的最大共同基金是景顺发展中市场基金，该基金在中国的投资额为150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为本，但似乎该基金并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金目前持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest首席执行官兼首席信息官Cathie Wood曾在电视上称赞百度的无人驾驶技术，而他们在百度股票中的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标不是中国电动汽车三巨头，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>，但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约卖得很好，而另外三家制造商尚未扩展到美国。再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的减仓情况</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择10只股票分析其份额变化。7月1日持仓最多的5只股票（京东、TCEHY、BEKE、PDD、百度）如图1所示，合计15亿美元，占比约80%，另外5只股票分别是阿里巴巴、牛、虎牙、比亚迪、BZ，合计3亿美元，占比约20%（图2）。关键日期标记如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金在7月13日和14日清仓了虎牙的所有头寸（如上图所示）。虎牙与斗鱼合并失败的消息于7月12日公布，但方舟基金当天并未大幅减仓，延续了前几日的节奏。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到发生了连锁反应，在香港上市的中资股将在接下来的一周暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被Ark减持，贝壳控股站在缺口处。这反映了Cathie Wood对中国高增长公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在此轮动荡中，方舟基金仅减仓了BOSS直聘的股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值比较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>过去一周，中概股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，持仓为4.5亿美元，与7月1日相比减少了75%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BZ":"BOSS直聘","LI":"理想汽车","NIU":"小牛电动","NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163924715","content_text":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.\nIn the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.\nOn July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.\n\nAbout Its Positions\nAs a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.\nThe Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including Li Auto, NIO Inc. and XPeng Inc., but NIU Technologies. The electric vehicles produced by Niu Technologies are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".\nLet’s look into the lightening of the Ark Funds\n10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.\nFigure 1\nFigure 2\nThe Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. \nAnother marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.\nThe third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (Kanzhun Limited), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.\nIn the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.","news_type":1,"symbols_score_info":{"BZ":0.9,"NIU":0.9,"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194826175,"gmtCreate":1621356267197,"gmtModify":1634192167540,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like share and comment","listText":"Like share and comment","text":"Like share and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/194826175","repostId":"2135161248","repostType":4,"repost":{"id":"2135161248","kind":"news","pubTimestamp":1621343169,"share":"https://www.laohu8.com/m/news/2135161248?lang=zh_CN&edition=full","pubTime":"2021-05-18 21:06","market":"us","language":"en","title":"JD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2135161248","media":"Zacks","summary":"JD.com, Inc. is scheduled to report first-quarter 2021 results on May 19.\nFor the first quarter, the","content":"<p><b>JD.com, Inc.</b>&nbsp;is scheduled to report first-quarter 2021 results on May 19.</p><p><blockquote><b>京东公司。</b>计划于5月19日公布2021年第一季度业绩。</blockquote></p><p> For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.</p><p><blockquote>对于第一季度，Zacks对收入的一致预期为299亿美元，比去年同期报告的数字提高了44.9%。</blockquote></p><p> Further, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.</p><p><blockquote>此外，普遍预期的盈利为每股39美分，比上一年报告的数字增长39.3%。</blockquote></p><p> Notably, the company delivered an earnings surprise of 4.6% in the last reported quarter.</p><p><blockquote>值得注意的是，该公司在上一季度的盈利意外增长了4.6%。</blockquote></p><p> <b>JD.com, Inc. Price and EPS Surprise</b></p><p><blockquote><b>京东公司。价格和每股收益惊喜</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1fed1c36f6a8ce20878c0d2e594f77c\" tg-width=\"534\" tg-height=\"262\"><span>JD.com, Inc. price-eps-surprise | JD.com, Inc. Quote</span></p><p><blockquote><p class=\"t-img-caption\"><span>京东公司价格-每股收益-惊喜|京东公司报价</span></p></blockquote></p><p> <b>Key Factors to Note</b></p><p><blockquote><b>需要注意的关键因素</b></blockquote></p><p> The company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.</p><p><blockquote>该公司的京东零售部门（包括电子商务业务）预计将成为第一季度的关键催化剂。</blockquote></p><p> The launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.</p><p><blockquote>John Lobb、Stefano Ricci、Vivienne Westwoodon和Anya Hindmarch等流行时尚和奢侈品牌在京东上开设旗舰店可能会推动客户势头，预计这反过来将有助于京东零售在待报告季度的表现。</blockquote></p><p> JD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.</p><p><blockquote>京东零售的全渠道举措预计将为该细分市场第一季度的营收增长做出良好贡献。</blockquote></p><p> Moreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.</p><p><blockquote>此外，该公司与意大利奢侈品牌Prada和MiuMiu的合作可能是积极的，这加强了其全渠道努力。</blockquote></p><p> Furthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.</p><p><blockquote>此外，京东健康提供免费在线医疗咨询和在线药店零售服务的增长势头可能会反映在该公司即将报告的季度业绩中。</blockquote></p><p> Growing investments in research and development are also likely to have been encouraging for the company in the quarter under review.