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2021-05-12

Landlord please be kind [流泪]

Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>4 月份公寓和组屋租金再次上涨，上涨 1.3%：SRX</blockquote>

2021-06-28

[财迷]

China’s ‘Small Giants’ Lure Investors Hunting for Big Gains<blockquote>中国的“小巨人”吸引寻求巨额利润的投资者</blockquote>

2021-05-24

Keep going

Dow rises more than 100 points to start the week, tech shares and reopening trades gain<blockquote>道琼斯指数本周初上涨超过 100 点，科技股和重新开盘交易上涨</blockquote>

2021-05-17

$KEPPEL DC REIT(AJBU.SI)$......

2021-08-05

Bye tesla

Cathie Wood's Ark Invest Sells Another $5.7M In Tesla<blockquote>Cathie Wood 的 Ark Invest 在特斯拉再出售 570 万美元</blockquote>

2021-06-25

Wow

抱歉，原内容已删除

2021-05-03

$KEPPEL DC REIT(AJBU.SI)$Good price to invest?

2021-10-09

Good read

What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>

2021-07-09

Good sharing!

抱歉，原内容已删除

2021-06-26

Great

抱歉，原内容已删除

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What History Says<blockquote>苹果股价能否再上涨 45%？历史怎么说</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160142374","media":"TheStreet","summary":"As it breaches $2.9 trillion market cap for the first time ever, Apple stock has produced 45% gains in the past year. Should investors expect similar performance over the next 12 months?Apple stock has surpassed $2.9 trillion market cap for the first time, and investors celebrate outstanding one-year returns of around 45%. Since the start of the iPhone era , AAPL has produced very solid, but still lower average one-year gains of 36%.Now, shareholders look forward. Is it reasonable to expect AAPL","content":"<p>As it breaches $2.9 trillion market cap for the first time ever, Apple stock has produced 45% gains in the past year. Should investors expect similar performance over the next 12 months?</p><p><blockquote>苹果股价有史以来首次突破 2.9 万亿美元市值，去年上涨了 45%。投资者是否应该期待未来 12 个月的类似表现？</blockquote></p><p> Apple stock&nbsp;has surpassed $2.9 trillion market cap for the first time, and investors celebrate outstanding one-year returns of around 45%. Since the start of the iPhone era (i.e. 2007 to present), AAPL has produced very solid, but still lower average one-year gains of 36%.</p><p><blockquote>苹果股票市值首次突破 2.9 万亿美元，投资者庆祝约 45% 的出色一年回报率。自iPhone时代开始以来（即2007年至今），AAPL取得了非常稳健的业绩，但仍低于36%的平均年增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e746370f51d8b99a1b176c6863eb1b1\" tg-width=\"1240\" tg-height=\"696\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in Chongqing, China.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果重庆市店。</span></p></blockquote></p><p> Now, shareholders look forward. Is it reasonable to expect AAPL stock to climb another 45% until the end of 2022? Today, the Apple Maven sets aside business fundamentals for a moment and looks at what history has to say about this question.</p><p><blockquote>现在，股东们很期待。预计 AAPL 股价到 2022 年底再上涨 45% 是否合理？今天，这位苹果专家暂时抛开商业基本面，看看历史对这个问题的看法。</blockquote></p><p> <b>What to expect of AAPL</b></p><p><blockquote><b>对 AAPL 有何期待</b></blockquote></p><p> I have written plenty about how Wall Street experts have recently taken sides on Apple stock. On the one hand,bulls see a strong holiday quarter&nbsp;of sales and growth opportunities in 2022. On the other hand, a few bears think that&nbsp;AAPL could be overpriced&nbsp;by nearly 20% due to slowing growth in a post-pandemic environment and shorter lead times on iPhones.</p><p><blockquote>我写了很多关于华尔街专家最近如何对苹果股票持偏见的文章。一方面， 多头认为 2022 年假日季度的销售和增长机会将强劲。另一方面，一些看空者认为，由于后大流行环境下增长放缓和 iPhone 交货时间缩短，AAPL 的定价可能会高出近 20%。</blockquote></p><p> But to understand if Apple shares could climb another 45% in the next 12 months, I turn to historical share price behavior. The gains observed in the past year may look outsized vs. the S&amp;P 500’s historical performance. But they are fairly standard for a stock like AAPL.</p><p><blockquote>但要了解苹果股价是否能在未来 12 个月内再上涨 45%，我转向历史股价行为。与标普500的历史表现相比，过去一年的收益可能显得过大。但对于苹果这样的股票来说，它们是相当标准的。</blockquote></p><p> The chart below shows the average gains produced by holding AAPL for 12 months, since the launch year of the first iPhone model. If the stock were bought on any given day, returns would have been 36%. If bought within 5% of peak prices, gains would have been much lower: 25%.</p><p><blockquote>下图显示了自第一款iPhone机型推出年份以来，持有AAPL 12个月产生的平均收益。如果在任何一天购买该股票，回报率将为 36%。如果在峰值价格的 5% 以内购买，涨幅会低得多：25%。</blockquote></p><p> Notice that the outsized gains earned from holding Apple stock for a year tend to come from buying shares after a steep 20%-plus drawdown. The last one happened in September 2020, and the previous one had been during the initial COVID-19 bear market.</p><p><blockquote>请注意，持有苹果股票一年所获得的巨额利润往往来自在大幅下跌 20% 以上后购买股票。上一次发生在2020年9月，上一次发生在最初的新冠肺炎熊市期间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdba2437dc07efd8b0ae81f1b68a9ac\" tg-width=\"845\" tg-height=\"484\" width=\"100%\" height=\"auto\"><span>Figure 2: Average 1-year gains in AAPL since 2007.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：自 2007 年以来 AAPL 的平均 1 年收益。</span></p></blockquote></p><p> The chart above reinforces the idea that buying AAPL near peaks, as is the case today, has historically led to below average returns. Of course, these averages have still been much better than what an investor would have earned from buying and holding a diversified basket of stocks, like the S&amp;P 500 or even the Nasdaq.</p><p><blockquote>上图强化了这样一种观点，即在接近峰值时购买 AAPL（就像今天的情况一样）历史上会导致低于平均水平的回报。当然，这些平均值仍然比投资者从购买和持有标普500甚至纳斯达克等多元化一篮子股票中获得的收益要好得多。</blockquote></p><p> Averages only tell part of a story. Equally important, the range of outcomes has been very wide. For instance, buying AAPL near a peak in December 2007 would have resulted in massive loss of -57% over the following year. On the other hand, buying near the peak in January of the same year would have resulted in an impressive one-year gain of +128%.</p><p><blockquote>平均值只讲述了故事的一部分。同样重要的是，结果的范围非常广泛。例如，在 2007 年 12 月接近峰值时购买 AAPL 会导致第二年巨额亏损 -57%。另一方面，在同年1月接近峰值时买入会带来令人印象深刻的+128%的一年涨幅。</blockquote></p><p> Below is the distribution (histogram) of one-year returns in AAPL, when shares are bought near peaks. Again, the range of outcomes has been very wide. That said, typical gains have been roughly in the 20%-to-30% territory.</p><p><blockquote>下面是当股票在峰值附近购买时，AAPL 一年回报率的分布（直方图）。同样，结果的范围非常广泛。也就是说，典型的涨幅大约在 20% 到 30% 之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8ad9d93eed25fc47e9b5d7f45d4b354d\" tg-width=\"862\" tg-height=\"528\" width=\"100%\" height=\"auto\"><span>Figure 3: Distribution of 1-year returns in AAPL, near peaks.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 3：AAPL 的 1 年回报分布，接近峰值。</span></p></blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> Can AAPL rise another 45% in the next year? It sure can, even off its current peak levels. In fact, Apple shares have, in rare cases, more than doubled in price in 12 months even after trading near all-time highs.</p><p><blockquote>AAPL明年能否再上涨45%？它当然可以，即使低于目前的峰值水平。事实上，在极少数情况下，即使交易价格接近历史高点，苹果股价也在 12 个月内上涨了一倍多。</blockquote></p><p> However, for the sake of being conservative, I don’t think that investors should bet on something like it happening next. I think that more modest gains of 20% to 30% through December 2022, if reached, would already be considered outstanding.</p><p><blockquote>不过，为了保守起见，我认为投资者不应该押注接下来会发生类似的事情。我认为，到 2022 年 12 月，如果实现 20% 至 30% 的更温和涨幅，已经被认为是出色的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Apple Stock Climb Another 45%? What History Says<blockquote>苹果股价能否再上涨 45%？历史怎么说</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Apple Stock Climb Another 45%? What History Says<blockquote>苹果股价能否再上涨 45%？历史怎么说</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-10 21:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As it breaches $2.9 trillion market cap for the first time ever, Apple stock has produced 45% gains in the past year. Should investors expect similar performance over the next 12 months?</p><p><blockquote>苹果股价有史以来首次突破 2.9 万亿美元市值，去年上涨了 45%。投资者是否应该期待未来 12 个月的类似表现？</blockquote></p><p> Apple stock&nbsp;has surpassed $2.9 trillion market cap for the first time, and investors celebrate outstanding one-year returns of around 45%. Since the start of the iPhone era (i.e. 2007 to present), AAPL has produced very solid, but still lower average one-year gains of 36%.</p><p><blockquote>苹果股票市值首次突破 2.9 万亿美元，投资者庆祝约 45% 的出色一年回报率。自iPhone时代开始以来（即2007年至今），AAPL取得了非常稳健的业绩，但仍低于36%的平均年增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e746370f51d8b99a1b176c6863eb1b1\" tg-width=\"1240\" tg-height=\"696\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in Chongqing, China.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果重庆市店。</span></p></blockquote></p><p> Now, shareholders look forward. Is it reasonable to expect AAPL stock to climb another 45% until the end of 2022? Today, the Apple Maven sets aside business fundamentals for a moment and looks at what history has to say about this question.</p><p><blockquote>现在，股东们很期待。预计 AAPL 股价到 2022 年底再上涨 45% 是否合理？今天，这位苹果专家暂时抛开商业基本面，看看历史对这个问题的看法。</blockquote></p><p> <b>What to expect of AAPL</b></p><p><blockquote><b>对 AAPL 有何期待</b></blockquote></p><p> I have written plenty about how Wall Street experts have recently taken sides on Apple stock. On the one hand,bulls see a strong holiday quarter&nbsp;of sales and growth opportunities in 2022. On the other hand, a few bears think that&nbsp;AAPL could be overpriced&nbsp;by nearly 20% due to slowing growth in a post-pandemic environment and shorter lead times on iPhones.</p><p><blockquote>我写了很多关于华尔街专家最近如何对苹果股票持偏见的文章。一方面， 多头认为 2022 年假日季度的销售和增长机会将强劲。另一方面，一些看空者认为，由于后大流行环境下增长放缓和 iPhone 交货时间缩短，AAPL 的定价可能会高出近 20%。</blockquote></p><p> But to understand if Apple shares could climb another 45% in the next 12 months, I turn to historical share price behavior. The gains observed in the past year may look outsized vs. the S&amp;P 500’s historical performance. But they are fairly standard for a stock like AAPL.</p><p><blockquote>但要了解苹果股价是否能在未来 12 个月内再上涨 45%，我转向历史股价行为。与标普500的历史表现相比，过去一年的收益可能显得过大。但对于苹果这样的股票来说，它们是相当标准的。</blockquote></p><p> The chart below shows the average gains produced by holding AAPL for 12 months, since the launch year of the first iPhone model. If the stock were bought on any given day, returns would have been 36%. If bought within 5% of peak prices, gains would have been much lower: 25%.</p><p><blockquote>下图显示了自第一款iPhone机型推出年份以来，持有AAPL 12个月产生的平均收益。如果在任何一天购买该股票，回报率将为 36%。如果在峰值价格的 5% 以内购买，涨幅会低得多：25%。</blockquote></p><p> Notice that the outsized gains earned from holding Apple stock for a year tend to come from buying shares after a steep 20%-plus drawdown. The last one happened in September 2020, and the previous one had been during the initial COVID-19 bear market.</p><p><blockquote>请注意，持有苹果股票一年所获得的巨额利润往往来自在大幅下跌 20% 以上后购买股票。上一次发生在2020年9月，上一次发生在最初的新冠肺炎熊市期间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdba2437dc07efd8b0ae81f1b68a9ac\" tg-width=\"845\" tg-height=\"484\" width=\"100%\" height=\"auto\"><span>Figure 2: Average 1-year gains in AAPL since 2007.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：自 2007 年以来 AAPL 的平均 1 年收益。</span></p></blockquote></p><p> The chart above reinforces the idea that buying AAPL near peaks, as is the case today, has historically led to below average returns. Of course, these averages have still been much better than what an investor would have earned from buying and holding a diversified basket of stocks, like the S&amp;P 500 or even the Nasdaq.</p><p><blockquote>上图强化了这样一种观点，即在接近峰值时购买 AAPL（就像今天的情况一样）历史上会导致低于平均水平的回报。当然，这些平均值仍然比投资者从购买和持有标普500甚至纳斯达克等多元化一篮子股票中获得的收益要好得多。</blockquote></p><p> Averages only tell part of a story. Equally important, the range of outcomes has been very wide. For instance, buying AAPL near a peak in December 2007 would have resulted in massive loss of -57% over the following year. On the other hand, buying near the peak in January of the same year would have resulted in an impressive one-year gain of +128%.</p><p><blockquote>平均值只讲述了故事的一部分。同样重要的是，结果的范围非常广泛。例如，在 2007 年 12 月接近峰值时购买 AAPL 会导致第二年巨额亏损 -57%。另一方面，在同年1月接近峰值时买入会带来令人印象深刻的+128%的一年涨幅。</blockquote></p><p> Below is the distribution (histogram) of one-year returns in AAPL, when shares are bought near peaks. Again, the range of outcomes has been very wide. That said, typical gains have been roughly in the 20%-to-30% territory.</p><p><blockquote>下面是当股票在峰值附近购买时，AAPL 一年回报率的分布（直方图）。同样，结果的范围非常广泛。也就是说，典型的涨幅大约在 20% 到 30% 之间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8ad9d93eed25fc47e9b5d7f45d4b354d\" tg-width=\"862\" tg-height=\"528\" width=\"100%\" height=\"auto\"><span>Figure 3: Distribution of 1-year returns in AAPL, near peaks.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 3：AAPL 的 1 年回报分布，接近峰值。</span></p></blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> Can AAPL rise another 45% in the next year? It sure can, even off its current peak levels. In fact, Apple shares have, in rare cases, more than doubled in price in 12 months even after trading near all-time highs.</p><p><blockquote>AAPL明年能否再上涨45%？它当然可以，即使低于目前的峰值水平。事实上，在极少数情况下，即使交易价格接近历史高点，苹果股价也在 12 个月内上涨了一倍多。</blockquote></p><p> However, for the sake of being conservative, I don’t think that investors should bet on something like it happening next. I think that more modest gains of 20% to 30% through December 2022, if reached, would already be considered outstanding.</p><p><blockquote>不过，为了保守起见，我认为投资者不应该押注接下来会发生类似的事情。我认为，到 2022 年 12 月，如果实现 20% 至 30% 的更温和涨幅，已经被认为是出色的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/can-apple-stock-climb-another-45-what-history-says\">TheStreet</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.thestreet.com/apple/stock/can-apple-stock-climb-another-45-what-history-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160142374","content_text":"As it breaches $2.9 trillion market cap for the first time ever, Apple stock has produced 45% gains in the past year. Should investors expect similar performance over the next 12 months?\nApple stock has surpassed $2.9 trillion market cap for the first time, and investors celebrate outstanding one-year returns of around 45%. Since the start of the iPhone era (i.e. 2007 to present), AAPL has produced very solid, but still lower average one-year gains of 36%.\nFigure 1: Apple store in Chongqing, China.\nNow, shareholders look forward. Is it reasonable to expect AAPL stock to climb another 45% until the end of 2022? Today, the Apple Maven sets aside business fundamentals for a moment and looks at what history has to say about this question.\nWhat to expect of AAPL\nI have written plenty about how Wall Street experts have recently taken sides on Apple stock. On the one hand,bulls see a strong holiday quarter of sales and growth opportunities in 2022. On the other hand, a few bears think that AAPL could be overpriced by nearly 20% due to slowing growth in a post-pandemic environment and shorter lead times on iPhones.\nBut to understand if Apple shares could climb another 45% in the next 12 months, I turn to historical share price behavior. The gains observed in the past year may look outsized vs. the S&P 500’s historical performance. But they are fairly standard for a stock like AAPL.\nThe chart below shows the average gains produced by holding AAPL for 12 months, since the launch year of the first iPhone model. If the stock were bought on any given day, returns would have been 36%. If bought within 5% of peak prices, gains would have been much lower: 25%.\nNotice that the outsized gains earned from holding Apple stock for a year tend to come from buying shares after a steep 20%-plus drawdown. The last one happened in September 2020, and the previous one had been during the initial COVID-19 bear market.\nFigure 2: Average 1-year gains in AAPL since 2007.\nThe chart above reinforces the idea that buying AAPL near peaks, as is the case today, has historically led to below average returns. Of course, these averages have still been much better than what an investor would have earned from buying and holding a diversified basket of stocks, like the S&P 500 or even the Nasdaq.\nAverages only tell part of a story. Equally important, the range of outcomes has been very wide. For instance, buying AAPL near a peak in December 2007 would have resulted in massive loss of -57% over the following year. On the other hand, buying near the peak in January of the same year would have resulted in an impressive one-year gain of +128%.