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2021-12-27

Good

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2021-12-27

Noted

10 Biggest Price Target Changes For Monday<blockquote>周一 10 大价格目标变化</blockquote>

2021-12-27

Are you sure?

Skillz Could Be Going to $0 Given its Debts and Struggling Business<blockquote>鉴于 Skillz 的债务和业务陷入困境，其股价可能为 0 美元</blockquote>

2021-12-27

Good

FuelCell Energy stock surged 8% in premarket trading<blockquote>FuelCell Energy 股票在盘前交易中飙升 8%</blockquote>

2021-12-27

Ok

GameStop Is ‘Very Early in Its Transformation.’ Its Stock Could Tumble.<blockquote>游戏驿站 “正处于转型的早期阶段”。其股价可能会暴跌。</blockquote>

2021-12-27

Ok

Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>

2021-12-27

Great

Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-12-24

Ok

抱歉，原内容已删除

2021-12-24

Noted

Here are Warren Buffett's 8 highlights of 2021<blockquote>以下是沃伦·巴菲特 2021 年的 8 个亮点</blockquote>

2021-12-24

Ok

Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>

2021-12-24

Good

抱歉，原内容已删除

2021-12-24

Noted

Stock market 2022: Some Wall Street strategists bullish, while others strike a cautious tone<blockquote>2022 年股市：一些华尔街策略师看涨，而另一些策略师则持谨慎态度</blockquote>

2021-12-24

Noted

Oracle, Cerner and the Liar’s Cloud<blockquote>甲骨文、塞纳和骗子云</blockquote>

2021-12-24

Good

Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>

2021-12-24

Good

抱歉，原内容已删除

2021-12-24

Noted

XPeng: Forecasting Its Expansion Into Robotaxi<blockquote>小鹏汽车：预测向机器人出租车扩张</blockquote>

2021-12-24

Noted

Tesla shares rose nearly 2% in early trading<blockquote>特斯拉股价早盘上涨近2%</blockquote>

2021-12-24

Noted

10 Best Value Stocks to Buy for 2022<blockquote>2022 年最值得购买的 10 只价值股票</blockquote>

2021-12-24

Agreed

抱歉，原内容已删除

2021-12-24

Opportunity?