</p><p><blockquote>在本季度，不断增长的研发投资也可能对该公司来说令人鼓舞。</blockquote></p><p> Additionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.</p><p><blockquote>此外，由技术、供应链和物流服务组成的新业务部门预计将帮助其在第一季度在低线城市获得牵引力。</blockquote></p><p> Moreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.</p><p><blockquote>此外，表现良好的京西业务集团预计将有助于京东在低线城市的表现。</blockquote></p><p> However, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.</p><p><blockquote>然而，履行、营销和研发费用的增加可能是公司本季度盈利能力的主要风险。</blockquote></p><p> Moreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.</p><p><blockquote>此外，阿里巴巴-SW在电子商务市场日益增长的竞争压力可能会反映在第一季度的业绩中。</blockquote></p><p> <b>What Our Model Says</b></p><p><blockquote><b>我们的模型所说的</b></blockquote></p><p> Our proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.</p><p><blockquote>我们经过验证的模型并没有最终预测京东这次的盈利会超出预期。正收益ESP和咤克斯排名#1（强力买入）、2（买入）或3（持有）的组合增加了收益超出预期的可能性。但这里的情况并非如此。您可以在使用我们的收益ESP过滤器报告之前发现最值得买入或卖出的股票。</blockquote></p><p> JD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.</p><p><blockquote>目前，京东的收益ESP为-14.83%，咤克斯排名第五（强力卖出）。</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>JD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</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\">\nJD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Zacks</strong><span class=\"h-time small\">2021-05-18 21:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>JD.com, Inc.</b>&nbsp;is scheduled to report first-quarter 2021 results on May 19.</p><p><blockquote><b>京东公司。</b>计划于5月19日公布2021年第一季度业绩。</blockquote></p><p> For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.</p><p><blockquote>对于第一季度，Zacks对收入的一致预期为299亿美元，比去年同期报告的数字提高了44.9%。</blockquote></p><p> Further, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.</p><p><blockquote>此外，普遍预期的盈利为每股39美分，比上一年报告的数字增长39.3%。</blockquote></p><p> Notably, the company delivered an earnings surprise of 4.6% in the last reported quarter.</p><p><blockquote>值得注意的是，该公司在上一季度的盈利意外增长了4.6%。</blockquote></p><p> <b>JD.com, Inc. Price and EPS Surprise</b></p><p><blockquote><b>京东公司。价格和每股收益惊喜</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1fed1c36f6a8ce20878c0d2e594f77c\" tg-width=\"534\" tg-height=\"262\"><span>JD.com, Inc. price-eps-surprise | JD.com, Inc. Quote</span></p><p><blockquote><p class=\"t-img-caption\"><span>京东公司价格-每股收益-惊喜|京东公司报价</span></p></blockquote></p><p> <b>Key Factors to Note</b></p><p><blockquote><b>需要注意的关键因素</b></blockquote></p><p> The company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.</p><p><blockquote>该公司的京东零售部门（包括电子商务业务）预计将成为第一季度的关键催化剂。</blockquote></p><p> The launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.</p><p><blockquote>John Lobb、Stefano Ricci、Vivienne Westwoodon和Anya Hindmarch等流行时尚和奢侈品牌在京东上开设旗舰店可能会推动客户势头，预计这反过来将有助于京东零售在待报告季度的表现。</blockquote></p><p> JD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.</p><p><blockquote>京东零售的全渠道举措预计将为该细分市场第一季度的营收增长做出良好贡献。</blockquote></p><p> Moreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.</p><p><blockquote>此外，该公司与意大利奢侈品牌Prada和MiuMiu的合作可能是积极的，这加强了其全渠道努力。</blockquote></p><p> Furthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.</p><p><blockquote>此外，京东健康提供免费在线医疗咨询和在线药店零售服务的增长势头可能会反映在该公司即将报告的季度业绩中。</blockquote></p><p> Growing investments in research and development are also likely to have been encouraging for the company in the quarter under review.</p><p><blockquote>在本季度，不断增长的研发投资也可能对该公司来说令人鼓舞。</blockquote></p><p> Additionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.</p><p><blockquote>此外，由技术、供应链和物流服务组成的新业务部门预计将帮助其在第一季度在低线城市获得牵引力。</blockquote></p><p> Moreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.</p><p><blockquote>此外，表现良好的京西业务集团预计将有助于京东在低线城市的表现。</blockquote></p><p> However, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.</p><p><blockquote>然而，履行、营销和研发费用的增加可能是公司本季度盈利能力的主要风险。</blockquote></p><p> Moreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.</p><p><blockquote>此外，阿里巴巴-SW在电子商务市场日益增长的竞争压力可能会反映在第一季度的业绩中。</blockquote></p><p> <b>What Our Model Says</b></p><p><blockquote><b>我们的模型所说的</b></blockquote></p><p> Our proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.</p><p><blockquote>我们经过验证的模型并没有最终预测京东这次的盈利会超出预期。正收益ESP和咤克斯排名#1（强力买入）、2（买入）或3（持有）的组合增加了收益超出预期的可能性。但这里的情况并非如此。您可以在使用我们的收益ESP过滤器报告之前发现最值得买入或卖出的股票。</blockquote></p><p> JD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.</p><p><blockquote>目前，京东的收益ESP为-14.83%，咤克斯排名第五（强力卖出）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/stock/news/1541348/jdcom-jd-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID02-txt-1541348\">Zacks</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":{"09618":"京东集团-SW","JD":"京东"},"source_url":"https://www.zacks.com/stock/news/1541348/jdcom-jd-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID02-txt-1541348","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2135161248","content_text":"JD.com, Inc. is scheduled to report first-quarter 2021 results on May 19.\nFor the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.\nFurther, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.\nNotably, the company delivered an earnings surprise of 4.6% in the last reported quarter.