\nBelow is the distribution (histogram) of one-year returns in AAPL, when shares are bought near peaks. Again, the range of outcomes has been very wide. That said, typical gains have been roughly in the 20%-to-30% territory.\nFigure 3: Distribution of 1-year returns in AAPL, near peaks.\nThe Apple Maven’s take\nCan AAPL rise another 45% in the next year? It sure can, even off its current peak levels. In fact, Apple shares have, in rare cases, more than doubled in price in 12 months even after trading near all-time highs.\nHowever, for the sake of being conservative, I don’t think that investors should bet on something like it happening next. I think that more modest gains of 20% to 30% through December 2022, if reached, would already be considered outstanding.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605821281,"gmtCreate":1639146616283,"gmtModify":1639146670537,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605821281","repostId":"1112170047","repostType":4,"repost":{"id":"1112170047","kind":"news","pubTimestamp":1639145272,"share":"https://www.laohunote.com/m/news/1112170047?lang=zh_CN&edition=full","pubTime":"2021-12-10 22:07","market":"us","language":"en","title":"Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112170047","media":"Barrons","summary":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a ","content":"<p>The&nbsp;S&amp;P 500&nbsp;continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了艰难的 11 月份之后，标普500仍继续处于历史估值范围的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数约为华尔街分析师对 2022 年每股收益的一致预期的 21 倍，其中科技和非必需消费品等行业的估值远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&amp;P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但所有 11 个标普500行业都有便宜的股票。就像一个总是开放的篮球运动员一样，许多折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场上的其他地方一样，有些公司的股价便宜也是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲 2022 年的预期结果。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&amp;P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有 11 个板块中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&amp;P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and&nbsp;Amazon.com&nbsp;(AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的板块，是 2022 年预期收益的 33 倍以上。高倍数股票特斯拉（股票代码：TSLA）和亚马逊（AMZN）的存在是其中很大一部分原因。这两者合计占该行业市值的 40%，分别是 2022 年预测市盈率的 121 倍和 68 倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup&nbsp;(PHM),D.R. Horton&nbsp;(DHI), and&nbsp;Lennar&nbsp;(LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值光谱的另一端是三只美国住宅建筑股票：PulteGroup (PHM),D.R.霍顿（DHI）和伦纳（LEN）。这些交易价格不到 2022 年预期收益的 8 倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在经历大流行病般的繁荣： 许多地区的房价都处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不指望这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团霍顿和伦纳的低廉估值表明，具有周期性终端市场的公司股票往往会发生什么： 市盈率向周期顶部收缩，因为投资者担心情况已经尽如人意，目前的盈利水平无法持续。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的一次<i>巴伦</i>封面故事解释了为什么当前的房地产繁荣可能会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的低廉估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital&nbsp;(WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股作为一个整体是明年预计利润的 28 倍，而该行业最便宜的股票--西部数据（WDC）--仅为 6.8 倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场开展业务——需求旺盛和销售旺盛的时期往往会伴随着供应过剩和定价疲软的暴跌。大流行病时期，在家办公对电脑、智能手机和云基础设施的需求大增，使得西部数据的产品库存保持在低位，定价居高不下。投资者知道情况并非总是如此。</blockquote></p><p> In the S&amp;P 500’s cheapest sector, energy, APA (APA),Coterra Energy&nbsp;(CTRA), and&nbsp;Diamondback Energy&nbsp;(FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的行业中，能源、APA (APA)、Coterra Energy (CTRA) 和 Diamondback Energy (FANG) 是最便宜的三只股票。整个集团的市盈率是明年预测收益的 11 倍多一点，而其三个最便宜的成员--所有美国页岩油或天然气生产商--的市盈率在 5 到 7 倍之间。随着世界转向可再生能源，投资者显然对化石燃料的未来感到担忧，不会买入石油和天然气股票。</blockquote></p><p> Other particularly cheap S&amp;P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris&nbsp;(VTRS), jettisoned from&nbsp;Pfizer&nbsp;(PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆出来的公司——去年从辉瑞 (PFE) 抛弃并与迈兰合并的 Viatris (VTRS)，以及去年夏天从默克 (MRK) 分拆出来的 Organon (OGN)——的估值是整个指数中最低的。总体而言，分拆股票最近表现不佳，对于不专门关注医疗保健的投资者来说，那些名字听起来很普通的全新股票很可能会受到关注。<i>巴伦</i>比 Viatris 更看好 Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&amp;P 500 communications services sector are also in the midst of major M&amp;A:AT&amp;T&nbsp;(T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&amp;T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&amp;T.</p><p><blockquote>标普500通信服务行业最便宜的两只股票也处于重大并购之中：美国电话电报公司 (T) 和 Discovery (DISCA)。两家公司明年的预期市盈率都接近 7.5 倍，而同行业平均水平为 20.8 倍。美国电话电报公司将在明年年中左右剥离其华纳媒体子公司，并将其与探索合并，使这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后再选择纯粹的赌注：通过 Discovery 提供流媒体娱乐，或通过 AT&amp;T 提供有线和无线电信服务。</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>Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</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\">\nHere Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-10 22:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The&nbsp;S&amp;P 500&nbsp;continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了艰难的 11 月份之后，标普500仍继续处于历史估值范围的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数约为华尔街分析师对 2022 年每股收益的一致预期的 21 倍，其中科技和非必需消费品等行业的估值远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&amp;P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但所有 11 个标普500行业都有便宜的股票。就像一个总是开放的篮球运动员一样，许多折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场上的其他地方一样，有些公司的股价便宜也是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲 2022 年的预期结果。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&amp;P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有 11 个板块中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&amp;P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and&nbsp;Amazon.com&nbsp;(AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的板块，是 2022 年预期收益的 33 倍以上。高倍数股票特斯拉（股票代码：TSLA）和亚马逊（AMZN）的存在是其中很大一部分原因。这两者合计占该行业市值的 40%，分别是 2022 年预测市盈率的 121 倍和 68 倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup&nbsp;(PHM),D.R. Horton&nbsp;(DHI), and&nbsp;Lennar&nbsp;(LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值光谱的另一端是三只美国住宅建筑股票：PulteGroup (PHM),D.R.霍顿（DHI）和伦纳（LEN）。这些交易价格不到 2022 年预期收益的 8 倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在经历大流行病般的繁荣： 许多地区的房价都处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不指望这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团霍顿和伦纳的低廉估值表明，具有周期性终端市场的公司股票往往会发生什么： 市盈率向周期顶部收缩，因为投资者担心情况已经尽如人意，目前的盈利水平无法持续。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的一次<i>巴伦</i>封面故事解释了为什么当前的房地产繁荣可能会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的低廉估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital&nbsp;(WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股作为一个整体是明年预计利润的 28 倍，而该行业最便宜的股票--西部数据（WDC）--仅为 6.8 倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场开展业务——需求旺盛和销售旺盛的时期往往会伴随着供应过剩和定价疲软的暴跌。大流行病时期，在家办公对电脑、智能手机和云基础设施的需求大增，使得西部数据的产品库存保持在低位，定价居高不下。投资者知道情况并非总是如此。</blockquote></p><p> In the S&amp;P 500’s cheapest sector, energy, APA (APA),Coterra Energy&nbsp;(CTRA), and&nbsp;Diamondback Energy&nbsp;(FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的行业中，能源、APA (APA)、Coterra Energy (CTRA) 和 Diamondback Energy (FANG) 是最便宜的三只股票。整个集团的市盈率是明年预测收益的 11 倍多一点，而其三个最便宜的成员--所有美国页岩油或天然气生产商--的市盈率在 5 到 7 倍之间。随着世界转向可再生能源，投资者显然对化石燃料的未来感到担忧，不会买入石油和天然气股票。</blockquote></p><p> Other particularly cheap S&amp;P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris&nbsp;(VTRS), jettisoned from&nbsp;Pfizer&nbsp;(PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆出来的公司——去年从辉瑞 (PFE) 抛弃并与迈兰合并的 Viatris (VTRS)，以及去年夏天从默克 (MRK) 分拆出来的 Organon (OGN)——的估值是整个指数中最低的。总体而言，分拆股票最近表现不佳，对于不专门关注医疗保健的投资者来说，那些名字听起来很普通的全新股票很可能会受到关注。<i>巴伦</i>比 Viatris 更看好 Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&amp;P 500 communications services sector are also in the midst of major M&amp;A:AT&amp;T&nbsp;(T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&amp;T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&amp;T.</p><p><blockquote>标普500通信服务行业最便宜的两只股票也处于重大并购之中：美国电话电报公司 (T) 和 Discovery (DISCA)。两家公司明年的预期市盈率都接近 7.5 倍，而同行业平均水平为 20.8 倍。美国电话电报公司将在明年年中左右剥离其华纳媒体子公司，并将其与探索合并，使这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后再选择纯粹的赌注：通过 Discovery 提供流媒体娱乐，或通过 AT&amp;T 提供有线和无线电信服务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST\">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":{"VTRS":"Viatris Inc.","LEN":"莱纳建筑公司","IVZ":"美国景顺集团","MO":"奥驰亚","TAP":"莫库酒业","HPE":"慧与科技","FANG":"Diamondback Energy","PHM":"普得集团","APA":"阿帕契","CMI":"康明斯","OGN":"Organon & Co","CF":"CF工业","CBRE":"世邦魏理仕","ALK":"阿拉斯加航空集团有限公司","WU":"西联汇款","EIX":"爱迪生国际","MOS":"美国美盛","WDC":"西部数据","NRG":"NRG能源","COF":"第一资本","VNO":"沃那多房信","SPG":"西蒙地产","SRE":"桑普拉能源","T":"At&T","CTRA":"Coterra Energy Inc.","DHI":"霍顿房屋","DISCA":"探索传播","LYB":"利安德巴塞尔","WBA":"沃尔格林联合博姿","BMY":"施贵宝","LNC":"林肯国民","LUMN":"Lumen Technologies","DAL":"达美航空"},"source_url":"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112170047","content_text":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.\nThe index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.\nBut there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.\nPeriodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:\n\n*P/2022E FFO. Source: Bloomberg, FactSet\nThe S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.\nOn the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.\nThe U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.\nPulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.\nA recent Barron’s cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.\nTechnology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.\nWestern Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.\nIn the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.\nOther particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. Barron’s is more bullish on Organon than Viatris.\nThe two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.","news_type":1,"symbols_score_info":{"DISCA":0.9,"MO":0.9,"SRE":0.9,"NRG":0.9,"PHM":0.9,"LYB":0.9,"OGN":0.9,"IVZ":0.9,"LNC":0.9,"APA":0.9,"EIX":0.9,"DAL":0.9,"T":0.9,"SPG":0.9,"WBA":0.9,"VTRS":0.9,"CBRE":0.9,"ALK":0.9,"LUMN":0.9,"CMI":0.9,"TAP":0.9,"COF":0.9,"CTRA":0.9,"VNO":0.9,"WU":0.9,"CF":0.9,"MOS":0.9,"HPE":0.9,"DHI":0.9,"BMY":0.9,"LEN":0.9,"FANG":0.9,"WDC":0.9}},"isVote":1,"tweetType":1,"viewCount":5302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602597192,"gmtCreate":1639038618241,"gmtModify":1639038618241,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share 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it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608318960","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":4193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601606617,"gmtCreate":1638517234746,"gmtModify":1638517234746,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601606617","repostId":"1110450425","repostType":4,"repost":{"id":"1110450425","kind":"news","pubTimestamp":1638515794,"share":"https://www.laohunote.com/m/news/1110450425?lang=zh_CN&edition=full","pubTime":"2021-12-03 15:16","market":"us","language":"en","title":"3 Surefire Growth Stocks to Buy in December<blockquote>12 月值得买入的 3 只必备成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110450425","media":"Motley Fool","summary":"Patience will pay off handsomely if investors buy into this innovative trio.","content":"<p>Since the end of the Great Recession more than 12 years ago,growth stocks&nbsp;have been dominant. Historically low lending rates and a persistently dovish U.S. central bank have given fast-paced companies access to cheap capital that they've used to hire, acquire, and innovate.</p><p><blockquote>自 12 年前大衰退结束以来，成长型股票一直占据主导地位。历史上较低的贷款利率和持续鸽派的美国央行让快节奏的公司获得了廉价资本，他们已经习惯了这些资本来招聘、收购和创新。</blockquote></p><p> The thing is, even with growth stocks responsible for pushing the stock market to new heights, great deals can still be found. For long-term investors, the following three surefire growth stocks are all bargains that can be confidently bought in December.</p><p><blockquote>问题是，即使成长型股票负责将股市推向新的高度，仍然可以找到伟大的交易。对于长期投资者来说，以下三只稳赚不赔的成长型股票都是12月份可以放心买入的便宜货。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f15900ffc21bc761d72f7b1e71e83010\" tg-width=\"2000\" tg-height=\"1399\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Square</b></p><p><blockquote><b>平方</b></blockquote></p><p> The first surefire growth stock patient investors can load up on in December following a 25% pullback since August is fintech-giant&nbsp;<b>Square</b>.</p><p><blockquote>自 8 月份以来回调 25% 后，耐心投资者可以在 12 月份买入的第一只 surefire 增长股票是金融科技巨头<b>平方</b>.</blockquote></p><p> For the past couple of months, Square has come under pressure for a variety of reasons. There's worry about the role cryptocurrencies might play in the payments space, and more recently, there's concern about higher-inflation rates adversely impacting consumer spending. Growth stocks with hefty premiums tend to get hit hardest when inflation picks up.</p><p><blockquote>在过去的几个月里，由于各种原因，Square一直处于压力之下。人们担心加密货币可能在支付领域发挥的作用，最近，人们担心通胀率上升会对消费者支出产生不利影响。当通胀加剧时，溢价过高的成长型股票往往会受到最严重的打击。</blockquote></p><p> While these might be tangible concerns for some&nbsp;fintech stocks, Square has demonstrated it's in a class of its own -- which is why it carries such a lofty valuation premium.</p><p><blockquote>虽然这些对于一些金融科技股来说可能是切实的担忧，但 Square 已经证明它是独一无二的——这就是它具有如此高的估值溢价的原因。</blockquote></p><p> For more than a decade, the company has relied on its seller ecosystem as its&nbsp;bread-and-butter growth source. This segment is what provides point-of-sale solutions, loans, and analytics to help businesses succeed. In the seven years leading up to the pandemic, the gross payment volume (GPV) transacted on Square's network grew by an annualized average of 49% from $6.5 billion to $106.2 billion. Based on Square's third-quarter GPV of $41.7 billion, the company has an annual run-rate of almost $167 billion.</p><p><blockquote>十多年来，该公司一直依赖其卖家生态系统作为其面包和黄油的增长来源。该部门提供销售点解决方案、贷款和分析，以帮助企业取得成功。在疫情爆发前的七年里，Square网络上交易的总支付量（GPV）年均增长49%，从65亿美元增长到1062亿美元。根据 Square 第三季度 417 亿美元的 GPV，该公司的年运营率接近 1670 亿美元。</blockquote></p><p> What's remarkable about the seller ecosystem is its incorporation of bigger businesses. Once a tool used almost exclusively by small/independent merchants, two-thirds of Square's Q3 GPV originated from sellers with at least $125,000 in annualized GPV. Since the seller ecosystem is predominantly a fee-driven segment, this steady shift will gradually increase gross profits over time.</p><p><blockquote>卖家生态系统的显著特点是它整合了更大的企业。Square 第三季度 GPV 的三分之二曾是小型/独立商家几乎专门使用的工具，而年化 GPV 至少为 12.5 万美元的卖家有三分之二。由于卖家生态系统主要是一个费用驱动的细分市场，这种稳定的转变将随着时间的推移逐渐增加毛利润。</blockquote></p><p> But the long-term growth opportunity that should make Square a surefire investment is its digital peer-to-peer payment platform, Cash App. In just a three-year stretch ending Dec. 31, 2020, Cash App's monthly active user (MAU) count&nbsp;more than quintupled&nbsp;from 7 million to 36 million.</p><p><blockquote>但让 Square 成为稳妥投资的长期增长机会是其数字点对点支付平台 Cash App。在截至 2020 年 12 月 31 日的短短三年时间里，Cash App 的月活跃用户 (MAU) 数量从 700 万增长到 3600 万，增长了五倍多。</blockquote></p><p> What makes Cash App so intriguing is its margins. In the June-ended quarter, Square noted in its shareholder letter that it was generating $55 in gross profit per monthly transacting active customer, yet was spending around $5 to acquire each Cash App MAU. There's little question that Cash App will blow past the seller ecosystem in terms of profit potential over the long run.</p><p><blockquote>Cash App 之所以如此吸引人，是因为它的利润率。在截至 6 月的季度中，Square 在股东信中指出，每月交易活跃客户的毛利润为 55 美元，但购买每个现金应用 MAU 的费用约为 5 美元。毫无疑问，从长远来看，Cash App 的利润潜力将超越卖家生态系统。</blockquote></p><p> The&nbsp;icing on the cake for Square&nbsp;is its pending $29 billion acquisition of \"buy now, pay later\" company&nbsp;<b>Afterpay</b>. Purchasing Afterpay will create a closed-loop payment system that connects the seller ecosystem with Cash App. This pricey deal is ultimately geared at growing its ecosystem and bolstering long-term margins.</p><p><blockquote>Square 的锦上添花是其即将以 290 亿美元收购“先买后付”公司<b>后付费</b>购买Afterpay将创建一个闭环支付系统，将卖家生态系统与Cash App连接起来。这笔昂贵的交易最终是为了发展其生态系统并提高长期利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2644af4464af927edb622f1f17d1727d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Novavax</b></p><p><blockquote><b>诺瓦瓦克斯</b></blockquote></p><p> Another surefire growth stock investors can confidently pile into in December is drug-developer&nbsp;<b>Novavax</b>.</p><p><blockquote>投资者可以在 12 月放心买入的另一只稳健增长的股票是药物开发商<b>诺瓦瓦克斯</b>.