抱歉，原内容已删除

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InnovAge Holding shares fell 5.3% to $5.03 in pre-market trading.</p><p><blockquote>巴克莱下调<a href=\"https://laohu8.com/S/INNV\">创新控股公司。</a>（纳斯达克股票代码：INNV）目标价从 22 美元到 6.5 美元。InnovAge Holding 股价在盘前交易中下跌 5.3%，至 5.03 美元。</blockquote></p><p> Truist Securities lowered the price target for Everbridge, Inc. (NASDAQ:EVBG) from $185 to $85. Everbridge shares rose 1.3% to $70.00 in pre-market trading.</p><p><blockquote>Truist Securities 将 Everbridge, Inc.（纳斯达克股票代码：EVBG）的目标价从 185 美元下调至 85 美元。Everbridge 股价在盘前交易中上涨 1.3%，至 70 美元。</blockquote></p><p> Rosenblatt raised the price target on SMART Global Holdings, Inc. (NASDAQ:SGH) from $75 to $100. SMART Global shares rose 4.7% to $69.87 in pre-market trading.</p><p><blockquote>Rosenblatt 将 SMART Global Holdings, Inc.（纳斯达克股票代码：SGH）的目标价从 75 美元上调至 100 美元。SMART Global 股价在盘前交易中上涨 4.7%，至 69.87 美元。</blockquote></p><p> B of A Securities lowered the price target on <a href=\"https://laohu8.com/S/WEBR\">Weber Inc.</a> (NYSE:WEBR) from $20 to $17. Weber shares gained 0.8% to $12.09 in pre-market trading.</p><p><blockquote>B of A 证券下调目标价<a href=\"https://laohu8.com/S/WEBR\">韦伯公司。</a>（纽约证券交易所代码：WEBR）从 20 美元到 17 美元。韦伯股价在盘前交易中上涨 0.8%，至 12.09 美元。</blockquote></p><p> Barclays cut the price target on <a href=\"https://laohu8.com/S/OCDX\">Ortho Clinical Diagnostics Holdings plc</a> (NASDAQ:OCDX) from $350 to $300. Ortho Clinical Diagnostics shares rose 6.9% to close at $21.16 on Thursday.</p><p><blockquote>巴克莱下调目标价<a href=\"https://laohu8.com/S/OCDX\">骨科临床诊断控股有限公司</a>（纳斯达克股票代码：OCDX）350 美元至 300 美元。Ortho Clinical Diagnostics 股价周四上涨 6.9%，收于 21.16 美元。</blockquote></p><p> Morgan Stanley reduced the price target for Victoria's Secret &amp; Co. (NYSE:VSCO) from $69 to $54. Victoria's Secret shares fell 0.2% to $49.00 in pre-market trading.</p><p><blockquote>摩根士丹利将维多利亚的秘密公司（纽约证券交易所股票代码：VSCO）的目标价从 69 美元下调至 54 美元。维多利亚的秘密股价在盘前交易中下跌 0.2%，至 49.00 美元。</blockquote></p><p> Morgan Stanley cut Revolve Group, Inc. (NYSE:RVLV) price target from $72 to $57. Revolve Group shares fell 0.6% to $56.03 in pre-market trading.</p><p><blockquote>摩根士丹利将 Revolve Group, Inc.（纽约证券交易所股票代码：RVLV）的目标价从 72 美元下调至 57 美元。Revolve Group 股价在盘前交易中下跌 0.6%，至 56.03 美元。</blockquote></p><p> Ascendiant Capital cut GameStop Corp. (NYSE:GME) price target from $24 to $23. GameStop shares rose 0.6% to $152.98 in pre-market trading.</p><p><blockquote>Ascendiant Capital 将游戏驿站公司（纽约证券交易所股票代码：GME）的目标价从 24 美元下调至 23 美元。游戏驿站股价在盘前交易中上涨 0.6%，至 152.98 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10 Biggest Price Target Changes For Monday<blockquote>周一 10 大价格目标变化</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\">\n10 Biggest Price Target Changes For Monday<blockquote>周一 10 大价格目标变化</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\">2021-12-27 21:50</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> cut Foot Locker, Inc. (NYSE:FL) price target from $66 to $47. Foot Locker shares fell 0.1% to $41.90 in pre-market trading.</p><p><blockquote><a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>cut Foot Locker, Inc.（纽约证券交易所股票代码：FL）目标价从 66 美元降至 47 美元。Foot Locker 股价在盘前交易中下跌 0.1%，至 41.90 美元。</blockquote></p><p> Baird lowered <a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> (NYSE:CVNA) price target from $164 to $248. Carvana shares gained 0.9% to $243.00 in pre-market trading.</p><p><blockquote>贝尔德降低<a href=\"https://laohu8.com/S/CVNA\">卡瓦纳公司。</a>（纽约证券交易所股票代码：CVNA）目标价从 164 美元到 248 美元。Carvana 股价在盘前交易中上涨 0.9%，至 243.00 美元。</blockquote></p><p> Barclays lowered <a href=\"https://laohu8.com/S/INNV\">InnovAge Holding Corp.</a> (NASDAQ:INNV) price target from $22 to $6.5. InnovAge Holding shares fell 5.3% to $5.03 in pre-market trading.</p><p><blockquote>巴克莱下调<a href=\"https://laohu8.com/S/INNV\">创新控股公司。</a>（纳斯达克股票代码：INNV）目标价从 22 美元到 6.5 美元。InnovAge Holding 股价在盘前交易中下跌 5.3%，至 5.03 美元。</blockquote></p><p> Truist Securities lowered the price target for Everbridge, Inc. (NASDAQ:EVBG) from $185 to $85. Everbridge shares rose 1.3% to $70.00 in pre-market trading.</p><p><blockquote>Truist Securities 将 Everbridge, Inc.（纳斯达克股票代码：EVBG）的目标价从 185 美元下调至 85 美元。Everbridge 股价在盘前交易中上涨 1.3%，至 70 美元。</blockquote></p><p> Rosenblatt raised the price target on SMART Global Holdings, Inc. (NASDAQ:SGH) from $75 to $100. SMART Global shares rose 4.7% to $69.87 in pre-market trading.</p><p><blockquote>Rosenblatt 将 SMART Global Holdings, Inc.（纳斯达克股票代码：SGH）的目标价从 75 美元上调至 100 美元。SMART Global 股价在盘前交易中上涨 4.7%，至 69.87 美元。</blockquote></p><p> B of A Securities lowered the price target on <a href=\"https://laohu8.com/S/WEBR\">Weber Inc.</a> (NYSE:WEBR) from $20 to $17. Weber shares gained 0.8% to $12.09 in pre-market trading.</p><p><blockquote>B of A 证券下调目标价<a href=\"https://laohu8.com/S/WEBR\">韦伯公司。</a>（纽约证券交易所代码：WEBR）从 20 美元到 17 美元。韦伯股价在盘前交易中上涨 0.8%，至 12.09 美元。</blockquote></p><p> Barclays cut the price target on <a href=\"https://laohu8.com/S/OCDX\">Ortho Clinical Diagnostics Holdings plc</a> (NASDAQ:OCDX) from $350 to $300. Ortho Clinical Diagnostics shares rose 6.9% to close at $21.16 on Thursday.</p><p><blockquote>巴克莱下调目标价<a href=\"https://laohu8.com/S/OCDX\">骨科临床诊断控股有限公司</a>（纳斯达克股票代码：OCDX）350 美元至 300 美元。Ortho Clinical Diagnostics 股价周四上涨 6.9%，收于 21.16 美元。</blockquote></p><p> Morgan Stanley reduced the price target for Victoria's Secret &amp; Co. (NYSE:VSCO) from $69 to $54. Victoria's Secret shares fell 0.2% to $49.00 in pre-market trading.</p><p><blockquote>摩根士丹利将维多利亚的秘密公司（纽约证券交易所股票代码：VSCO）的目标价从 69 美元下调至 54 美元。维多利亚的秘密股价在盘前交易中下跌 0.2%，至 49.00 美元。</blockquote></p><p> Morgan Stanley cut Revolve Group, Inc. (NYSE:RVLV) price target from $72 to $57. Revolve Group shares fell 0.6% to $56.03 in pre-market trading.</p><p><blockquote>摩根士丹利将 Revolve Group, Inc.（纽约证券交易所股票代码：RVLV）的目标价从 72 美元下调至 57 美元。Revolve Group 股价在盘前交易中下跌 0.6%，至 56.03 美元。</blockquote></p><p> Ascendiant Capital cut GameStop Corp. (NYSE:GME) price target from $24 to $23. GameStop shares rose 0.6% to $152.98 in pre-market trading.</p><p><blockquote>Ascendiant Capital 将游戏驿站公司（纽约证券交易所股票代码：GME）的目标价从 24 美元下调至 23 美元。游戏驿站股价在盘前交易中上涨 0.6%，至 152.98 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4114":"综合货品商店","CVNA":"Carvana Co.","TGT":"塔吉特","GME":"游戏驿站","EVBG":"Everbridge Inc.","OCDX":"Ortho Clinical Diagnostics Holdings plc","RVLV":"Revolve Group, LLC","INNV":"InnovAge Holding Corp.","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4504":"桥水持仓","BK4532":"文艺复兴科技持仓"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198457273","content_text":"Morgan Stanley cut Foot Locker, Inc. (NYSE:FL) price target from $66 to $47. Foot Locker shares fell 0.1% to $41.90 in pre-market trading.\nBaird lowered Carvana Co. (NYSE:CVNA) price target from $164 to $248. Carvana shares gained 0.9% to $243.00 in pre-market trading.\nBarclays lowered InnovAge Holding Corp. (NASDAQ:INNV) price target from $22 to $6.5. InnovAge Holding shares fell 5.3% to $5.03 in pre-market trading.\nTruist Securities lowered the price target for Everbridge, Inc. (NASDAQ:EVBG) from $185 to $85. Everbridge shares rose 1.3% to $70.00 in pre-market trading.\nRosenblatt raised the price target on SMART Global Holdings, Inc. (NASDAQ:SGH) from $75 to $100. SMART Global shares rose 4.7% to $69.87 in pre-market trading.\nB of A Securities lowered the price target on Weber Inc. (NYSE:WEBR) from $20 to $17. Weber shares gained 0.8% to $12.09 in pre-market trading.\nBarclays cut the price target on Ortho Clinical Diagnostics Holdings plc (NASDAQ:OCDX) from $350 to $300. Ortho Clinical Diagnostics shares rose 6.9% to close at $21.16 on Thursday.\nMorgan Stanley reduced the price target for Victoria's Secret & Co. (NYSE:VSCO) from $69 to $54. Victoria's Secret shares fell 0.2% to $49.00 in pre-market trading.\nMorgan Stanley cut Revolve Group, Inc. (NYSE:RVLV) price target from $72 to $57. Revolve Group shares fell 0.6% to $56.03 in pre-market trading.\nAscendiant Capital cut GameStop Corp. (NYSE:GME) price target from $24 to $23. GameStop shares rose 0.6% to $152.98 in pre-market trading.","news_type":1,"symbols_score_info":{"CVNA":0.9,"EVBG":0.9,"TGT":0.9,"FL":0.9,"WEBR":0.9,"SGH":0.9,"GME":0.9,"INNV":0.9,"OCDX":0.9,"RVLV":0.9,"VSCO":0.9}},"isVote":1,"tweetType":1,"viewCount":3489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696396532,"gmtCreate":1640615374695,"gmtModify":1640615427568,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Are you sure?","listText":"Are you sure?","text":"Are you sure?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696396532","repostId":"1129230322","repostType":4,"repost":{"id":"1129230322","kind":"news","pubTimestamp":1640613152,"share":"https://www.laohunote.com/m/news/1129230322?lang=zh_CN&edition=full","pubTime":"2021-12-27 21:52","market":"us","language":"en","title":"Skillz Could Be Going to $0 Given its Debts and Struggling Business<blockquote>鉴于 Skillz 的债务和业务陷入困境，其股价可能为 0 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129230322","media":"InvestorPlace","summary":"SKLZ stock will keep sinking... perhaps all the way to $0","content":"<p><div> At one point,Skillz(NYSE:SKLZ) stock was supposed to be the hot new thing in the online gaming industry. By letting players compete for real cash prizes, it would bridge the gap between gambling and e...</p><p><blockquote><div>Skillz（纽约证券交易所股票代码：SKLZ）股票一度被认为是在线游戏行业的热门新生事物。通过让玩家争夺真正的现金奖励，它将弥合赌博和电子之间的差距……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/\">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>Skillz Could Be Going to $0 Given its Debts and Struggling Business<blockquote>鉴于 Skillz 的债务和业务陷入困境，其股价可能为 0 美元</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\">\nSkillz Could Be Going to $0 Given its Debts and Struggling Business<blockquote>鉴于 Skillz 的债务和业务陷入困境，其股价可能为 0 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-27 21:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> At one point,Skillz(NYSE:SKLZ) stock was supposed to be the hot new thing in the online gaming industry. By letting players compete for real cash prizes, it would bridge the gap between gambling and e...</p><p><blockquote><div>Skillz（纽约证券交易所股票代码：SKLZ）股票一度被认为是在线游戏行业的热门新生事物。通过让玩家争夺真正的现金奖励，它将弥合赌博和电子之间的差距……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/\">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/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/\">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":{},"source_url":"https://investorplace.com/2021/12/sklz-stock-could-be-going-to-0-given-its-debts-and-struggling-business/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129230322","content_text":"At one point,Skillz(NYSE:SKLZ) stock was supposed to be the hot new thing in the online gaming industry. By letting players compete for real cash prizes, it would bridge the gap between gambling and e-sports. Or that was the idea, anyway.\nSkillz stock hit $46 at one point early in 2021. Powered up by heavy momentum trading and rumors of an National Football League (NFL) partnership, Skillz was on top of the world. Since then, however, shares have crashed 80%. And there’s not much good news either. SKLZ stock will continue to sink in 2022. Here’s why.\nSkillz Is Not A Functional Business\nThe first rule of business is that you should sell your goods and services for more than the cost of product. Skillz fails this metric, badly.\nQ3 was supposedly a great quarter for Skillz. It generated significantly more revenues than analysts had expected, after all. If you’re just going by revenues, Skillz had its ducks in a row.\nBut you have to consider the cost of generating those revenues. Here’s the numbers specifically. For Q3, Skillz did $102 million of topline revenue, up from $60 million in the same quarter of 2020. However, the company spent $113 million on sales & marketing expenses to generate that $102 million of revenue.\nA huge chunk of this is in player incentives, such as giving folks more credits or bonuses to keep playing after they lose. In this way, it’s supposed to keep users interested in the ecosystem. However, if a casino has no edge, it won’t make money. This raises the question: If Skillz stopped giving out so much free stuff, would anyone keep playing its games?\nIf Skillz has to incentivize players to stay engaged, it has no long-term business model. Just from sales and marketing alone, Skillz is more than outspending its entire revenue base. That’s before you get to R&D, management salaries and overhead, data and other costs to run the games, and interest. Speaking of interest…\nSkillz Catastrophic Bond Offering\nGiven that Skillz is running colossal operating losses right now, not surprisingly, it wants to raise more funds to keep the show going. And, with the stock price in a deep slump, issuing equity is not an attractive option.\nSo, instead, Skillz turned to the debt market to get its next cash injection. Unfortunately, demand for Skillz’ bonds was underwhelming, to put it mildly. To raise a modest $300 million of debt, Skillz had to shell out a mind-blowing 10.25% annual interest rate. That will add another $30 million in annual interest expenses to a company that is already losing around $200 million annually on an operating income basis.\nIf the company had a viable turnaround plan, maybe this $300 million of new funds would make a difference. But since Skillz’ business so far is simply to increase revenues by subsidizing players with more and more incentives, it’s unclear how more cash will fix its core problem. The games just aren’t of the caliber needed to attract and keep unincentivized players on the platform.\nWe just saw a clear piece of evidence confirming that. Skillz’ Chief Technology Officer, Miriam Aguirre, recently resigned. A CTO is one of the people who knows a firm’s prospects best. Creditors are another. And both are giving off negative signs about Skillz’ viability.\nBeware The EBITDA Narrative\nTech investors are used to buying stocks based on EBITDA. That’s a shorthand for earnings before interest, taxes, depreciation, and amortization. People like to use this as a metric because it gives a sense of the amount of cash flow that would be available to a strategic buyer, such as private equity. It gives an “apples to apples” way of comparing firms with much different balance sheets and debt burdens.\nHowever, there are shortfalls to using EBITDA. For one thing, the costs tend to be real expenses. In this case, interest is a very real problem for a small money-losing company like Skillz. Skillz may be able to use its newly-borrowed funds to generate some EBITDA. But it will have to pay very real interest — nearly 20% of its current annual gross profit — simply to address this new high-interest debt. That paper EBITDA will never turn into real profits or cash flow for shareholders.\nFor Skillz to become a viable business, it needs to make games that users want to play of their own volition. As long as Skillz has to pay users huge incentives to stay on the platform, this business will lose money. Don’t let misleading EBITDA analysis distract you from the fact that the core business model has failed to demonstrate success yet.\nSKLZ Stock Verdict\nThe credit market has made it very clear; Skillz is a high-risk gamble at this point. In a world with a seemingly unlimited amount of money to fund speculative ventures and start-ups, Skillz had to accept a loan on terrible terms to get funding. That makes SKLZ stock a clear avoid.\nIn fact, I’ll go one step further. I’d argue this bond is being priced as though creditors believe there’s a good chance that Skillz will not be a viable going concern in future years. You simply don’t slap this sort of punitive interest rate on a company unless you think there’s a solid chance that the equity ends up being worthless. People are desperate for yield right now, and yet they wouldn’t lend to Skillz for less than 10.25% per year. Given Skillz’ terrible profitability metrics, it’s understandable why creditors have taken this posture.\nGaming stocks have had a rough time to end 2021. But they’re not all created equal. Something like Penn National Gaming(NASDAQ:PENN) or DraftKings(NASDAQ:DKNG) has a far better shot of turning things around in 2022 than Skillz.","news_type":1,"symbols_score_info":{"SKLZ":0.9}},"isVote":1,"tweetType":1,"viewCount":2952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696396816,"gmtCreate":1640615326878,"gmtModify":1640615327013,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696396816","repostId":"1146160890","repostType":4,"repost":{"id":"1146160890","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":1640614641,"share":"https://www.laohunote.com/m/news/1146160890?lang=zh_CN&edition=full","pubTime":"2021-12-27 22:17","market":"us","language":"en","title":"FuelCell Energy stock surged 8% in premarket trading<blockquote>FuelCell Energy 股票在盘前交易中飙升 8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146160890","media":"Tiger Newspress","summary":"FuelCell Energy stock surged 8% in premarket trading after FuelCell Energy reached favorable settlem","content":"<p>FuelCell Energy stock surged 8% in premarket trading&nbsp;after&nbsp;FuelCell Energy reached favorable settlement agreement with POSCO Energy.</p><p><blockquote>FuelCell Energy 与浦项能源达成有利的和解协议后，FuelCell Energy 股价在盘前交易中飙升 8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6dc248a0831090bf5b8496ed683633a\" tg-width=\"840\" tg-height=\"620\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>FuelCell Energy, Inc. (Nasdaq: FCEL)</b>-- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — today announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively “POSCO”) have entered into a settlement agreement (the “Agreement”) with FuelCell Energy.</p><p><blockquote><b>燃料电池能源公司（纳斯达克股票代码：FCEL）</b>-- 全球燃料电池技术领导者浦项制铁能源有限公司（POSCO Energy Co., Ltd.）及其子公司韩国燃料电池有限公司（统称为“浦项制铁”）已与 FuelCell Energy 签订和解协议（“协议”）。</blockquote></p><p> Pursuant to the Agreement:</p><p><blockquote>根据协议：</blockquote></p><p> <ol>  <li>FuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia;</p><p><blockquote><ol><li>FuelCell Energy 确认其在整个亚洲销售其差异化平台技术的独家地位；</li></ol></blockquote></p><p></li>  <li>All licenses previously granted to POSCO Energy are amended such that POSCO has the right to service the existing installed POSCO customer base, but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets; and</p><p><blockquote><li>之前授予浦项制铁能源的所有许可证均已修订，以便浦项制铁有权为现有已安装的浦项制铁客户群提供服务，但在韩国或更广泛的亚洲市场不享有燃料电池能源技术的其他权利；和</li></blockquote></p><p></li>  <li>All claims between the parties are fully and finally settled with the exception of two small claims being negotiated by the parties that have no impact on market access.</p><p><blockquote><li>双方之间的所有索赔均已完全和最终解决，但双方正在协商的两项小额索赔除外，这些索赔对市场准入没有影响。</li></blockquote></p><p></li> </ol> “We are extremely pleased to have reached a favorable agreement with POSCO which confirms our access to the Asian market for FuelCell Energy,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and POSCO. It also provides current customers of FuelCell Energy’s technology in the Korean market the ability to receive the quality of service and module stack replacements they deserve. In addition, it provides a clear path for FuelCell Energy to once again serve a growing market for fuels cells and support the growing energy transition within South Korea as well as the broader Asian marketplace. In South Korea, our fuel cell platform is a preferred choice for utility scale projects given its high-quality thermal attributes that support the district heating needs of the country. We also look forward to bringing our unique distributed hydrogen platforms to the Asian market as Asia looks to lead in the hydrogen transition. We are excited to engage the marketplace with the legal uncertainties removed and look forward to expanding our geographic reach throughout Asia.”</p><p><blockquote>“FuelCell Energy 总裁兼首席执行官兼首席商务官 Jason Few 说：”我们非常高兴与浦项制铁达成了有利的协议，确认了我们进入亚洲燃料电池能源市场。“这项决议开辟了一条前进的道路，使韩国和整个亚洲的客户能够根据替代品评估 FuelCell Energy 的差异化平台，而无需担心 FuelCell Energy 与浦项制铁之间的法律纠纷，也无需担心和不确定性。它还为韩国市场 FuelCell Energy 技术的现有客户提供了获得他们应得的服务质量和组件电堆更换的能力。此外，它还为 FuelCell Energy 提供了一条清晰的道路，以再次服务于不断增长的燃料电池市场，并支持韩国以及更广泛的亚洲市场不断增长的能源转型。在韩国，我们的燃料电池平台是公用事业规模项目的首选，因为其高质量的热属性支持该国的区域供暖需求。随着亚洲希望引领氢能转型，我们也期待将我们独特的分布式氢能平台引入亚洲市场。我们很高兴能在消除法律上的不确定性的情况下参与市场，并期待扩大我们在整个亚洲的地理覆盖范围。”</blockquote></p><p> Having reached an agreement, the parties are cooperating to ensure that existing customers are fully aware of the settlement and that a framework exists for POSCO to deliver module replacements per the service and support design specifications in the agreement. The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.</p><p><blockquote>达成协议后，双方正在合作确保现有客户充分了解和解协议，并为浦项制铁提供一个框架，以便根据协议中的服务和支持设计规范交付模块更换。双方还向更广泛的市场传达了FuelCell Energy拥有在亚洲开展新燃料电池项目的独家权利。</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>FuelCell Energy stock surged 8% in premarket trading<blockquote>FuelCell Energy 股票在盘前交易中飙升 8%</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\">\nFuelCell Energy stock surged 8% in premarket trading<blockquote>FuelCell Energy 股票在盘前交易中飙升 8%</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\">2021-12-27 22:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>FuelCell Energy stock surged 8% in premarket trading&nbsp;after&nbsp;FuelCell Energy reached favorable settlement agreement with POSCO Energy.</p><p><blockquote>FuelCell Energy 与浦项能源达成有利的和解协议后，FuelCell Energy 股价在盘前交易中飙升 8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6dc248a0831090bf5b8496ed683633a\" tg-width=\"840\" tg-height=\"620\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>FuelCell Energy, Inc. (Nasdaq: FCEL)</b>-- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — today announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively “POSCO”) have entered into a settlement agreement (the “Agreement”) with FuelCell Energy.</p><p><blockquote><b>燃料电池能源公司（纳斯达克股票代码：FCEL）</b>-- 全球燃料电池技术领导者浦项制铁能源有限公司（POSCO Energy Co., Ltd.）及其子公司韩国燃料电池有限公司（统称为“浦项制铁”）已与 FuelCell Energy 签订和解协议（“协议”）。</blockquote></p><p> Pursuant to the Agreement:</p><p><blockquote>根据协议：</blockquote></p><p> <ol>  <li>FuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia;</p><p><blockquote><ol><li>FuelCell Energy 确认其在整个亚洲销售其差异化平台技术的独家地位；</li></ol></blockquote></p><p></li>  <li>All licenses previously granted to POSCO Energy are amended such that POSCO has the right to service the existing installed POSCO customer base, but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets; and</p><p><blockquote><li>之前授予浦项制铁能源的所有许可证均已修订，以便浦项制铁有权为现有已安装的浦项制铁客户群提供服务，但在韩国或更广泛的亚洲市场不享有燃料电池能源技术的其他权利；和</li></blockquote></p><p></li>  <li>All claims between the parties are fully and finally settled with the exception of two small claims being negotiated by the parties that have no impact on market access.