\nJD.com, Inc. Price and EPS Surprise\nJD.com, Inc. price-eps-surprise | JD.com, Inc. Quote\nKey Factors to Note\nThe company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.\nThe launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.\nJD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.\nMoreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.\nFurthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.\nGrowing investments in research and development are also likely to have been encouraging for the company in the quarter under review.\nAdditionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.\nMoreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.\nHowever, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.\nMoreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.\nWhat Our Model Says\nOur proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.\nJD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.","news_type":1,"symbols_score_info":{"JD":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325166110,"gmtCreate":1615877426830,"gmtModify":1703494335246,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/325166110","repostId":"2119188926","repostType":4,"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140608709,"gmtCreate":1625650795901,"gmtModify":1633938723620,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like 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Inc(LCID)$lolololol","images":[{"img":"https://static.tigerbbs.com/31c26b84bbdf1da1417e6faa63b9f1dc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/870299495","isVote":1,"tweetType":1,"viewCount":3082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":834297973,"gmtCreate":1629804810592,"gmtModify":1633682336272,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834297973","repostId":"1194470972","repostType":4,"repost":{"id":"1194470972","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":1629804284,"share":"https://www.laohu8.com/m/news/1194470972?lang=zh_CN&edition=full","pubTime":"2021-08-24 19:24","market":"us","language":"en","title":"China's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194470972","media":"Tiger Newspress","summary":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.Total revenue was 23.05 billion yuan in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.Total revenues in the quarter were RMB23,046.2 million, an increase of 89% from RMB12,193.3 millio","content":"<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</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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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\">\nChina's Pinduoduo misses quarterly revenue expectations<blockquote>拼多多季度营收未达预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-24 19:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.</p><p><blockquote>中国电子商务平台拼多多周二的季度收入未达到华尔街预期，受到来自阿里巴巴-SW和京东等规模较大的竞争对手的激烈竞争，以利用疫情推动的在线购物激增。</blockquote></p><p> Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>截至6月30日的第二季度总收入为230.5亿元人民币（35.6亿美元）。根据Refinitiv的IBES数据，分析师平均预期营收为264.4亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">Q2 2021 Pinduoduo Inc Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296953172882%22%7D\" target=\"_blank\">2021年第二季度拼多多公司收益电话会议</a></blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% from&nbsp;RMB12,193.3 millionin the same quarter of 2020.</li>  <li><b>Average monthly active users</b>&nbsp;in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.</li>  <li><b>Active buyers</b>&nbsp;in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.</li>  <li><b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP&nbsp;operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</li>  <li><b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</li> </ul> Pinduoduo&nbsp;shares&nbsp;were back to $84.01, up 3.6%.</p><p><blockquote><ul><li><b>总收入</b>本季度为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。</li><li><b>平均月活跃用户数</b>本季度为7.385亿，较2020年同季度的5.688亿增长30%。</li><li><b>活跃买家</b>截至2021年6月30日的12个月期间为8.499亿美元，较截至2020年6月30日的12个月期间的6.832亿美元增长24%。</li><li><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</li><li><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</li></ul>拼多多股价回到84.01美元，上涨3.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cef551e259866b07f824d1785781e3b7\" tg-width=\"892\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”</p><p><blockquote>拼多多董事长兼首席执行官陈雷表示：“农业长期以来一直是拼多多企业使命和战略的核心，我们今天宣布的‘百亿农业计划’是我们深化支持农业现代化和乡村振兴的一种方式。”谁将监督该计划。“投资农业对每个人都有好处，因为农业是粮食安全和质量、公共卫生和环境可持续性的纽带。”</blockquote></p><p> “We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”</p><p><blockquote>拼多多财务副总裁Tony Ma表示：“我们在本季度继续提供强劲的执行力。2021年第二季度，我们的总收入（不包括商品销售的贡献）比上年增长了73%。”“农业仍然是我们的战略重点，我们致力于对农业进行耐心和持续的投资。”</blockquote></p><p> <b>Second Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第二季度未经审计的财务业绩</b></blockquote></p><p> <b>Total revenues</b>&nbsp;were&nbsp;RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.</p><p><blockquote><b>总收入</b>为人民币230.462亿元（35.694亿美元），较2020年同季度的人民币121.933亿元增长89%。该增长主要由于在线营销服务收入增加所致。