</blockquote></p><p> Novavax is one of what's seemingly become an army of drugmakers angling to produce a coronavirus disease 2019 (COVID-19) vaccine or treatment. But unlike most of the crowd, the company's lead vaccine (NVX-CoV2373) appears to be in the upper echelon of effectiveness.</p><p><blockquote>Novavax 是似乎已成为致力于生产冠状病毒疾病 2019 (COVID-19) 疫苗或治疗药物的制药商大军之一。但与大多数人不同的是，该公司的领先疫苗（NVX-CoV2373）似乎处于有效性的上层。</blockquote></p><p> In March and June, Novavax released the results of two large-scale studies involving its COVID-19 vaccine. In the U.K. trial, NVX-CoV2373 produced an 89.7% vaccine efficacy (VE), which included the original strain of the SARS-CoV-2 virus that causes COVID-19, as well as the U.K. variant. There was also the U.S./Mexico phase 3 trial, which produced a 90.4% VE. With the exception of&nbsp;<b>Moderna</b>&nbsp;and&nbsp;<b>Pfizer</b>/<b>BioNTech</b>, whose initial large-scale U.S. trials yielded respective VEs of 94.1% and 95%, Novavax looks as if it'll slide in as the clear No. 3 option in the COVID-19 vaccine space.</p><p><blockquote>3月和6月，Novavax发布了涉及其新冠肺炎疫苗的两项大规模研究的结果。在英国试验中，NVX-CoV2373 产生了 89.7% 的疫苗效力 (VE)，其中包括导致 COVID-19 的 SARS-CoV-2 病毒的原始毒株以及英国变体。还有美国/墨西哥的3期试验，产生了90.4%的VE。除了<b>现代</b>和<b>辉瑞</b>/<b>生物技术</b>Novavax 在美国的初步大规模试验分别产生了 94.1% 和 95% 的 VEs，看起来它将成为 COVID-19 疫苗领域的明显第三选择。</blockquote></p><p> Despite these positive clinical results, Novavax's share price has more or less gone nowhere since late January. This has to do with emergency-use authorization (EUA) filing delays in key markets, as well as production setbacks. Wall Street and investors have been quick to pounce on any delays in bringing NVX-CoV2373 to market.</p><p><blockquote>尽管有这些积极的临床结果，但自 1 月下旬以来，Novavax 的股价或多或少没有任何进展。这与主要市场的紧急使用授权 (EUA) 申请延迟以及生产挫折有关。华尔街和投资者迅速抓住了 NVX-CoV2373 推向市场的任何延误。</blockquote></p><p></p><p> However, Novavax looks like it's&nbsp;working through many of its delays. It was recently granted its first EUAs in Indonesia and the Philippines and has filed for the equivalent of EUA approval with the World Health Organization, Canada, Australia, and the U.K., to name a few key markets.</p><p><blockquote>然而，Novavax 看起来正在克服许多延误。它最近在印度尼西亚和菲律宾获得了第一个EUA，并已向世界卫生组织、加拿大、澳大利亚和英国申请了相当于EUA的批准，仅举几个主要市场。</blockquote></p><p> It's important for investors to understand that COVID-19 has the look of an endemic illness. The mutability of the virus, coupled with the need to vaccinate billions of additional people worldwide, makes it highly likely that Novavax will&nbsp;generate recurring revenue from this indication, rather than a one-time pop from initial inoculations.</p><p><blockquote>对于投资者来说，重要的是要了解 COVID-19 看起来像是一种地方病。病毒的可变性，加上需要为全球数十亿人接种疫苗，使得Novavax极有可能从这一适应症中产生经常性收入，而不是从初始接种中获得一次性收入。</blockquote></p><p> The Novavax growth story should also&nbsp;blossom, thanks to innovation. It's one of the leading candidates to develop a combination COVID-19/influenza vaccine and bring it to market faster than its peers.</p><p><blockquote>得益于创新，Novavax 的增长故事也应该会开花结果。它是开发新冠肺炎/流感联合疫苗并比同行更快地将其推向市场的主要候选公司之一。</blockquote></p><p> All of these factors make Novavax a screaming bargain in the&nbsp;biotech space.</p><p><blockquote>所有这些因素使得 Novavax 成为生物技术领域的一大便宜货。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daba772eacee266463194db26d926d00\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Pinterest</b></p><p><blockquote><b>Pinterest</b></blockquote></p><p> A third surefire growth stock to buy in December is social-media platform&nbsp;&nbsp;<b>Pinterest</b>.</p><p><blockquote>12 月值得购买的第三只 surefire 增长股票是社交媒体平台<b>Pinterest</b>.</blockquote></p><p> There's no sugarcoating that&nbsp;Pinterest has been a dud in 2021. Its shares are down almost 40% year to date, with the stock teetering on a 14-month low. This weakness is the result of Pinterest's MAU declining on a sequential basis for each of the past two quarters (from 478 million in Q1 2021 to 444 million in Q3 2021).</p><p><blockquote>毫无疑问，Pinterest在 2021 年表现不佳。今年迄今为止，其股价已下跌近 40%，跌至 14 个月低点。这一疲软是由于 Pinterest 过去两个季度的 MAU 连续下降（从 2021 年第一季度的 4.78 亿下降到 2021 年第三季度的 4.44 亿）。</blockquote></p><p> To state the obvious, Pinterest was never going to maintain its rate of MAU growth achieved during the pandemic. With COVID-19 vaccination rates picking up in developed markets, it's not a surprise to see people getting out of the house more often. But it's worthwhile noting that, when examined over a three-or-five-year period, Pinterest's MAU growth remains within historic norms.</p><p><blockquote>显而易见的是，Pinterest永远不会维持疫情期间实现的MAU增长率。随着发达市场新冠肺炎疫苗接种率的上升，看到人们更频繁地走出家门也就不足为奇了。但值得注意的是，从三年或五年的时间来看，Pinterest的MAU增长仍在历史正常范围内。</blockquote></p><p> What's far more important for investors to recognize is that, even with more modest near-term MAU growth, we're seeing&nbsp;almost no slowdown in the monetization of Pinterest's user base. In the September-ended quarter, global average revenue per user (ARPU) jumped 37%, while international ARPU skyrocketed 81%. International ARPU remains low enough ($0.38 in Q3) that it can double many times over this decade and fuel sustainable double-digit growth.</p><p><blockquote>对于投资者来说，更重要的是要认识到，即使近期 MAU 增长较为温和，我们也几乎没有看到 Pinterest 用户群的货币化放缓。在截至 9 月份的季度中，全球每用户平均收入 (ARPU) 跃升 37%，而国际 ARPU 则飙升 81%。国际 ARPU 仍然足够低（第三季度为 0.38 美元），可以在这十年内翻一番，并推动可持续的两位数增长。</blockquote></p><p> What's made Pinterest a desirable place for advertisers is its&nbsp;transparent operating model. Whereas other social media platforms gather information with likes and users' search histories, the entire premise of Pinterest is for users to post about the things, places, and services that interest them. With this important data in hand, Pinterest merely needs to connect users with the merchants who can meet their needs. It's a no-brainer that merchants are going to be willing to spend big to reach motivated shoppers.</p><p><blockquote>Pinterest之所以成为广告商的理想之地，是因为它透明的运营模式。其他社交媒体平台通过喜欢和用户的搜索历史来收集信息，而Pinterest的整个前提是用户发布他们感兴趣的事物、地点和服务。有了这些重要数据，Pinterest只需要将用户与能够满足用户需求的商家联系起来。显而易见，商家愿意花大价钱来吸引有积极性的购物者。</blockquote></p><p> Following its retracement, Pinterest is downright inexpensive. It can be scooped up for 30 times Wall Street's forecast earnings per share for 2022, yet is still growing sales by 25% or more annually. It's the perfect growth stock to add in December and&nbsp;hang onto over the next 5 to 10 years.</p><p><blockquote>在回调之后，Pinterest变得非常便宜。它可以达到华尔街 2022 年预测每股收益的 30 倍，但销售额仍以每年 25% 或更多的速度增长。这是 12 月份加入并在未来 5 到 10 年内持有的完美成长型股票。</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>3 Surefire Growth Stocks to Buy in December<blockquote>12 月值得买入的 3 只必备成长型股票</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\">\n3 Surefire Growth Stocks to Buy in December<blockquote>12 月值得买入的 3 只必备成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-03 15:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since the end of the Great Recession more than 12 years ago,growth stocks&nbsp;have been dominant. Historically low lending rates and a persistently dovish U.S. central bank have given fast-paced companies access to cheap capital that they've used to hire, acquire, and innovate.</p><p><blockquote>自 12 年前大衰退结束以来，成长型股票一直占据主导地位。历史上较低的贷款利率和持续鸽派的美国央行让快节奏的公司获得了廉价资本，他们已经习惯了这些资本来招聘、收购和创新。</blockquote></p><p> The thing is, even with growth stocks responsible for pushing the stock market to new heights, great deals can still be found. For long-term investors, the following three surefire growth stocks are all bargains that can be confidently bought in December.</p><p><blockquote>问题是，即使成长型股票负责将股市推向新的高度，仍然可以找到伟大的交易。对于长期投资者来说，以下三只稳赚不赔的成长型股票都是12月份可以放心买入的便宜货。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f15900ffc21bc761d72f7b1e71e83010\" tg-width=\"2000\" tg-height=\"1399\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Square</b></p><p><blockquote><b>平方</b></blockquote></p><p> The first surefire growth stock patient investors can load up on in December following a 25% pullback since August is fintech-giant&nbsp;<b>Square</b>.</p><p><blockquote>自 8 月份以来回调 25% 后，耐心投资者可以在 12 月份买入的第一只 surefire 增长股票是金融科技巨头<b>平方</b>.</blockquote></p><p> For the past couple of months, Square has come under pressure for a variety of reasons. There's worry about the role cryptocurrencies might play in the payments space, and more recently, there's concern about higher-inflation rates adversely impacting consumer spending. Growth stocks with hefty premiums tend to get hit hardest when inflation picks up.</p><p><blockquote>在过去的几个月里，由于各种原因，Square一直处于压力之下。人们担心加密货币可能在支付领域发挥的作用，最近，人们担心通胀率上升会对消费者支出产生不利影响。当通胀加剧时，溢价过高的成长型股票往往会受到最严重的打击。</blockquote></p><p> While these might be tangible concerns for some&nbsp;fintech stocks, Square has demonstrated it's in a class of its own -- which is why it carries such a lofty valuation premium.</p><p><blockquote>虽然这些对于一些金融科技股来说可能是切实的担忧，但 Square 已经证明它是独一无二的——这就是它具有如此高的估值溢价的原因。</blockquote></p><p> For more than a decade, the company has relied on its seller ecosystem as its&nbsp;bread-and-butter growth source. This segment is what provides point-of-sale solutions, loans, and analytics to help businesses succeed. In the seven years leading up to the pandemic, the gross payment volume (GPV) transacted on Square's network grew by an annualized average of 49% from $6.5 billion to $106.2 billion. Based on Square's third-quarter GPV of $41.7 billion, the company has an annual run-rate of almost $167 billion.</p><p><blockquote>十多年来，该公司一直依赖其卖家生态系统作为其面包和黄油的增长来源。该部门提供销售点解决方案、贷款和分析，以帮助企业取得成功。在疫情爆发前的七年里，Square网络上交易的总支付量（GPV）年均增长49%，从65亿美元增长到1062亿美元。根据 Square 第三季度 417 亿美元的 GPV，该公司的年运营率接近 1670 亿美元。</blockquote></p><p> What's remarkable about the seller ecosystem is its incorporation of bigger businesses. Once a tool used almost exclusively by small/independent merchants, two-thirds of Square's Q3 GPV originated from sellers with at least $125,000 in annualized GPV. Since the seller ecosystem is predominantly a fee-driven segment, this steady shift will gradually increase gross profits over time.</p><p><blockquote>卖家生态系统的显著特点是它整合了更大的企业。Square 第三季度 GPV 的三分之二曾是小型/独立商家几乎专门使用的工具，而年化 GPV 至少为 12.5 万美元的卖家有三分之二。由于卖家生态系统主要是一个费用驱动的细分市场，这种稳定的转变将随着时间的推移逐渐增加毛利润。</blockquote></p><p> But the long-term growth opportunity that should make Square a surefire investment is its digital peer-to-peer payment platform, Cash App. In just a three-year stretch ending Dec. 31, 2020, Cash App's monthly active user (MAU) count&nbsp;more than quintupled&nbsp;from 7 million to 36 million.</p><p><blockquote>但让 Square 成为稳妥投资的长期增长机会是其数字点对点支付平台 Cash App。在截至 2020 年 12 月 31 日的短短三年时间里，Cash App 的月活跃用户 (MAU) 数量从 700 万增长到 3600 万，增长了五倍多。</blockquote></p><p> What makes Cash App so intriguing is its margins. In the June-ended quarter, Square noted in its shareholder letter that it was generating $55 in gross profit per monthly transacting active customer, yet was spending around $5 to acquire each Cash App MAU. There's little question that Cash App will blow past the seller ecosystem in terms of profit potential over the long run.</p><p><blockquote>Cash App 之所以如此吸引人，是因为它的利润率。在截至 6 月的季度中，Square 在股东信中指出，每月交易活跃客户的毛利润为 55 美元，但购买每个现金应用 MAU 的费用约为 5 美元。毫无疑问，从长远来看，Cash App 的利润潜力将超越卖家生态系统。</blockquote></p><p> The&nbsp;icing on the cake for Square&nbsp;is its pending $29 billion acquisition of \"buy now, pay later\" company&nbsp;<b>Afterpay</b>. Purchasing Afterpay will create a closed-loop payment system that connects the seller ecosystem with Cash App. This pricey deal is ultimately geared at growing its ecosystem and bolstering long-term margins.</p><p><blockquote>Square 的锦上添花是其即将以 290 亿美元收购“先买后付”公司<b>后付费</b>购买Afterpay将创建一个闭环支付系统，将卖家生态系统与Cash App连接起来。这笔昂贵的交易最终是为了发展其生态系统并提高长期利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2644af4464af927edb622f1f17d1727d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Novavax</b></p><p><blockquote><b>诺瓦瓦克斯</b></blockquote></p><p> Another surefire growth stock investors can confidently pile into in December is drug-developer&nbsp;<b>Novavax</b>.</p><p><blockquote>投资者可以在 12 月放心买入的另一只稳健增长的股票是药物开发商<b>诺瓦瓦克斯</b>.</blockquote></p><p> Novavax is one of what's seemingly become an army of drugmakers angling to produce a coronavirus disease 2019 (COVID-19) vaccine or treatment. But unlike most of the crowd, the company's lead vaccine (NVX-CoV2373) appears to be in the upper echelon of effectiveness.</p><p><blockquote>Novavax 是似乎已成为致力于生产冠状病毒疾病 2019 (COVID-19) 疫苗或治疗药物的制药商大军之一。但与大多数人不同的是，该公司的领先疫苗（NVX-CoV2373）似乎处于有效性的上层。</blockquote></p><p> In March and June, Novavax released the results of two large-scale studies involving its COVID-19 vaccine. In the U.K. trial, NVX-CoV2373 produced an 89.7% vaccine efficacy (VE), which included the original strain of the SARS-CoV-2 virus that causes COVID-19, as well as the U.K. variant. There was also the U.S./Mexico phase 3 trial, which produced a 90.4% VE. With the exception of&nbsp;<b>Moderna</b>&nbsp;and&nbsp;<b>Pfizer</b>/<b>BioNTech</b>, whose initial large-scale U.S. trials yielded respective VEs of 94.1% and 95%, Novavax looks as if it'll slide in as the clear No. 3 option in the COVID-19 vaccine space.</p><p><blockquote>3月和6月，Novavax发布了涉及其新冠肺炎疫苗的两项大规模研究的结果。在英国试验中，NVX-CoV2373 产生了 89.7% 的疫苗效力 (VE)，其中包括导致 COVID-19 的 SARS-CoV-2 病毒的原始毒株以及英国变体。还有美国/墨西哥的3期试验，产生了90.4%的VE。除了<b>现代</b>和<b>辉瑞</b>/<b>生物技术</b>Novavax 在美国的初步大规模试验分别产生了 94.1% 和 95% 的 VEs，看起来它将成为 COVID-19 疫苗领域的明显第三选择。</blockquote></p><p> Despite these positive clinical results, Novavax's share price has more or less gone nowhere since late January. This has to do with emergency-use authorization (EUA) filing delays in key markets, as well as production setbacks. Wall Street and investors have been quick to pounce on any delays in bringing NVX-CoV2373 to market.</p><p><blockquote>尽管有这些积极的临床结果，但自 1 月下旬以来，Novavax 的股价或多或少没有任何进展。这与主要市场的紧急使用授权 (EUA) 申请延迟以及生产挫折有关。华尔街和投资者迅速抓住了 NVX-CoV2373 推向市场的任何延误。</blockquote></p><p></p><p> However, Novavax looks like it's&nbsp;working through many of its delays. It was recently granted its first EUAs in Indonesia and the Philippines and has filed for the equivalent of EUA approval with the World Health Organization, Canada, Australia, and the U.K., to name a few key markets.</p><p><blockquote>然而，Novavax 看起来正在克服许多延误。它最近在印度尼西亚和菲律宾获得了第一个EUA，并已向世界卫生组织、加拿大、澳大利亚和英国申请了相当于EUA的批准，仅举几个主要市场。</blockquote></p><p> It's important for investors to understand that COVID-19 has the look of an endemic illness. The mutability of the virus, coupled with the need to vaccinate billions of additional people worldwide, makes it highly likely that Novavax will&nbsp;generate recurring revenue from this indication, rather than a one-time pop from initial inoculations.</p><p><blockquote>对于投资者来说，重要的是要了解 COVID-19 看起来像是一种地方病。病毒的可变性，加上需要为全球数十亿人接种疫苗，使得Novavax极有可能从这一适应症中产生经常性收入，而不是从初始接种中获得一次性收入。</blockquote></p><p> The Novavax growth story should also&nbsp;blossom, thanks to innovation. It's one of the leading candidates to develop a combination COVID-19/influenza vaccine and bring it to market faster than its peers.</p><p><blockquote>得益于创新，Novavax 的增长故事也应该会开花结果。它是开发新冠肺炎/流感联合疫苗并比同行更快地将其推向市场的主要候选公司之一。</blockquote></p><p> All of these factors make Novavax a screaming bargain in the&nbsp;biotech space.</p><p><blockquote>所有这些因素使得 Novavax 成为生物技术领域的一大便宜货。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daba772eacee266463194db26d926d00\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Pinterest</b></p><p><blockquote><b>Pinterest</b></blockquote></p><p> A third surefire growth stock to buy in December is social-media platform&nbsp;&nbsp;<b>Pinterest</b>.</p><p><blockquote>12 月值得购买的第三只 surefire 增长股票是社交媒体平台<b>Pinterest</b>.</blockquote></p><p> There's no sugarcoating that&nbsp;Pinterest has been a dud in 2021. Its shares are down almost 40% year to date, with the stock teetering on a 14-month low. This weakness is the result of Pinterest's MAU declining on a sequential basis for each of the past two quarters (from 478 million in Q1 2021 to 444 million in Q3 2021).</p><p><blockquote>毫无疑问，Pinterest在 2021 年表现不佳。今年迄今为止，其股价已下跌近 40%，跌至 14 个月低点。这一疲软是由于 Pinterest 过去两个季度的 MAU 连续下降（从 2021 年第一季度的 4.78 亿下降到 2021 年第三季度的 4.44 亿）。</blockquote></p><p> To state the obvious, Pinterest was never going to maintain its rate of MAU growth achieved during the pandemic. With COVID-19 vaccination rates picking up in developed markets, it's not a surprise to see people getting out of the house more often. But it's worthwhile noting that, when examined over a three-or-five-year period, Pinterest's MAU growth remains within historic norms.</p><p><blockquote>显而易见的是，Pinterest永远不会维持疫情期间实现的MAU增长率。随着发达市场新冠肺炎疫苗接种率的上升，看到人们更频繁地走出家门也就不足为奇了。但值得注意的是，从三年或五年的时间来看，Pinterest的MAU增长仍在历史正常范围内。