</p><p><blockquote><li>双方之间的所有索赔均已完全和最终解决，但双方正在协商的两项小额索赔除外，这些索赔对市场准入没有影响。</li></blockquote></p><p></li> </ol> “We are extremely pleased to have reached a favorable agreement with POSCO which confirms our access to the Asian market for FuelCell Energy,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and POSCO. It also provides current customers of FuelCell Energy’s technology in the Korean market the ability to receive the quality of service and module stack replacements they deserve. In addition, it provides a clear path for FuelCell Energy to once again serve a growing market for fuels cells and support the growing energy transition within South Korea as well as the broader Asian marketplace. In South Korea, our fuel cell platform is a preferred choice for utility scale projects given its high-quality thermal attributes that support the district heating needs of the country. We also look forward to bringing our unique distributed hydrogen platforms to the Asian market as Asia looks to lead in the hydrogen transition. We are excited to engage the marketplace with the legal uncertainties removed and look forward to expanding our geographic reach throughout Asia.”</p><p><blockquote>“FuelCell Energy 总裁兼首席执行官兼首席商务官 Jason Few 说：”我们非常高兴与浦项制铁达成了有利的协议，确认了我们进入亚洲燃料电池能源市场。“这项决议开辟了一条前进的道路，使韩国和整个亚洲的客户能够根据替代品评估 FuelCell Energy 的差异化平台，而无需担心 FuelCell Energy 与浦项制铁之间的法律纠纷，也无需担心和不确定性。它还为韩国市场 FuelCell Energy 技术的现有客户提供了获得他们应得的服务质量和组件电堆更换的能力。此外，它还为 FuelCell Energy 提供了一条清晰的道路，以再次服务于不断增长的燃料电池市场，并支持韩国以及更广泛的亚洲市场不断增长的能源转型。在韩国，我们的燃料电池平台是公用事业规模项目的首选，因为其高质量的热属性支持该国的区域供暖需求。随着亚洲希望引领氢能转型，我们也期待将我们独特的分布式氢能平台引入亚洲市场。我们很高兴能在消除法律上的不确定性的情况下参与市场，并期待扩大我们在整个亚洲的地理覆盖范围。”</blockquote></p><p> Having reached an agreement, the parties are cooperating to ensure that existing customers are fully aware of the settlement and that a framework exists for POSCO to deliver module replacements per the service and support design specifications in the agreement. The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.</p><p><blockquote>达成协议后，双方正在合作确保现有客户充分了解和解协议，并为浦项制铁提供一个框架，以便根据协议中的服务和支持设计规范交付模块更换。双方还向更广泛的市场传达了FuelCell Energy拥有在亚洲开展新燃料电池项目的独家权利。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FCEL":"燃料电池能源"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146160890","content_text":"FuelCell Energy stock surged 8% in premarket trading after FuelCell Energy reached favorable settlement agreement with POSCO Energy.\n\nFuelCell Energy, Inc. (Nasdaq: FCEL)-- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — today announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively “POSCO”) have entered into a settlement agreement (the “Agreement”) with FuelCell Energy.\nPursuant to the Agreement:\n\nFuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia;\nAll licenses previously granted to POSCO Energy are amended such that POSCO has the right to service the existing installed POSCO customer base, but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets; and\nAll claims between the parties are fully and finally settled with the exception of two small claims being negotiated by the parties that have no impact on market access.\n\n“We are extremely pleased to have reached a favorable agreement with POSCO which confirms our access to the Asian market for FuelCell Energy,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and POSCO. It also provides current customers of FuelCell Energy’s technology in the Korean market the ability to receive the quality of service and module stack replacements they deserve. In addition, it provides a clear path for FuelCell Energy to once again serve a growing market for fuels cells and support the growing energy transition within South Korea as well as the broader Asian marketplace. In South Korea, our fuel cell platform is a preferred choice for utility scale projects given its high-quality thermal attributes that support the district heating needs of the country. We also look forward to bringing our unique distributed hydrogen platforms to the Asian market as Asia looks to lead in the hydrogen transition. We are excited to engage the marketplace with the legal uncertainties removed and look forward to expanding our geographic reach throughout Asia.”\nHaving reached an agreement, the parties are cooperating to ensure that existing customers are fully aware of the settlement and that a framework exists for POSCO to deliver module replacements per the service and support design specifications in the agreement. The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.","news_type":1,"symbols_score_info":{"FCEL":0.9}},"isVote":1,"tweetType":1,"viewCount":3592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696396343,"gmtCreate":1640615305726,"gmtModify":1640615305904,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696396343","repostId":"1159836216","repostType":4,"repost":{"id":"1159836216","kind":"news","pubTimestamp":1640615243,"share":"https://www.laohunote.com/m/news/1159836216?lang=zh_CN&edition=full","pubTime":"2021-12-27 22:27","market":"us","language":"en","title":"GameStop Is ‘Very Early in Its Transformation.’ Its Stock Could Tumble.<blockquote>游戏驿站 “正处于转型的早期阶段”。其股价可能会暴跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159836216","media":"Barrons","summary":"As this year comes to an end, arguments about whether to buy or sell highflying meme stock GameStop ","content":"<p>As this year comes to an end, arguments about whether to buy or sell highflying meme stock&nbsp;GameStop&nbsp;haven’t changed. It’s still a question of belief in what the videogame retailer could become versus what it currently is. But trying to quantify the former results in a stock that is worth a fraction of what it is now, according to one analyst.</p><p><blockquote>随着今年即将结束，关于游戏驿站是买入还是卖出高歌猛进的备忘录股票的争论并没有改变。与目前的情况相比，这仍然是一个人们对这家电子游戏零售商可能会变成什么样子的信心问题。但一位分析师表示，试图量化一只价值只有现在一小部分的股票以前的结果。</blockquote></p><p> GameStop (ticker: GME), the original meme stock, has been one of the best performers this year. Its shares have gained 707% to $152.14 in 2021, easily outpacing the&nbsp;S&amp;P 500’s&nbsp;26% rise and the&nbsp;Dow Jones Industrial Average’s&nbsp;17% gain.</p><p><blockquote>最初的模因股票游戏驿站（股票代码：GME）是今年表现最好的股票之一。2021 年，其股价上涨了 707%，达到 152.14 美元，轻松超过了标普500 26% 的涨幅和道琼斯工业平均指数 17% 的涨幅。</blockquote></p><p> But the rise hasn’t been driven by how its business is doing. Instead, it became a favorite on social-media platform Reddit, to the point that it “no longer trades on traditional fundamental valuations or metrics, but on retail investors’ sentiment, hope, momentum, and the powers of crowds,” writes Ascendiant analyst Edward Woo.</p><p><blockquote>但其业务状况并没有推动这一增长。Ascendiant 分析师 Edward Woo 写道，相反，它成为了社交媒体平台 Reddit 上的宠儿，以至于 “不再根据传统的基本面估值或指标进行交易，而是根据散户投资者的情绪、希望、势头和人群的力量进行交易”。</blockquote></p><p> That adds to the risks for anyone who might think about shorting the company—remember, shares were trading over $300 as recently as June—but the fundamentals clearly point to weaker returns going ahead, Woo writes. Losses are still large, while sales of software declined 2% year over year during the most recent quarter as purchases continued to transition away from physical disks to downloads. The company hasn’t provided guidance.</p><p><blockquote>吴写道，这增加了任何可能考虑做空该公司的人的风险——请记住，就在 6 月份，股价还超过 300 美元——但基本面清楚地表明未来回报较弱。损失仍然很大，而最近一个季度的软件销售额同比下降了2%，因为购买继续从物理磁盘转向下载。该公司尚未提供指导。</blockquote></p><p> GameStop does, however, have a couple of things going for it. The first is its chairman, Ryan Cohen, who had success with&nbsp;Chewy&nbsp;(CHWY) and has brought in new management to help point the retailer in a new direction. It also has a lot of cash, about $1.4 billion, according to Woo, after selling a bunch of stock. That makes GameStop more like a venture capital investment, one that could branch out into non-fungible tokens, cryptocurrencies, or other businesses. But it’s also a very risky investment. As a result, Woo lowered his target on the stock to $23 from $24 on Monday, down 85% from this past Thursday’s close. The analyst has a Sell rating on the shares.</p><p><blockquote>然而，游戏驿站确实有几个优点。首先是其董事长瑞安·科恩 (Ryan Cohen)，他在 Chewy (CHWY) 取得了成功，并引入了新的管理层，帮助这家零售商指明了新的方向。据 Woo 称，在出售大量股票后，该公司还拥有大量现金，约 14 亿美元。这使得游戏驿站更像是一种风险投资，可以扩展到不可替代的代币、加密货币或其他业务。但这也是一项风险很大的投资。因此，Woo 将该股目标价从周一的 24 美元下调至 23 美元，比上周四的收盘价下跌了 85%。分析师对该股给予卖出评级。</blockquote></p><p> “We acknowledge Mr. Cohen’s success and talents and the large cash GameStop now has greatly [increased] the odds that it can pivot to be a successful e-commerce company,” Woo writes. “However, we are still very early in its transformation and investors are likely facing a very high risk/rewards scenario.”</p><p><blockquote>“我们承认科恩先生的成功和才华，游戏驿站现在拥有大量现金，这大大增加了它成为一家成功电子商务公司的几率，”Woo 写道。“然而，我们仍处于转型的早期阶段，投资者可能会面临非常高的风险/回报情况。”</blockquote></p><p> Not like that has ever stopped anyone.</p><p><blockquote>这从来没有阻止过任何人。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop Is ‘Very Early in Its Transformation.’ Its Stock Could Tumble.<blockquote>游戏驿站 “正处于转型的早期阶段”。其股价可能会暴跌。</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 Is ‘Very Early in Its Transformation.’ Its Stock Could Tumble.<blockquote>游戏驿站 “正处于转型的早期阶段”。其股价可能会暴跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-27 22:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As this year comes to an end, arguments about whether to buy or sell highflying meme stock&nbsp;GameStop&nbsp;haven’t changed. It’s still a question of belief in what the videogame retailer could become versus what it currently is. But trying to quantify the former results in a stock that is worth a fraction of what it is now, according to one analyst.</p><p><blockquote>随着今年即将结束，关于游戏驿站是买入还是卖出高歌猛进的备忘录股票的争论并没有改变。与目前的情况相比，这仍然是一个人们对这家电子游戏零售商可能会变成什么样子的信心问题。但一位分析师表示，试图量化一只价值只有现在一小部分的股票以前的结果。</blockquote></p><p> GameStop (ticker: GME), the original meme stock, has been one of the best performers this year. Its shares have gained 707% to $152.14 in 2021, easily outpacing the&nbsp;S&amp;P 500’s&nbsp;26% rise and the&nbsp;Dow Jones Industrial Average’s&nbsp;17% gain.</p><p><blockquote>最初的模因股票游戏驿站（股票代码：GME）是今年表现最好的股票之一。2021 年，其股价上涨了 707%，达到 152.14 美元，轻松超过了标普500 26% 的涨幅和道琼斯工业平均指数 17% 的涨幅。</blockquote></p><p> But the rise hasn’t been driven by how its business is doing. Instead, it became a favorite on social-media platform Reddit, to the point that it “no longer trades on traditional fundamental valuations or metrics, but on retail investors’ sentiment, hope, momentum, and the powers of crowds,” writes Ascendiant analyst Edward Woo.</p><p><blockquote>但其业务状况并没有推动这一增长。Ascendiant 分析师 Edward Woo 写道，相反，它成为了社交媒体平台 Reddit 上的宠儿，以至于 “不再根据传统的基本面估值或指标进行交易，而是根据散户投资者的情绪、希望、势头和人群的力量进行交易”。</blockquote></p><p> That adds to the risks for anyone who might think about shorting the company—remember, shares were trading over $300 as recently as June—but the fundamentals clearly point to weaker returns going ahead, Woo writes. Losses are still large, while sales of software declined 2% year over year during the most recent quarter as purchases continued to transition away from physical disks to downloads. The company hasn’t provided guidance.</p><p><blockquote>吴写道，这增加了任何可能考虑做空该公司的人的风险——请记住，就在 6 月份，股价还超过 300 美元——但基本面清楚地表明未来回报较弱。损失仍然很大，而最近一个季度的软件销售额同比下降了2%，因为购买继续从物理磁盘转向下载。该公司尚未提供指导。</blockquote></p><p> GameStop does, however, have a couple of things going for it. The first is its chairman, Ryan Cohen, who had success with&nbsp;Chewy&nbsp;(CHWY) and has brought in new management to help point the retailer in a new direction. It also has a lot of cash, about $1.4 billion, according to Woo, after selling a bunch of stock. That makes GameStop more like a venture capital investment, one that could branch out into non-fungible tokens, cryptocurrencies, or other businesses. But it’s also a very risky investment. As a result, Woo lowered his target on the stock to $23 from $24 on Monday, down 85% from this past Thursday’s close. The analyst has a Sell rating on the shares.</p><p><blockquote>然而，游戏驿站确实有几个优点。首先是其董事长瑞安·科恩 (Ryan Cohen)，他在 Chewy (CHWY) 取得了成功，并引入了新的管理层，帮助这家零售商指明了新的方向。据 Woo 称，在出售大量股票后，该公司还拥有大量现金，约 14 亿美元。这使得游戏驿站更像是一种风险投资，可以扩展到不可替代的代币、加密货币或其他业务。但这也是一项风险很大的投资。因此，Woo 将该股目标价从周一的 24 美元下调至 23 美元，比上周四的收盘价下跌了 85%。分析师对该股给予卖出评级。</blockquote></p><p> “We acknowledge Mr. Cohen’s success and talents and the large cash GameStop now has greatly [increased] the odds that it can pivot to be a successful e-commerce company,” Woo writes. “However, we are still very early in its transformation and investors are likely facing a very high risk/rewards scenario.”</p><p><blockquote>“我们承认科恩先生的成功和才华，游戏驿站现在拥有大量现金，这大大增加了它成为一家成功电子商务公司的几率，”Woo 写道。“然而，我们仍处于转型的早期阶段，投资者可能会面临非常高的风险/回报情况。”</blockquote></p><p> Not like that has ever stopped anyone.</p><p><blockquote>这从来没有阻止过任何人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gamestop-new-stock-price-target-analyst-51640613653?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":{"GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-new-stock-price-target-analyst-51640613653?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159836216","content_text":"As this year comes to an end, arguments about whether to buy or sell highflying meme stock GameStop haven’t changed. It’s still a question of belief in what the videogame retailer could become versus what it currently is. But trying to quantify the former results in a stock that is worth a fraction of what it is now, according to one analyst.\nGameStop (ticker: GME), the original meme stock, has been one of the best performers this year. Its shares have gained 707% to $152.14 in 2021, easily outpacing the S&P 500’s 26% rise and the Dow Jones Industrial Average’s 17% gain.\nBut the rise hasn’t been driven by how its business is doing. Instead, it became a favorite on social-media platform Reddit, to the point that it “no longer trades on traditional fundamental valuations or metrics, but on retail investors’ sentiment, hope, momentum, and the powers of crowds,” writes Ascendiant analyst Edward Woo.\nThat adds to the risks for anyone who might think about shorting the company—remember, shares were trading over $300 as recently as June—but the fundamentals clearly point to weaker returns going ahead, Woo writes. Losses are still large, while sales of software declined 2% year over year during the most recent quarter as purchases continued to transition away from physical disks to downloads. The company hasn’t provided guidance.\nGameStop does, however, have a couple of things going for it. The first is its chairman, Ryan Cohen, who had success with Chewy (CHWY) and has brought in new management to help point the retailer in a new direction. It also has a lot of cash, about $1.4 billion, according to Woo, after selling a bunch of stock. That makes GameStop more like a venture capital investment, one that could branch out into non-fungible tokens, cryptocurrencies, or other businesses. But it’s also a very risky investment. As a result, Woo lowered his target on the stock to $23 from $24 on Monday, down 85% from this past Thursday’s close. The analyst has a Sell rating on the shares.\n“We acknowledge Mr. Cohen’s success and talents and the large cash GameStop now has greatly [increased] the odds that it can pivot to be a successful e-commerce company,” Woo writes. “However, we are still very early in its transformation and investors are likely facing a very high risk/rewards scenario.”\nNot like that has ever stopped anyone.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696398709,"gmtCreate":1640615281511,"gmtModify":1640615284727,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696398709","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohunote.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</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\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.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/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</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":{"FCEL":"燃料电池能源","SPY.AU":"SPDR® S&P 500® ETF Trust","BK4096":"电气部件与设备","BK4541":"氢能源"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"SPY.AU":0.9,"FCEL":0.9}},"isVote":1,"tweetType":1,"viewCount":4677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696398410,"gmtCreate":1640615257566,"gmtModify":1640615284563,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696398410","repostId":"1185167492","repostType":4,"repost":{"id":"1185167492","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":1640609888,"share":"https://www.laohunote.com/m/news/1185167492?lang=zh_CN&edition=full","pubTime":"2021-12-27 20:58","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185167492","media":"Tiger Newspress","summary":"U.S. stock index futures inched higher on Monday, boosted by megacap companies, while hundreds of Om","content":"<p>U.S. stock index futures inched higher on Monday, boosted by megacap companies, while hundreds of Omicron-driven flight cancellations kept investors on edge at the start of this year's final trading week.</p><p><blockquote>受大型公司的提振，美国股指期货周一小幅走高，而奥密克戎驱动的数百个航班取消让投资者在今年最后一个交易周开始时感到紧张。</blockquote></p><p> Travel-related stocks, typically sensitive to news around the coronavirus, slid after U.S. airlines called off many flights for a third day on Sunday as surging COVID-19 cases forced Christmas weekend travelers to change plans.</p><p><blockquote>由于 COVID-19 病例激增迫使圣诞节周末旅行者改变计划，美国航空公司周日第三天取消了许多航班，旅游相关股票通常对冠状病毒新闻敏感，但随后下跌。</blockquote></p><p> The S&amp;P 500 closed at a record high on Thursday, as upbeat news related to the Omicron coronavirus variant calmed investor nerves over the highly infection strain's economic impact after it upended markets earlier this month.</p><p><blockquote>标普500周四收盘创下历史新高，与 Omicron 冠状病毒变种相关的乐观消息平息了投资者对高传染性毒株在本月早些时候颠覆市场后对经济影响的紧张情绪。</blockquote></p><p> Wall Street's three main indexes are eyeing a third straight yearly gain, with the benchmark S&amp;P 500 (.SPX) on track to close out the year 25.8% higher. The Dow is set to rise 17.5%, while the Nasdaq is looking at a 21.4% climb.</p><p><blockquote>华尔街三大股指有望连续第三年上涨，基准标普500 (.SPX) 有望年底上涨 25.8%。道琼斯指数预计将上涨17.5%，而纳斯达克指数预计将上涨21.4%。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 72 points, or 0.20% and S&amp;P 500 e-minis were up 15.50 points, or 0.33%.</p><p><blockquote>美国东部时间上午 8:00，道琼斯电子迷你指数上涨 72 点，涨幅 0.20%，标普500电子迷你指数上涨 15.50 点，涨幅 0.33%。</blockquote></p><p> Nasdaq 100 e-minis were up 70.00 points, or 0.43% as megacap companies Tesla Inc (TSLA.O) and Microsoft Corp (MSFT.O) and Meta Platform (FB.O) firmed between 0.5% and 1%.Airline stocks – The major carriers saw their shares fall in the premarket after a surge in weekend cancellations due to staffing issues. United Airlines (UAL) slid 1.8%, American Airlines (AAL) fell 1.4%, Delta Air Lines (DAL) was down 1% and Southwest (LUV) declined 1.5%.</p><p><blockquote>纳斯达克 100 E-mini 指数上涨 70.00 点，涨幅 0.43%，大型公司特斯拉公司 (TSLA.O) 和微软公司 (MSFT.O) 以及 Meta Platform (FB.O) 的涨幅在 0.5% 至 1% 之间。航空股——主要航空公司的股价在盘前下跌，由于人员问题，周末取消航班激增。联合航空 (UAL) 下跌 1.8%，美国航空 (AAL) 下跌 1.4%，达美航空 (DAL) 下跌 1%，西南航空 (LUV) 下跌 1.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09541de8c4bcd965c62dbe3f6b7f6bc5\" tg-width=\"649\" tg-height=\"205\" width=\"100%\" height=\"auto\"><span>*Source From Tiger Trade, EST 08:00</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 08:00</span></p></blockquote></p><p> <b>Stocks making the biggest moves premarket</b></p><p><blockquote><b>盘前涨幅最大的股票</b></blockquote></p><p> Cruise line stocks – Stocks of major cruise lines declined in premarket trading following three Covid-19 outbreaks in the past week on ships operated by Carnival (CCL) and Royal Caribbean (RCL). Carnival slid 2.2% in the premarket, while Royal Caribbean lost 1.9% and Norwegian Cruise Line Holdings (NCLH) slid 1.6%.</p><p><blockquote>邮轮公司股票——过去一周嘉年华 (CCL) 和皇家加勒比 (RCL) 运营的船舶上爆发三起 Covid-19 疫情后，主要邮轮公司的股票在盘前交易中下跌。嘉年华盘前下跌 2.2%，皇家加勒比下跌 1.9%，挪威邮轮控股公司 (NCLH) 下跌 1.6%。</blockquote></p><p> Grab（GRAB）–&nbsp;Grab stock climbed more than 7% in premarket trading&nbsp;as&nbsp;Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.</p><p><blockquote>Grab（GRAB）——Grab 股价在盘前交易中上涨超过 7%，华尔街看到了亚洲科技巨头 Grab 在令人失望的首次亮相后的巨大上涨空间。</blockquote></p><p> GoDaddy (GDDY) – GoDaddy jumped 3.9% in premarket action after the Wall Street Journal reported that activist investor Starboard Value had taken a 6.5% stake in the internet domain name registration company.</p><p><blockquote>GoDaddy (GDDY) – 在《华尔街日报》报道激进投资者 Starboard Value 持有互联网域名注册公司 6.5% 的股份后，GoDaddy 在盘前交易中上涨 3.9%。</blockquote></p><p> Apple (AAPL) – Apple was cited by the top competition regulator in the Netherlands, which said the company broke competition laws, and ordered changes to Apple’s App Store payment policies. Apple said it would appeal the ruling.</p><p><blockquote>苹果（AAPL）--荷兰最高竞争监管机构传唤苹果，称该公司违反了竞争法，并下令修改苹果的 App Store 支付政策。苹果表示将对裁决提出上诉。</blockquote></p><p> Cigna (CI) – The insurer will reaffirm its 2021 and 2022 earnings guidance at its upcoming investor meetings, according to an SEC filing. Cigna expected 2021 adjusted earnings of at least $20.35 per share and sees projected growth of at least 10% for 2022.</p><p><blockquote>Cigna (CI) – 根据 SEC 提交的文件，该保险公司将在即将举行的投资者会议上重申其 2021 年和 2022 年盈利指引。Cigna 预计 2021 年调整后每股收益至少为 20.35 美元，预计 2022 年增长至少为 10%。</blockquote></p><p> Moderna (MRNA) – The drugmaker is fighting a shareholder proposal that the company open up its vaccine technology to poorer countries, according to a report in the Financial Times. The proposal calls on Moderna to explain why its prices are so high in light of the amount of government financial support it has received. Moderna fell 2% in the premarket.</p><p><blockquote>Moderna (MRNA)——据英国《金融时报》报道，这家制药商正在反对股东提出的向较贫穷国家开放疫苗技术的提议。该提案要求 Moderna 解释为什么鉴于其获得的政府财政支持数量，其价格如此之高。Moderna 盘前下跌 2%。</blockquote></p><p> Avis Budget (CAR) – The car rental firm’s shares jumped 2.6% in premarket trading, following a 3.2% gain Thursday. Average daily rental rates are at $81 per day, according to travel firm Kayak. That’s up 31% from a year ago.</p><p><blockquote>Avis Budget (CAR) - 继周四上涨 3.2% 之后，这家汽车租赁公司的股价在盘前交易中大涨 2.6%。根据旅游公司Kayak的数据，平均每天的租金为81美元。这比一年前增长了 31%。</blockquote></p><p> Didi Global (DIDI) – Didi fell 1.3% in the premarket after the Financial Times reported that the China-based ride-hailing company is blocking employees from selling the shares for an indefinite period. That follows the company’s move to delist in the United States.</p><p><blockquote>滴滴全球 (DIDI) – 英国《金融时报》报道称，这家总部位于中国的网约车公司无限期阻止员工出售股票后，滴滴在盘前下跌 1.3%。在此之前，该公司已在美国退市。