</blockquote></p><p> <ul>  <li><b>Revenues from online marketing services and others</b>&nbsp;were&nbsp;RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.</li>  <li><b>Revenues from transaction services</b>&nbsp;were&nbsp;RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.</li>  <li><b>Revenues from merchandise sales</b>&nbsp;were&nbsp;RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.</li> </ul> <b>Total costs of revenues</b>&nbsp;were&nbsp;RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>线上营销服务及其他收入</b>为人民币180.804亿元（28.003亿美元），较2020年同季度的人民币110.547亿元增长64%。</li><li><b>交易服务收入</b>为人民币300.76亿元（4.658亿美元），较2020年同季度的人民币11.386亿元增长164%。</li><li><b>商品销售收入</b>为人民币19.582亿元（3.033亿美元），较2020年同季度的零增加人民币19.582亿元。</li></ul><b>收入总成本</b>为人民币78.979亿元（12.232亿美元），较2020年同季度的人民币26.621亿元增长197%。该增加主要是由于商品销售应佔成本、支付处理费、云服务费以及送货及仓储费成本增加所致。</blockquote></p><p> <b>Total operating expenses</b>&nbsp;were&nbsp;RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.</p><p><blockquote><b>营业费用总额</b>为人民币131.509亿元（20.368亿美元），而2020年同季度为人民币111.708亿元。</blockquote></p><p></p><p> <ul>  <li><b>Sales and marketing expenses</b>&nbsp;were&nbsp;RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.</li>  <li><b>General and administrative expenses</b>&nbsp;were&nbsp;RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.</li>  <li><b>Research and development expenses</b>&nbsp;were&nbsp;RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li> </ul> <b>Operating profit</b>&nbsp;in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.<b>Non-GAAP operating profit</b>&nbsp;in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币103.879亿元（16.089亿美元），较2020年同季度的人民币91.136亿元增长14%，主要是由于促销和优惠券费用增加。</li><li><b>一般及行政开支</b>为人民币4.342亿元（6720万美元），较2020年同季度的人民币3.948亿元增长10%。</li><li><b>研发费用</b>为人民币23.288亿元（3.607亿美元），较2020年同季度的人民币16.624亿元增长40%。该增加主要由于员工人数增加及招聘更有经验的研发人员以及研发相关云服务开支增加所致。</li></ul><b>营业利润</b>本季度营业亏损为人民币19.975亿元（3.094亿美元），而2020年同季度营业亏损为人民币16.396亿元。<b>非公认会计准则营业利润</b>本季度亏损为人民币31.852亿元（4.933亿美元），而2020年同季度非公认会计准则运营亏损为人民币7.251亿元。</blockquote></p><p> <b>Net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净利润</b>本季度净亏损为人民币24.146亿元（3.74亿美元），而2020年同季度净亏损为人民币8.993亿元。<b>非公认会计准则归属于普通股股东的净利润</b>本季度亏损为人民币41.253亿元（6.389亿美元），而2020年同季度非公认会计准则净亏损为人民币7720万元。</blockquote></p><p> <b>Basic earnings per ADS</b>&nbsp;was&nbsp;RMB1.93(US$0.30) and&nbsp;<b>diluted earnings per ADS</b>&nbsp;was&nbsp;RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.<b>Non-GAAP diluted earnings per ADS</b>&nbsp;was&nbsp;RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.</p><p><blockquote><b>每股美国存托股基本收益</b>为人民币1.93元（0.30美元）<b>每股美国存托凭证摊薄收益</b>为人民币1.69元（0.27美元），而2020年同季度每股美国存托凭证基本和摊薄净亏损为人民币0.75元。<b>非公认会计准则每股美国存托凭证摊薄收益</b>为人民币2.85元（0.44美元），而2020年同季度非公认会计准则摊薄后每股美国存托凭证净亏损为人民币0.06元。</blockquote></p><p> <b>Net cash flow provided by operating activities</b>&nbsp;was&nbsp;RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.</p><p><blockquote><b>经营活动提供的现金流量净额</b>为人民币73.712亿元（11.417亿美元），而2020年同季度为人民币54.953亿元，主要是由于在线营销服务收入增加。</blockquote></p><p> <b>Cash, cash equivalents and short-term investments</b>were&nbsp;RMB&nbsp;92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至2021年6月30日为人民币922亿元（143亿美元），而截至2020年12月31日为人民币870亿元。</blockquote></p><p> <b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p> As ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年7月31日，2024年到期的0%可转换债券中有7.737亿美元已转换为新发行的美国存讬股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194470972","content_text":"Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.\nTotal revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.\nQ2 2021 Pinduoduo Inc Earnings Conference Call\nSecond Quarter 2021 Highlights\n\nTotal revenues in the quarter were RMB23,046.2 million(US$3,569.4 million), an increase of 89% from RMB12,193.3 millionin the same quarter of 2020.\nAverage monthly active users in the quarter was 738.5 million, an increase of 30% from 568.8 million in the same quarter of 2020.\nActive buyers in the twelve-month period endedJune 30, 2021was 849.9 million, an increase of 24% from 683.2 million in the twelve-month period endedJune 30, 2020.\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\n\nPinduoduo shares were back to $84.01, up 3.6%.\n\n“Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization,” saidLei Chen, Chairman and CEO ofPinduoduo, who will oversee the initiative. “Investing in agriculture pays off for everyone because agriculture is the nexus of food security and quality, public health and environmental sustainability.”\n“We continued to deliver strong execution in the quarter. Our total revenues, excluding contribution from merchandise sales, for the second quarter 2021 increased 73% from the prior year,” saidTony Ma, Vice President of Finance ofPinduoduo. “Agriculture remains our strategic priority, and we are committed to patient and continued investment in agriculture.”\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues were RMB23,046.2 million(US$3,569.4 million), an increase of 89% fromRMB12,193.3 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services.\n\nRevenues from online marketing services and others were RMB18,080.4 million(US$2,800.3 million), an increase of 64% fromRMB11,054.7 millionin the same quarter of 2020.