</blockquote></p><p> What's far more important for investors to recognize is that, even with more modest near-term MAU growth, we're seeing&nbsp;almost no slowdown in the monetization of Pinterest's user base. In the September-ended quarter, global average revenue per user (ARPU) jumped 37%, while international ARPU skyrocketed 81%. International ARPU remains low enough ($0.38 in Q3) that it can double many times over this decade and fuel sustainable double-digit growth.</p><p><blockquote>对于投资者来说，更重要的是要认识到，即使近期 MAU 增长较为温和，我们也几乎没有看到 Pinterest 用户群的货币化放缓。在截至 9 月份的季度中，全球每用户平均收入 (ARPU) 跃升 37%，而国际 ARPU 则飙升 81%。国际 ARPU 仍然足够低（第三季度为 0.38 美元），可以在这十年内翻一番，并推动可持续的两位数增长。</blockquote></p><p> What's made Pinterest a desirable place for advertisers is its&nbsp;transparent operating model. Whereas other social media platforms gather information with likes and users' search histories, the entire premise of Pinterest is for users to post about the things, places, and services that interest them. With this important data in hand, Pinterest merely needs to connect users with the merchants who can meet their needs. It's a no-brainer that merchants are going to be willing to spend big to reach motivated shoppers.</p><p><blockquote>Pinterest之所以成为广告商的理想之地，是因为它透明的运营模式。其他社交媒体平台通过喜欢和用户的搜索历史来收集信息，而Pinterest的整个前提是用户发布他们感兴趣的事物、地点和服务。有了这些重要数据，Pinterest只需要将用户与能够满足用户需求的商家联系起来。显而易见，商家愿意花大价钱来吸引有积极性的购物者。</blockquote></p><p> Following its retracement, Pinterest is downright inexpensive. It can be scooped up for 30 times Wall Street's forecast earnings per share for 2022, yet is still growing sales by 25% or more annually. It's the perfect growth stock to add in December and&nbsp;hang onto over the next 5 to 10 years.</p><p><blockquote>在回调之后，Pinterest变得非常便宜。它可以达到华尔街 2022 年预测每股收益的 30 倍，但销售额仍以每年 25% 或更多的速度增长。这是 12 月份加入并在未来 5 到 10 年内持有的完美成长型股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/02/3-surefire-growth-stocks-to-buy-in-december/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","PINS":"Pinterest, Inc."},"source_url":"https://www.fool.com/investing/2021/12/02/3-surefire-growth-stocks-to-buy-in-december/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110450425","content_text":"Since the end of the Great Recession more than 12 years ago,growth stocks have been dominant. Historically low lending rates and a persistently dovish U.S. central bank have given fast-paced companies access to cheap capital that they've used to hire, acquire, and innovate.\nThe thing is, even with growth stocks responsible for pushing the stock market to new heights, great deals can still be found. For long-term investors, the following three surefire growth stocks are all bargains that can be confidently bought in December.\nImage source: Getty Images.\nSquare\nThe first surefire growth stock patient investors can load up on in December following a 25% pullback since August is fintech-giant Square.\nFor the past couple of months, Square has come under pressure for a variety of reasons. There's worry about the role cryptocurrencies might play in the payments space, and more recently, there's concern about higher-inflation rates adversely impacting consumer spending. Growth stocks with hefty premiums tend to get hit hardest when inflation picks up.\nWhile these might be tangible concerns for some fintech stocks, Square has demonstrated it's in a class of its own -- which is why it carries such a lofty valuation premium.\nFor more than a decade, the company has relied on its seller ecosystem as its bread-and-butter growth source. This segment is what provides point-of-sale solutions, loans, and analytics to help businesses succeed. In the seven years leading up to the pandemic, the gross payment volume (GPV) transacted on Square's network grew by an annualized average of 49% from $6.5 billion to $106.2 billion. Based on Square's third-quarter GPV of $41.7 billion, the company has an annual run-rate of almost $167 billion.\nWhat's remarkable about the seller ecosystem is its incorporation of bigger businesses. Once a tool used almost exclusively by small/independent merchants, two-thirds of Square's Q3 GPV originated from sellers with at least $125,000 in annualized GPV. Since the seller ecosystem is predominantly a fee-driven segment, this steady shift will gradually increase gross profits over time.\nBut the long-term growth opportunity that should make Square a surefire investment is its digital peer-to-peer payment platform, Cash App. In just a three-year stretch ending Dec. 31, 2020, Cash App's monthly active user (MAU) count more than quintupled from 7 million to 36 million.\nWhat makes Cash App so intriguing is its margins. In the June-ended quarter, Square noted in its shareholder letter that it was generating $55 in gross profit per monthly transacting active customer, yet was spending around $5 to acquire each Cash App MAU. There's little question that Cash App will blow past the seller ecosystem in terms of profit potential over the long run.\nThe icing on the cake for Square is its pending $29 billion acquisition of \"buy now, pay later\" company Afterpay. Purchasing Afterpay will create a closed-loop payment system that connects the seller ecosystem with Cash App. This pricey deal is ultimately geared at growing its ecosystem and bolstering long-term margins.\nImage source: Getty Images.\nNovavax\nAnother surefire growth stock investors can confidently pile into in December is drug-developer Novavax.\nNovavax is one of what's seemingly become an army of drugmakers angling to produce a coronavirus disease 2019 (COVID-19) vaccine or treatment. But unlike most of the crowd, the company's lead vaccine (NVX-CoV2373) appears to be in the upper echelon of effectiveness.\nIn March and June, Novavax released the results of two large-scale studies involving its COVID-19 vaccine. In the U.K. trial, NVX-CoV2373 produced an 89.7% vaccine efficacy (VE), which included the original strain of the SARS-CoV-2 virus that causes COVID-19, as well as the U.K. variant. There was also the U.S./Mexico phase 3 trial, which produced a 90.4% VE. With the exception of Moderna and Pfizer/BioNTech, whose initial large-scale U.S. trials yielded respective VEs of 94.1% and 95%, Novavax looks as if it'll slide in as the clear No. 3 option in the COVID-19 vaccine space.\nDespite these positive clinical results, Novavax's share price has more or less gone nowhere since late January. This has to do with emergency-use authorization (EUA) filing delays in key markets, as well as production setbacks. Wall Street and investors have been quick to pounce on any delays in bringing NVX-CoV2373 to market.\nHowever, Novavax looks like it's working through many of its delays. It was recently granted its first EUAs in Indonesia and the Philippines and has filed for the equivalent of EUA approval with the World Health Organization, Canada, Australia, and the U.K., to name a few key markets.\nIt's important for investors to understand that COVID-19 has the look of an endemic illness. The mutability of the virus, coupled with the need to vaccinate billions of additional people worldwide, makes it highly likely that Novavax will generate recurring revenue from this indication, rather than a one-time pop from initial inoculations.\nThe Novavax growth story should also blossom, thanks to innovation. It's one of the leading candidates to develop a combination COVID-19/influenza vaccine and bring it to market faster than its peers.\nAll of these factors make Novavax a screaming bargain in the biotech space.\nImage source: Getty Images.\nPinterest\nA third surefire growth stock to buy in December is social-media platform  Pinterest.\nThere's no sugarcoating that Pinterest has been a dud in 2021. Its shares are down almost 40% year to date, with the stock teetering on a 14-month low. This weakness is the result of Pinterest's MAU declining on a sequential basis for each of the past two quarters (from 478 million in Q1 2021 to 444 million in Q3 2021).\nTo state the obvious, Pinterest was never going to maintain its rate of MAU growth achieved during the pandemic. With COVID-19 vaccination rates picking up in developed markets, it's not a surprise to see people getting out of the house more often. But it's worthwhile noting that, when examined over a three-or-five-year period, Pinterest's MAU growth remains within historic norms.\nWhat's far more important for investors to recognize is that, even with more modest near-term MAU growth, we're seeing almost no slowdown in the monetization of Pinterest's user base. In the September-ended quarter, global average revenue per user (ARPU) jumped 37%, while international ARPU skyrocketed 81%. International ARPU remains low enough ($0.38 in Q3) that it can double many times over this decade and fuel sustainable double-digit growth.\nWhat's made Pinterest a desirable place for advertisers is its transparent operating model. Whereas other social media platforms gather information with likes and users' search histories, the entire premise of Pinterest is for users to post about the things, places, and services that interest them. With this important data in hand, Pinterest merely needs to connect users with the merchants who can meet their needs. It's a no-brainer that merchants are going to be willing to spend big to reach motivated shoppers.\nFollowing its retracement, Pinterest is downright inexpensive. It can be scooped up for 30 times Wall Street's forecast earnings per share for 2022, yet is still growing sales by 25% or more annually. It's the perfect growth stock to add in December and hang onto over the next 5 to 10 years.","news_type":1,"symbols_score_info":{"SQ":0.9,"PINS":0.9,"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":5316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603722084,"gmtCreate":1638455002481,"gmtModify":1638455002530,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603722084","repostId":"2188651547","repostType":4,"repost":{"id":"2188651547","kind":"highlight","pubTimestamp":1638454201,"share":"https://www.laohunote.com/m/news/2188651547?lang=zh_CN&edition=full","pubTime":"2021-12-02 22:10","market":"us","language":"en","title":"Here's where Citi strategists say a 'buyback boom' is coming<blockquote>花旗策略师表示“回购热潮”即将到来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2188651547","media":"MarketWatch","summary":"Corporate profits are set to surge next year in Europe, and along with them a big jump in stock buyb","content":"<p>Corporate profits are set to surge next year in Europe, and along with them a big jump in stock buybacks, according to strategists at Citi.</p><p><blockquote>花旗策略师表示，明年欧洲企业利润将激增，随之而来的是股票回购量也将大幅增加。</blockquote></p><p> Strategists led by Beata Manthey expect a 60% jump in European company earnings per share, which will help drive a 30% gain in stock buybacks.</p><p><blockquote>以 Beata Manthey 为首的策略师预计欧洲公司每股收益将增长 60%，这将有助于推动股票回购增长 30%。</blockquote></p><p> That's not a typical use of cash by European companies, that are more likely than their U.S. peers to return cash in the form of dividends. In 2021, Citi estimates the typical company has spent 39 cents on every euro in dividends and 9 cents on dividends. (About 46% is spent on capital expenditure, and 14% on acquisitions.)</p><p><blockquote>这不是欧洲公司使用现金的典型方式，欧洲公司比美国同行更有可能以股息的形式返还现金。花旗估计，2021 年，典型公司每欧元股息花费 39 美分，股息花费 9 美分。（约46%用于资本支出，14%用于收购。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ecc21548e2cee38a77a56c2b26e43a\" tg-width=\"700\" tg-height=\"452\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> \"The overall story is that dividends picked up sharply this year, but buybacks should rise most next. Our forecasts suggest the European dividend:buyback ratio will be 2.6 :1 in 2022, down from 3.3 :1 in 2021. But this is still very different to the US 0.7:1 dividend:buyback ratio,\" said the analysts.</p><p><blockquote>“总体情况是，今年股息大幅上升，但明年回购应该会大幅上升。我们的预测表明，2022 年欧洲股息：回购比率将为 2.6:1，低于 2021 年的 3.3:1。但这仍然与美国 0.7:1 股息：回购比率有很大不同，”分析师表示。</blockquote></p><p> European stocks traded lower Thursday, as traders priced in the late-session swoon on Wall Street on Wednesday.</p><p><blockquote>欧洲股市周四走低，交易员周三华尔街尾盘定价下跌。</blockquote></p><p> The Stoxx Europe 600 fell 1.5% to 463.72.</p><p><blockquote>斯托克欧洲 600 指数下跌 1.5%，至 463.72 点。</blockquote></p><p> Of the major regional indexes, the German DAX declined 1.6%, the French CAC 40 declined 1.3% and the U.K. FTSE 100 fell 0.9%.</p><p><blockquote>主要区域指数中，德国DAX指数下跌1.6%，法国CAC 40指数下跌1.3%，英国富时100指数下跌0.9%。</blockquote></p><p> Vifor Pharma jumped 19% after the Australian newspaper reported CSL is in exclusive talks to buy the Swiss company.</p><p><blockquote>澳大利亚报纸报道 CSL 正在就收购这家瑞士公司进行独家谈判后，Vifor Pharma 股价上涨 19%。</blockquote></p><p> The food delivery sector took a beating, with shares of Deliveroo , Just Eat Takeaway.com and Delivery Hero&nbsp;each retreating.</p><p><blockquote>食品配送行业遭受重创，户户送、Just Eat Takeaway.com 和 Delivery Hero 的股价均下跌。</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>Here's where Citi strategists say a 'buyback boom' is coming<blockquote>花旗策略师表示“回购热潮”即将到来</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; 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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\">\nHere's where Citi strategists say a 'buyback boom' is coming<blockquote>花旗策略师表示“回购热潮”即将到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-02 22:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Corporate profits are set to surge next year in Europe, and along with them a big jump in stock buybacks, according to strategists at Citi.</p><p><blockquote>花旗策略师表示，明年欧洲企业利润将激增，随之而来的是股票回购量也将大幅增加。</blockquote></p><p> Strategists led by Beata Manthey expect a 60% jump in European company earnings per share, which will help drive a 30% gain in stock buybacks.</p><p><blockquote>以 Beata Manthey 为首的策略师预计欧洲公司每股收益将增长 60%，这将有助于推动股票回购增长 30%。</blockquote></p><p> That's not a typical use of cash by European companies, that are more likely than their U.S. peers to return cash in the form of dividends. In 2021, Citi estimates the typical company has spent 39 cents on every euro in dividends and 9 cents on dividends. (About 46% is spent on capital expenditure, and 14% on acquisitions.)</p><p><blockquote>这不是欧洲公司使用现金的典型方式，欧洲公司比美国同行更有可能以股息的形式返还现金。花旗估计，2021 年，典型公司每欧元股息花费 39 美分，股息花费 9 美分。（约46%用于资本支出，14%用于收购。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e9ecc21548e2cee38a77a56c2b26e43a\" tg-width=\"700\" tg-height=\"452\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> \"The overall story is that dividends picked up sharply this year, but buybacks should rise most next. Our forecasts suggest the European dividend:buyback ratio will be 2.6 :1 in 2022, down from 3.3 :1 in 2021. But this is still very different to the US 0.7:1 dividend:buyback ratio,\" said the analysts.</p><p><blockquote>“总体情况是，今年股息大幅上升，但明年回购应该会大幅上升。我们的预测表明，2022 年欧洲股息：回购比率将为 2.6:1，低于 2021 年的 3.3:1。但这仍然与美国 0.7:1 股息：回购比率有很大不同，”分析师表示。</blockquote></p><p> European stocks traded lower Thursday, as traders priced in the late-session swoon on Wall Street on Wednesday.</p><p><blockquote>欧洲股市周四走低，交易员周三华尔街尾盘定价下跌。</blockquote></p><p> The Stoxx Europe 600 fell 1.5% to 463.72.</p><p><blockquote>斯托克欧洲 600 指数下跌 1.5%，至 463.72 点。</blockquote></p><p> Of the major regional indexes, the German DAX declined 1.6%, the French CAC 40 declined 1.3% and the U.K. FTSE 100 fell 0.9%.</p><p><blockquote>主要区域指数中，德国DAX指数下跌1.6%，法国CAC 40指数下跌1.3%，英国富时100指数下跌0.9%。</blockquote></p><p> Vifor Pharma jumped 19% after the Australian newspaper reported CSL is in exclusive talks to buy the Swiss company.</p><p><blockquote>澳大利亚报纸报道 CSL 正在就收购这家瑞士公司进行独家谈判后，Vifor Pharma 股价上涨 19%。</blockquote></p><p> The food delivery sector took a beating, with shares of Deliveroo , Just Eat Takeaway.com and Delivery Hero&nbsp;each retreating.</p><p><blockquote>食品配送行业遭受重创，户户送、Just Eat Takeaway.com 和 Delivery Hero 的股价均下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-where-citi-strategists-say-a-buyback-boom-is-coming-11638452135?mod=hp_LATEST\">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":{"BK4007":"制药",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","CSL.AU":"CSL LIMITED",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/heres-where-citi-strategists-say-a-buyback-boom-is-coming-11638452135?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2188651547","content_text":"Corporate profits are set to surge next year in Europe, and along with them a big jump in stock buybacks, according to strategists at Citi.