</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>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">2021-12-27 20:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures inched higher on Monday, boosted by megacap companies, while hundreds of Omicron-driven flight cancellations kept investors on edge at the start of this year's final trading week.</p><p><blockquote>受大型公司的提振，美国股指期货周一小幅走高，而奥密克戎驱动的数百个航班取消让投资者在今年最后一个交易周开始时感到紧张。</blockquote></p><p> Travel-related stocks, typically sensitive to news around the coronavirus, slid after U.S. airlines called off many flights for a third day on Sunday as surging COVID-19 cases forced Christmas weekend travelers to change plans.</p><p><blockquote>由于 COVID-19 病例激增迫使圣诞节周末旅行者改变计划，美国航空公司周日第三天取消了许多航班，旅游相关股票通常对冠状病毒新闻敏感，但随后下跌。</blockquote></p><p> The S&amp;P 500 closed at a record high on Thursday, as upbeat news related to the Omicron coronavirus variant calmed investor nerves over the highly infection strain's economic impact after it upended markets earlier this month.</p><p><blockquote>标普500周四收盘创下历史新高，与 Omicron 冠状病毒变种相关的乐观消息平息了投资者对高传染性毒株在本月早些时候颠覆市场后对经济影响的紧张情绪。</blockquote></p><p> Wall Street's three main indexes are eyeing a third straight yearly gain, with the benchmark S&amp;P 500 (.SPX) on track to close out the year 25.8% higher. The Dow is set to rise 17.5%, while the Nasdaq is looking at a 21.4% climb.</p><p><blockquote>华尔街三大股指有望连续第三年上涨，基准标普500 (.SPX) 有望年底上涨 25.8%。道琼斯指数预计将上涨17.5%，而纳斯达克指数预计将上涨21.4%。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 72 points, or 0.20% and S&amp;P 500 e-minis were up 15.50 points, or 0.33%.</p><p><blockquote>美国东部时间上午 8:00，道琼斯电子迷你指数上涨 72 点，涨幅 0.20%，标普500电子迷你指数上涨 15.50 点，涨幅 0.33%。</blockquote></p><p> Nasdaq 100 e-minis were up 70.00 points, or 0.43% as megacap companies Tesla Inc (TSLA.O) and Microsoft Corp (MSFT.O) and Meta Platform (FB.O) firmed between 0.5% and 1%.Airline stocks – The major carriers saw their shares fall in the premarket after a surge in weekend cancellations due to staffing issues. United Airlines (UAL) slid 1.8%, American Airlines (AAL) fell 1.4%, Delta Air Lines (DAL) was down 1% and Southwest (LUV) declined 1.5%.</p><p><blockquote>纳斯达克 100 E-mini 指数上涨 70.00 点，涨幅 0.43%，大型公司特斯拉公司 (TSLA.O) 和微软公司 (MSFT.O) 以及 Meta Platform (FB.O) 的涨幅在 0.5% 至 1% 之间。航空股——主要航空公司的股价在盘前下跌，由于人员问题，周末取消航班激增。联合航空 (UAL) 下跌 1.8%，美国航空 (AAL) 下跌 1.4%，达美航空 (DAL) 下跌 1%，西南航空 (LUV) 下跌 1.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09541de8c4bcd965c62dbe3f6b7f6bc5\" tg-width=\"649\" tg-height=\"205\" width=\"100%\" height=\"auto\"><span>*Source From Tiger Trade, EST 08:00</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 08:00</span></p></blockquote></p><p> <b>Stocks making the biggest moves premarket</b></p><p><blockquote><b>盘前涨幅最大的股票</b></blockquote></p><p> Cruise line stocks – Stocks of major cruise lines declined in premarket trading following three Covid-19 outbreaks in the past week on ships operated by Carnival (CCL) and Royal Caribbean (RCL). Carnival slid 2.2% in the premarket, while Royal Caribbean lost 1.9% and Norwegian Cruise Line Holdings (NCLH) slid 1.6%.</p><p><blockquote>邮轮公司股票——过去一周嘉年华 (CCL) 和皇家加勒比 (RCL) 运营的船舶上爆发三起 Covid-19 疫情后，主要邮轮公司的股票在盘前交易中下跌。嘉年华盘前下跌 2.2%，皇家加勒比下跌 1.9%，挪威邮轮控股公司 (NCLH) 下跌 1.6%。</blockquote></p><p> Grab（GRAB）–&nbsp;Grab stock climbed more than 7% in premarket trading&nbsp;as&nbsp;Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.</p><p><blockquote>Grab（GRAB）——Grab 股价在盘前交易中上涨超过 7%，华尔街看到了亚洲科技巨头 Grab 在令人失望的首次亮相后的巨大上涨空间。</blockquote></p><p> GoDaddy (GDDY) – GoDaddy jumped 3.9% in premarket action after the Wall Street Journal reported that activist investor Starboard Value had taken a 6.5% stake in the internet domain name registration company.</p><p><blockquote>GoDaddy (GDDY) – 在《华尔街日报》报道激进投资者 Starboard Value 持有互联网域名注册公司 6.5% 的股份后，GoDaddy 在盘前交易中上涨 3.9%。</blockquote></p><p> Apple (AAPL) – Apple was cited by the top competition regulator in the Netherlands, which said the company broke competition laws, and ordered changes to Apple’s App Store payment policies. Apple said it would appeal the ruling.</p><p><blockquote>苹果（AAPL）--荷兰最高竞争监管机构传唤苹果，称该公司违反了竞争法，并下令修改苹果的 App Store 支付政策。苹果表示将对裁决提出上诉。</blockquote></p><p> Cigna (CI) – The insurer will reaffirm its 2021 and 2022 earnings guidance at its upcoming investor meetings, according to an SEC filing. Cigna expected 2021 adjusted earnings of at least $20.35 per share and sees projected growth of at least 10% for 2022.</p><p><blockquote>Cigna (CI) – 根据 SEC 提交的文件，该保险公司将在即将举行的投资者会议上重申其 2021 年和 2022 年盈利指引。Cigna 预计 2021 年调整后每股收益至少为 20.35 美元，预计 2022 年增长至少为 10%。</blockquote></p><p> Moderna (MRNA) – The drugmaker is fighting a shareholder proposal that the company open up its vaccine technology to poorer countries, according to a report in the Financial Times. The proposal calls on Moderna to explain why its prices are so high in light of the amount of government financial support it has received. Moderna fell 2% in the premarket.</p><p><blockquote>Moderna (MRNA)——据英国《金融时报》报道，这家制药商正在反对股东提出的向较贫穷国家开放疫苗技术的提议。该提案要求 Moderna 解释为什么鉴于其获得的政府财政支持数量，其价格如此之高。Moderna 盘前下跌 2%。</blockquote></p><p> Avis Budget (CAR) – The car rental firm’s shares jumped 2.6% in premarket trading, following a 3.2% gain Thursday. Average daily rental rates are at $81 per day, according to travel firm Kayak. That’s up 31% from a year ago.</p><p><blockquote>Avis Budget (CAR) - 继周四上涨 3.2% 之后，这家汽车租赁公司的股价在盘前交易中大涨 2.6%。根据旅游公司Kayak的数据，平均每天的租金为81美元。这比一年前增长了 31%。</blockquote></p><p> Didi Global (DIDI) – Didi fell 1.3% in the premarket after the Financial Times reported that the China-based ride-hailing company is blocking employees from selling the shares for an indefinite period. That follows the company’s move to delist in the United States.</p><p><blockquote>滴滴全球 (DIDI) – 英国《金融时报》报道称，这家总部位于中国的网约车公司无限期阻止员工出售股票后，滴滴在盘前下跌 1.3%。在此之前，该公司已在美国退市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185167492","content_text":"U.S. stock index futures inched higher on Monday, boosted by megacap companies, while hundreds of Omicron-driven flight cancellations kept investors on edge at the start of this year's final trading week.\nTravel-related stocks, typically sensitive to news around the coronavirus, slid after U.S. airlines called off many flights for a third day on Sunday as surging COVID-19 cases forced Christmas weekend travelers to change plans.\nThe S&P 500 closed at a record high on Thursday, as upbeat news related to the Omicron coronavirus variant calmed investor nerves over the highly infection strain's economic impact after it upended markets earlier this month.\nWall Street's three main indexes are eyeing a third straight yearly gain, with the benchmark S&P 500 (.SPX) on track to close out the year 25.8% higher. The Dow is set to rise 17.5%, while the Nasdaq is looking at a 21.4% climb.\nAt 8:00 a.m. ET, Dow e-minis were up 72 points, or 0.20% and S&P 500 e-minis were up 15.50 points, or 0.33%.\nNasdaq 100 e-minis were up 70.00 points, or 0.43% as megacap companies Tesla Inc (TSLA.O) and Microsoft Corp (MSFT.O) and Meta Platform (FB.O) firmed between 0.5% and 1%.Airline stocks – The major carriers saw their shares fall in the premarket after a surge in weekend cancellations due to staffing issues. United Airlines (UAL) slid 1.8%, American Airlines (AAL) fell 1.4%, Delta Air Lines (DAL) was down 1% and Southwest (LUV) declined 1.5%.\n*Source From Tiger Trade, EST 08:00\nStocks making the biggest moves premarket\nCruise line stocks – Stocks of major cruise lines declined in premarket trading following three Covid-19 outbreaks in the past week on ships operated by Carnival (CCL) and Royal Caribbean (RCL). Carnival slid 2.2% in the premarket, while Royal Caribbean lost 1.9% and Norwegian Cruise Line Holdings (NCLH) slid 1.6%.\nGrab（GRAB）– Grab stock climbed more than 7% in premarket trading as Wall Street saw massive upside for Asian tech giant Grab, after disappointing debut.\nGoDaddy (GDDY) – GoDaddy jumped 3.9% in premarket action after the Wall Street Journal reported that activist investor Starboard Value had taken a 6.5% stake in the internet domain name registration company.\n\nApple (AAPL) – Apple was cited by the top competition regulator in the Netherlands, which said the company broke competition laws, and ordered changes to Apple’s App Store payment policies. Apple said it would appeal the ruling.\n\nCigna (CI) – The insurer will reaffirm its 2021 and 2022 earnings guidance at its upcoming investor meetings, according to an SEC filing. Cigna expected 2021 adjusted earnings of at least $20.35 per share and sees projected growth of at least 10% for 2022.\n\nModerna (MRNA) – The drugmaker is fighting a shareholder proposal that the company open up its vaccine technology to poorer countries, according to a report in the Financial Times. The proposal calls on Moderna to explain why its prices are so high in light of the amount of government financial support it has received. Moderna fell 2% in the premarket.\n\nAvis Budget (CAR) – The car rental firm’s shares jumped 2.6% in premarket trading, following a 3.2% gain Thursday. Average daily rental rates are at $81 per day, according to travel firm Kayak. That’s up 31% from a year ago.\n\nDidi Global (DIDI) – Didi fell 1.3% in the premarket after the Financial Times reported that the China-based ride-hailing company is blocking employees from selling the shares for an indefinite period. That follows the company’s move to delist in the United States.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698801661,"gmtCreate":1640329520621,"gmtModify":1640329520755,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698801661","repostId":"1104638494","repostType":4,"isVote":1,"tweetType":1,"viewCount":3162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698803586,"gmtCreate":1640329331762,"gmtModify":1640329421528,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698803586","repostId":"1117383431","repostType":4,"repost":{"id":"1117383431","kind":"news","pubTimestamp":1640317475,"share":"https://www.laohunote.com/m/news/1117383431?lang=zh_CN&edition=full","pubTime":"2021-12-24 11:44","market":"us","language":"en","title":"Here are Warren Buffett's 8 highlights of 2021<blockquote>以下是沃伦·巴菲特 2021 年的 8 个亮点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117383431","media":"Markets insider","summary":"Warren Buffett revealed 2 big bets, defended his tax habits, and admitted several mistakes this year","content":"<p>Warren Buffett revealed 2 big bets, defended his tax habits, and admitted several mistakes this year. Here are his 8 highlights of 2021.</p><p><blockquote>沃伦·巴菲特透露了两大赌注，为自己的纳税习惯辩护，并承认今年犯了几个错误。以下是他2021年的8个亮点。</blockquote></p><p> <ul>  <li>Warren Buffett revealed two big bets, admitted mistakes, and complained about speculators this year.</li>  <li>The Berkshire Hathaway chief defended his tax practices<b>&nbsp;and made a fortune on Apple.</b></li>  <li><b>Here are billionaire investor Buffett's eight highlights of 2021.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45e08085f6ee8a3866f2c0f78fdc0f63\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett.</span></p><p><blockquote><ul><li>沃伦·巴菲特透露了两个大赌注，承认了错误，并抱怨了今年的投机者。</li><li>伯克希尔哈撒韦公司总裁为自己的税务做法辩护<b>在苹果上发了财。</b></li><li><b>以下是亿万富翁投资者巴菲特 2021 年的八大亮点。</b></li></ul><p class=\"t-img-caption\"><span>沃伦·巴菲特。</span></p></blockquote></p><p> Warren Buffett revealed a couple of billion-dollar investments, owned up to making several mistakes, and bemoaned the rampant speculation in markets this year.</p><p><blockquote>沃伦·巴菲特透露了几笔数十亿美元的投资，承认犯了几个错误，并哀叹今年市场上猖獗的投机行为。</blockquote></p><p> The renowned investor and Berkshire Hathaway CEO also weathered a tax exposé, resigned as a trustee of The Bill &amp; Melinda Gates Foundation, reflected on his decades-long friendship with Charlie Munger, and saw his Apple investment soared in value.</p><p><blockquote>这位著名投资者兼伯克希尔·哈撒韦公司首席执行官还经受住了税务风险，辞去了比尔及梅琳达·盖茨基金会受托人的职务，反思了他与查理·芒格数十年的友谊，并看到他在苹果的投资价值飙升。</blockquote></p><p> <b>Here are the 8 highlights of Buffett's year:</b></p><p><blockquote><b>以下是巴菲特今年的 8 个亮点：</b></blockquote></p><p> <b>Chevron and Verizon</b></p><p><blockquote><b>雪佛龙和威瑞森</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a6a660c35780e87560d9d7518a755bf\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>CNBC</span></p></blockquote></p><p> Buffett started the year in style with his&nbsp;fourth-quarter portfolio update&nbsp;in February. He revealed a $4.1 billion stake in&nbsp;Chevron&nbsp;and a $8.6 billion position in&nbsp;Verizon, answering the question of which&nbsp;mystery stocks&nbsp;he had been buying in recent months.</p><p><blockquote>巴菲特在二月份发布了第四季度投资组合更新，以时尚的方式开始了新的一年。他透露了雪佛龙41亿美元的股份和威瑞森86亿美元的头寸，回答了他最近几个月购买了哪些神秘股票的问题。</blockquote></p><p> Berkshire also trimmed the largest position in its portfolio,Apple, by 6%. Moreover, it halved its&nbsp;Wells Fargo&nbsp;holdings and exited&nbsp;JPMorgan,PNC, and&nbsp;M&amp;T&nbsp;after slashing its positions in those banks in 2020.</p><p><blockquote>伯克希尔还将其投资组合中最大的头寸苹果公司削减了 6%。此外，该公司在 2020 年削减了富国银行的持股比例后，将其持有的富国银行减半，并退出了摩根大通、PNC 和 M&amp;T。</blockquote></p><p> <b>The shareholder letter</b></p><p><blockquote><b>股东函件</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8d9ea154fd9ca33192159634e60af4\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett&nbsp;published&nbsp;his annual letter to shareholders in February. The investor admitted to overpaying when he acquired Precision Castparts in 2016, trumpeted a bunch of Berkshire's subsidiaries, and contrasted his long-term shareholders with the speculators flocking to trendy assets such as meme stocks and cryptocurrencies.</p><p><blockquote>巴菲特于二月份发表了年度致股东信。这位投资者承认在 2016 年收购 Precision Castparts 时支付了过高的价格，大肆宣扬伯克希尔的一系列子公司，并将他的长期股东与涌向模因股票和加密货币等时尚资产的投机者进行了对比。</blockquote></p><p> <b>The annual meeting</b></p><p><blockquote><b>年会</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9312fb972e2aa68627183025b2f91e\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Berkshire Hathaway CEO Warren Buffett talks to reporters while holding an ice cream at a trade show during the company's annual meeting in Omaha, Nebraska May 3, 2014.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2014 年 5 月 3 日，伯克希尔哈撒韦公司首席执行官沃伦·巴菲特在内布拉斯加州奥马哈举行的公司年会上手持冰淇淋在贸易展上接受记者采访。</span></p></blockquote></p><p> Buffett warned rookie traders not to get cocky, bemoaned the lack of bargains in the market, rang the inflation alarm, and admitted to buying \"so-so\" stocks during Berkshire's&nbsp;annual shareholder meeting&nbsp;in May.</p><p><blockquote>巴菲特警告菜鸟交易员不要自大，哀叹市场缺乏便宜货，敲响通胀警钟，并承认在5月份伯克希尔年度股东大会期间购买了“一般般”的股票。</blockquote></p><p> The investor also complained about the surge in people treating the stock market like a casino. Moreover, he acknowledged that trimming his Apple stake and selling&nbsp;Costco&nbsp;were likely mistakes, and suggested he avoided bailing out the \"big four\" US airlines by exiting his positions in them in April 2020.</p><p><blockquote>这位投资者还抱怨说，越来越多的人把股市当成赌场。此外，他承认削减苹果股份和出售好市多可能是错误，并建议他在2020年4月退出美国“四大”航空公司的头寸，以避免救助它们。</blockquote></p><p> <b>The tax fracas</b></p><p><blockquote><b>税务纠纷</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61a44f30c0a7e35f28da432b35a28cf3\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett came under fire in June after ProPublica secured the tax returns of some of the wealthiest Americans, and reported the investor paid only $25 million in federal income tax between 2014 and 2018.</p><p><blockquote>6 月份，ProPublica 获得了一些最富有的美国人的纳税申报表，并报道称这位投资者在 2014 年至 2018 年间仅缴纳了 2500 万美元的联邦所得税，巴菲特因此受到抨击。</blockquote></p><p> The Berkshire boss&nbsp;defended himself&nbsp;by noting that he's pledged to give over 99% of his net worth to philanthropic causes, and has already donated about half of his Berkshire \"A\" shares since 2006.</p><p><blockquote>这位伯克希尔老板为自己辩护时指出，他承诺将超过 99% 的净资产捐赠给慈善事业，并且自 2006 年以来已经捐赠了大约一半的伯克希尔“A”股。</blockquote></p><p> <b>The Gates Foundation</b></p><p><blockquote><b>盖茨基金会</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51d18855fcf5c00bab6b290a5814dd9\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Paul Sakuma/AP Photo</span></p><p><blockquote><p class=\"t-img-caption\"><span>保罗·佐久间/美联社照片</span></p></blockquote></p><p> Buffett&nbsp;resigned&nbsp;as a trustee of the Bill &amp; Melinda Gates Foundation in June. The investor explained that he was barely involved in the foundation's work, and had already stepped down from all corporate boards except his own.</p><p><blockquote>巴菲特于六月辞去了比尔及梅琳达·盖茨基金会受托人的职务。这位投资者解释说，他几乎没有参与基金会的工作，并且已经辞去了除自己以外的所有公司董事会职务。</blockquote></p><p> He also highlighted his annual donation of $4.1 billion in total to five charities, including the Gates Foundation.</p><p><blockquote>他还强调了他每年向包括盖茨基金会在内的五个慈善机构捐赠的总计41亿美元。</blockquote></p><p> <b>Friendship with Charlie Munger</b></p><p><blockquote><b>与查理·芒格的友谊</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad9020f65431108ca2a38c0e654349a2\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>SCOTT MORGAN/REUTERS</span></p><p><blockquote><p class=\"t-img-caption\"><span>斯科特·摩根/路透社</span></p></blockquote></p><p> Buffett and his business partner, Charlie Munger, discussed their decades-long friendship in a&nbsp;CNBC interview&nbsp;that aired in June.</p><p><blockquote>巴菲特和他的商业伙伴查理·芒格在 6 月份播出的 CNBC 采访中讨论了他们数十年的友谊。</blockquote></p><p></p><p> The pair sharply criticized&nbsp;Robinhood, and Munger called for tighter regulations on derivatives trading after&nbsp;Archegos Capital's meltdown. Buffett underlined the immense contribution that Munger has made to his life.</p><p><blockquote>两人严厉批评了 Robinhood，芒格呼吁在 Archegos Capital 倒闭后对衍生品交易实施更严格的监管。巴菲特强调了芒格对他一生做出的巨大贡献。</blockquote></p><p> <b>Buybacks, cash, and stock sales</b></p><p><blockquote><b>回购、现金和股票销售</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bfba0cfd98eca4c346f1fc53e1dd9bf\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Berkshire's&nbsp;third-quarter earnings&nbsp;underlined how hard it has been for Buffett to find bargain stocks and businesses this year. That has prompted him to stockpile cash and ramp up share buybacks.</p><p><blockquote>伯克希尔第三季度的收益凸显了巴菲特今年寻找廉价股票和业务有多么困难。这促使他储备现金并增加股票回购。</blockquote></p><p> The conglomerate sold a net $7 billion of stock in the year to September 30, revealed it was on track to repurchase a record $25 billion of stock this year, and grew its cash pile to an unprecedented $149 billion.</p><p><blockquote>截至 9 月 30 日的一年中，该企业集团净出售了 70 亿美元的股票，透露今年有望回购创纪录的 250 亿美元股票，并将其现金池增至前所未有的 1,490 亿美元。</blockquote></p><p> <b>The Apple bet</b></p><p><blockquote><b>苹果赌注</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a735713e1ca5629e3e229ed80ea7fbb\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett's biggest success this year might well be his Apple investment.</p><p><blockquote>巴菲特今年最大的成功很可能是他的苹果投资。</blockquote></p><p> The investor plowed $36 billion into the iPhone maker between 2016 and 2018. The stock has&nbsp;surged&nbsp;by about a third this year, boosting the value of Berkshire's stake to more than $150 billion as of mid-December.</p><p><blockquote>这位投资者在2016年至2018年间向这家iPhone制造商投入了360亿美元。该股今年已飙升约三分之一，截至 12 月中旬，伯克希尔的股票价值已超过 1500 亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here are Warren Buffett's 8 highlights of 2021<blockquote>以下是沃伦·巴菲特 2021 年的 8 个亮点</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 Warren Buffett's 8 highlights of 2021<blockquote>以下是沃伦·巴菲特 2021 年的 8 个亮点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Markets insider</strong><span class=\"h-time small\">2021-12-24 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett revealed 2 big bets, defended his tax habits, and admitted several mistakes this year. Here are his 8 highlights of 2021.</p><p><blockquote>沃伦·巴菲特透露了两大赌注，为自己的纳税习惯辩护，并承认今年犯了几个错误。以下是他2021年的8个亮点。</blockquote></p><p> <ul>  <li>Warren Buffett revealed two big bets, admitted mistakes, and complained about speculators this year.</li>  <li>The Berkshire Hathaway chief defended his tax practices<b>&nbsp;and made a fortune on Apple.</b></li>  <li><b>Here are billionaire investor Buffett's eight highlights of 2021.</b></li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45e08085f6ee8a3866f2c0f78fdc0f63\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett.</span></p><p><blockquote><ul><li>沃伦·巴菲特透露了两个大赌注，承认了错误，并抱怨了今年的投机者。</li><li>伯克希尔哈撒韦公司总裁为自己的税务做法辩护<b>在苹果上发了财。</b></li><li><b>以下是亿万富翁投资者巴菲特 2021 年的八大亮点。</b></li></ul><p class=\"t-img-caption\"><span>沃伦·巴菲特。</span></p></blockquote></p><p> Warren Buffett revealed a couple of billion-dollar investments, owned up to making several mistakes, and bemoaned the rampant speculation in markets this year.</p><p><blockquote>沃伦·巴菲特透露了几笔数十亿美元的投资，承认犯了几个错误，并哀叹今年市场上猖獗的投机行为。</blockquote></p><p> The renowned investor and Berkshire Hathaway CEO also weathered a tax exposé, resigned as a trustee of The Bill &amp; Melinda Gates Foundation, reflected on his decades-long friendship with Charlie Munger, and saw his Apple investment soared in value.</p><p><blockquote>这位著名投资者兼伯克希尔·哈撒韦公司首席执行官还经受住了税务风险，辞去了比尔及梅琳达·盖茨基金会受托人的职务，反思了他与查理·芒格数十年的友谊，并看到他在苹果的投资价值飙升。</blockquote></p><p> <b>Here are the 8 highlights of Buffett's year:</b></p><p><blockquote><b>以下是巴菲特今年的 8 个亮点：</b></blockquote></p><p> <b>Chevron and Verizon</b></p><p><blockquote><b>雪佛龙和威瑞森</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a6a660c35780e87560d9d7518a755bf\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>CNBC</span></p><p><blockquote><p class=\"t-img-caption\"><span>CNBC</span></p></blockquote></p><p> Buffett started the year in style with his&nbsp;fourth-quarter portfolio update&nbsp;in February. He revealed a $4.1 billion stake in&nbsp;Chevron&nbsp;and a $8.6 billion position in&nbsp;Verizon, answering the question of which&nbsp;mystery stocks&nbsp;he had been buying in recent months.</p><p><blockquote>巴菲特在二月份发布了第四季度投资组合更新，以时尚的方式开始了新的一年。他透露了雪佛龙41亿美元的股份和威瑞森86亿美元的头寸，回答了他最近几个月购买了哪些神秘股票的问题。</blockquote></p><p> Berkshire also trimmed the largest position in its portfolio,Apple, by 6%. Moreover, it halved its&nbsp;Wells Fargo&nbsp;holdings and exited&nbsp;JPMorgan,PNC, and&nbsp;M&amp;T&nbsp;after slashing its positions in those banks in 2020.</p><p><blockquote>伯克希尔还将其投资组合中最大的头寸苹果公司削减了 6%。此外，该公司在 2020 年削减了富国银行的持股比例后，将其持有的富国银行减半，并退出了摩根大通、PNC 和 M&amp;T。</blockquote></p><p> <b>The shareholder letter</b></p><p><blockquote><b>股东函件</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8d9ea154fd9ca33192159634e60af4\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett&nbsp;published&nbsp;his annual letter to shareholders in February. The investor admitted to overpaying when he acquired Precision Castparts in 2016, trumpeted a bunch of Berkshire's subsidiaries, and contrasted his long-term shareholders with the speculators flocking to trendy assets such as meme stocks and cryptocurrencies.