\nRevenues from transaction services were RMB3,007.6 million(US$465.8 million), an increase of 164% fromRMB1,138.6 millionin the same quarter of 2020.\nRevenues from merchandise sales were RMB1,958.2 million(US$303.3 million), an increase ofRMB1,958.2 millionfrom nil in the same quarter of 2020.\n\nTotal costs of revenues were RMB7,897.9 million(US$1,223.2 million), an increase of 197% fromRMB2,662.1 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.\nTotal operating expenses were RMB13,150.9 million(US$2,036.8 million), compared withRMB11,170.8 millionin the same quarter of 2020.\n\nSales and marketing expenses were RMB10,387.9 million(US$1,608.9 million), an increase of 14% fromRMB9,113.6 millionin the same quarter of 2020, mainly due to an increase in promotion and coupon expenses.\nGeneral and administrative expenses were RMB434.2 million(US$67.2 million), an increase of 10% fromRMB394.8 millionin the same quarter of 2020.\nResearch and development expenses were RMB2,328.8 million(US$360.7 million), an increase of 40% fromRMB1,662.4 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel and an increase in R&D-related cloud services expenses.\n\nOperating profit in the quarter wasRMB1,997.5 million(US$309.4 million), compared with operating loss ofRMB1,639.6 millionin the same quarter of 2020.Non-GAAP operating profit in the quarter wasRMB3,185.2 million(US$493.3 million), compared with non-GAAP operating loss ofRMB725.1 millionin the same quarter of 2020.\nNet income attributable to ordinary shareholders in the quarter wasRMB2,414.6 million(US$374.0 million), compared with net loss ofRMB899.3 millionin the same quarter of 2020.Non-GAAP net income attributable to ordinary shareholders in the quarter wasRMB4,125.3 million(US$638.9 million), compared with non-GAAP net loss ofRMB77.2 millionin the same quarter of 2020.\nBasic earnings per ADS was RMB1.93(US$0.30) and diluted earnings per ADS was RMB1.69(US$0.27), compared with basic and diluted net loss per ADS ofRMB0.75in the same quarter of 2020.Non-GAAP diluted earnings per ADS was RMB2.85(US$0.44), compared with non-GAAP diluted net loss per ADS ofRMB0.06in the same quarter of 2020.\nNet cash flow provided by operating activities was RMB7,371.2 million(US$1,141.7 million), compared withRMB5,495.3 millionin the same quarter of 2020, primarily due to an increase in online marketing services revenues.\nCash, cash equivalents and short-term investmentswere RMB 92.2 billion(US$14.3 billion) as ofJune 30, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.\nRecent Development\nAs ofJuly 31, 2021,US$773.7 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897236734,"gmtCreate":1628920962528,"gmtModify":1633688465572,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897236734","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohu8.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将Unity航班之间的周转飞行时间减少4至5周，而VSS Unity最多7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE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>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</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\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，通过这些增强功能，该公司还“目标是将Unity航班之间的周转飞行时间减少4至5周，而VSS Unity最多7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</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":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892647728,"gmtCreate":1628659130364,"gmtModify":1633745297736,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892647728","repostId":"1189571086","repostType":4,"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199488150,"gmtCreate":1620726494370,"gmtModify":1634196812559,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like share comment&nbsp;","listText":"Like share comment&nbsp;","text":"Like share comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/199488150","repostId":"2134665630","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340372656,"gmtCreate":1617347904975,"gmtModify":1631890441846,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNPW\">$Sun Pacific Holding Corp.(SNPW)$</a>oomg&nbsp;","listText":"<a href=\"https://laohu8.com/S/SNPW\">$Sun Pacific Holding Corp.(SNPW)$</a>oomg&nbsp;","text":"$Sun Pacific Holding Corp.(SNPW)$oomg","images":[{"img":"https://static.tigerbbs.com/e91c702a876333873318f4f74cbf6342","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/340372656","isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":389241058,"gmtCreate":1612781745174,"gmtModify":1703764917593,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/389241058","repostId":"2109082726","repostType":4,"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836777124,"gmtCreate":1629532364568,"gmtModify":1633684149104,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and share comment ty&nbsp;","listText":"Like and share comment ty&nbsp;","text":"Like and share comment ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836777124","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","SOXX":"iShares费城交易所半导体ETF","GOOG":"谷歌","ON":"安森美半导体","NVDA":"英伟达","GOOGL":"谷歌A","SNPS":"新思科技","AMZN":"亚马逊","SSNLF":"三星电子","QCOM":"高通","AAPL":"苹果","ASML":"阿斯麦","CDNS":"铿腾电子"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"TSM":0.9,"CDNS":0.9,"AAPL":0.9,"AMZN":0.9,"GOOGL":0.9,"SOXX":0.9,"ASML":0.9,"GOOG":0.9,"SNPS":0.9,"QCOM":0.9,"ON":0.9,"NVDA":0.9,"SSNLF":0.9}},"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181950632,"gmtCreate":1623371487526,"gmtModify":1634034117837,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like commend and share&nbsp;","listText":"Like commend and share&nbsp;","text":"Like commend and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181950632","repostId":"1111735646","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181966197,"gmtCreate":1623370888519,"gmtModify":1634034130821,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Pls help me liked and shared lll","listText":"Pls help me liked and shared lll","text":"Pls help me liked and shared lll","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/181966197","repostId":"1184070773","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135639308,"gmtCreate":1622160418004,"gmtModify":1634183346589,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Like and share&nbsp;","listText":"Like and share&nbsp;","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/135639308","repostId":"2138175421","repostType":4,"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352462506,"gmtCreate":1616994932105,"gmtModify":1634523236066,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352462506","repostId":"2123238988","repostType":4,"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382208703,"gmtCreate":1613448148502,"gmtModify":1634553647170,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569530406935035","idStr":"3569530406935035"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/382208703","repostId":"1128778771","repostType":4,"repost":{"id":"1128778771","kind":"news","pubTimestamp":1613447145,"share":"https://www.laohu8.com/m/news/1128778771?lang=zh_CN&edition=full","pubTime":"2021-02-16 11:45","market":"us","language":"en","title":"Apple’s Search for an Autonomous Vehicle Partner Continues. Who It Could Choose<blockquote>苹果寻找自动驾驶汽车合作伙伴的工作仍在继续。它可以选择谁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128778771","media":"Barrons","summary":"Apple’s search for an auto maker to join the tech giant’s project to build autonomous vehicles continues, following reports that discussions have dissolved withNissan.The back story.There has been speculation over Apple’s vehicle ambitions since 2015, when The Wall Street Journalreported that it was gearing up to take on Tesla. The iPhone maker has been highly secretive about its plans for “Project Titan,” confirmed in 2016, which has evolved to encompass self-driving, or autonomous, electric ve","content":"<p>Apple’s search for an auto maker to join the tech giant’s project to build autonomous vehicles continues, following reports that discussions have dissolved withNissan.</p><p><blockquote>在有报道称与日产的讨论已经结束后，苹果仍在继续寻找一家汽车制造商加入这家科技巨头的自动驾驶汽车项目。</blockquote></p><p> Shares in the Japanese auto giant tumbled near 3% in Tokyo trading.Appleshares were not traded in the U.S. on Monday due to the Presidents Day holiday.</p><p><blockquote>这家日本汽车巨头的股价在东京交易中下跌近3%。由于总统日假期，苹果股票周一没有在美国交易。</blockquote></p><p> <b>The back story.</b>There has been speculation over Apple’s vehicle ambitions since 2015, when The Wall Street Journalreported that it was gearing up to take on Tesla. The iPhone maker has been highly secretive about its plans for “Project Titan,” confirmed in 2016, which has evolved to encompass self-driving, or autonomous, electric vehicles.</p><p><blockquote><b>背景故事。</b>自2015年《华尔街日报》报道称苹果正准备与特斯拉展开竞争以来，人们一直在猜测其汽车雄心。这家iPhone制造商一直对其2016年确认的“泰坦计划”高度保密，该计划已发展到包括自动驾驶或自动驾驶电动汽车。</blockquote></p><p> Analysts have suspected that the Silicon Valley giant would partner with an existing auto maker to break into the capital-intensive vehicle industry.</p><p><blockquote>分析师怀疑这家硅谷巨头将与一家现有汽车制造商合作，打入资本密集型汽车行业。</blockquote></p><p> On Feb. 8, Korean auto makersHyundaiandKiasaid they were no longer in talks with Apple over an autonomous electric-vehicle project, following widespread press and analyst speculation that a deal was near. That news had sent Hyundai stock down more than 6% and shares in Kia down 15%—eliminating a combined $8.5 billion in market value from the two companies.</p><p><blockquote>2月8日，韩国汽车制造商现代和起亚表示，在媒体和分析师广泛猜测交易即将达成后，他们不再与苹果就自动驾驶电动汽车项目进行谈判。这一消息导致现代汽车股价下跌超过6%，起亚股价下跌15%，两家公司的市值总计蒸发85亿美元。</blockquote></p><p> The next day, Nissan’s chief executive Makoto Uchida was pressed in an earrings call on whether the company had been approached by Apple about a collaboration. Uchida avoided addressing Apple directly, but indicated that Nissan could partner with technology companies on building the next generation of cars.</p><p><blockquote>第二天，日产首席执行官内田诚(Makoto Uchida)在耳环看涨期权上被追问苹果是否曾就合作事宜与该公司接洽。内田避免直接提及苹果，但表示日产可以与科技公司合作生产下一代汽车。</blockquote></p><p> <b>What’s new.