\nStrategists led by Beata Manthey expect a 60% jump in European company earnings per share, which will help drive a 30% gain in stock buybacks.\nThat's not a typical use of cash by European companies, that are more likely than their U.S. peers to return cash in the form of dividends. In 2021, Citi estimates the typical company has spent 39 cents on every euro in dividends and 9 cents on dividends. (About 46% is spent on capital expenditure, and 14% on acquisitions.)\n\n\"The overall story is that dividends picked up sharply this year, but buybacks should rise most next. Our forecasts suggest the European dividend:buyback ratio will be 2.6 :1 in 2022, down from 3.3 :1 in 2021. But this is still very different to the US 0.7:1 dividend:buyback ratio,\" said the analysts.\nEuropean stocks traded lower Thursday, as traders priced in the late-session swoon on Wall Street on Wednesday.\nThe Stoxx Europe 600 fell 1.5% to 463.72.\nOf the major regional indexes, the German DAX declined 1.6%, the French CAC 40 declined 1.3% and the U.K. FTSE 100 fell 0.9%.\nVifor Pharma jumped 19% after the Australian newspaper reported CSL is in exclusive talks to buy the Swiss company.\nThe food delivery sector took a beating, with shares of Deliveroo , Just Eat Takeaway.com and Delivery Hero each retreating.","news_type":1,"symbols_score_info":{".DJI":0.9,"CSL.AU":0.9,"END":0.9,"GNHAY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609710795,"gmtCreate":1638324947019,"gmtModify":1638324947019,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609710795","repostId":"1101012085","repostType":4,"isVote":1,"tweetType":1,"viewCount":5404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609320609,"gmtCreate":1638240746695,"gmtModify":1638240784843,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609320609","repostId":"2187082593","repostType":4,"isVote":1,"tweetType":1,"viewCount":4439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600513025,"gmtCreate":1638171939605,"gmtModify":1638171939704,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600513025","repostId":"1137001737","repostType":4,"repost":{"id":"1137001737","kind":"news","pubTimestamp":1638170069,"share":"https://www.laohunote.com/m/news/1137001737?lang=zh_CN&edition=full","pubTime":"2021-11-29 15:14","market":"us","language":"en","title":"GameStop: The Fun is Ending as Losses Pile Up<blockquote>游戏驿站：随着损失的堆积，乐趣即将结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137001737","media":"InvestorPlace","summary":"GME stock slumped Tuesday as the latest bit of momentum fades","content":"<p><div> GameStop(NYSE:GME) has been one of the year’s most amazing stories. Coming into 2021, GameStop appeared to be a nearly bankrupt video game retailer stuck in a death spiral. However, thanks to social ...</p><p><blockquote><div>游戏驿站（NYSE:GME）是今年最令人惊叹的故事之一。进入2021年，游戏驿站似乎是一家濒临破产的视频游戏零售商，陷入了死亡螺旋。然而，由于社会……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>GameStop: The Fun is Ending as Losses Pile Up<blockquote>游戏驿站：随着损失的堆积，乐趣即将结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop: The Fun is Ending as Losses Pile Up<blockquote>游戏驿站：随着损失的堆积，乐趣即将结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-11-29 15:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> GameStop(NYSE:GME) has been one of the year’s most amazing stories. Coming into 2021, GameStop appeared to be a nearly bankrupt video game retailer stuck in a death spiral. However, thanks to social ...</p><p><blockquote><div>游戏驿站（NYSE:GME）是今年最令人惊叹的故事之一。进入2021年，游戏驿站似乎是一家濒临破产的视频游戏零售商，陷入了死亡螺旋。然而，由于社会……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/\">InvestorPlace</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":{"GME":"游戏驿站"},"source_url":"https://investorplace.com/2021/11/gme-stock-the-fun-is-ending-as-losses-pile-up/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137001737","content_text":"GameStop(NYSE:GME) has been one of the year’s most amazing stories. Coming into 2021, GameStop appeared to be a nearly bankrupt video game retailer stuck in a death spiral. However, thanks to social media activism, GME stock flew to the moon in January.\nManagement used that opportunity to issue stock and raise sufficient cash to keep the business afloat. The company has also brought in leaders such as Ryan Cohen who can hope to get the company back on track with a new strategy.\nPerhaps under Cohen’s watch, GameStop will be able to form a digital approach to evolve its business model. While the traditional mall-based sales model is on the way out, video games are more popular than ever. There’s a chance to pivot GameStop to digital sales channels or pursue new opportunities such as e-sports or non-fungible tokens (NFTs).\nGameStop’s Disappointing Earnings\nI know meme traders don’t want to hear about earnings. However, if you are going to invest, fundamentals eventually matter. For a short period of time, a stock price can simply go up based on sentiment or technical factors. Sooner or later, however, a company actually needs to earn money or show strong growth to maintain its shareholder value. GameStop, however, is not doing this yet.\nGameStop isn’t expecting to report Q3 earnings until December. However, looking back at its Q2 earnings, they were a big mess. The company lost 85 cents per share, which was a sizable miss versus expectations. Revenues grew 25% year-over-year, which might sound good at first glance. However, it actually isn’t that big of a jump, considering that the stores were largely closed in Q2 of 2020. Economic reopening could have led to a much bigger revenue increase, particularly given the strong video game sales trend.\nOverall, for Q2, the company lost $58 million while generating $1.18 billion of sales. That’s around a negative 5% profit margin. This isn’t a disaster, by any means, but normally investors would value a small loss-making retailer like this at a low valuation ratio. Instead, GME stock is currently at a rather lofty price.\nOn a profit basis, GameStop is also exceptionally expensive. Analysts expect the company to continue losing money in 2022. In 2023, analysts see GameStop generating 15 cents per share in operating profit. This would add up to a P/E ratio of around 1,400.\nShare Price Gyrations\nClearly, GameStop isn’t rallying based on anything to do with its (poor) fundamentals. Rather, most of the action is due to short-term sentiment swings and technical factors.\nSince this spring, GameStop has traded in a range between $150 and $300 per share. It tests the edges of those ranges occasionally, but it tends to settle back to around $200 per share most of the time. It’s been frustrating for both shareholders and short sellers; both want to see a big move, but instead the stock just hangs out in its narrow area.\nOver time, however, an overvalued stock will tend to drift down toward its fair value if there are no positive catalysts to keep sentiment up. Earnings in December are likely to be bad; analysts don’t see the company making profits until 2023, after all. And the supply chain and logisitics problems may cause GameStop issues this holiday season. We’ve already seen bad earnings from other mall retailers like Gap(NYSE:GPS) which serve as a warning for the sector as a whole.\nIn November, GameStop shares rallied once again. They topped out at $250 recently. However, there was little actual news to justify such a move. Thus, not surprisingly, the surge came to an abrupt end Tuesday, as GME stock tumbled 13.6% in a single day. The meme energy has dimmed dramatically since the first GameStop squeeze back in January.\nGME Stock Verdict\nGameStop remains in a difficult position as an investment. The actual value of GameStop’s existing operating business is minimal. The company was barely surviving prior to the pandemic. And foot traffic to malls has dropped significantly since then; GameStop’s legacy brick and mortar business is not going to be a meaningful profit center for much longer.\nWill GameStop be able to develop a large sustainable online business? We still don’t know. There’s been a lot of rumors and excitement around what could be. Until some tangible signs of actual progress occur, GME stock is a gamble at best. And with the market capitalization up at $15 billion, it’s an awfully expensive lotto ticket at that.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600305507,"gmtCreate":1638063189439,"gmtModify":1638063189439,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600305507","repostId":"2186323399","repostType":4,"isVote":1,"tweetType":1,"viewCount":2181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877836728,"gmtCreate":1637910334492,"gmtModify":1637910334492,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877836728","repostId":"2186031881","repostType":4,"repost":{"id":"2186031881","kind":"news","pubTimestamp":1637909371,"share":"https://www.laohunote.com/m/news/2186031881?lang=zh_CN&edition=full","pubTime":"2021-11-26 14:49","market":"us","language":"en","title":"5 Trillion Reasons To Be Bullish On Tesla<blockquote>看好特斯拉的 5 万亿个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2186031881","media":"Oilprice","summary":"In the latest EV sector report, the EV kingpin, Tesla Inc. (NASDAQ:TSLA), has cemented its credentia","content":"<p><div> In the latest EV sector report, the EV kingpin, Tesla Inc. (NASDAQ:TSLA), has cemented its credentials as one of the few electric vehicle manufacturers ready to challenge the ICE hegemony. According ...</p><p><blockquote><div>在最新的电动汽车行业报告中，电动汽车巨头特斯拉公司（纳斯达克股票代码：TSLA）巩固了其作为少数几家准备挑战 ICE 霸权的电动汽车制造商之一的地位。根据……</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1606109400967","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>5 Trillion Reasons To Be Bullish On Tesla<blockquote>看好特斯拉的 5 万亿个理由</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\">\n5 Trillion Reasons To Be Bullish On Tesla<blockquote>看好特斯拉的 5 万亿个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-11-26 14:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> In the latest EV sector report, the EV kingpin, Tesla Inc. (NASDAQ:TSLA), has cemented its credentials as one of the few electric vehicle manufacturers ready to challenge the ICE hegemony. According ...</p><p><blockquote><div>在最新的电动汽车行业报告中，电动汽车巨头特斯拉公司（纳斯达克股票代码：TSLA）巩固了其作为少数几家准备挑战 ICE 霸权的电动汽车制造商之一的地位。根据……</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html\">Oilprice</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":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BK4555":"新能源车","BK4527":"明星科技股","BK4551":"寇图资本持仓","BK4099":"汽车制造商","TSLA":"特斯拉","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4548":"巴美列捷福持仓"},"source_url":"https://oilprice.com/Energy/Energy-General/5-Trillion-Reasons-To-Be-Bullish-On-Tesla.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2186031881","content_text":"In the latest EV sector report, the EV kingpin, Tesla Inc. (NASDAQ:TSLA), has cemented its credentials as one of the few electric vehicle manufacturers ready to challenge the ICE hegemony.\nAccording to a report by the Korea Automotive Technology Institute (KAII), global EV sales have exceeded 3 million units in the first three quarters of 2021, a run rate that puts it on course to break 4 million units a year for the first time ever.\nBloombergNEF is even more optimistic and expects global sales of electric passenger vehicles this year to clock in at 5.6 million units, good for an impressive 8% of new vehicle sales.\nWedbush Securities forecasts that Tesla alone could grab up to 50% of the $5-trillion EV market in the coming years, with the rest of the manufacturers fighting over the remaining scraps.\nWith that in mind, Wedbush analyst Daniel Ives maintains his \"Outperform\" rating, raising his price target on Tesla from $1,100 to $1,400 per share. But Ives \"bull case\" is $1,800.\nWhile Tesla has been busy trying to corner the Chinese market--quite successfully--Wedbush estimates that from 2022 onwards, China will be worth $400 per share for Tesla.\nOn a company basis, Tesla remains the most popular model after moving 625,624 units in the third quarter, 51% more than second-placed China's SAIC Motor, which sold 413,037 units; Volkswagen 287,852 units; and China's BYD Corp. (NYSE:BYD) with 189,751 units.\nTesla has definitely established a strong head start on the competition in the EV market that ICE incumbents as well as newer pure-play EV upstarts will have a hard time catching up to.\nKeep an Eye on China\nTesla stock rallied further Monday after Musk tweeted about the launch of the Model S Plaid in China for mid-2022.\n\"Model S Plaid is sickkkk!!!!\" Musk has tweeted.\"\nThe $131,100 Model S Plaid features 1,020 horsepower, a 17-inch touchscreen, a steering yoke and has an estimated EPA-rated range of up to 390 miles.\nChina is the world's largest car market, and it's the key here, with Ives calling it the \"linchpin to the overall bull thesis on Tesla\".\nFor Q3, Tesla's China sales were almost half the volume of its U.S. sales … and climbing.\nTesla reported $3.11 billion in EV sales in China for Q3--a figure that represents 48.5% of its $6.41 billion in U.S. sales for the same time period. It's also more than a 41% increase over China sales a year ago.\nIn January 2020, Tesla delivered its first locally manufactured EVs in China. This year, Tesla started delivering its second model to the Chinese straight from its gigafactory in Shanghai. The Model 3 and Model Y are now the top three EVs in terms of sales in China.\nAnd now it's offering loans in China to spur more sales. Tesla's financial products even include some with zero down payments.\nProfitability and Catalysts for 2022\nFor every quarter of 2021 so far, Tesla has managed to increase its profit margin, largely because of reduced costs and higher sales.\nThat momentum is expected to continue next year, with intensifying production, demand that is clearly on track to increase and new factories coming on line.\nIf we see any improvement in supply chains for raw materials next year, Tesla will benefit further.\nOn Monday, Tesla filed for approval for the first phase of its planned \"Gigafactory Texas\" in Austin to produce the Model Y.\nTesla will invest $1 billion in the Texas gigafactory, and construction is expected to be completed by the end of this year already. The complex would contain five separate facilities.\nIt's also building \"Gigafactory Berlin\" in Germany, which has met with some delays in the environmental approval process.\nEven without these catalysts, Tesla is blowing everyone else away.\nIn terms of volume, the Financial Times suggests that VW is the only carmaker that stands a chance of overtaking Tesla's volume by 2024.\nWhile all other major automakers are on track to significantly scale up their EV offerings, Bernstein, IHS and EV-Volumes.com say they won't come close to Tesla.\nIs Apple Really a Threat to Tesla?\nThe threat to Tesla from giant smartphone maker Apple Inc. (NASDAQ:AAPL), which has reportedly stepped up its efforts to create an autonomous car thanks to a recent chip breakthrough, is impressive but still in the fairly distant future.\nApple has set a goal to produce a fully self-driving car by 2025 though it's yet to announce a production partner anytime soon for the self-driving car project.\nNothing has delivered us a more impressive wealth generation story in the past couple of years like Tesla. It's certainly with that in mind that Apple--which has gone back and forth over the Apple Car--appears to have turned things up a notch in the autonomous-driving arena.\nMorgan Stanley analyst Adam Jona thinks the interest in Apple entering the electric shared-autonomy space in transportation has been accelerated by the soaring valuation of Tesla and other EV stocks in a validation of the wealth creation potential.\nHowever, Jonas and team do not think Apple will bring a car to the market in the traditional sense.\n\"We believe a car without steering wheel or pedals must be a 'shared service' and not an 'owned car,' To be clear, we do not believe consumers will own title to a fully autonomous car... but will engage in the service as a subscription or transport utility.\"\nJonas and team also think Apple's autonomous car story will play out slowly.\nLikewise, Morgan Stanley doesn't view Apple's potential entry into the autonomous-mobility market as a major threat to Tesla.\nFor now, we think nothing holds a candle to Tesla in the EV space.