</p><p><blockquote>巴菲特于二月份发表了年度致股东信。这位投资者承认在 2016 年收购 Precision Castparts 时支付了过高的价格，大肆宣扬伯克希尔的一系列子公司，并将他的长期股东与涌向模因股票和加密货币等时尚资产的投机者进行了对比。</blockquote></p><p> <b>The annual meeting</b></p><p><blockquote><b>年会</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9312fb972e2aa68627183025b2f91e\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Berkshire Hathaway CEO Warren Buffett talks to reporters while holding an ice cream at a trade show during the company's annual meeting in Omaha, Nebraska May 3, 2014.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2014 年 5 月 3 日，伯克希尔哈撒韦公司首席执行官沃伦·巴菲特在内布拉斯加州奥马哈举行的公司年会上手持冰淇淋在贸易展上接受记者采访。</span></p></blockquote></p><p> Buffett warned rookie traders not to get cocky, bemoaned the lack of bargains in the market, rang the inflation alarm, and admitted to buying \"so-so\" stocks during Berkshire's&nbsp;annual shareholder meeting&nbsp;in May.</p><p><blockquote>巴菲特警告菜鸟交易员不要自大，哀叹市场缺乏便宜货，敲响通胀警钟，并承认在5月份伯克希尔年度股东大会期间购买了“一般般”的股票。</blockquote></p><p> The investor also complained about the surge in people treating the stock market like a casino. Moreover, he acknowledged that trimming his Apple stake and selling&nbsp;Costco&nbsp;were likely mistakes, and suggested he avoided bailing out the \"big four\" US airlines by exiting his positions in them in April 2020.</p><p><blockquote>这位投资者还抱怨说，越来越多的人把股市当成赌场。此外，他承认削减苹果股份和出售好市多可能是错误，并建议他在2020年4月退出美国“四大”航空公司的头寸，以避免救助它们。</blockquote></p><p> <b>The tax fracas</b></p><p><blockquote><b>税务纠纷</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61a44f30c0a7e35f28da432b35a28cf3\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett came under fire in June after ProPublica secured the tax returns of some of the wealthiest Americans, and reported the investor paid only $25 million in federal income tax between 2014 and 2018.</p><p><blockquote>6 月份，ProPublica 获得了一些最富有的美国人的纳税申报表，并报道称这位投资者在 2014 年至 2018 年间仅缴纳了 2500 万美元的联邦所得税，巴菲特因此受到抨击。</blockquote></p><p> The Berkshire boss&nbsp;defended himself&nbsp;by noting that he's pledged to give over 99% of his net worth to philanthropic causes, and has already donated about half of his Berkshire \"A\" shares since 2006.</p><p><blockquote>这位伯克希尔老板为自己辩护时指出，他承诺将超过 99% 的净资产捐赠给慈善事业，并且自 2006 年以来已经捐赠了大约一半的伯克希尔“A”股。</blockquote></p><p> <b>The Gates Foundation</b></p><p><blockquote><b>盖茨基金会</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51d18855fcf5c00bab6b290a5814dd9\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Paul Sakuma/AP Photo</span></p><p><blockquote><p class=\"t-img-caption\"><span>保罗·佐久间/美联社照片</span></p></blockquote></p><p> Buffett&nbsp;resigned&nbsp;as a trustee of the Bill &amp; Melinda Gates Foundation in June. The investor explained that he was barely involved in the foundation's work, and had already stepped down from all corporate boards except his own.</p><p><blockquote>巴菲特于六月辞去了比尔及梅琳达·盖茨基金会受托人的职务。这位投资者解释说，他几乎没有参与基金会的工作，并且已经辞去了除自己以外的所有公司董事会职务。</blockquote></p><p> He also highlighted his annual donation of $4.1 billion in total to five charities, including the Gates Foundation.</p><p><blockquote>他还强调了他每年向包括盖茨基金会在内的五个慈善机构捐赠的总计41亿美元。</blockquote></p><p> <b>Friendship with Charlie Munger</b></p><p><blockquote><b>与查理·芒格的友谊</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad9020f65431108ca2a38c0e654349a2\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>SCOTT MORGAN/REUTERS</span></p><p><blockquote><p class=\"t-img-caption\"><span>斯科特·摩根/路透社</span></p></blockquote></p><p> Buffett and his business partner, Charlie Munger, discussed their decades-long friendship in a&nbsp;CNBC interview&nbsp;that aired in June.</p><p><blockquote>巴菲特和他的商业伙伴查理·芒格在 6 月份播出的 CNBC 采访中讨论了他们数十年的友谊。</blockquote></p><p></p><p> The pair sharply criticized&nbsp;Robinhood, and Munger called for tighter regulations on derivatives trading after&nbsp;Archegos Capital's meltdown. Buffett underlined the immense contribution that Munger has made to his life.</p><p><blockquote>两人严厉批评了 Robinhood，芒格呼吁在 Archegos Capital 倒闭后对衍生品交易实施更严格的监管。巴菲特强调了芒格对他一生做出的巨大贡献。</blockquote></p><p> <b>Buybacks, cash, and stock sales</b></p><p><blockquote><b>回购、现金和股票销售</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bfba0cfd98eca4c346f1fc53e1dd9bf\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Berkshire's&nbsp;third-quarter earnings&nbsp;underlined how hard it has been for Buffett to find bargain stocks and businesses this year. That has prompted him to stockpile cash and ramp up share buybacks.</p><p><blockquote>伯克希尔第三季度的收益凸显了巴菲特今年寻找廉价股票和业务有多么困难。这促使他储备现金并增加股票回购。</blockquote></p><p> The conglomerate sold a net $7 billion of stock in the year to September 30, revealed it was on track to repurchase a record $25 billion of stock this year, and grew its cash pile to an unprecedented $149 billion.</p><p><blockquote>截至 9 月 30 日的一年中，该企业集团净出售了 70 亿美元的股票，透露今年有望回购创纪录的 250 亿美元股票，并将其现金池增至前所未有的 1,490 亿美元。</blockquote></p><p> <b>The Apple bet</b></p><p><blockquote><b>苹果赌注</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a735713e1ca5629e3e229ed80ea7fbb\" tg-width=\"790\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Warren Buffett</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特</span></p></blockquote></p><p> Buffett's biggest success this year might well be his Apple investment.</p><p><blockquote>巴菲特今年最大的成功很可能是他的苹果投资。</blockquote></p><p> The investor plowed $36 billion into the iPhone maker between 2016 and 2018. The stock has&nbsp;surged&nbsp;by about a third this year, boosting the value of Berkshire's stake to more than $150 billion as of mid-December.</p><p><blockquote>这位投资者在2016年至2018年间向这家iPhone制造商投入了360亿美元。该股今年已飙升约三分之一，截至 12 月中旬，伯克希尔的股票价值已超过 1500 亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-stocks-portfolio-taxes-mistakes-review-2021-12\">Markets insider</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔","AAPL":"苹果"},"source_url":"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-stocks-portfolio-taxes-mistakes-review-2021-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117383431","content_text":"Warren Buffett revealed 2 big bets, defended his tax habits, and admitted several mistakes this year. Here are his 8 highlights of 2021.\n\nWarren Buffett revealed two big bets, admitted mistakes, and complained about speculators this year.\nThe Berkshire Hathaway chief defended his tax practices and made a fortune on Apple.\nHere are billionaire investor Buffett's eight highlights of 2021.\n\nWarren Buffett.\nWarren Buffett revealed a couple of billion-dollar investments, owned up to making several mistakes, and bemoaned the rampant speculation in markets this year.\nThe renowned investor and Berkshire Hathaway CEO also weathered a tax exposé, resigned as a trustee of The Bill & Melinda Gates Foundation, reflected on his decades-long friendship with Charlie Munger, and saw his Apple investment soared in value.\nHere are the 8 highlights of Buffett's year:\nChevron and Verizon\nCNBC\nBuffett started the year in style with his fourth-quarter portfolio update in February. He revealed a $4.1 billion stake in Chevron and a $8.6 billion position in Verizon, answering the question of which mystery stocks he had been buying in recent months.\nBerkshire also trimmed the largest position in its portfolio,Apple, by 6%. Moreover, it halved its Wells Fargo holdings and exited JPMorgan,PNC, and M&T after slashing its positions in those banks in 2020.\nThe shareholder letter\nWarren Buffett\nBuffett published his annual letter to shareholders in February. The investor admitted to overpaying when he acquired Precision Castparts in 2016, trumpeted a bunch of Berkshire's subsidiaries, and contrasted his long-term shareholders with the speculators flocking to trendy assets such as meme stocks and cryptocurrencies.\nThe annual meeting\nBerkshire Hathaway CEO Warren Buffett talks to reporters while holding an ice cream at a trade show during the company's annual meeting in Omaha, Nebraska May 3, 2014.\nBuffett warned rookie traders not to get cocky, bemoaned the lack of bargains in the market, rang the inflation alarm, and admitted to buying \"so-so\" stocks during Berkshire's annual shareholder meeting in May.\nThe investor also complained about the surge in people treating the stock market like a casino. Moreover, he acknowledged that trimming his Apple stake and selling Costco were likely mistakes, and suggested he avoided bailing out the \"big four\" US airlines by exiting his positions in them in April 2020.\nThe tax fracas\nWarren Buffett\nBuffett came under fire in June after ProPublica secured the tax returns of some of the wealthiest Americans, and reported the investor paid only $25 million in federal income tax between 2014 and 2018.\nThe Berkshire boss defended himself by noting that he's pledged to give over 99% of his net worth to philanthropic causes, and has already donated about half of his Berkshire \"A\" shares since 2006.\nThe Gates Foundation\nPaul Sakuma/AP Photo\nBuffett resigned as a trustee of the Bill & Melinda Gates Foundation in June. The investor explained that he was barely involved in the foundation's work, and had already stepped down from all corporate boards except his own.\nHe also highlighted his annual donation of $4.1 billion in total to five charities, including the Gates Foundation.\nFriendship with Charlie Munger\nSCOTT MORGAN/REUTERS\nBuffett and his business partner, Charlie Munger, discussed their decades-long friendship in a CNBC interview that aired in June.\nThe pair sharply criticized Robinhood, and Munger called for tighter regulations on derivatives trading after Archegos Capital's meltdown. Buffett underlined the immense contribution that Munger has made to his life.\nBuybacks, cash, and stock sales\nWarren Buffett\nBerkshire's third-quarter earnings underlined how hard it has been for Buffett to find bargain stocks and businesses this year. That has prompted him to stockpile cash and ramp up share buybacks.\nThe conglomerate sold a net $7 billion of stock in the year to September 30, revealed it was on track to repurchase a record $25 billion of stock this year, and grew its cash pile to an unprecedented $149 billion.\nThe Apple bet\nWarren Buffett\nBuffett's biggest success this year might well be his Apple investment.\nThe investor plowed $36 billion into the iPhone maker between 2016 and 2018. The stock has surged by about a third this year, boosting the value of Berkshire's stake to more than $150 billion as of mid-December.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"AAPL":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698809650,"gmtCreate":1640329210591,"gmtModify":1640329420536,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698809650","repostId":"1105709224","repostType":4,"repost":{"id":"1105709224","kind":"news","pubTimestamp":1640322562,"share":"https://www.laohunote.com/m/news/1105709224?lang=zh_CN&edition=full","pubTime":"2021-12-24 13:09","market":"us","language":"en","title":"Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105709224","media":"Motley Fool","summary":"Up just 17% in 2021, this streaming innovator might be poised for a huge run next year.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Netflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.</li>  <li>The streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.</li>  <li>If Netflix adds customers next year in line with historical growth, the stock should reach $700.</li> </ul> One of the biggest winners of the coronavirus pandemic was&nbsp;<b>Netflix</b>&nbsp;(NASDAQ:NFLX). This top media business saw its stock price soar 67%&nbsp;in 2020,&nbsp;supported by a&nbsp;growing&nbsp;user&nbsp;base. With people stuck at home, the company experienced pulled-forward demand last year.</p><p><blockquote><ul><li>在疫情最严重的时候，网飞是2020年最大的赢家之一，但今年情况有所不同。</li><li>这家流媒体公司的制作工作室基本上在全球范围内建立和运行，这增加了2022年内容正常化的可能性。</li><li>如果 Netflix 明年按照历史增长增加客户，股价应该会达到 700 美元。</li></ul>冠状病毒大流行的最大赢家之一是<b>网飞</b>（纳斯达克股票代码：NFLX）。在用户群不断增长的支撑下，这家顶级媒体公司的股价在 2020 年飙升了 67%。由于人们被困在家里，该公司去年经历了提前的需求。</blockquote></p><p> During the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the&nbsp;<b>S&amp;P 500</b>&nbsp;this year. The&nbsp;streaming industry&nbsp;is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.</p><p><blockquote>然而，在 2021 年前 9 个月，Netflix 仅增加了 1000 万订户，该股大幅落后于<b>标普500</b>今年。随着新的竞争对手进入市场，流媒体行业变得越来越拥挤，随着经济慢慢重新开放，消费者希望享受其他休闲活动。</blockquote></p><p> What does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.</p><p><blockquote>明年会发生什么？Netflix 的股价能在 2022 年的某个时候达到 700 美元吗？让我们一探究竟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f33834bd990b835cdac9f1e5c18110a\" tg-width=\"2000\" tg-height=\"1448\" 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>Productions are up and running</b></p><p><blockquote><b>生产已经启动并运行</b></blockquote></p><p> The pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that&nbsp;membership&nbsp;growth in the first half of 2021&nbsp;was weak.</p><p><blockquote>疫情导致 2020 年生产大幅延误，导致 Netflix 今年年初的内容较少。因此，2021年上半年会员增长疲软也就不足为奇了。</blockquote></p><p> But management has said that productions are largely back up and running. The company is currently producing local content in&nbsp;45 different countries. As my colleague Adam Levy points out, streaming services need to&nbsp;introduce new hit series&nbsp;to gain new customers.</p><p><blockquote>但管理层表示，生产基本上已经恢复并运行。该公司目前在45个不同的国家制作本地内容。正如我的同事亚当·利维（Adam Levy）指出的那样，流媒体服务需要推出新的热门剧集来获得新客户。</blockquote></p><p> And this costs money. Luckily for Netflix, it has deep pockets and will end 2021&nbsp;having spent $17&nbsp;billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content&nbsp;offering&nbsp;ever, something that will help&nbsp;bring&nbsp;new&nbsp;customers to the service.</p><p><blockquote>这需要钱。对 Netflix 来说幸运的是，它财力雄厚，到 2021 年底将在内容上花费 170 亿美元现金。管理层预计当前三个月将是有史以来最强劲的第四季度内容供应，这将有助于为该服务带来新客户。</blockquote></p><p> \"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder&nbsp;letter.</p><p><blockquote>领导团队在第三季度股东信中强调：“假设没有出现新的新冠疫情或导致大规模生产停工的不可预见事件，我们目前预计 2022 年的内容将更加标准化，2022 年的原创数量将比 2021 年增加。”</blockquote></p><p> When it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.</p><p><blockquote>当谈到网飞时，华尔街毫不奇怪地关注一个数据点：用户增长。这推动了股价。2022 年推出新的节目和电影将有助于扩大用户群，从而支持收入和利润增长。</blockquote></p><p> <b>Don't count this winner out</b></p><p><blockquote><b>不要把这个赢家排除在外</b></blockquote></p><p> I think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly&nbsp;16% appreciation.</p><p><blockquote>我认为 Netflix 到 2022 年底达到每股 700 美元是完全现实的。根据 12 月 21 日 605 美元的收盘价计算，这意味着升值约 16%。</blockquote></p><p> After a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million&nbsp;customers.</p><p><blockquote>经过几年的坎坷，我认为可以公平地假设 Netflix 可以在 2022 年增加 2500 万订户。这与近年来的增长一致，每年新增会员2500万至3000万。包括对 2021 年第四季度和明年全年的预测，到 2022 年底，该业务应拥有约 2.47 亿客户。</blockquote></p><p> Now, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With&nbsp;<b>Walt&nbsp;Disney</b>'s Disney+ service reporting&nbsp;disappointing subscriber growth&nbsp;of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.</p><p><blockquote>现在，股价的走势取决于 Netflix 的业绩能给华尔街带来多少惊喜。与<b>华特·迪士尼</b>Disney+ 服务报告称，最近一个财政季度的订阅用户增长令人失望，达到了 210 万，我怀疑流媒体公司在新的一年里情绪疲软。此外，重新开放的经济增加了对流媒体服务的悲观情绪，流媒体服务往往受益于封锁和反疫情政策。</blockquote></p><p> Therefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.</p><p><blockquote>因此，如果 Netflix 明年将其客户群增加 2500 万（无论如何这都是出色的增长），我认为该股将大幅上涨。此外，2022 年扩大盈利能力和正自由现金流将提振人们对该业务的乐观情绪。</blockquote></p><p> Analysts forecast Netflix's earnings to grow 23%&nbsp;in 2022. Even if the current price-to-earnings ratio of&nbsp;55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.</p><p><blockquote>分析师预测 Netflix 2022 年盈利将增长 23%。即使目前55的市盈率小幅下降，该股也可能在12个月内触及700美元。考虑到公司全年公布季度业绩时可能会出现积极意外，每股 700 美元可能是一个保守的目标价。</blockquote></p><p> Even a more mature Netflix can provide outstanding returns for shareholders in 2022.</p><p><blockquote>即使是更加成熟的 Netflix 也能在 2022 年为股东提供出色的回报。</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>Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</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\">2021-12-24 13:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Netflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.</li>  <li>The streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.</li>  <li>If Netflix adds customers next year in line with historical growth, the stock should reach $700.</li> </ul> One of the biggest winners of the coronavirus pandemic was&nbsp;<b>Netflix</b>&nbsp;(NASDAQ:NFLX). This top media business saw its stock price soar 67%&nbsp;in 2020,&nbsp;supported by a&nbsp;growing&nbsp;user&nbsp;base. With people stuck at home, the company experienced pulled-forward demand last year.</p><p><blockquote><ul><li>在疫情最严重的时候，网飞是2020年最大的赢家之一，但今年情况有所不同。</li><li>这家流媒体公司的制作工作室基本上在全球范围内建立和运行，这增加了2022年内容正常化的可能性。</li><li>如果 Netflix 明年按照历史增长增加客户，股价应该会达到 700 美元。</li></ul>冠状病毒大流行的最大赢家之一是<b>网飞</b>（纳斯达克股票代码：NFLX）。在用户群不断增长的支撑下，这家顶级媒体公司的股价在 2020 年飙升了 67%。由于人们被困在家里，该公司去年经历了提前的需求。</blockquote></p><p> During the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the&nbsp;<b>S&amp;P 500</b>&nbsp;this year. The&nbsp;streaming industry&nbsp;is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.</p><p><blockquote>然而，在 2021 年前 9 个月，Netflix 仅增加了 1000 万订户，该股大幅落后于<b>标普500</b>今年。随着新的竞争对手进入市场，流媒体行业变得越来越拥挤，随着经济慢慢重新开放，消费者希望享受其他休闲活动。</blockquote></p><p> What does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.</p><p><blockquote>明年会发生什么？Netflix 的股价能在 2022 年的某个时候达到 700 美元吗？让我们一探究竟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f33834bd990b835cdac9f1e5c18110a\" tg-width=\"2000\" tg-height=\"1448\" 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>Productions are up and running</b></p><p><blockquote><b>生产已经启动并运行</b></blockquote></p><p> The pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that&nbsp;membership&nbsp;growth in the first half of 2021&nbsp;was weak.</p><p><blockquote>疫情导致 2020 年生产大幅延误，导致 Netflix 今年年初的内容较少。因此，2021年上半年会员增长疲软也就不足为奇了。</blockquote></p><p> But management has said that productions are largely back up and running. The company is currently producing local content in&nbsp;45 different countries. As my colleague Adam Levy points out, streaming services need to&nbsp;introduce new hit series&nbsp;to gain new customers.</p><p><blockquote>但管理层表示，生产基本上已经恢复并运行。该公司目前在45个不同的国家制作本地内容。正如我的同事亚当·利维（Adam Levy）指出的那样，流媒体服务需要推出新的热门剧集来获得新客户。</blockquote></p><p> And this costs money. Luckily for Netflix, it has deep pockets and will end 2021&nbsp;having spent $17&nbsp;billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content&nbsp;offering&nbsp;ever, something that will help&nbsp;bring&nbsp;new&nbsp;customers to the service.</p><p><blockquote>这需要钱。对 Netflix 来说幸运的是，它财力雄厚，到 2021 年底将在内容上花费 170 亿美元现金。管理层预计当前三个月将是有史以来最强劲的第四季度内容供应，这将有助于为该服务带来新客户。</blockquote></p><p> \"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder&nbsp;letter.</p><p><blockquote>领导团队在第三季度股东信中强调：“假设没有出现新的新冠疫情或导致大规模生产停工的不可预见事件，我们目前预计 2022 年的内容将更加标准化，2022 年的原创数量将比 2021 年增加。”</blockquote></p><p> When it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.</p><p><blockquote>当谈到网飞时，华尔街毫不奇怪地关注一个数据点：用户增长。这推动了股价。2022 年推出新的节目和电影将有助于扩大用户群，从而支持收入和利润增长。</blockquote></p><p> <b>Don't count this winner out</b></p><p><blockquote><b>不要把这个赢家排除在外</b></blockquote></p><p> I think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly&nbsp;16% appreciation.</p><p><blockquote>我认为 Netflix 到 2022 年底达到每股 700 美元是完全现实的。根据 12 月 21 日 605 美元的收盘价计算，这意味着升值约 16%。</blockquote></p><p> After a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million&nbsp;customers.</p><p><blockquote>经过几年的坎坷，我认为可以公平地假设 Netflix 可以在 2022 年增加 2500 万订户。这与近年来的增长一致，每年新增会员2500万至3000万。包括对 2021 年第四季度和明年全年的预测，到 2022 年底，该业务应拥有约 2.47 亿客户。</blockquote></p><p> Now, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With&nbsp;<b>Walt&nbsp;Disney</b>'s Disney+ service reporting&nbsp;disappointing subscriber growth&nbsp;of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.</p><p><blockquote>现在，股价的走势取决于 Netflix 的业绩能给华尔街带来多少惊喜。与<b>华特·迪士尼</b>Disney+ 服务报告称，最近一个财政季度的订阅用户增长令人失望，达到了 210 万，我怀疑流媒体公司在新的一年里情绪疲软。此外，重新开放的经济增加了对流媒体服务的悲观情绪，流媒体服务往往受益于封锁和反疫情政策。</blockquote></p><p> Therefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.</p><p><blockquote>因此，如果 Netflix 明年将其客户群增加 2500 万（无论如何这都是出色的增长），我认为该股将大幅上涨。此外，2022 年扩大盈利能力和正自由现金流将提振人们对该业务的乐观情绪。</blockquote></p><p> Analysts forecast Netflix's earnings to grow 23%&nbsp;in 2022. Even if the current price-to-earnings ratio of&nbsp;55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.</p><p><blockquote>分析师预测 Netflix 2022 年盈利将增长 23%。即使目前55的市盈率小幅下降，该股也可能在12个月内触及700美元。考虑到公司全年公布季度业绩时可能会出现积极意外，每股 700 美元可能是一个保守的目标价。</blockquote></p><p> Even a more mature Netflix can provide outstanding returns for shareholders in 2022.</p><p><blockquote>即使是更加成熟的 Netflix 也能在 2022 年为股东提供出色的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/23/will-netflix-stock-hit-700-in-2022/\">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":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/12/23/will-netflix-stock-hit-700-in-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105709224","content_text":"Key Points\n\nNetflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.\nThe streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.\nIf Netflix adds customers next year in line with historical growth, the stock should reach $700.\n\nOne of the biggest winners of the coronavirus pandemic was Netflix (NASDAQ:NFLX). This top media business saw its stock price soar 67% in 2020, supported by a growing user base. With people stuck at home, the company experienced pulled-forward demand last year.\nDuring the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the S&P 500 this year. The streaming industry is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.\nWhat does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.\nIMAGE SOURCE: GETTY IMAGES.\nProductions are up and running\nThe pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that membership growth in the first half of 2021 was weak.\nBut management has said that productions are largely back up and running. The company is currently producing local content in 45 different countries. As my colleague Adam Levy points out, streaming services need to introduce new hit series to gain new customers.\nAnd this costs money. Luckily for Netflix, it has deep pockets and will end 2021 having spent $17 billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content offering ever, something that will help bring new customers to the service.\n\"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder letter.\nWhen it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.\nDon't count this winner out\nI think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly 16% appreciation.