</b>Nissan confirmed on Monday that it was not in talks with Apple, but said it was open to exploring collaborations and partnerships to accelerate the vehicle industry.</p><p><blockquote><b>什么是新的。</b>日产周一证实，它没有与苹果进行谈判，但表示愿意探索合作和伙伴关系，以加速汽车行业的发展。</blockquote></p><p> The Financial Timeshad reported earlierthat there were discussions between the two groups over a partnership, but that talks had stalled over possible branding. According to the report, the discussions did not reach senior management levels.</p><p><blockquote>英国《金融时报》早些时候报道称，两家集团正在就合作事宜进行讨论，但谈判在可能的品牌问题上陷入僵局。报道称，讨论并未达到高级管理层。</blockquote></p><p> A source close to Nissantold Agence France-Pressethat “when you make a product under the Apple brand, you give your soul— and your profit margins— to Apple,” and that Nissan was “not interested in giving Apple the best that we offer.”</p><p><blockquote>一位接近日产的消息人士告诉法新社，“当你以苹果品牌生产产品时，你就把你的灵魂和利润率都交给了苹果”，而日产“对向苹果提供我们提供的最好的产品不感兴趣。”</blockquote></p><p> <b>Looking ahead.</b>It makes sense that Apple would partner with a strong auto maker to realize its electric-vehicle dreams. With Nissan crossed off, following Hyundai and Kia, that list is narrowing.</p><p><blockquote><b>展望未来。</b>苹果与一家强大的汽车制造商合作来实现其电动汽车梦想是有道理的。随着日产被划掉，继现代和起亚之后，这一名单正在缩小。</blockquote></p><p> On Feb. 7, just before Hyundai and Kia confirmed they were not involved with Apple, veteran technology analyst Daniel Ives of investment firm Wedbush, said it was a matter of “when not if” Apple entered the electric-vehicle race. Ives put the chances at 85% that the tech giant would announce a relevant partnership or collaboration within the next three to six months.</p><p><blockquote>2月7日，就在现代和起亚确认不参与苹果之前，投资公司Wedbush的资深技术分析师Daniel Ives表示，苹果是否加入电动汽车竞赛只是“何时而不是是否”的问题。艾夫斯认为，这家科技巨头在未来三到六个月内宣布相关合作伙伴关系或合作的可能性为85%。</blockquote></p><p> Ives singled out Hyundai as the most likely choice, withVolkswagen Group—which also makes Audi andPorsche—as the next best bet. With Hyundai out, investors should keep an eye on the German giant. The analyst also floated Tesla andFordas possible candidates.</p><p><blockquote>艾夫斯指出现代汽车是最有可能的选择，大众汽车集团（也生产奥迪和保时捷）是下一个最佳选择。随着现代汽车的退出，投资者应该密切关注这家德国巨头。该分析师还将特斯拉和福特列为可能的候选人。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s Search for an Autonomous Vehicle Partner Continues. Who It Could Choose<blockquote>苹果寻找自动驾驶汽车合作伙伴的工作仍在继续。它可以选择谁</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\">\nApple’s Search for an Autonomous Vehicle Partner Continues. Who It Could Choose<blockquote>苹果寻找自动驾驶汽车合作伙伴的工作仍在继续。它可以选择谁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-16 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s search for an auto maker to join the tech giant’s project to build autonomous vehicles continues, following reports that discussions have dissolved withNissan.</p><p><blockquote>在有报道称与日产的讨论已经结束后，苹果仍在继续寻找一家汽车制造商加入这家科技巨头的自动驾驶汽车项目。</blockquote></p><p> Shares in the Japanese auto giant tumbled near 3% in Tokyo trading.Appleshares were not traded in the U.S. on Monday due to the Presidents Day holiday.</p><p><blockquote>这家日本汽车巨头的股价在东京交易中下跌近3%。由于总统日假期，苹果股票周一没有在美国交易。</blockquote></p><p> <b>The back story.</b>There has been speculation over Apple’s vehicle ambitions since 2015, when The Wall Street Journalreported that it was gearing up to take on Tesla. The iPhone maker has been highly secretive about its plans for “Project Titan,” confirmed in 2016, which has evolved to encompass self-driving, or autonomous, electric vehicles.</p><p><blockquote><b>背景故事。</b>自2015年《华尔街日报》报道称苹果正准备与特斯拉展开竞争以来，人们一直在猜测其汽车雄心。这家iPhone制造商一直对其2016年确认的“泰坦计划”高度保密，该计划已发展到包括自动驾驶或自动驾驶电动汽车。</blockquote></p><p> Analysts have suspected that the Silicon Valley giant would partner with an existing auto maker to break into the capital-intensive vehicle industry.</p><p><blockquote>分析师怀疑这家硅谷巨头将与一家现有汽车制造商合作，打入资本密集型汽车行业。</blockquote></p><p> On Feb. 8, Korean auto makersHyundaiandKiasaid they were no longer in talks with Apple over an autonomous electric-vehicle project, following widespread press and analyst speculation that a deal was near. That news had sent Hyundai stock down more than 6% and shares in Kia down 15%—eliminating a combined $8.5 billion in market value from the two companies.</p><p><blockquote>2月8日，韩国汽车制造商现代和起亚表示，在媒体和分析师广泛猜测交易即将达成后，他们不再与苹果就自动驾驶电动汽车项目进行谈判。这一消息导致现代汽车股价下跌超过6%，起亚股价下跌15%，两家公司的市值总计蒸发85亿美元。</blockquote></p><p> The next day, Nissan’s chief executive Makoto Uchida was pressed in an earrings call on whether the company had been approached by Apple about a collaboration. Uchida avoided addressing Apple directly, but indicated that Nissan could partner with technology companies on building the next generation of cars.</p><p><blockquote>第二天，日产首席执行官内田诚(Makoto Uchida)在耳环看涨期权上被追问苹果是否曾就合作事宜与该公司接洽。内田避免直接提及苹果，但表示日产可以与科技公司合作生产下一代汽车。</blockquote></p><p> <b>What’s new.</b>Nissan confirmed on Monday that it was not in talks with Apple, but said it was open to exploring collaborations and partnerships to accelerate the vehicle industry.</p><p><blockquote><b>什么是新的。</b>日产周一证实，它没有与苹果进行谈判，但表示愿意探索合作和伙伴关系，以加速汽车行业的发展。</blockquote></p><p> The Financial Timeshad reported earlierthat there were discussions between the two groups over a partnership, but that talks had stalled over possible branding. According to the report, the discussions did not reach senior management levels.