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877056002,"gmtCreate":1637848086214,"gmtModify":1637848086214,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877056002","repostId":"2185354679","repostType":4,"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874386778,"gmtCreate":1637731169721,"gmtModify":1637731169721,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874386778","repostId":"2185379463","repostType":4,"isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875987586,"gmtCreate":1637594779401,"gmtModify":1637594779450,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875987586","repostId":"1170837254","repostType":4,"repost":{"id":"1170837254","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":1637594462,"share":"https://www.laohunote.com/m/news/1170837254?lang=zh_CN&edition=full","pubTime":"2021-11-22 23:21","market":"us","language":"en","title":"NIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170837254","media":"Tiger Newspress","summary":"NIO shares rose more than 10% in early trading.Nio Inc plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc’s Model S sedan.","content":"<p>NIO&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;10%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/709a7939cec9f7c36227189c8c1eb12f\" tg-width=\"871\" tg-height=\"627\" width=\"100%\" height=\"auto\"><b>Nio Inc</b>&nbsp;plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.</p><p><blockquote>蔚来股价早盘上涨超过10%。<b>蔚来公司</b>CNEVPORT 援引该车型团队的话报道称，计划从 1 月中旬开始接受电动轿车 ET7 的预订。</blockquote></p><p> The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.</p><p><blockquote>ET7 是蔚来电动汽车阵容中第四款上市的车型。</blockquote></p><p> Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it&nbsp;is expected to compete with&nbsp;<b>Tesla Inc’s</b>&nbsp;Model S sedan.</p><p><blockquote>蔚来于今年 1 月在公司年会上推出了旗舰轿车 ET7，配备了第二代电力驱动系统，预计将与<b>特斯拉公司</b>S型轿车。</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>NIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</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\">\nNIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</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\">2021-11-22 23:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NIO&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;10%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/709a7939cec9f7c36227189c8c1eb12f\" tg-width=\"871\" tg-height=\"627\" width=\"100%\" height=\"auto\"><b>Nio Inc</b>&nbsp;plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.</p><p><blockquote>蔚来股价早盘上涨超过10%。<b>蔚来公司</b>CNEVPORT 援引该车型团队的话报道称，计划从 1 月中旬开始接受电动轿车 ET7 的预订。</blockquote></p><p> The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.</p><p><blockquote>ET7 是蔚来电动汽车阵容中第四款上市的车型。</blockquote></p><p> Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it&nbsp;is expected to compete with&nbsp;<b>Tesla Inc’s</b>&nbsp;Model S sedan.</p><p><blockquote>蔚来于今年 1 月在公司年会上推出了旗舰轿车 ET7，配备了第二代电力驱动系统，预计将与<b>特斯拉公司</b>S型轿车。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170837254","content_text":"NIO shares rose more than 10% in early trading.Nio Inc plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.\nThe ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.\nNio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc’s Model S sedan.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872946533,"gmtCreate":1637406265624,"gmtModify":1637406265677,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872946533","repostId":"2184184472","repostType":4,"isVote":1,"tweetType":1,"viewCount":1299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876820588,"gmtCreate":1637293157477,"gmtModify":1637293157477,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876820588","repostId":"2184867913","repostType":4,"isVote":1,"tweetType":1,"viewCount":1468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878580520,"gmtCreate":1637206385648,"gmtModify":1637206385738,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878580520","repostId":"2184853339","repostType":4,"isVote":1,"tweetType":1,"viewCount":1410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873140564,"gmtCreate":1636896165095,"gmtModify":1636896165095,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873140564","repostId":"2183048212","repostType":4,"isVote":1,"tweetType":1,"viewCount":2334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":193440968,"gmtCreate":1620813481654,"gmtModify":1634196119650,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Landlord please be kind&nbsp;[流泪]&nbsp;","listText":"Landlord please be kind&nbsp;[流泪]&nbsp;","text":"Landlord please be kind [流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/193440968","repostId":"1191266408","repostType":4,"repost":{"id":"1191266408","kind":"news","pubTimestamp":1620812300,"share":"https://www.laohunote.com/m/news/1191266408?lang=zh_CN&edition=full","pubTime":"2021-05-12 17:38","market":"sg","language":"en","title":"Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>4 月份公寓和组屋租金再次上涨，上涨 1.3%：SRX</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191266408","media":"The Straits Times","summary":"[SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in Ap","content":"<p><div> [SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped. As at last month, condo rents ...</p><p><blockquote><div>【新加坡】尽管租赁数量有所下降，但4月份公寓单位和房屋委员会公寓的租金均较上月上涨1.3%。截至上个月，公寓租金……</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页连接</a></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>Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>4 月份公寓和组屋租金再次上涨，上涨 1.3%：SRX</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\">\nCondo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>4 月份公寓和组屋租金再次上涨，上涨 1.3%：SRX</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Straits Times</strong><span class=\"h-time small\">2021-05-12 17:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> [SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped. As at last month, condo rents ...</p><p><blockquote><div>【新加坡】尽管租赁数量有所下降，但4月份公寓单位和房屋委员会公寓的租金均较上月上涨1.3%。截至上个月，公寓租金……</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">The Straits Times</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191266408","content_text":"[SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped.\nAs at last month, condo rents have risen for four consecutive months, while HDB rents rose for 10 straight months, according to flash data from real estate portal SRX released on Wednesday.\nCondo rents are up 5.2 per cent in April from a year ago, although they are still down 11.9 per cent from their peak in January 2013.\nHDB rents, which are 5.6 per cent higher than a year ago, have hit their highest since July 2016, although they are still 10 per cent down from their peak in August 2013.\nRents in non-mature estates rose by 2 per cent month on month, while those in mature estates edged up by 0.6 per cent. Rents also increased across all room types.\nRental volume for condo apartments dropped by 3.1 per cent in April to an estimated 5,100 units from 5,262 units the month before.\nHowever, rental volumes are 51 per cent higher compared with April last year, when Singapore was in its circuit breaker period. Discounting most of the Covid-19 effect, the number of condo leasings are 13.5 per cent higher than the five-year average for the month of April.\nHDB rental volume in April also saw a drop from March, down 8.8 per cent to an estimated 1,847 flats from 2,026 flats the month before.\nRental volumes are 33.9 per cent higher compared with April last year although they are 6.1 per cent lower than the five-year average volume for the month of April.\nChristine Sun, OrangeTee & Tie's senior vice-president of research and analytics, said rents have been rising as demand for rental units appear to be outstripping supply.\n\"Housing vacancy is low and supply of newly completed homes is limited. Many locals have been renting units in recent months, including HDB upgraders who have sold their flats recently to take advantage of the rapidly rising HDB resale prices,\" said Ms Sun.\nThese HDB upgraders may then rent a unit in the interim while they look for their next permanent home, she said.\nAlthough Covid-19 border restrictions are still largely in place, ERA Realty head of research and consultancy Nicholas Mak said the arrival of some foreigners, such as students, professionals and their dependents, may have caused rental prices to climb.\nHuttons Asia director of research Lee Sze Teck noted that employers in some industries such as technology and manufacturing are hiring again, which has helped to boost condo rental in April - usually a quiet month.\n\"Early economic indicators are pointing to a stronger-than-expected gross domestic product growth for this year,\" he said.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":127579796,"gmtCreate":1624859348215,"gmtModify":1633947834802,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/127579796","repostId":"1110020598","repostType":4,"repost":{"id":"1110020598","kind":"news","pubTimestamp":1624858441,"share":"https://www.laohunote.com/m/news/1110020598?lang=zh_CN&edition=full","pubTime":"2021-06-28 13:34","market":"sh","language":"en","title":"China’s ‘Small Giants’ Lure Investors Hunting for Big Gains<blockquote>中国的“小巨人”吸引寻求巨额利润的投资者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110020598","media":"Bloomberg","summary":"(Bloomberg) -- Investors in China are betting on small-cap growth shares to reignite returns as a sh","content":"<p><div> (Bloomberg) -- Investors in China are betting on small-cap growth shares to reignite returns as a shift away from blue-chips starts gaining traction. While the mainland benchmark CSI 300 is slightly ...</p><p><blockquote><div>（彭博社）——随着远离蓝筹股的转变开始获得动力，中国投资者正在押注小型成长型股票以重新点燃回报。而内地基准沪深300指数略有……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1612507957220","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>China’s ‘Small Giants’ Lure Investors Hunting for Big Gains<blockquote>中国的“小巨人”吸引寻求巨额利润的投资者</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\">\nChina’s ‘Small Giants’ Lure Investors Hunting for Big Gains<blockquote>中国的“小巨人”吸引寻求巨额利润的投资者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- Investors in China are betting on small-cap growth shares to reignite returns as a shift away from blue-chips starts gaining traction. While the mainland benchmark CSI 300 is slightly ...</p><p><blockquote><div>（彭博社）——随着远离蓝筹股的转变开始获得动力，中国投资者正在押注小型成长型股票以重新点燃回报。而内地基准沪深300指数略有……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html\">Bloomberg</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":{"399001":"深证成指","000016.SH":"上证50","000001.SH":"上证指数"},"source_url":"https://finance.yahoo.com/news/china-small-giants-lure-investors-210000479.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110020598","content_text":"(Bloomberg) -- Investors in China are betting on small-cap growth shares to reignite returns as a shift away from blue-chips starts gaining traction.\nWhile the mainland benchmark CSI 300 is slightly down over the past month, the tech-heavy ChiNext Index is up 6% and the Nasdaq-style Star Board 50 Index has gained 12%. An MSCI Inc. gauge of small-cap growth stocks in China has gained 2%, in stark contrast to its economically sensitive value share equivalent which is down 6.5%.\nWith question marks over the strength of the Chinese economy, investors are turning toward secular growth stories in a hunt for exceptional earnings upside. For some that means the shares of smaller companies, which are expanding more rapidly than their more-established blue-chip peers.\n“Recent sideways moves can be interpreted as a shift in market preference to tech and innovation, and a bull run there on its initial legs,” wrote Industrial Securities analyst Zhang Yidong in a note. He suggested “small giants” on the Star board with a market cap of 10 billion-80 billion yuan ($1.5 billion-$12 billion) as the “core assets“ of tomorrow.\nStar Performer\nNothing embodies growth like the two-year old Star board in Shanghai, which lowered revenue and profitability requirements to enlist companies with a competitive tech edge. Firms in the Star50 Index are expected to see 31% earnings growth this year, with profits seen expanding by 48% next year, according to data compiled by Bloomberg. The index rose as much as 2.9% Monday, trouncing the 0.6% loss in the SSE 50 gauge of blue chips.\nStill, that kind of growth comes at a price. The Star50 gauge is trading on 62 times forward earnings estimates and the Chinext is on 45 times, according to data compiled by Bloomberg. The MSCI Asia Pacific Information Technology Index is on just 18 times forward earnings.\nThat doesn’t seem to put off Zheshang Securities Co. analysts including Wang Yang, who noted the board traded on 89 times earnings at its advent in a recent report and called it “the engine of the new bull market”.\nBlue Shift\nA preference for smaller growth shares would be a significant shift from crowded blue-chip bets such as liquor giant Kweichow Moutai Co., large caps that propelled China’s markets to a peak in February. Investors had piled in for their high earnings visibility, only to race for the exit as worries over liquidity triggered a selloff in the most expensive parts of the market and sent the benchmark into a correction in March.\nThe trend mirrors a reassessment of growth shares on a global scale as investors ponder the future for cheaper cyclical stocks if faster-than-expected rate hikes weigh on a post-pandemic economic recovery. That was evident in the reaction to this month’s hawkish pivot from the Federal Reserve, which led to a rebound in growth stocks and weakness in reflation bets.\nFed Pivot Seen as Bump, Not Dead End for Reflation Trade\nTo foreign investors, Hong Kong’s giant internet stocks are perhaps the biggest play on China’s growth, but regulatory uncertainty keeps many at bay. BlackRock Inc. is among those ready to explore investments in smaller companies in the sector.\n“We position in small- and mid-cap names that are less exposed to the anti-trust risk and are relatively early in their user penetration and growth cycle,” said portfolio manager Lucy Liu in a press briefing on Wednesday. Examples include live broadcasting companies and the “new generation” of social networks.\n“We will probably stay a little bit away from the large dominant platforms for a little bit longer,” she added.\nInnovation Nation\nSemiconductors and electric vehicle plays are also among those favored by investors and analysts should the rotation take root. The former is expected to benefit from capacity expansion as a global chip shortage persists, while EVs can enjoy robust sales on more competitive model roll-outs. Advanced manufacturing, military tech, artificial intelligence and innovative drugs are other themes seen to have potential.","news_type":1,"symbols_score_info":{"399001":0.9,"000016.SH":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":131597697,"gmtCreate":1621866372119,"gmtModify":1634185959451,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Keep going","listText":"Keep going","text":"Keep going","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/131597697","repostId":"1185261745","repostType":4,"repost":{"id":"1185261745","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":1621863142,"share":"https://www.laohunote.com/m/news/1185261745?lang=zh_CN&edition=full","pubTime":"2021-05-24 21:32","market":"us","language":"en","title":"Dow rises more than 100 points to start the week, tech shares and reopening trades gain<blockquote>道琼斯指数本周初上涨超过 100 点，科技股和重新开盘交易上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185261745","media":"Tiger Newspress","summary":"U.S. stocks climbed on Monday as the technology sector and shares benefitting the most from the econ","content":"<p>U.S. stocks climbed on Monday as the technology sector and shares benefitting the most from the economic reopening led the advance.</p><p><blockquote>美国股市周一攀升，科技板块和从经济重新开放中受益最大的股票领涨。</blockquote></p><p>The Dow Jones Industrial Average rose 140 points. The S&amp;P 500 gained 0.6%, while the Nasdaq Composite popped 0.7%.</p><p><blockquote>道琼斯工业平均指数上涨140点。标普500指数上涨0.6%，纳斯达克综合指数上涨0.7%。</blockquote></p><p>Tech stocks gained to shake off another rough period for bitcoin over the weekend as thecryptocurrency bounced Monday. The&nbsp;cryptocurrencydropped under $32,000 on Sunday, only to rebound 16% above $38,000 on Monday. On Wednesday, bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.