\nAfter a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million customers.\nNow, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With Walt Disney's Disney+ service reporting disappointing subscriber growth of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.\nTherefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.\nAnalysts forecast Netflix's earnings to grow 23% in 2022. Even if the current price-to-earnings ratio of 55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.\nEven a more mature Netflix can provide outstanding returns for shareholders in 2022.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":4365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698800599,"gmtCreate":1640329130622,"gmtModify":1640329418748,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698800599","repostId":"1105843279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698800872,"gmtCreate":1640329071516,"gmtModify":1640329418211,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698800872","repostId":"1195213621","repostType":4,"repost":{"id":"1195213621","kind":"news","pubTimestamp":1640324974,"share":"https://www.laohunote.com/m/news/1195213621?lang=zh_CN&edition=full","pubTime":"2021-12-24 13:49","market":"us","language":"en","title":"Stock market 2022: Some Wall Street strategists bullish, while others strike a cautious tone<blockquote>2022 年股市：一些华尔街策略师看涨，而另一些策略师则持谨慎态度</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195213621","media":"Yahoo Finance","summary":"Strategists have begun to deliver their outlooks for the stock market next year — and many are tempe","content":"<p>Strategists have begun to deliver their outlooks for the stock market next year — and many are tempering expectations after this year's double-digit gains.</p><p><blockquote>策略师们已经开始对明年的股市做出展望——在今年两位数的涨幅之后，许多人正在降低预期。</blockquote></p><p> Against a backdrop of vaccinations, easing lockdown measures and a broad-based economic reopening, the S&amp;P 500&nbsp;rose by about 25% in 2021 through market close on Dec. 22. The blue-chip index has also more than doubled from its March 23, 2020 nadir.</p><p><blockquote>在疫苗接种、放松封锁措施和广泛经济重新开放的背景下，截至12月22日收盘，标普500在2021年上涨了约25%。蓝筹股指数也较2020年3月23日的最低点上涨了一倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fc520db74600e8e9c46338ba7ac718c\" tg-width=\"768\" tg-height=\"648\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 is unlikely to repeat these kinds of returns next year, based on the projections of a number of pundits. With market participants pricing in at least one interest rate hike from the Federal Reserve, and an initial boost from the reopening, and monetary and fiscal stimulus fading, the easy gains for this cycle are likely in the past. And more than one strategist thinks stocks are set to decline at least modestly next year from current levels.</p><p><blockquote>根据一些专家的预测，标普500明年不太可能重复这种回报。随着市场参与者预计美联储至少会加息一次，以及重新开放带来的初步提振，以及货币和财政刺激措施的消退，过去可能会轻松上涨。不止一位策略师认为，明年股市至少会从当前水平小幅下跌。</blockquote></p><p> Here's what some strategists from top Wall Street firms are predicting for the stock market next year.</p><p><blockquote>以下是华尔街顶级公司的一些策略师对明年股市的预测。</blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Oppenheimer (5,330): 'The noise stemming from negative projections ... should not obscure the signals of progress'</b></p><p><blockquote><b>奥本海默（5,330）：“来自负投影的噪声……不应掩盖进步的迹象</b></blockquote></p><p> Oppenheimer strategist John Stoltzfus&nbsp;has struck an especially upbeat tone on stocks for 2022, projecting another year of double-digit gains as economic growth remains robust and policymakers move to address concerns over rising prices.</p><p><blockquote>奥本海默策略师约翰·斯托尔茨福斯 (John Stoltzfus) 对 2022 年股市表达了特别乐观的基调，预计随着经济增长依然强劲，政策制定者采取行动解决对价格上涨的担忧，股市将再次实现两位数涨幅。</blockquote></p><p> Oppenheimer's outlook sees the S&amp;P 500 climbing to 5,330 by year-end 2022. This would represent an about 13.5% increase from closing prices on Dec. 22.</p><p><blockquote>奥本海默的展望是，到 2022 年底，标普500将攀升至 5,330。这将比 12 月 22 日的收盘价上涨约 13.5%。</blockquote></p><p> \"We suggest that investors not let near-term uncertainty obfuscate progress being made as the central bank adjusts monetary policy to meet higher-than-expected inflation and as the U.S. and global economy navigate current challenges to re-openings posed by COVID-19 variants and supply chain disruptions,\" Stoltzfus wrote in a note published on Dec. 20.</p><p><blockquote>“我们建议投资者不要让近期的不确定性模糊正在取得的进展，因为央行调整货币政策以应对高于预期的通胀，以及美国和全球经济应对当前由 COVID-19 变种和供应链中断带来的重新开放挑战，”斯托尔茨福斯在 12 月 20 日发布的一份报告中写道。</blockquote></p><p> \"In our view, the noise stemming from negative projections coming from some traders, skeptics, bears and fear-mongers of late should not obscure the signals of progress that have been made societally and economically since the pandemic struck globally in March 2020 through to the current day,\" he added.</p><p><blockquote>“我们认为，最近一些交易员、怀疑论者、看空者和恐惧制造者的负面预测所产生的噪音不应掩盖自 2020 年 3 月疫情席卷全球以来社会和经济取得的进步信号。直到今天，”他补充道。</blockquote></p><p> Stoltzfus noted that the firm remains overweight U.S. equities, while also \"maintaining meaningful exposure to both developed and emerging markets on expectations that an economic recovery stateside coming out of the COVID-19 emergency will help boost economic growth around the world and lead to a global economic expansion.\"</p><p><blockquote>Stoltzfus 指出，该公司仍持有美国股票，同时“由于预计美国摆脱 COVID-19 紧急情况后的经济复苏将有助于促进全球经济增长并导致全球经济扩张，因此对发达市场和新兴市场保持有意义的敞口。”</blockquote></p><p> In terms of sectors, Oppenheimer favors information technology and cyclical stocks over defensive sectors. And in terms of style, Stoltzfus. And for investing style, Oppenheimer said it prefers a barbell approach that includes both value and growth stocks, given the backdrop of what is likely to be rising, but still historically low interest rates next year.</p><p><blockquote>在板块方面，奥本海默更青睐信息技术和周期性股票，而不是防御性板块。就风格而言，Stoltzfus。对于投资风格，奥本海默表示，考虑到明年利率可能上升但仍处于历史低位的背景，它更喜欢杠铃法，包括价值股和成长型股。</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Credit Suisse (5,200): S&amp;P 500 target raised 'on robust projections for economic growth'</b></p><p><blockquote><b>瑞士信贷 (5,200)：“基于强劲的经济增长预测”上调标普500目标</b></blockquote></p><p> Credit Suisse chief U.S. equity strategist Jonathan Golub is getting more bullish on stocks for 2022.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布 (Jonathan Golub) 更加看好 2022 年的股市。</blockquote></p><p> The firm raised its 2022 S&amp;P 500 price target to 5,200, from the 5,000 seen previously. The updated forecast also predicts another year of double-digit appreciation for the index, with an estimated rise of nearly 11% from closing prices on Dec. 22.</p><p><blockquote>该公司将 2022 年标普500目标价格从之前的 5,000 美元上调至 5,200 美元。更新后的预测还预测该指数将再次实现两位数上涨，预计较 12 月 22 日收盘价上涨近 11%。</blockquote></p><p> \"This constructive outlook is based on robust projections for economic growth in both real and nominal terms, further margin upside in cyclical groups, a pickup in buybacks and a favorable discount rate despite Fed tightening,\" Golub wrote in a note.</p><p><blockquote>戈卢布在一份报告中写道：“这种建设性的前景是基于对实际和名义经济增长的强劲预测、周期性板块的利润率进一步上升、回购量增加以及尽管美联储收紧货币政策但有利的贴现率。”</blockquote></p><p> The firm also raised its 2022 S&amp;P 500 aggregate earnings per share (EPS) forecast to $235, up from the $230 seen previously. The revision assumes that a corporate tax rate increase will not take effect next year out of Washington.</p><p><blockquote>该公司还将 2022 年标普500每股收益 (EPS) 预测从之前的 230 美元上调至 235 美元。该修订假设明年华盛顿以外的公司税率上调不会生效。</blockquote></p><p> Credit Suisse is Overweight cyclical sectors including energy, materials, industrials and consumer discretionary (excluding internet retailers), given expectations for \"robust GDP and inflation\" and continued earnings momentum. The firm is market weight \"TECH+,\" or technology, internet services and internet retail firms.</p><p><blockquote>鉴于对“强劲的GDP和通胀”以及持续的盈利势头的预期，瑞士信贷正在跑赢大盘能源、材料、工业和非必需消费品（不包括互联网零售商）等周期性行业。该公司是市场权重“TECH+”，即技术、互联网服务和互联网零售公司。</blockquote></p><p> \"We would reevaluate this positioning should the yield curve flatten further, nominal growth fade, or earnings trends reverse,\" Golub wrote. \"We are downgrading Financials and Health Care to Underweight, on weaker growth prospects in 2022.\"</p><p><blockquote>戈卢布写道：“如果收益率曲线进一步趋平、名义增长消退或盈利趋势逆转，我们将重新评估这一定位。”“由于 2022 年增长前景疲软，我们将下调跑输大盘的金融和医疗保健评级。”</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>JPMorgan (Target 5,050): '2022 will be a strong year for economic recovery and performance of cyclical assets'</b></p><p><blockquote><b>摩根大通（目标 5,050）：“2022 年将是经济复苏和周期性资产表现强劲的一年”</b></blockquote></p><p></p><p> JPMorgan sees stocks building on gains next year, albeit at a slower clip than in the last few years. And with interest rates poised to rise, cyclical areas of the market — both in the U.S. and internationally — are set to be some of the strongest performers, suggested Marko Kolanovic, chief global markets strategist at JPMorgan.</p><p><blockquote>摩根大通预计明年股市将继续上涨，尽管增速比过去几年放缓。摩根大通首席全球市场策略师马尔科·科拉诺维奇表示，随着利率即将上升，美国和国际市场的周期性领域将成为表现最强劲的领域。</blockquote></p><p> The firm forecasted that the S&amp;P 500 would reach 5,050 by year-end 2022, representing a rise of about 7.5% from closing levels on Dec. 22.</p><p><blockquote>该公司预测，到 2022 年底，标普500将达到 5,050 人，比 12 月 22 日的收盘水平增长约 7.5%。</blockquote></p><p> \"This represents a smaller percentage appreciation compared to our 2021 forecast; however, we do think international equities, emerging markets and cyclical market segments will significantly outperform and deliver 2-3 times higher returns,\" Kolanovic wrote. \"The reason for this is our expectation for increasing interest rates and marginally tighter monetary policy that should be a headwind for high-multiple markets such as the Nasdaq.\"</p><p><blockquote>科拉诺维奇写道：“与我们 2021 年的预测相比，这意味着升值百分比较小；然而，我们确实认为国际股票、新兴市场和周期性市场细分市场将大幅跑赢大盘，并带来 2-3 倍的回报。”“这样做的原因是我们对加息和边际收紧货币政策的预期，这应该会对纳斯达克等高倍数市场构成阻力。”</blockquote></p><p> \"Within the U.S., we like reopening and reflationary themes and beneficiaries of higher bond yields,\" he added. JPMorgan expects the yield on the benchmark 10-year note to climb to 2.25% by the end of next year.</p><p><blockquote>“在美国国内，我们喜欢重新开放和再通胀主题以及债券收益率上升的受益者，”他补充道。摩根大通预计，到明年年底，基准 10 年期国债收益率将攀升至 2.25%。</blockquote></p><p> \"What are the risks to our view? As the recovery runs its course, markets will begin adjusting to tighter monetary conditions, a process that will likely inject volatility,\" Kolanovic added. \"There are other risks that investors will need to monitor and manage in 2022. They include increased geopolitical tensions in Europe and Asia (in particular related to Ukraine and Iran), a looming energy crisis, uncertainties around high inflation, and the path of monetary policy normalization.\"</p><p><blockquote>“我们认为存在哪些风险？随着复苏的进行，市场将开始适应收紧的货币条件，这一过程可能会带来波动性，”科拉诺维奇补充道。“2022 年投资者还需要监控和管理其他风险。其中包括欧洲和亚洲地缘政治紧张局势加剧（特别是与乌克兰和伊朗有关）、迫在眉睫的能源危机、高通胀的不确定性以及货币政策正常化的路径。”</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>DWS Group (Target: 5,000): 'When it comes to PE multiples, they stand on the shoulders of the bond market'</b></p><p><blockquote><b>DWS Group（目标：5,000）：“就市盈率而言，它们站在债券市场的肩膀上”</b></blockquote></p><p> DWS Group expects the S&amp;P 500 will rise further into next year, supported by a combination of sustained — if slowing, earnings and economic growth — and a contained rise in rates.</p><p><blockquote>DWS集团预计，在持续（如果放缓）盈利和经济增长以及利率控制上升的共同支撑下，明年标普500将进一步上升。</blockquote></p><p> \"Our view for risk assets is simply, it should be another good year in 2022,\" David Bianco, DWS Group chief investment officer, Americas, said during a media call on Dec. 1. \"With lower inflation, slowing inflation, we should be comfortable with the idea that interest rates, both nominal and real, only climb modestly.\"</p><p><blockquote>DWS 集团美洲首席投资官 David Bianco 在 12 月 1 日的媒体看涨期权上表示：“我们对风险资产的看法很简单，2022 年应该又是一个好年份。”“随着通胀下降、通胀放缓，我们应该对名义利率和实际利率只会温和上升的想法感到满意。”</blockquote></p><p> The firm expects to see the S&amp;P 500 end 2022 at 5,000, growing by nearly 6.5% from closing levels on Dec. 22.</p><p><blockquote>该公司预计 2022 年底标普500将达到 5,000 人，比 12 月 22 日的收盘水平增长近 6.5%。</blockquote></p><p> \"So far, long-term interest rates have only climbed slightly, and long-term real interest rates which are key for the PE [price-earnings ratio] of U.S. equities and equities worldwide, they're still near all-time lows,\" he added. \"When it comes to PE multiples, they stand on the shoulders of the bond market.\"</p><p><blockquote>“到目前为止，长期利率仅小幅攀升，而作为美国股市和全球股市市盈率关键的长期实际利率仍接近历史低点，”他补充道。“说到市盈率，它们站在债券市场的肩膀上。”</blockquote></p><p> Bianco expects the S&amp;P 500's PE multiple, which has been trading at about 22 times current earnings, will be sustained through next year. The firm also anticipates S&amp;P 500 companies' aggregate earnings per share (EPS) will come in at about $228 for 2022, growing by 7% from an estimated $213 level this year. This earnings view assumes no corporate tax hikes in the U.S. in 2022.</p><p><blockquote>Bianco 预计标准普尔 500 指数的市盈率（其市盈率约为当前市盈率的 22 倍）将持续到明年。该公司还预计 2022 年标普500公司的每股总收益 (EPS) 将约为 228 美元，比今年预计的 213 美元增长 7%。这一盈利观点假设 2022 年美国不会提高企业税。</blockquote></p><p> \"Our view is that the equity market, the S&amp;P, is largely fairly valued, but our preferences for a long time have remained the digital businesses — technology, communications, growth stocks in general, a preference for intangible businesses — we've argued that these types of businesses actually do provide terrific inflation protection,\" Bianco said. \"This is not the 1970s, and often, we think the best way to protect against inflation is simply to own the best quality businesses. And look for businesses that are raising productivity, rather than raising price.\"</p><p><blockquote>“我们的观点是，股票市场（标准普尔指数）的估值基本上是合理的，但我们长期以来的偏好仍然是数字业务——技术、通信、一般的成长型股票，以及对无形业务的偏好——我们认为这些类型的业务实际上确实提供了极好的通胀保护，”比安科说。“现在不是 20 世纪 70 年代，我们通常认为抵御通货膨胀的最佳方法就是拥有最优质的企业。并寻找提高生产力而不是提高价格的企业。”</blockquote></p><p> Bianco also said the firm was Overweight the health care and financials sectors, with the latter constituting a beneficiary of higher rates given the likelihood of at least one Federal Reserve interest rate hike next year.</p><p><blockquote>比安科还表示，该公司是医疗保健和金融行业的跑赢大盘，鉴于美联储明年可能至少加息一次，后者是加息的受益者。</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Bank of America (Target: 4,600): Look for 'inflation-protected yield'</b></p><p><blockquote><b>美国银行（目标：4,600）：寻找“通胀保值收益率”</b></blockquote></p><p> The S&amp;P 500 is poised to end 2022 slightly lower compared to present levels, according to Bank of America's Savita Subramanian.</p><p><blockquote>美国银行的 Savita Subramanian 表示，到 2022 年底，标普500将略低于目前的水平。</blockquote></p><p> The firm's 2022 outlook sees the index ending next year at 4,600, or down by 2% compared to closing prices on Dec. 22. That would come alongside slowing earnings growth, with S&amp;P 500 earnings per share set to rise just 6.5% next year, based on Subramanian's projections.</p><p><blockquote>该公司 2022 年的展望预计该指数明年收于 4,600 点，较 12 月 22 日收盘价下跌 2%。与此同时，盈利增长也将放缓，根据 Subramanian 的预测，标普500明年每股收益将仅增长 6.5%。</blockquote></p><p> Expectations for a higher discount rate serve as one of the main drivers for this outlook, with next year's predicted higher-rate environment weighing on stock valuations. Plus, as rates rise, other assets will compete for investor attention next year, Subramanian added.</p><p><blockquote>对更高贴现率的预期是这一前景的主要驱动因素之一，明年预计的更高利率环境会给股票估值带来压力。此外，随着利率上升，明年其他资产将争夺投资者的注意力，Subramanian补充道。</blockquote></p><p></p><p> \"What happens to the TINA ('There is no alternative' to stocks) argument if cash yields rival the S&amp;P 500's 1.3% dividend yield, and the 10-year yield hits 2% by YE [year-end] 2022? Dividend growth needs to keep up, thus, our theme: inflation-protected yield,\" Subramanian said. \"Inflation-protected yield favors Energy, Financials and Real Estate.\"</p><p><blockquote>“如果现金收益率与标准普尔 500 指数 1.3% 的股息收益率相媲美，并且到 2022 年 YE [年底] 10 年期收益率达到 2%，那么 TINA（‘股票别无选择’）论点会发生什么？因此，股息增长需要跟上我们的主题：通胀保值收益率，”苏布拉马尼安说。“通胀保值收益率有利于能源、金融和房地产。”</blockquote></p><p> \"What will we say when we look back at today? Probably similar comments to 2000 hindsight: lofty expectations, Wall St. stock allocations up ~20 [percentage points], retail/democratized markets, frenzied IPO activity; first Fed hike into an overvalued market. And acceptance of the unthinkable: a negative cost of equity in '00, negative real rates today.\" she said. \"But the last sign of a bubble — excessive corporate/ consumer leverage — has been transferred to the government.\"</p><p><blockquote>“当我们今天回顾时，我们会说什么？可能与 2000 年事后看来类似的评论：崇高的期望、华尔街股票配置增加了约 20 个百分点、零售/民主化市场、疯狂的 IPO 活动；美联储首次加息进入估值过高的市场。以及接受不可思议的事情：00 年股权成本为负，今天实际利率为负。”她说。“但泡沫的最后一个迹象——企业/消费者过度杠杆——已经转移到了政府身上。”</blockquote></p><p> In terms of asset classes to favor, Subramanian said prioritize commodities, then cash, then stocks and then bonds in 2022. She also said she prefers small caps versus large caps and value stocks versus growth.</p><p><blockquote>就青睐的资产类别而言，Subramanian 表示，2022 年优先考虑大宗商品，然后是现金，然后是股票，最后是债券。她还表示，她更喜欢小盘股而不是大盘股，更喜欢价值股而不是成长股。</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Goldman Sachs (Target: 5,100): 'The equity bull market will continue'</b></p><p><blockquote><b>高盛（目标：5,100）：“股票牛市将持续”</b></blockquote></p><p> Corporate profits are set to be the&nbsp;driving force for a further rise in the stock market next year,according to David Kostin, Goldman Sachs' chief U.S. equity strategist. The firm expects the S&amp;P 500 to climb to 5,100 by the end of 2022, marking a nearly 9% rise from Dec. 22's closing prices.</p><p><blockquote>高盛首席美国股票策略师大卫·科斯汀表示，企业利润将成为明年股市进一步上涨的动力。该公司预计，到 2022 年底，标普500将攀升至 5,100 辆，比 12 月 22 日的收盘价上涨近 9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24d62556aecb6ba8e396c1bda82f9d5c\" tg-width=\"960\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>A trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange. REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS TPX IMAGES OF THE DAY)</span></p><p><blockquote><p class=\"t-img-caption\"><span>一名交易员在纽约证券交易所工作时抬头查看电脑屏幕上的图表。路透社/卢卡斯·杰克逊（美国 - 标签：商业 TPX 每日图片）</span></p></blockquote></p><p> \"Profit growth has accounted for the entire S&amp;P 500 return in 2021 and will continue to drive gains in 2022,\" wrote Kostin in a note. \"S&amp;P 500 EPS will grow by 8% to $226 in 2022 and by 4% to $236 in 2023.\"</p><p><blockquote>科斯汀在一份报告中写道：“利润增长占了 2021 年标普500的全部回报，并将继续推动 2022 年的收益。”“2022 年标普500每股收益将增长 8%，达到 226 美元，2023 年将增长 4%，达到 236 美元。”</blockquote></p><p> Companies will likely continue to expand profit margins even as input cost pressures and supply chain challenges linger, Kostin predicted, adding that he expects aggregate S&amp;P 500 company profit margins to expand by another 40 basis points to reach 12.6% next year. Still, he suggested avoiding investing in firms with high labor costs, and favoring growth stocks with high margins over low-margin or unprofitable growth stocks.</p><p><blockquote>科斯汀预测，即使投入成本压力和供应链挑战挥之不去，企业仍将继续扩大利润率，并补充说，他预计明年标普500企业总利润率将再扩大 40 个基点，达到 12.6%。尽管如此，他还是建议避免投资劳动力成本高的公司，并青睐高利润率的成长型股票，而不是低利润率或无利可图的成长型股票。</blockquote></p><p> While the economic recovery and commensurate strength in corporate profits will likely extend into next year, one key factor will shift in next year's investing environment and apply pressure to valuations, Kostin said.</p><p><blockquote>科斯汀表示，虽然经济复苏和企业利润的相应强劲可能会延续到明年，但一个关键因素将改变明年的投资环境，并给估值带来压力。</blockquote></p><p> \"The Fed will begin to hike rates in July,\" Kostin said. \"Real interest rates will rise, solidifying the ceiling on valuation multiples and driving rotations within the equity market.\"</p><p><blockquote>“美联储将于7月开始加息，”科斯汀表示。“实际利率将会上升，巩固估值倍数的上限并推动股票市场的轮动。”</blockquote></p><p> \"However, other aspects of the current equity market will persist. Real rates, while rising, will remain negative, and investor equity allocations will continue to establish record highs,\" he added. \"In contrast with our expectation during the past year, corporate tax rates will likely remain unchanged in 2022 and rise in 2023. Corporate earnings will grow and lift share prices. The equity bull market will continue.\"</p><p><blockquote>“然而，当前股市的其他方面将持续存在。实际利率虽然上升，但仍将为负，投资者股票配置将继续创下历史新高，”他补充道。“与我们过去一年的预期相反，企业税率可能会在 2022 年保持不变，并在 2023 年上升。企业盈利将增长并推高股价。股票牛市将持续下去。”</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Morgan Stanley (Target: 4,400): 'O</b><b>ur key message centers around multiple contraction'</b></p><p><blockquote><b>摩根士丹利（目标：4,400）：'O</b><b>你的关键信息集中在多重收缩上</b></blockquote></p><p> Morgan Stanley thinks stocks are going down next year.</p><p><blockquote>摩根士丹利认为明年股市将会下跌。</blockquote></p><p> Mike Wilson, Morgan Stanley chief U.S. equity strategist, sees the S&amp;P 500 dipping to 4,400 next year, representing a drop of 6.3%, compared to Dec. 7's closing prices.The biggest driver of the dip will be multiple compression, with a higher-rate environment next year pressuring stock valuations as earnings growth continues at a slower rate.</p><p><blockquote>摩根士丹利首席美国股票策略师 Mike Wilson 预计明年标普500将跌至 4,400 点，较 12 月 7 日收盘价下跌 6.3%。下跌的最大驱动力将是多重压缩，随着盈利增长继续放缓，明年利率上升的环境将给股票估值带来压力。</blockquote></p><p> \"As we think about our forecasts for the year ahead, our key message centers around multiple contraction amid a continued mid-cycle de-rating, higher bond yields, and greater economic and earnings<i>uncertainty,\"</i>Wilson said in a note. \"While earnings for the overall index remain durable, there will be greater dispersion of winners and losers and growth rates will slow materially.\"</p><p><blockquote>“当我们考虑对未来一年的预测时，我们的关键信息围绕着周期中期评级持续下调、债券收益率上升以及经济和盈利增长的多重收缩<i>不确定性，”</i>威尔逊在一份说明中说。“虽然整体指数的盈利仍然持久，但赢家和输家将更加分散，增长率将大幅放缓。”</blockquote></p><p> \"While our overall earnings forecast for 2023 is about in-line with consensus ($245; 8% growth), we believe there is scope for significant dispersion — suggesting stock selection will provide plenty of opportunity in 2022 even if the index doesn't do much point to point,\" he added. \"Bottom line, 2022 will be more about stocks than sectors or styles, in our view.\"</p><p><blockquote>“虽然我们对 2023 年的总体盈利预测与共识大致一致（245 美元；增长 8%），但我们认为存在显着分散的空间——这表明即使指数没有做太多事情，股票选择也将在 2022 年提供大量机会。点对点，”他补充道。“我们认为，底线是，2022 年将更多地关注股票，而不是行业或风格。”</blockquote></p><p> As interest rates set to move higher next year, bank stocks may benefit and outperform relative to long-duration growth stocks that would see valuations most pressured by rising rates, Wilson noted. However, \"reasonably priced growth and defensive quality should hold up\" as well, he added.</p><p><blockquote>威尔逊指出，随着明年利率将走高，银行股可能会受益并优于长期成长型股票，而长期成长型股票的估值将受到利率上升的最大压力。然而，他补充说，“价格合理的增长和防御性质量也应该能保持下去”。