</p><p><blockquote>英国《金融时报》早些时候报道称，两家集团正在就合作事宜进行讨论，但谈判在可能的品牌问题上陷入僵局。报道称，讨论并未达到高级管理层。</blockquote></p><p> A source close to Nissantold Agence France-Pressethat “when you make a product under the Apple brand, you give your soul— and your profit margins— to Apple,” and that Nissan was “not interested in giving Apple the best that we offer.”</p><p><blockquote>一位接近日产的消息人士告诉法新社，“当你以苹果品牌生产产品时，你就把你的灵魂和利润率都交给了苹果”，而日产“对向苹果提供我们提供的最好的产品不感兴趣。”</blockquote></p><p> <b>Looking ahead.</b>It makes sense that Apple would partner with a strong auto maker to realize its electric-vehicle dreams. With Nissan crossed off, following Hyundai and Kia, that list is narrowing.</p><p><blockquote><b>展望未来。</b>苹果与一家强大的汽车制造商合作来实现其电动汽车梦想是有道理的。随着日产被划掉，继现代和起亚之后，这一名单正在缩小。</blockquote></p><p> On Feb. 7, just before Hyundai and Kia confirmed they were not involved with Apple, veteran technology analyst Daniel Ives of investment firm Wedbush, said it was a matter of “when not if” Apple entered the electric-vehicle race. Ives put the chances at 85% that the tech giant would announce a relevant partnership or collaboration within the next three to six months.</p><p><blockquote>2月7日，就在现代和起亚确认不参与苹果之前，投资公司Wedbush的资深技术分析师Daniel Ives表示，苹果是否加入电动汽车竞赛只是“何时而不是是否”的问题。艾夫斯认为，这家科技巨头在未来三到六个月内宣布相关合作伙伴关系或合作的可能性为85%。</blockquote></p><p> Ives singled out Hyundai as the most likely choice, withVolkswagen Group—which also makes Audi andPorsche—as the next best bet. With Hyundai out, investors should keep an eye on the German giant. The analyst also floated Tesla andFordas possible candidates.</p><p><blockquote>艾夫斯指出现代汽车是最有可能的选择，大众汽车集团（也生产奥迪和保时捷）是下一个最佳选择。随着现代汽车的退出，投资者应该密切关注这家德国巨头。该分析师还将特斯拉和福特列为可能的候选人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apples-search-for-an-autonomous-vehicle-partner-continues-who-it-could-choose-51613398948?mod=hp_DAY_0\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-search-for-an-autonomous-vehicle-partner-continues-who-it-could-choose-51613398948?mod=hp_DAY_0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128778771","content_text":"Apple’s search for an auto maker to join the tech giant’s project to build autonomous vehicles continues, following reports that discussions have dissolved withNissan.\nShares in the Japanese auto giant tumbled near 3% in Tokyo trading.Appleshares were not traded in the U.S. on Monday due to the Presidents Day holiday.\nThe back story.There has been speculation over Apple’s vehicle ambitions since 2015, when The Wall Street Journalreported that it was gearing up to take on Tesla. The iPhone maker has been highly secretive about its plans for “Project Titan,” confirmed in 2016, which has evolved to encompass self-driving, or autonomous, electric vehicles.\nAnalysts have suspected that the Silicon Valley giant would partner with an existing auto maker to break into the capital-intensive vehicle industry.\nOn Feb. 8, Korean auto makersHyundaiandKiasaid they were no longer in talks with Apple over an autonomous electric-vehicle project, following widespread press and analyst speculation that a deal was near. That news had sent Hyundai stock down more than 6% and shares in Kia down 15%—eliminating a combined $8.5 billion in market value from the two companies.\nThe next day, Nissan’s chief executive Makoto Uchida was pressed in an earrings call on whether the company had been approached by Apple about a collaboration. Uchida avoided addressing Apple directly, but indicated that Nissan could partner with technology companies on building the next generation of cars.\nWhat’s new.Nissan confirmed on Monday that it was not in talks with Apple, but said it was open to exploring collaborations and partnerships to accelerate the vehicle industry.\nThe Financial Timeshad reported earlierthat there were discussions between the two groups over a partnership, but that talks had stalled over possible branding. According to the report, the discussions did not reach senior management levels.\nA source close to Nissantold Agence France-Pressethat “when you make a product under the Apple brand, you give your soul— and your profit margins— to Apple,” and that Nissan was “not interested in giving Apple the best that we offer.”\nLooking ahead.It makes sense that Apple would partner with a strong auto maker to realize its electric-vehicle dreams. With Nissan crossed off, following Hyundai and Kia, that list is narrowing.\nOn Feb. 7, just before Hyundai and Kia confirmed they were not involved with Apple, veteran technology analyst Daniel Ives of investment firm Wedbush, said it was a matter of “when not if” Apple entered the electric-vehicle race. Ives put the chances at 85% that the tech giant would announce a relevant partnership or collaboration within the next three to six months.\nIves singled out Hyundai as the most likely choice, withVolkswagen Group—which also makes Audi andPorsche—as the next best bet. With Hyundai out, investors should keep an eye on the German giant. The analyst also floated Tesla andFordas possible candidates.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}