</p><p><blockquote>随着加密货币周一反弹，科技股上涨，摆脱了比特币周末的又一段艰难时期。该加密货币周日跌破 32,000 美元，周一才反弹 16%，突破 38,000 美元。周三，比特币价格暴跌至略高于 30,000 美元，跌至 1 月下旬以来的最低水平。</blockquote></p><p>Shares of Tesla, a big holder of the crypto, gained 0.5% in premarket trading despite the bitcoin volatility. Coinbase added 2% in premarket trading as bitcoin stabilized Monday and as Goldmanstarted the crypto-exchange with a buy rating.</p><p><blockquote>尽管比特币波动较大，但加密货币的大股东特斯拉的股价在盘前交易中上涨了 0.5%。随着比特币周一企稳以及高盛对加密货币交易所给予买入评级，Coinbase 在盘前交易中上涨了 2%。</blockquote></p><p>Stocks benefiting from the economic reopening gained in premarket trading as well. Share of Gap, Carnival and United Airlines were higher. Norwegian Cruise Line rose 1% in premarket after the cruise line operator announced plans to return cruising in the U.S. this summer.</p><p><blockquote>受益于经济重新开放的股票在盘前交易中也上涨。Gap、嘉年华和联合航空的份额较高。挪威邮轮公司宣布计划今年夏天恢复美国邮轮业务后，该公司盘前股价上涨 1%。</blockquote></p><p>“We continue to see incremental data points that strengthen our view that when equities break out of this range, the next move is a substantial rise higher,” wrote Tom Lee, head of research at Fundstrat Global Advisors. Lee cited data showing a collapse in Covid-19 cases.</p><p><blockquote>“Fundstrat Global Advisors 研究主管汤姆-李（Tom Lee）写道：”我们继续看到增量数据点，这强化了我们的观点，即当股市突破这一区间时，下一步就是大幅走高。李引用的数据显示 Covid-19 病例急剧下降。</blockquote></p><p>Stocks have stalled lately. The previous week saw the Dow post its fourth negative week in five, but the losses were minor. The Dow dipped just 0.5% on the week, while the S&amp;P lost just 0.4%. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak.</p><p><blockquote>股市最近停滞不前。上周道琼斯指数连续五周出现第四周下跌，但跌幅很小。道琼斯指数本周仅下跌0.5%，而标准普尔指数仅下跌0.4%。与此同时，纳斯达克综合指数上周上涨0.31%，结束了连续四周的下跌。</blockquote></p><p>Despite last week’s “collapse in crypto markets and rather hawkish FOMC minutes, another equity dip was bought by investors,” JPMorgan wrote in a note to clients. “This ‘buy the dip’ mentality has been remarkably strong this year and has provided a support preventing any small correction in equities and risk markets from becoming more extended,” the firm added.</p><p><blockquote>摩根大通在给客户的一份说明中写道，尽管上周 “加密货币市场崩溃，联邦公开市场委员会会议纪要也相当鹰派，但投资者还是买下了股市的又一次下跌”。“该公司补充说：”这种'逢低买入'的心态今年非常强烈，并为防止股市和风险市场的任何小幅调整进一步扩大提供了支撑。</blockquote></p><p>The Federal Reserve hinted at its&nbsp;April meeting&nbsp;that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.</p><p><blockquote>根据上周公布的会议纪要，美联储在4月份的会议上暗示，如果经济继续显示出快速改善的迹象，可能会重新考虑宽松的货币政策。</blockquote></p><p>Heading into the last full trading week of the month, the Dow is on track to post a gain for May, while the S&amp;P is on track to snap a three-month winning streak. The Nasdaq Composite, which is down more than 3% for the month, is on track to snap its longest monthly winning streak since Jan. 2018, with its first negative month in seven.</p><p><blockquote>进入本月最后一个完整交易周，道琼斯指数有望在 5 月份上涨，而标准普尔指数有望实现snap三个月连胜。纳斯达克综合指数本月下跌超过 3%，有望实现自 2018 年 1 月以来最长的月度连涨，这是七年来的第一个月出现负增长。</blockquote></p><p>After outperforming year-to-date, small caps have faced recent weakness, and the Russell 2000 is on track to snap a seven-month winning streak.</p><p><blockquote>在表现出色后，小盘股近期面临疲软，罗素 2000 指数有望实现snap七连胜。</blockquote></p><p>“We think the choppy/sideways trend will continue for a bit longer, and the market will experience sell-off scares along the way,” noted Adam Crisafulli, founder of Vital Knowledge. “While stocks are absorbing a lot of changes well so far, all the inflection points still have longer to play out.”</p><p><blockquote>“Vital Knowledge 创始人亚当-克里萨富利（Adam Crisafulli）指出：”我们认为，波动/横盘趋势将持续一段时间，市场将在此过程中经历抛售恐慌。“虽然到目前为止，股市很好地吸收了很多变化，但所有拐点还有更长的时间才能出现。”</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>Dow rises more than 100 points to start the week, tech shares and reopening trades gain<blockquote>道琼斯指数本周初上涨超过 100 点，科技股和重新开盘交易上涨</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\">\nDow rises more than 100 points to start the week, tech shares and reopening trades gain<blockquote>道琼斯指数本周初上涨超过 100 点，科技股和重新开盘交易上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-24 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks climbed on Monday as the technology sector and shares benefitting the most from the economic reopening led the advance.</p><p><blockquote>美国股市周一攀升，科技板块和从经济重新开放中受益最大的股票领涨。</blockquote></p><p>The Dow Jones Industrial Average rose 140 points. The S&amp;P 500 gained 0.6%, while the Nasdaq Composite popped 0.7%.</p><p><blockquote>道琼斯工业平均指数上涨140点。标普500指数上涨0.6%，纳斯达克综合指数上涨0.7%。</blockquote></p><p>Tech stocks gained to shake off another rough period for bitcoin over the weekend as thecryptocurrency bounced Monday. The&nbsp;cryptocurrencydropped under $32,000 on Sunday, only to rebound 16% above $38,000 on Monday. On Wednesday, bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.</p><p><blockquote>随着加密货币周一反弹，科技股上涨，摆脱了比特币周末的又一段艰难时期。该加密货币周日跌破 32,000 美元，周一才反弹 16%，突破 38,000 美元。周三，比特币价格暴跌至略高于 30,000 美元，跌至 1 月下旬以来的最低水平。</blockquote></p><p>Shares of Tesla, a big holder of the crypto, gained 0.5% in premarket trading despite the bitcoin volatility. Coinbase added 2% in premarket trading as bitcoin stabilized Monday and as Goldmanstarted the crypto-exchange with a buy rating.</p><p><blockquote>尽管比特币波动较大，但加密货币的大股东特斯拉的股价在盘前交易中上涨了 0.5%。随着比特币周一企稳以及高盛对加密货币交易所给予买入评级，Coinbase 在盘前交易中上涨了 2%。</blockquote></p><p>Stocks benefiting from the economic reopening gained in premarket trading as well. Share of Gap, Carnival and United Airlines were higher. Norwegian Cruise Line rose 1% in premarket after the cruise line operator announced plans to return cruising in the U.S. this summer.</p><p><blockquote>受益于经济重新开放的股票在盘前交易中也上涨。Gap、嘉年华和联合航空的份额较高。挪威邮轮公司宣布计划今年夏天恢复美国邮轮业务后，该公司盘前股价上涨 1%。</blockquote></p><p>“We continue to see incremental data points that strengthen our view that when equities break out of this range, the next move is a substantial rise higher,” wrote Tom Lee, head of research at Fundstrat Global Advisors. Lee cited data showing a collapse in Covid-19 cases.</p><p><blockquote>“Fundstrat Global Advisors 研究主管汤姆-李（Tom Lee）写道：”我们继续看到增量数据点，这强化了我们的观点，即当股市突破这一区间时，下一步就是大幅走高。李引用的数据显示 Covid-19 病例急剧下降。</blockquote></p><p>Stocks have stalled lately. The previous week saw the Dow post its fourth negative week in five, but the losses were minor. The Dow dipped just 0.5% on the week, while the S&amp;P lost just 0.4%. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak.</p><p><blockquote>股市最近停滞不前。上周道琼斯指数连续五周出现第四周下跌，但跌幅很小。道琼斯指数本周仅下跌0.5%，而标准普尔指数仅下跌0.4%。与此同时，纳斯达克综合指数上周上涨0.31%，结束了连续四周的下跌。</blockquote></p><p>Despite last week’s “collapse in crypto markets and rather hawkish FOMC minutes, another equity dip was bought by investors,” JPMorgan wrote in a note to clients. “This ‘buy the dip’ mentality has been remarkably strong this year and has provided a support preventing any small correction in equities and risk markets from becoming more extended,” the firm added.</p><p><blockquote>摩根大通在给客户的一份说明中写道，尽管上周 “加密货币市场崩溃，联邦公开市场委员会会议纪要也相当鹰派，但投资者还是买下了股市的又一次下跌”。“该公司补充说：”这种'逢低买入'的心态今年非常强烈，并为防止股市和风险市场的任何小幅调整进一步扩大提供了支撑。</blockquote></p><p>The Federal Reserve hinted at its&nbsp;April meeting&nbsp;that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.</p><p><blockquote>根据上周公布的会议纪要，美联储在4月份的会议上暗示，如果经济继续显示出快速改善的迹象，可能会重新考虑宽松的货币政策。</blockquote></p><p>Heading into the last full trading week of the month, the Dow is on track to post a gain for May, while the S&amp;P is on track to snap a three-month winning streak. The Nasdaq Composite, which is down more than 3% for the month, is on track to snap its longest monthly winning streak since Jan. 2018, with its first negative month in seven.</p><p><blockquote>进入本月最后一个完整交易周，道琼斯指数有望在 5 月份上涨，而标准普尔指数有望实现snap三个月连胜。纳斯达克综合指数本月下跌超过 3%，有望实现自 2018 年 1 月以来最长的月度连涨，这是七年来的第一个月出现负增长。</blockquote></p><p>After outperforming year-to-date, small caps have faced recent weakness, and the Russell 2000 is on track to snap a seven-month winning streak.</p><p><blockquote>在表现出色后，小盘股近期面临疲软，罗素 2000 指数有望实现snap七连胜。</blockquote></p><p>“We think the choppy/sideways trend will continue for a bit longer, and the market will experience sell-off scares along the way,” noted Adam Crisafulli, founder of Vital Knowledge. “While stocks are absorbing a lot of changes well so far, all the inflection points still have longer to play out.”</p><p><blockquote>“Vital Knowledge 创始人亚当-克里萨富利（Adam Crisafulli）指出：”我们认为，波动/横盘趋势将持续一段时间，市场将在此过程中经历抛售恐慌。“虽然到目前为止，股市很好地吸收了很多变化，但所有拐点还有更长的时间才能出现。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185261745","content_text":"U.S. stocks climbed on Monday as the technology sector and shares benefitting the most from the economic reopening led the advance.The Dow Jones Industrial Average rose 140 points. The S&P 500 gained 0.6%, while the Nasdaq Composite popped 0.7%.Tech stocks gained to shake off another rough period for bitcoin over the weekend as thecryptocurrency bounced Monday. The cryptocurrencydropped under $32,000 on Sunday, only to rebound 16% above $38,000 on Monday. On Wednesday, bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.Shares of Tesla, a big holder of the crypto, gained 0.5% in premarket trading despite the bitcoin volatility. Coinbase added 2% in premarket trading as bitcoin stabilized Monday and as Goldmanstarted the crypto-exchange with a buy rating.Stocks benefiting from the economic reopening gained in premarket trading as well. Share of Gap, Carnival and United Airlines were higher. Norwegian Cruise Line rose 1% in premarket after the cruise line operator announced plans to return cruising in the U.S. this summer.“We continue to see incremental data points that strengthen our view that when equities break out of this range, the next move is a substantial rise higher,” wrote Tom Lee, head of research at Fundstrat Global Advisors. Lee cited data showing a collapse in Covid-19 cases.Stocks have stalled lately. The previous week saw the Dow post its fourth negative week in five, but the losses were minor. The Dow dipped just 0.5% on the week, while the S&P lost just 0.4%. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak.Despite last week’s “collapse in crypto markets and rather hawkish FOMC minutes, another equity dip was bought by investors,” JPMorgan wrote in a note to clients. “This ‘buy the dip’ mentality has been remarkably strong this year and has provided a support preventing any small correction in equities and risk markets from becoming more extended,” the firm added.The Federal Reserve hinted at its April meeting that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.Heading into the last full trading week of the month, the Dow is on track to post a gain for May, while the S&P is on track to snap a three-month winning streak. The Nasdaq Composite, which is down more than 3% for the month, is on track to snap its longest monthly winning streak since Jan. 2018, with its first negative month in seven.After outperforming year-to-date, small caps have faced recent weakness, and the Russell 2000 is on track to snap a seven-month winning streak.“We think the choppy/sideways trend will continue for a bit longer, and the market will experience sell-off scares along the way,” noted Adam Crisafulli, founder of Vital Knowledge. “While stocks are absorbing a lot of changes well so far, all the inflection points still have longer to play out.”","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192756981,"gmtCreate":1621233124043,"gmtModify":1631888415338,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>......","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>......","text":"$KEPPEL DC REIT(AJBU.SI)$......","images":[{"img":"https://static.tigerbbs.com/6e470c1c25a4950e6761c5ca23abaec3","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/192756981","isVote":1,"tweetType":1,"viewCount":759,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":899030215,"gmtCreate":1628140568937,"gmtModify":1633753187150,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Bye tesla","listText":"Bye tesla","text":"Bye tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899030215","repostId":"1112520778","repostType":4,"repost":{"id":"1112520778","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628140432,"share":"https://www.laohunote.com/m/news/1112520778?lang=zh_CN&edition=full","pubTime":"2021-08-05 13:13","market":"us","language":"en","title":"Cathie Wood's Ark Invest Sells Another $5.7M In Tesla<blockquote>Cathie Wood 的 Ark Invest 在特斯拉再出售 570 万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112520778","media":"Benzinga Earnings","summary":"Cathie Wood-led Ark Invest on Wednesday shed less than half a percent of its position in Elon Musk-l","content":"<p><b>Cathie Wood</b>-led Ark Invest on Wednesday shed less than half a percent of its position in&nbsp;<b>Elon Musk</b>-led&nbsp;<b>Tesla Inc</b>&nbsp;as the shares of the electric vehicle company climbed.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest 周三减仓不到 0.5%<b>埃隆·马斯克</b>-led<b>特斯拉公司</b>随着这家电动汽车公司的股价攀升。</blockquote></p><p> Ark Invest sold a total of 8,100 shares, estimated to be worth about $5.76 million, in Tesla based on the stock’s closing price of $710.92 on Wednesday.</p><p><blockquote>Ark Invest 在特斯拉共出售了 8,100 股股票，根据该股周三 710.92 美元的收盘价计算，估计价值约 576 万美元。</blockquote></p><p> Tesla shares have jumped about 4% since Friday when the New York-based&nbsp;Ark Invest sold 63,643 shares,estimated to be worth about $43.7 million in the Palo Alto, California-based company.</p><p><blockquote>自周五以来，特斯拉股价已上涨约 4%，当时总部位于纽约的 Ark Invest 出售了这家总部位于加州帕洛阿尔托的公司的 63,643 股股票，估计价值约 4,370 万美元。</blockquote></p><p> Wood’s firm holds large bets in Tesla which it predicts will hit the&nbsp;$3,000 mark at the end of 2025.</p><p><blockquote>伍德的公司在特斯拉押注很大，预计到 2025 年底，该公司将突破 3000 美元大关。</blockquote></p><p> Just last week, Wood compared Tesla with&nbsp;<b>Apple Inc</b>AAPL 0.28%in an interview with RealVision and had suggested a huge inefficiency in analyst research behind Tesla, as reported by&nbsp;Markets Insider.</p><p><blockquote>就在上周，伍德将特斯拉与<b>苹果公司</b>据 Markets Insider 报道，AAPL 在接受 RealVision 采访时上涨了 0.28%，并暗示特斯拉背后的分析师研究效率极低。</blockquote></p><p> Ark Invest on Wednesday deployed the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;to sell shares in Tesla and also holds positions in the&nbsp;<b>Elon Musk</b>&nbsp;company via two other traded funds, namely, the&nbsp;<b>Ark Autonomous Technology &amp; Robotics ETF</b>&nbsp;and the&nbsp;<b>Ark Innovation ETF</b>.</p><p><blockquote>方舟投资周三部署了<b>方舟下一代互联网ETF</b>出售特斯拉股份，并持有<b>埃隆·马斯克</b>公司通过另外两个交易所交易基金，即<b>方舟自主技术与机器人 ETF</b>和<b>方舟创新ETF</b>.</blockquote></p><p> Together the three ETFs held about 4.85 million shares, worth $3.4 billion, in Tesla ahead of Wednesday’s trades.</p><p><blockquote>在周三交易前，这三只 ETF 在特斯拉共持有约 485 万股股票，价值 34 亿美元。</blockquote></p><p> Some of the other key Ark Invest sells on Wednesday included&nbsp;<b>Square Inc</b>&nbsp;and buys included&nbsp;<b>UiPath Inc</b>.</p><p><blockquote>周三出售的其他一些关键方舟投资包括在内<b>广场公司</b>包括购买<b>UiPath公司</b>.</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>Cathie Wood's Ark Invest Sells Another $5.7M In Tesla<blockquote>Cathie Wood 的 Ark Invest 在特斯拉再出售 570 万美元</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood's Ark Invest Sells Another $5.7M In Tesla<blockquote>Cathie Wood 的 Ark Invest 在特斯拉再出售 570 万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-05 13:13</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>-led Ark Invest on Wednesday shed less than half a percent of its position in&nbsp;<b>Elon Musk</b>-led&nbsp;<b>Tesla Inc</b>&nbsp;as the shares of the electric vehicle company climbed.</p><p><blockquote><b>凯西·伍德</b>-led Ark Invest 周三减仓不到 0.5%<b>埃隆·马斯克</b>-led<b>特斯拉公司</b>随着这家电动汽车公司的股价攀升。</blockquote></p><p> Ark Invest sold a total of 8,100 shares, estimated to be worth about $5.76 million, in Tesla based on the stock’s closing price of $710.92 on Wednesday.</p><p><blockquote>Ark Invest 在特斯拉共出售了 8,100 股股票，根据该股周三 710.92 美元的收盘价计算，估计价值约 576 万美元。</blockquote></p><p> Tesla shares have jumped about 4% since Friday when the New York-based&nbsp;Ark Invest sold 63,643 shares,estimated to be worth about $43.7 million in the Palo Alto, California-based company.</p><p><blockquote>自周五以来，特斯拉股价已上涨约 4%，当时总部位于纽约的 Ark Invest 出售了这家总部位于加州帕洛阿尔托的公司的 63,643 股股票，估计价值约 4,370 万美元。</blockquote></p><p> Wood’s firm holds large bets in Tesla which it predicts will hit the&nbsp;$3,000 mark at the end of 2025.