</blockquote></p><p></p><p> \"We think the obsession with Value vs. Growth will start to die down as idiosyncratic risk becomes the key,\" Wilson said. \"Much like 2021, we could see periods of Value and Growth outperformance that is dependent on the market's current posture regarding macro growth and rates. For the moment, we have a slight bias toward Value given its higher leverage to rising interest rates and inflation, which should be with us through year-end.\"</p><p><blockquote>威尔逊表示：“我们认为，随着特殊风险成为关键，对价值与增长的痴迷将开始消退。”“就像 2021 年一样，我们可能会看到价值和增长跑赢大盘的时期，这取决于市场当前对宏观增长和利率的态势。目前，我们对价值略有偏见，因为它对利率上升和通货膨胀的杠杆作用更大，这应该会伴随我们到年底。”</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></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>Stock market 2022: Some Wall Street strategists bullish, while others strike a cautious tone<blockquote>2022 年股市：一些华尔街策略师看涨，而另一些策略师则持谨慎态度</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\">\nStock market 2022: Some Wall Street strategists bullish, while others strike a cautious tone<blockquote>2022 年股市：一些华尔街策略师看涨，而另一些策略师则持谨慎态度</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-24 13:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Strategists have begun to deliver their outlooks for the stock market next year — and many are tempering expectations after this year's double-digit gains.</p><p><blockquote>策略师们已经开始对明年的股市做出展望——在今年两位数的涨幅之后，许多人正在降低预期。</blockquote></p><p> Against a backdrop of vaccinations, easing lockdown measures and a broad-based economic reopening, the S&amp;P 500&nbsp;rose by about 25% in 2021 through market close on Dec. 22. The blue-chip index has also more than doubled from its March 23, 2020 nadir.</p><p><blockquote>在疫苗接种、放松封锁措施和广泛经济重新开放的背景下，截至12月22日收盘，标普500在2021年上涨了约25%。蓝筹股指数也较2020年3月23日的最低点上涨了一倍多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5fc520db74600e8e9c46338ba7ac718c\" tg-width=\"768\" tg-height=\"648\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 is unlikely to repeat these kinds of returns next year, based on the projections of a number of pundits. With market participants pricing in at least one interest rate hike from the Federal Reserve, and an initial boost from the reopening, and monetary and fiscal stimulus fading, the easy gains for this cycle are likely in the past. And more than one strategist thinks stocks are set to decline at least modestly next year from current levels.</p><p><blockquote>根据一些专家的预测，标普500明年不太可能重复这种回报。随着市场参与者预计美联储至少会加息一次，以及重新开放带来的初步提振，以及货币和财政刺激措施的消退，过去可能会轻松上涨。不止一位策略师认为，明年股市至少会从当前水平小幅下跌。</blockquote></p><p> Here's what some strategists from top Wall Street firms are predicting for the stock market next year.</p><p><blockquote>以下是华尔街顶级公司的一些策略师对明年股市的预测。</blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Oppenheimer (5,330): 'The noise stemming from negative projections ... should not obscure the signals of progress'</b></p><p><blockquote><b>奥本海默（5,330）：“来自负投影的噪声……不应掩盖进步的迹象</b></blockquote></p><p> Oppenheimer strategist John Stoltzfus&nbsp;has struck an especially upbeat tone on stocks for 2022, projecting another year of double-digit gains as economic growth remains robust and policymakers move to address concerns over rising prices.</p><p><blockquote>奥本海默策略师约翰·斯托尔茨福斯 (John Stoltzfus) 对 2022 年股市表达了特别乐观的基调，预计随着经济增长依然强劲，政策制定者采取行动解决对价格上涨的担忧，股市将再次实现两位数涨幅。</blockquote></p><p> Oppenheimer's outlook sees the S&amp;P 500 climbing to 5,330 by year-end 2022. This would represent an about 13.5% increase from closing prices on Dec. 22.</p><p><blockquote>奥本海默的展望是，到 2022 年底，标普500将攀升至 5,330。这将比 12 月 22 日的收盘价上涨约 13.5%。</blockquote></p><p> \"We suggest that investors not let near-term uncertainty obfuscate progress being made as the central bank adjusts monetary policy to meet higher-than-expected inflation and as the U.S. and global economy navigate current challenges to re-openings posed by COVID-19 variants and supply chain disruptions,\" Stoltzfus wrote in a note published on Dec. 20.</p><p><blockquote>“我们建议投资者不要让近期的不确定性模糊正在取得的进展，因为央行调整货币政策以应对高于预期的通胀，以及美国和全球经济应对当前由 COVID-19 变种和供应链中断带来的重新开放挑战，”斯托尔茨福斯在 12 月 20 日发布的一份报告中写道。</blockquote></p><p> \"In our view, the noise stemming from negative projections coming from some traders, skeptics, bears and fear-mongers of late should not obscure the signals of progress that have been made societally and economically since the pandemic struck globally in March 2020 through to the current day,\" he added.</p><p><blockquote>“我们认为，最近一些交易员、怀疑论者、看空者和恐惧制造者的负面预测所产生的噪音不应掩盖自 2020 年 3 月疫情席卷全球以来社会和经济取得的进步信号。直到今天，”他补充道。</blockquote></p><p> Stoltzfus noted that the firm remains overweight U.S. equities, while also \"maintaining meaningful exposure to both developed and emerging markets on expectations that an economic recovery stateside coming out of the COVID-19 emergency will help boost economic growth around the world and lead to a global economic expansion.\"</p><p><blockquote>Stoltzfus 指出，该公司仍持有美国股票，同时“由于预计美国摆脱 COVID-19 紧急情况后的经济复苏将有助于促进全球经济增长并导致全球经济扩张，因此对发达市场和新兴市场保持有意义的敞口。”</blockquote></p><p> In terms of sectors, Oppenheimer favors information technology and cyclical stocks over defensive sectors. And in terms of style, Stoltzfus. And for investing style, Oppenheimer said it prefers a barbell approach that includes both value and growth stocks, given the backdrop of what is likely to be rising, but still historically low interest rates next year.</p><p><blockquote>在板块方面，奥本海默更青睐信息技术和周期性股票，而不是防御性板块。就风格而言，Stoltzfus。对于投资风格，奥本海默表示，考虑到明年利率可能上升但仍处于历史低位的背景，它更喜欢杠铃法，包括价值股和成长型股。</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Credit Suisse (5,200): S&amp;P 500 target raised 'on robust projections for economic growth'</b></p><p><blockquote><b>瑞士信贷 (5,200)：“基于强劲的经济增长预测”上调标普500目标</b></blockquote></p><p> Credit Suisse chief U.S. equity strategist Jonathan Golub is getting more bullish on stocks for 2022.</p><p><blockquote>瑞士信贷首席美国股票策略师乔纳森·戈卢布 (Jonathan Golub) 更加看好 2022 年的股市。</blockquote></p><p> The firm raised its 2022 S&amp;P 500 price target to 5,200, from the 5,000 seen previously. The updated forecast also predicts another year of double-digit appreciation for the index, with an estimated rise of nearly 11% from closing prices on Dec. 22.</p><p><blockquote>该公司将 2022 年标普500目标价格从之前的 5,000 美元上调至 5,200 美元。更新后的预测还预测该指数将再次实现两位数上涨，预计较 12 月 22 日收盘价上涨近 11%。</blockquote></p><p> \"This constructive outlook is based on robust projections for economic growth in both real and nominal terms, further margin upside in cyclical groups, a pickup in buybacks and a favorable discount rate despite Fed tightening,\" Golub wrote in a note.</p><p><blockquote>戈卢布在一份报告中写道：“这种建设性的前景是基于对实际和名义经济增长的强劲预测、周期性板块的利润率进一步上升、回购量增加以及尽管美联储收紧货币政策但有利的贴现率。”</blockquote></p><p> The firm also raised its 2022 S&amp;P 500 aggregate earnings per share (EPS) forecast to $235, up from the $230 seen previously. The revision assumes that a corporate tax rate increase will not take effect next year out of Washington.</p><p><blockquote>该公司还将 2022 年标普500每股收益 (EPS) 预测从之前的 230 美元上调至 235 美元。该修订假设明年华盛顿以外的公司税率上调不会生效。</blockquote></p><p> Credit Suisse is Overweight cyclical sectors including energy, materials, industrials and consumer discretionary (excluding internet retailers), given expectations for \"robust GDP and inflation\" and continued earnings momentum. The firm is market weight \"TECH+,\" or technology, internet services and internet retail firms.</p><p><blockquote>鉴于对“强劲的GDP和通胀”以及持续的盈利势头的预期，瑞士信贷正在跑赢大盘能源、材料、工业和非必需消费品（不包括互联网零售商）等周期性行业。该公司是市场权重“TECH+”，即技术、互联网服务和互联网零售公司。</blockquote></p><p> \"We would reevaluate this positioning should the yield curve flatten further, nominal growth fade, or earnings trends reverse,\" Golub wrote. \"We are downgrading Financials and Health Care to Underweight, on weaker growth prospects in 2022.\"</p><p><blockquote>戈卢布写道：“如果收益率曲线进一步趋平、名义增长消退或盈利趋势逆转，我们将重新评估这一定位。”“由于 2022 年增长前景疲软，我们将下调跑输大盘的金融和医疗保健评级。”</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>JPMorgan (Target 5,050): '2022 will be a strong year for economic recovery and performance of cyclical assets'</b></p><p><blockquote><b>摩根大通（目标 5,050）：“2022 年将是经济复苏和周期性资产表现强劲的一年”</b></blockquote></p><p></p><p> JPMorgan sees stocks building on gains next year, albeit at a slower clip than in the last few years. And with interest rates poised to rise, cyclical areas of the market — both in the U.S. and internationally — are set to be some of the strongest performers, suggested Marko Kolanovic, chief global markets strategist at JPMorgan.</p><p><blockquote>摩根大通预计明年股市将继续上涨，尽管增速比过去几年放缓。摩根大通首席全球市场策略师马尔科·科拉诺维奇表示，随着利率即将上升，美国和国际市场的周期性领域将成为表现最强劲的领域。</blockquote></p><p> The firm forecasted that the S&amp;P 500 would reach 5,050 by year-end 2022, representing a rise of about 7.5% from closing levels on Dec. 22.</p><p><blockquote>该公司预测，到 2022 年底，标普500将达到 5,050 人，比 12 月 22 日的收盘水平增长约 7.5%。</blockquote></p><p> \"This represents a smaller percentage appreciation compared to our 2021 forecast; however, we do think international equities, emerging markets and cyclical market segments will significantly outperform and deliver 2-3 times higher returns,\" Kolanovic wrote. \"The reason for this is our expectation for increasing interest rates and marginally tighter monetary policy that should be a headwind for high-multiple markets such as the Nasdaq.\"</p><p><blockquote>科拉诺维奇写道：“与我们 2021 年的预测相比，这意味着升值百分比较小；然而，我们确实认为国际股票、新兴市场和周期性市场细分市场将大幅跑赢大盘，并带来 2-3 倍的回报。”“这样做的原因是我们对加息和边际收紧货币政策的预期，这应该会对纳斯达克等高倍数市场构成阻力。”</blockquote></p><p> \"Within the U.S., we like reopening and reflationary themes and beneficiaries of higher bond yields,\" he added. JPMorgan expects the yield on the benchmark 10-year note to climb to 2.25% by the end of next year.</p><p><blockquote>“在美国国内，我们喜欢重新开放和再通胀主题以及债券收益率上升的受益者，”他补充道。摩根大通预计，到明年年底，基准 10 年期国债收益率将攀升至 2.25%。</blockquote></p><p> \"What are the risks to our view? As the recovery runs its course, markets will begin adjusting to tighter monetary conditions, a process that will likely inject volatility,\" Kolanovic added. \"There are other risks that investors will need to monitor and manage in 2022. They include increased geopolitical tensions in Europe and Asia (in particular related to Ukraine and Iran), a looming energy crisis, uncertainties around high inflation, and the path of monetary policy normalization.\"</p><p><blockquote>“我们认为存在哪些风险？随着复苏的进行，市场将开始适应收紧的货币条件，这一过程可能会带来波动性，”科拉诺维奇补充道。“2022 年投资者还需要监控和管理其他风险。其中包括欧洲和亚洲地缘政治紧张局势加剧（特别是与乌克兰和伊朗有关）、迫在眉睫的能源危机、高通胀的不确定性以及货币政策正常化的路径。”</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>DWS Group (Target: 5,000): 'When it comes to PE multiples, they stand on the shoulders of the bond market'</b></p><p><blockquote><b>DWS Group（目标：5,000）：“就市盈率而言，它们站在债券市场的肩膀上”</b></blockquote></p><p> DWS Group expects the S&amp;P 500 will rise further into next year, supported by a combination of sustained — if slowing, earnings and economic growth — and a contained rise in rates.</p><p><blockquote>DWS集团预计，在持续（如果放缓）盈利和经济增长以及利率控制上升的共同支撑下，明年标普500将进一步上升。</blockquote></p><p> \"Our view for risk assets is simply, it should be another good year in 2022,\" David Bianco, DWS Group chief investment officer, Americas, said during a media call on Dec. 1. \"With lower inflation, slowing inflation, we should be comfortable with the idea that interest rates, both nominal and real, only climb modestly.\"</p><p><blockquote>DWS 集团美洲首席投资官 David Bianco 在 12 月 1 日的媒体看涨期权上表示：“我们对风险资产的看法很简单，2022 年应该又是一个好年份。”“随着通胀下降、通胀放缓，我们应该对名义利率和实际利率只会温和上升的想法感到满意。”</blockquote></p><p> The firm expects to see the S&amp;P 500 end 2022 at 5,000, growing by nearly 6.5% from closing levels on Dec. 22.</p><p><blockquote>该公司预计 2022 年底标普500将达到 5,000 人，比 12 月 22 日的收盘水平增长近 6.5%。</blockquote></p><p> \"So far, long-term interest rates have only climbed slightly, and long-term real interest rates which are key for the PE [price-earnings ratio] of U.S. equities and equities worldwide, they're still near all-time lows,\" he added. \"When it comes to PE multiples, they stand on the shoulders of the bond market.\"</p><p><blockquote>“到目前为止，长期利率仅小幅攀升，而作为美国股市和全球股市市盈率关键的长期实际利率仍接近历史低点，”他补充道。“说到市盈率，它们站在债券市场的肩膀上。”</blockquote></p><p> Bianco expects the S&amp;P 500's PE multiple, which has been trading at about 22 times current earnings, will be sustained through next year. The firm also anticipates S&amp;P 500 companies' aggregate earnings per share (EPS) will come in at about $228 for 2022, growing by 7% from an estimated $213 level this year. This earnings view assumes no corporate tax hikes in the U.S. in 2022.</p><p><blockquote>Bianco 预计标准普尔 500 指数的市盈率（其市盈率约为当前市盈率的 22 倍）将持续到明年。该公司还预计 2022 年标普500公司的每股总收益 (EPS) 将约为 228 美元，比今年预计的 213 美元增长 7%。这一盈利观点假设 2022 年美国不会提高企业税。</blockquote></p><p> \"Our view is that the equity market, the S&amp;P, is largely fairly valued, but our preferences for a long time have remained the digital businesses — technology, communications, growth stocks in general, a preference for intangible businesses — we've argued that these types of businesses actually do provide terrific inflation protection,\" Bianco said. \"This is not the 1970s, and often, we think the best way to protect against inflation is simply to own the best quality businesses. And look for businesses that are raising productivity, rather than raising price.\"</p><p><blockquote>“我们的观点是，股票市场（标准普尔指数）的估值基本上是合理的，但我们长期以来的偏好仍然是数字业务——技术、通信、一般的成长型股票，以及对无形业务的偏好——我们认为这些类型的业务实际上确实提供了极好的通胀保护，”比安科说。“现在不是 20 世纪 70 年代，我们通常认为抵御通货膨胀的最佳方法就是拥有最优质的企业。并寻找提高生产力而不是提高价格的企业。”</blockquote></p><p> Bianco also said the firm was Overweight the health care and financials sectors, with the latter constituting a beneficiary of higher rates given the likelihood of at least one Federal Reserve interest rate hike next year.</p><p><blockquote>比安科还表示，该公司是医疗保健和金融行业的跑赢大盘，鉴于美联储明年可能至少加息一次，后者是加息的受益者。</blockquote></p><p> <i>Price target as of December 2021</i></p><p><blockquote><i>截至2021年12月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Bank of America (Target: 4,600): Look for 'inflation-protected yield'</b></p><p><blockquote><b>美国银行（目标：4,600）：寻找“通胀保值收益率”</b></blockquote></p><p> The S&amp;P 500 is poised to end 2022 slightly lower compared to present levels, according to Bank of America's Savita Subramanian.</p><p><blockquote>美国银行的 Savita Subramanian 表示，到 2022 年底，标普500将略低于目前的水平。</blockquote></p><p> The firm's 2022 outlook sees the index ending next year at 4,600, or down by 2% compared to closing prices on Dec. 22. That would come alongside slowing earnings growth, with S&amp;P 500 earnings per share set to rise just 6.5% next year, based on Subramanian's projections.</p><p><blockquote>该公司 2022 年的展望预计该指数明年收于 4,600 点，较 12 月 22 日收盘价下跌 2%。与此同时，盈利增长也将放缓，根据 Subramanian 的预测，标普500明年每股收益将仅增长 6.5%。</blockquote></p><p> Expectations for a higher discount rate serve as one of the main drivers for this outlook, with next year's predicted higher-rate environment weighing on stock valuations. Plus, as rates rise, other assets will compete for investor attention next year, Subramanian added.</p><p><blockquote>对更高贴现率的预期是这一前景的主要驱动因素之一，明年预计的更高利率环境会给股票估值带来压力。此外，随着利率上升，明年其他资产将争夺投资者的注意力，Subramanian补充道。</blockquote></p><p></p><p> \"What happens to the TINA ('There is no alternative' to stocks) argument if cash yields rival the S&amp;P 500's 1.3% dividend yield, and the 10-year yield hits 2% by YE [year-end] 2022? Dividend growth needs to keep up, thus, our theme: inflation-protected yield,\" Subramanian said. \"Inflation-protected yield favors Energy, Financials and Real Estate.\"</p><p><blockquote>“如果现金收益率与标准普尔 500 指数 1.3% 的股息收益率相媲美，并且到 2022 年 YE [年底] 10 年期收益率达到 2%，那么 TINA（‘股票别无选择’）论点会发生什么？因此，股息增长需要跟上我们的主题：通胀保值收益率，”苏布拉马尼安说。“通胀保值收益率有利于能源、金融和房地产。”</blockquote></p><p> \"What will we say when we look back at today? Probably similar comments to 2000 hindsight: lofty expectations, Wall St. stock allocations up ~20 [percentage points], retail/democratized markets, frenzied IPO activity; first Fed hike into an overvalued market. And acceptance of the unthinkable: a negative cost of equity in '00, negative real rates today.\" she said. \"But the last sign of a bubble — excessive corporate/ consumer leverage — has been transferred to the government.\"</p><p><blockquote>“当我们今天回顾时，我们会说什么？可能与 2000 年事后看来类似的评论：崇高的期望、华尔街股票配置增加了约 20 个百分点、零售/民主化市场、疯狂的 IPO 活动；美联储首次加息进入估值过高的市场。以及接受不可思议的事情：00 年股权成本为负，今天实际利率为负。”她说。“但泡沫的最后一个迹象——企业/消费者过度杠杆——已经转移到了政府身上。”</blockquote></p><p> In terms of asset classes to favor, Subramanian said prioritize commodities, then cash, then stocks and then bonds in 2022. She also said she prefers small caps versus large caps and value stocks versus growth.</p><p><blockquote>就青睐的资产类别而言，Subramanian 表示，2022 年优先考虑大宗商品，然后是现金，然后是股票，最后是债券。她还表示，她更喜欢小盘股而不是大盘股，更喜欢价值股而不是成长股。</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Goldman Sachs (Target: 5,100): 'The equity bull market will continue'</b></p><p><blockquote><b>高盛（目标：5,100）：“股票牛市将持续”</b></blockquote></p><p> Corporate profits are set to be the&nbsp;driving force for a further rise in the stock market next year,according to David Kostin, Goldman Sachs' chief U.S. equity strategist. The firm expects the S&amp;P 500 to climb to 5,100 by the end of 2022, marking a nearly 9% rise from Dec. 22's closing prices.</p><p><blockquote>高盛首席美国股票策略师大卫·科斯汀表示，企业利润将成为明年股市进一步上涨的动力。该公司预计，到 2022 年底，标普500将攀升至 5,100 辆，比 12 月 22 日的收盘价上涨近 9%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24d62556aecb6ba8e396c1bda82f9d5c\" tg-width=\"960\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>A trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange. REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS TPX IMAGES OF THE DAY)</span></p><p><blockquote><p class=\"t-img-caption\"><span>一名交易员在纽约证券交易所工作时抬头查看电脑屏幕上的图表。路透社/卢卡斯·杰克逊（美国 - 标签：商业 TPX 每日图片）</span></p></blockquote></p><p> \"Profit growth has accounted for the entire S&amp;P 500 return in 2021 and will continue to drive gains in 2022,\" wrote Kostin in a note. \"S&amp;P 500 EPS will grow by 8% to $226 in 2022 and by 4% to $236 in 2023.\"</p><p><blockquote>科斯汀在一份报告中写道：“利润增长占了 2021 年标普500的全部回报，并将继续推动 2022 年的收益。”“2022 年标普500每股收益将增长 8%，达到 226 美元，2023 年将增长 4%，达到 236 美元。”</blockquote></p><p> Companies will likely continue to expand profit margins even as input cost pressures and supply chain challenges linger, Kostin predicted, adding that he expects aggregate S&amp;P 500 company profit margins to expand by another 40 basis points to reach 12.6% next year. Still, he suggested avoiding investing in firms with high labor costs, and favoring growth stocks with high margins over low-margin or unprofitable growth stocks.</p><p><blockquote>科斯汀预测，即使投入成本压力和供应链挑战挥之不去，企业仍将继续扩大利润率，并补充说，他预计明年标普500企业总利润率将再扩大 40 个基点，达到 12.6%。尽管如此，他还是建议避免投资劳动力成本高的公司，并青睐高利润率的成长型股票，而不是低利润率或无利可图的成长型股票。</blockquote></p><p> While the economic recovery and commensurate strength in corporate profits will likely extend into next year, one key factor will shift in next year's investing environment and apply pressure to valuations, Kostin said.</p><p><blockquote>科斯汀表示，虽然经济复苏和企业利润的相应强劲可能会延续到明年，但一个关键因素将改变明年的投资环境，并给估值带来压力。</blockquote></p><p> \"The Fed will begin to hike rates in July,\" Kostin said. \"Real interest rates will rise, solidifying the ceiling on valuation multiples and driving rotations within the equity market.\"</p><p><blockquote>“美联储将于7月开始加息，”科斯汀表示。“实际利率将会上升，巩固估值倍数的上限并推动股票市场的轮动。”</blockquote></p><p> \"However, other aspects of the current equity market will persist. Real rates, while rising, will remain negative, and investor equity allocations will continue to establish record highs,\" he added. \"In contrast with our expectation during the past year, corporate tax rates will likely remain unchanged in 2022 and rise in 2023. Corporate earnings will grow and lift share prices. The equity bull market will continue.\"</p><p><blockquote>“然而，当前股市的其他方面将持续存在。实际利率虽然上升，但仍将为负，投资者股票配置将继续创下历史新高，”他补充道。“与我们过去一年的预期相反，企业税率可能会在 2022 年保持不变，并在 2023 年上升。企业盈利将增长并推高股价。股票牛市将持续下去。”</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></blockquote></p><p> —</p><p><blockquote>—</blockquote></p><p> <b>Morgan Stanley (Target: 4,400): 'O</b><b>ur key message centers around multiple contraction'</b></p><p><blockquote><b>摩根士丹利（目标：4,400）：'O</b><b>你的关键信息集中在多重收缩上</b></blockquote></p><p> Morgan Stanley thinks stocks are going down next year.</p><p><blockquote>摩根士丹利认为明年股市将会下跌。</blockquote></p><p> Mike Wilson, Morgan Stanley chief U.S. equity strategist, sees the S&amp;P 500 dipping to 4,400 next year, representing a drop of 6.3%, compared to Dec. 7's closing prices.The biggest driver of the dip will be multiple compression, with a higher-rate environment next year pressuring stock valuations as earnings growth continues at a slower rate.</p><p><blockquote>摩根士丹利首席美国股票策略师 Mike Wilson 预计明年标普500将跌至 4,400 点，较 12 月 7 日收盘价下跌 6.3%。下跌的最大驱动力将是多重压缩，随着盈利增长继续放缓，明年利率上升的环境将给股票估值带来压力。</blockquote></p><p> \"As we think about our forecasts for the year ahead, our key message centers around multiple contraction amid a continued mid-cycle de-rating, higher bond yields, and greater economic and earnings<i>uncertainty,\"</i>Wilson said in a note. \"While earnings for the overall index remain durable, there will be greater dispersion of winners and losers and growth rates will slow materially.\"</p><p><blockquote>“当我们考虑对未来一年的预测时，我们的关键信息围绕着周期中期评级持续下调、债券收益率上升以及经济和盈利增长的多重收缩<i>不确定性，”</i>威尔逊在一份说明中说。“虽然整体指数的盈利仍然持久，但赢家和输家将更加分散，增长率将大幅放缓。”</blockquote></p><p> \"While our overall earnings forecast for 2023 is about in-line with consensus ($245; 8% growth), we believe there is scope for significant dispersion — suggesting stock selection will provide plenty of opportunity in 2022 even if the index doesn't do much point to point,\" he added. \"Bottom line, 2022 will be more about stocks than sectors or styles, in our view.\"</p><p><blockquote>“虽然我们对 2023 年的总体盈利预测与共识大致一致（245 美元；增长 8%），但我们认为存在显着分散的空间——这表明即使指数没有做太多事情，股票选择也将在 2022 年提供大量机会。点对点，”他补充道。“我们认为，底线是，2022 年将更多地关注股票，而不是行业或风格。”</blockquote></p><p> As interest rates set to move higher next year, bank stocks may benefit and outperform relative to long-duration growth stocks that would see valuations most pressured by rising rates, Wilson noted. However, \"reasonably priced growth and defensive quality should hold up\" as well, he added.</p><p><blockquote>威尔逊指出，随着明年利率将走高，银行股可能会受益并优于长期成长型股票，而长期成长型股票的估值将受到利率上升的最大压力。然而，他补充说，“价格合理的增长和防御性质量也应该能保持下去”。</blockquote></p><p></p><p> \"We think the obsession with Value vs. Growth will start to die down as idiosyncratic risk becomes the key,\" Wilson said. \"Much like 2021, we could see periods of Value and Growth outperformance that is dependent on the market's current posture regarding macro growth and rates. For the moment, we have a slight bias toward Value given its higher leverage to rising interest rates and inflation, which should be with us through year-end.\"</p><p><blockquote>威尔逊表示：“我们认为，随着特殊风险成为关键，对价值与增长的痴迷将开始消退。”“就像 2021 年一样，我们可能会看到价值和增长跑赢大盘的时期，这取决于市场当前对宏观增长和利率的态势。