</p><p><blockquote>伍德的公司在特斯拉押注很大，预计到 2025 年底，该公司将突破 3000 美元大关。</blockquote></p><p> Just last week, Wood compared Tesla with&nbsp;<b>Apple Inc</b>AAPL 0.28%in an interview with RealVision and had suggested a huge inefficiency in analyst research behind Tesla, as reported by&nbsp;Markets Insider.</p><p><blockquote>就在上周，伍德将特斯拉与<b>苹果公司</b>据 Markets Insider 报道，AAPL 在接受 RealVision 采访时上涨了 0.28%，并暗示特斯拉背后的分析师研究效率极低。</blockquote></p><p> Ark Invest on Wednesday deployed the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;to sell shares in Tesla and also holds positions in the&nbsp;<b>Elon Musk</b>&nbsp;company via two other traded funds, namely, the&nbsp;<b>Ark Autonomous Technology &amp; Robotics ETF</b>&nbsp;and the&nbsp;<b>Ark Innovation ETF</b>.</p><p><blockquote>方舟投资周三部署了<b>方舟下一代互联网ETF</b>出售特斯拉股份，并持有<b>埃隆·马斯克</b>公司通过另外两个交易所交易基金，即<b>方舟自主技术与机器人 ETF</b>和<b>方舟创新ETF</b>.</blockquote></p><p> Together the three ETFs held about 4.85 million shares, worth $3.4 billion, in Tesla ahead of Wednesday’s trades.</p><p><blockquote>在周三交易前，这三只 ETF 在特斯拉共持有约 485 万股股票，价值 34 亿美元。</blockquote></p><p> Some of the other key Ark Invest sells on Wednesday included&nbsp;<b>Square Inc</b>&nbsp;and buys included&nbsp;<b>UiPath Inc</b>.</p><p><blockquote>周三出售的其他一些关键方舟投资包括在内<b>广场公司</b>包括购买<b>UiPath公司</b>.</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKW":"ARK Next Generation Internet ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","TSLA":"特斯拉","ARKK":"ARK Innovation ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112520778","content_text":"Cathie Wood-led Ark Invest on Wednesday shed less than half a percent of its position in Elon Musk-led Tesla Inc as the shares of the electric vehicle company climbed.\nArk Invest sold a total of 8,100 shares, estimated to be worth about $5.76 million, in Tesla based on the stock’s closing price of $710.92 on Wednesday.\nTesla shares have jumped about 4% since Friday when the New York-based Ark Invest sold 63,643 shares,estimated to be worth about $43.7 million in the Palo Alto, California-based company.\nWood’s firm holds large bets in Tesla which it predicts will hit the $3,000 mark at the end of 2025.\nJust last week, Wood compared Tesla with Apple IncAAPL 0.28%in an interview with RealVision and had suggested a huge inefficiency in analyst research behind Tesla, as reported by Markets Insider.\nArk Invest on Wednesday deployed the Ark Next Generation Internet ETF to sell shares in Tesla and also holds positions in the Elon Musk company via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF and the Ark Innovation ETF.\nTogether the three ETFs held about 4.85 million shares, worth $3.4 billion, in Tesla ahead of Wednesday’s trades.\nSome of the other key Ark Invest sells on Wednesday included Square Inc and buys included UiPath Inc.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKW":0.9,"ARKQ":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122225133,"gmtCreate":1624624358022,"gmtModify":1633950411843,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/122225133","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108613215,"gmtCreate":1620017647637,"gmtModify":1631888415360,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Good price to invest?","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Good price to invest?","text":"$KEPPEL DC REIT(AJBU.SI)$Good price to invest?","images":[{"img":"https://static.tigerbbs.com/82be2d517dad193bf4efd4d8355b1c16","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/108613215","isVote":1,"tweetType":1,"viewCount":1707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":821243404,"gmtCreate":1633751612385,"gmtModify":1633751628210,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821243404","repostId":"1195802602","repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <ul>  <li>There are only 21 million bitcoins that can be mined in total.</li>  <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li>  <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li>  <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li>  <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li>  <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.</p><p><blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote></p><p> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.</p><p><blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote></p><p> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.</p><p><blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会改变。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote></p><p> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.</p><p><blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote></p><p> <b>Will Bitcoin Ever Reach the 21 Million Cap?</b></p><p><blockquote><b>比特币会达到2100万的上限吗？</b></blockquote></p><p> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.</p><p><blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote></p><p> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.</p><p><blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\"><span>The rate that bitcoin are produced cuts in half about every four years. Investopedia</span></p><p><blockquote><p class=\"t-img-caption\"><span>比特币的生产速度大约每四年减半。投资百科</span></p></blockquote></p><p> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.</p><p><blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote></p><p>   <b>Important:</b>The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.  According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.</p><p><blockquote><b>重要的：</b>比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote></p><p> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.</p><p><blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote></p><p> <b>What Happens When All 21 Million Bitcoin Are Mined?</b></p><p><blockquote><b>当2100万比特币全部被开采时会发生什么？</b></blockquote></p><p></p><p> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.</p><p><blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote></p><p> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.</p><p><blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote></p><p> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.</p><p><blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote></p><p> <b>Important:</b>Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.</p><p><blockquote><b>重要的：</b>尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote></p><p> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.</p><p><blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote></p><p> <b>Effect on Bitcoin Miners</b></p><p><blockquote><b>对比特币矿工的影响</b></blockquote></p><p> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.</p><p><blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote></p><p> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.</p><p><blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote></p><p> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.</p><p><blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote></p><p> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.</p><p><blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote></p><p> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.</p><p><blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote></p><p> <b>Effect on Bitcoin's Network</b></p><p><blockquote><b>对比特币网络的影响</b></blockquote></p><p> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.</p><p><blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote></p><p> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.</p><p><blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote></p><p> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.</p><p><blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote></p><p></p><p> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.</p><p><blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote></p><p> <b>Effect on Bitcoin the Cryptocurrency</b></p><p><blockquote><b>加密货币对比特币的影响</b></blockquote></p><p> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.</p><p><blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote></p><p> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.</p><p><blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote></p><p>   <b>FAST&nbsp;FACT</b>    El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.  In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.</p><p><blockquote><b>快速事实</b>萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote></p><p> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.</p><p><blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.</p><p><blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote></p><p> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.</p><p><blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote></p><p> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.</p><p><blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote></p><p> <b>Frequently Asked Questions</b></p><p><blockquote><b>常见问题</b></blockquote></p><p> <ul>  <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.</p><p><blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote></p><p> <ul>  <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.</p><p><blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote></p><p> <ul>  <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.</p><p><blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote></p><p> <ul>  <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.</p><p><blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote></p><p></p>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-10-09 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <ul>  <li>There are only 21 million bitcoins that can be mined in total.</li>  <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li>  <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li>  <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li>  <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li>  <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.</p><p><blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote></p><p> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.</p><p><blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote></p><p> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.</p><p><blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会改变。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote></p><p> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.</p><p><blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote></p><p> <b>Will Bitcoin Ever Reach the 21 Million Cap?</b></p><p><blockquote><b>比特币会达到2100万的上限吗？</b></blockquote></p><p> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.</p><p><blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote></p><p> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.</p><p><blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\"><span>The rate that bitcoin are produced cuts in half about every four years. Investopedia</span></p><p><blockquote><p class=\"t-img-caption\"><span>比特币的生产速度大约每四年减半。投资百科</span></p></blockquote></p><p> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.</p><p><blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote></p><p>   <b>Important:</b>The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.  According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.</p><p><blockquote><b>重要的：</b>比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote></p><p> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.</p><p><blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote></p><p> <b>What Happens When All 21 Million Bitcoin Are Mined?</b></p><p><blockquote><b>当2100万比特币全部被开采时会发生什么？</b></blockquote></p><p></p><p> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.</p><p><blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote></p><p> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.</p><p><blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote></p><p> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.</p><p><blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote></p><p> <b>Important:</b>Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.</p><p><blockquote><b>重要的：</b>尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote></p><p> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.</p><p><blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote></p><p> <b>Effect on Bitcoin Miners</b></p><p><blockquote><b>对比特币矿工的影响</b></blockquote></p><p> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.</p><p><blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote></p><p> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.</p><p><blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote></p><p> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.</p><p><blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote></p><p> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.</p><p><blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote></p><p> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.</p><p><blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote></p><p> <b>Effect on Bitcoin's Network</b></p><p><blockquote><b>对比特币网络的影响</b></blockquote></p><p> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.</p><p><blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote></p><p> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.</p><p><blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote></p><p> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.</p><p><blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote></p><p></p><p> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.</p><p><blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote></p><p> <b>Effect on Bitcoin the Cryptocurrency</b></p><p><blockquote><b>加密货币对比特币的影响</b></blockquote></p><p> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.</p><p><blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote></p><p> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.</p><p><blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote></p><p>   <b>FAST&nbsp;FACT</b>    El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.  In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.</p><p><blockquote><b>快速事实</b>萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote></p><p> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.</p><p><blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.</p><p><blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote></p><p> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.</p><p><blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote></p><p> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.</p><p><blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote></p><p> <b>Frequently Asked Questions</b></p><p><blockquote><b>常见问题</b></blockquote></p><p> <ul>  <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.</p><p><blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote></p><p> <ul>  <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.</p><p><blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote></p><p> <ul>  <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.</p><p><blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote></p><p> <ul>  <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.</p><p><blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</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":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"GBTC":0.9,"XBTmain":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":143670520,"gmtCreate":1625793875160,"gmtModify":1633937277705,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Good sharing!","listText":"Good sharing!","text":"Good sharing!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/143670520","repostId":"1166950637","repostType":4,"isVote":1,"tweetType":1,"viewCount":869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125273789,"gmtCreate":1624677643441,"gmtModify":1633949691410,"author":{"id":"3570779466873256","authorId":"3570779466873256","name":"YKYK14","avatar":"https://static.tigerbbs.com/08fe7b71ba5bb95c642646963d028000","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570779466873256","idStr":"3570779466873256"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125273789","repostId":"1100072036","repostType":4,"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}