目前，我们对价值略有偏见，因为它对利率上升和通货膨胀的杠杆作用更大，这应该会伴随我们到年底。”</blockquote></p><p> <i>Price target as of November 2021</i></p><p><blockquote><i>截至2021年11月的目标价格</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/stock-market-equity-outlook-2022-193659328.html\">Yahoo Finance</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/stock-market-equity-outlook-2022-193659328.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195213621","content_text":"Strategists have begun to deliver their outlooks for the stock market next year — and many are tempering expectations after this year's double-digit gains.\nAgainst a backdrop of vaccinations, easing lockdown measures and a broad-based economic reopening, the S&P 500 rose by about 25% in 2021 through market close on Dec. 22. The blue-chip index has also more than doubled from its March 23, 2020 nadir.\n\nThe S&P 500 is unlikely to repeat these kinds of returns next year, based on the projections of a number of pundits. With market participants pricing in at least one interest rate hike from the Federal Reserve, and an initial boost from the reopening, and monetary and fiscal stimulus fading, the easy gains for this cycle are likely in the past. And more than one strategist thinks stocks are set to decline at least modestly next year from current levels.\nHere's what some strategists from top Wall Street firms are predicting for the stock market next year.\n—\nOppenheimer (5,330): 'The noise stemming from negative projections ... should not obscure the signals of progress'\nOppenheimer strategist John Stoltzfus has struck an especially upbeat tone on stocks for 2022, projecting another year of double-digit gains as economic growth remains robust and policymakers move to address concerns over rising prices.\nOppenheimer's outlook sees the S&P 500 climbing to 5,330 by year-end 2022. This would represent an about 13.5% increase from closing prices on Dec. 22.\n\"We suggest that investors not let near-term uncertainty obfuscate progress being made as the central bank adjusts monetary policy to meet higher-than-expected inflation and as the U.S. and global economy navigate current challenges to re-openings posed by COVID-19 variants and supply chain disruptions,\" Stoltzfus wrote in a note published on Dec. 20.\n\"In our view, the noise stemming from negative projections coming from some traders, skeptics, bears and fear-mongers of late should not obscure the signals of progress that have been made societally and economically since the pandemic struck globally in March 2020 through to the current day,\" he added.\nStoltzfus noted that the firm remains overweight U.S. equities, while also \"maintaining meaningful exposure to both developed and emerging markets on expectations that an economic recovery stateside coming out of the COVID-19 emergency will help boost economic growth around the world and lead to a global economic expansion.\"\nIn terms of sectors, Oppenheimer favors information technology and cyclical stocks over defensive sectors. And in terms of style, Stoltzfus. And for investing style, Oppenheimer said it prefers a barbell approach that includes both value and growth stocks, given the backdrop of what is likely to be rising, but still historically low interest rates next year.\nPrice target as of December 2021\n—\nCredit Suisse (5,200): S&P 500 target raised 'on robust projections for economic growth'\nCredit Suisse chief U.S. equity strategist Jonathan Golub is getting more bullish on stocks for 2022.\nThe firm raised its 2022 S&P 500 price target to 5,200, from the 5,000 seen previously. The updated forecast also predicts another year of double-digit appreciation for the index, with an estimated rise of nearly 11% from closing prices on Dec. 22.\n\"This constructive outlook is based on robust projections for economic growth in both real and nominal terms, further margin upside in cyclical groups, a pickup in buybacks and a favorable discount rate despite Fed tightening,\" Golub wrote in a note.\nThe firm also raised its 2022 S&P 500 aggregate earnings per share (EPS) forecast to $235, up from the $230 seen previously. The revision assumes that a corporate tax rate increase will not take effect next year out of Washington.\nCredit Suisse is Overweight cyclical sectors including energy, materials, industrials and consumer discretionary (excluding internet retailers), given expectations for \"robust GDP and inflation\" and continued earnings momentum. The firm is market weight \"TECH+,\" or technology, internet services and internet retail firms.\n\"We would reevaluate this positioning should the yield curve flatten further, nominal growth fade, or earnings trends reverse,\" Golub wrote. \"We are downgrading Financials and Health Care to Underweight, on weaker growth prospects in 2022.\"\nPrice target as of December 2021\n—\nJPMorgan (Target 5,050): '2022 will be a strong year for economic recovery and performance of cyclical assets'\nJPMorgan sees stocks building on gains next year, albeit at a slower clip than in the last few years. And with interest rates poised to rise, cyclical areas of the market — both in the U.S. and internationally — are set to be some of the strongest performers, suggested Marko Kolanovic, chief global markets strategist at JPMorgan.\nThe firm forecasted that the S&P 500 would reach 5,050 by year-end 2022, representing a rise of about 7.5% from closing levels on Dec. 22.\n\"This represents a smaller percentage appreciation compared to our 2021 forecast; however, we do think international equities, emerging markets and cyclical market segments will significantly outperform and deliver 2-3 times higher returns,\" Kolanovic wrote. \"The reason for this is our expectation for increasing interest rates and marginally tighter monetary policy that should be a headwind for high-multiple markets such as the Nasdaq.\"\n\"Within the U.S., we like reopening and reflationary themes and beneficiaries of higher bond yields,\" he added. JPMorgan expects the yield on the benchmark 10-year note to climb to 2.25% by the end of next year.\n\"What are the risks to our view? As the recovery runs its course, markets will begin adjusting to tighter monetary conditions, a process that will likely inject volatility,\" Kolanovic added. \"There are other risks that investors will need to monitor and manage in 2022. They include increased geopolitical tensions in Europe and Asia (in particular related to Ukraine and Iran), a looming energy crisis, uncertainties around high inflation, and the path of monetary policy normalization.\"\nPrice target as of December 2021\n—\nDWS Group (Target: 5,000): 'When it comes to PE multiples, they stand on the shoulders of the bond market'\nDWS Group expects the S&P 500 will rise further into next year, supported by a combination of sustained — if slowing, earnings and economic growth — and a contained rise in rates.\n\"Our view for risk assets is simply, it should be another good year in 2022,\" David Bianco, DWS Group chief investment officer, Americas, said during a media call on Dec. 1. \"With lower inflation, slowing inflation, we should be comfortable with the idea that interest rates, both nominal and real, only climb modestly.\"\nThe firm expects to see the S&P 500 end 2022 at 5,000, growing by nearly 6.5% from closing levels on Dec. 22.\n\"So far, long-term interest rates have only climbed slightly, and long-term real interest rates which are key for the PE [price-earnings ratio] of U.S. equities and equities worldwide, they're still near all-time lows,\" he added. \"When it comes to PE multiples, they stand on the shoulders of the bond market.\"\nBianco expects the S&P 500's PE multiple, which has been trading at about 22 times current earnings, will be sustained through next year. The firm also anticipates S&P 500 companies' aggregate earnings per share (EPS) will come in at about $228 for 2022, growing by 7% from an estimated $213 level this year. This earnings view assumes no corporate tax hikes in the U.S. in 2022.\n\"Our view is that the equity market, the S&P, is largely fairly valued, but our preferences for a long time have remained the digital businesses — technology, communications, growth stocks in general, a preference for intangible businesses — we've argued that these types of businesses actually do provide terrific inflation protection,\" Bianco said. \"This is not the 1970s, and often, we think the best way to protect against inflation is simply to own the best quality businesses. And look for businesses that are raising productivity, rather than raising price.\"\nBianco also said the firm was Overweight the health care and financials sectors, with the latter constituting a beneficiary of higher rates given the likelihood of at least one Federal Reserve interest rate hike next year.\nPrice target as of December 2021\n—\nBank of America (Target: 4,600): Look for 'inflation-protected yield'\nThe S&P 500 is poised to end 2022 slightly lower compared to present levels, according to Bank of America's Savita Subramanian.\nThe firm's 2022 outlook sees the index ending next year at 4,600, or down by 2% compared to closing prices on Dec. 22. That would come alongside slowing earnings growth, with S&P 500 earnings per share set to rise just 6.5% next year, based on Subramanian's projections.\nExpectations for a higher discount rate serve as one of the main drivers for this outlook, with next year's predicted higher-rate environment weighing on stock valuations. Plus, as rates rise, other assets will compete for investor attention next year, Subramanian added.\n\"What happens to the TINA ('There is no alternative' to stocks) argument if cash yields rival the S&P 500's 1.3% dividend yield, and the 10-year yield hits 2% by YE [year-end] 2022? Dividend growth needs to keep up, thus, our theme: inflation-protected yield,\" Subramanian said. \"Inflation-protected yield favors Energy, Financials and Real Estate.\"\n\"What will we say when we look back at today? Probably similar comments to 2000 hindsight: lofty expectations, Wall St. stock allocations up ~20 [percentage points], retail/democratized markets, frenzied IPO activity; first Fed hike into an overvalued market. And acceptance of the unthinkable: a negative cost of equity in '00, negative real rates today.\" she said. \"But the last sign of a bubble — excessive corporate/ consumer leverage — has been transferred to the government.\"\nIn terms of asset classes to favor, Subramanian said prioritize commodities, then cash, then stocks and then bonds in 2022. She also said she prefers small caps versus large caps and value stocks versus growth.\nPrice target as of November 2021\n—\nGoldman Sachs (Target: 5,100): 'The equity bull market will continue'\nCorporate profits are set to be the driving force for a further rise in the stock market next year,according to David Kostin, Goldman Sachs' chief U.S. equity strategist. The firm expects the S&P 500 to climb to 5,100 by the end of 2022, marking a nearly 9% rise from Dec. 22's closing prices.\nA trader looks up at a chart on his computer screen while working on the floor of the New York Stock Exchange. REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS TPX IMAGES OF THE DAY)\n\"Profit growth has accounted for the entire S&P 500 return in 2021 and will continue to drive gains in 2022,\" wrote Kostin in a note. \"S&P 500 EPS will grow by 8% to $226 in 2022 and by 4% to $236 in 2023.\"\nCompanies will likely continue to expand profit margins even as input cost pressures and supply chain challenges linger, Kostin predicted, adding that he expects aggregate S&P 500 company profit margins to expand by another 40 basis points to reach 12.6% next year. Still, he suggested avoiding investing in firms with high labor costs, and favoring growth stocks with high margins over low-margin or unprofitable growth stocks.\nWhile the economic recovery and commensurate strength in corporate profits will likely extend into next year, one key factor will shift in next year's investing environment and apply pressure to valuations, Kostin said.\n\"The Fed will begin to hike rates in July,\" Kostin said. \"Real interest rates will rise, solidifying the ceiling on valuation multiples and driving rotations within the equity market.\"\n\"However, other aspects of the current equity market will persist. Real rates, while rising, will remain negative, and investor equity allocations will continue to establish record highs,\" he added. \"In contrast with our expectation during the past year, corporate tax rates will likely remain unchanged in 2022 and rise in 2023. Corporate earnings will grow and lift share prices. The equity bull market will continue.\"\nPrice target as of November 2021\n—\nMorgan Stanley (Target: 4,400): 'Our key message centers around multiple contraction'\nMorgan Stanley thinks stocks are going down next year.\nMike Wilson, Morgan Stanley chief U.S. equity strategist, sees the S&P 500 dipping to 4,400 next year, representing a drop of 6.3%, compared to Dec. 7's closing prices.The biggest driver of the dip will be multiple compression, with a higher-rate environment next year pressuring stock valuations as earnings growth continues at a slower rate.\n\"As we think about our forecasts for the year ahead, our key message centers around multiple contraction amid a continued mid-cycle de-rating, higher bond yields, and greater economic and earningsuncertainty,\"Wilson said in a note. \"While earnings for the overall index remain durable, there will be greater dispersion of winners and losers and growth rates will slow materially.\"\n\"While our overall earnings forecast for 2023 is about in-line with consensus ($245; 8% growth), we believe there is scope for significant dispersion — suggesting stock selection will provide plenty of opportunity in 2022 even if the index doesn't do much point to point,\" he added. \"Bottom line, 2022 will be more about stocks than sectors or styles, in our view.\"\nAs interest rates set to move higher next year, bank stocks may benefit and outperform relative to long-duration growth stocks that would see valuations most pressured by rising rates, Wilson noted. However, \"reasonably priced growth and defensive quality should hold up\" as well, he added.\n\"We think the obsession with Value vs. Growth will start to die down as idiosyncratic risk becomes the key,\" Wilson said. \"Much like 2021, we could see periods of Value and Growth outperformance that is dependent on the market's current posture regarding macro growth and rates. For the moment, we have a slight bias toward Value given its higher leverage to rising interest rates and inflation, which should be with us through year-end.\"\nPrice target as of November 2021","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698177564,"gmtCreate":1640328969963,"gmtModify":1640329417001,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698177564","repostId":"1133128856","repostType":4,"repost":{"id":"1133128856","kind":"news","pubTimestamp":1640325579,"share":"https://www.laohunote.com/m/news/1133128856?lang=zh_CN&edition=full","pubTime":"2021-12-24 13:59","market":"us","language":"en","title":"Oracle, Cerner and the Liar’s Cloud<blockquote>甲骨文、塞纳和骗子云</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133128856","media":"InvestorPlace","summary":"ORCL stock is dirt cheap for a cloud company","content":"<p><div> This was the year Oracle(NASDAQ:ORCL) was finally recognized as a cloud player. When ORCL stock hit its all-time high on Dec. 6, investors were looking at a 67% year-to-date gain. Today, shares are up...</p><p><blockquote><div>这一年，甲骨文（纳斯达克股票代码：ORCL）最终被公认为云公司。当 ORCL 股价在 12 月 6 日创下历史新高时，投资者预计今年迄今将上涨 67%。今天，股价上涨……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/\">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>Oracle, Cerner and the Liar’s Cloud<blockquote>甲骨文、塞纳和骗子云</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\">\nOracle, Cerner and the Liar’s Cloud<blockquote>甲骨文、塞纳和骗子云</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-24 13:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> This was the year Oracle(NASDAQ:ORCL) was finally recognized as a cloud player. When ORCL stock hit its all-time high on Dec. 6, investors were looking at a 67% year-to-date gain. Today, shares are up...</p><p><blockquote><div>这一年，甲骨文（纳斯达克股票代码：ORCL）最终被公认为云公司。当 ORCL 股价在 12 月 6 日创下历史新高时，投资者预计今年迄今将上涨 67%。今天，股价上涨……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/\">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/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/\">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":{"ORCL":"甲骨文"},"source_url":"https://investorplace.com/2021/12/orcl-stock-oracle-cerner-and-the-liars-cloud/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133128856","content_text":"This was the year Oracle(NASDAQ:ORCL) was finally recognized as a cloud player. When ORCL stock hit its all-time high on Dec. 6, investors were looking at a 67% year-to-date gain. Today, shares are up a little more than 40%, thanks in part to the omicron downdraft but also thanks to Oracle’s purchase of Cerner(NASDAQ:CERN) for $28.3 billion.\nIt’s an all-cash deal that will require Oracle to do some borrowing. At the end of November, Oracle listed about $23 billion in cash and marketable securities against $74.4 billion of non-current borrowings.\nThe acquisition of Cerner gives Oracle a hefty piece of the health IT market, behind only privately held Epic Systems. Oracle’s spin is that the move makes it a major player in the health cloud.\nThe Liar’s Cloud\nOracle was late to the cloud, which is built on open-source software and cheap, standardized chips.\nCo-founder Larry Ellison, who at 77 still directs the company and is its largest shareholder, openly opposed open source. Most notoriously,Oracle bought Sun Microsystems, a major open-source sponsor in 2009. After the deal closed, Oracle sought to make Sun’s open-source tools proprietary. It even fought a decade-long battle in court with Google for Java revenues,which it lost this year before the Supreme Court.\nSince embracing the cloud, however, Oracle’s fortunes have risen, as have Ellison’s. He’s now a centibillionaire,worth $122.5 billion.\nCritics call Oracle’s products a “fake cloud.” Oracle’s proprietary tools are still embedded in it. Ellison calls it an “autonomous cloud.” This has created a form of “liar’s poker” in the cloud.\nAs long-time analyst Matt Asay wrote recently, nearly one-third of information technology (IT) professionals say they’re “cloud native” and another 37% say they plan to be in two to three years. But only around 6% of IT spending today is on cloud services. Saying you like the savings of open-source cloud and taking full advantage of those savings are two different things.\nHealth Care Control\nThis split between what is done and what is said is especially prevalent in health care.\nIn theory, your health care data is yours. In practice, it belongs to the hospital group collecting it. Federal law is very strict on sharing it. This slowed cloud adoption, along with the initial cost of installing non-cloud solutions early in the 2010s.\nCerner CEO David Feinberg has been fighting this battle for years. He only joined Cerner in October. Previously, he worked at Alphabet(NASDAQ:GOOG, GOOGL), where he led Google Health.\nThis deal clips the company to a semi-proprietary cloud operator. Cerner has been a large customer for Amazon (NASDAQ:AMZN) Web services. Eventually, most of that revenue will move to Oracle.\nStill, the deal could be huge for both Oracle and Cerner customers. Oracle will be offering those customers the protection of a proprietary operation, along with the cloud halo. Cerner’s current software is closely integrated with that of Microsoft(NASDAQ:MSFT). Oracle will now benefit from that integration.\nThe Bottom Line on ORCL Stock\nFor a cloud company, ORCL stock is still dirt cheap. Its market cap is less than 6 times fiscal 2021 revenue of $40 billion. That’s because revenue hasn’t advanced much since 2018, when it was $39.4 billion.\nCloud has yet to show itself in Oracle’s revenue because much of Oracle remains tied to old-fashioned data centers. Cerner offers instant growth, with $5.8 billion in revenue estimated for this year.  It also offers huge opportunities in the cloud-hesitant world of health care, where Amazon, Microsoft and Alphabet have seen only limited success for a decade.\nHealth care companies are less interested in the savings of the cloud than its flexibility. Control over data remains paramount. That’s what kept the large IT players out of health care for so long. The Oracle-Cerner deal is the first break in that dam. While it’s not as big as Oracle advertises, it’s a sign of things to come.","news_type":1,"symbols_score_info":{"CERN":0.9,"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698174387,"gmtCreate":1640328779723,"gmtModify":1640329328593,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698174387","repostId":"1107827800","repostType":4,"repost":{"id":"1107827800","kind":"news","pubTimestamp":1640326128,"share":"https://www.laohunote.com/m/news/1107827800?lang=zh_CN&edition=full","pubTime":"2021-12-24 14:08","market":"us","language":"en","title":"Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107827800","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a growing company in a growing economy.\nAt this stage, the company should be","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a growing company in a growing economy.</li>  <li>At this stage, the company should be judged on its growth, not earnings.</li>  <li>The recent fall in price makes the stock look attractive when compared to similar growth stories.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f48c8d49ed462ac489fe8f5fa91f5691\" tg-width=\"1536\" tg-height=\"1031\" width=\"100%\" height=\"auto\"><span>FreshSplash/E+ via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家在不断增长的经济中成长的公司。</li><li>现阶段，应该根据公司的增长而不是盈利来判断公司。</li><li>与类似的增长故事相比，最近的价格下跌使该股看起来很有吸引力。</li></ul><p class=\"t-img-caption\"><span>FreshSplash/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文总结</b></blockquote></p><p> Sea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.</p><p><blockquote>Sea Limited (SE) 是划分房间的公司之一。该股是 2020/2021 年表现最好的股票之一，但在普遍抛售之后，该股已从历史高点下跌了 30% 以上，这种情况在成长型股票中最为明显。</blockquote></p><p> However, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.</p><p><blockquote>然而，Sea 的基本面增长故事仍然强劲，目前其亏损的事实不应困扰投资者。如果我们单独看每个细分市场，就会发现有很多值得喜欢的地方，而且可以争论比现在高得多的价格。最后一点，中国央行、中国人民银行和整体宏观经济趋势最近的政策变化也应该有助于Sea。</blockquote></p><p> <b>A Quick Recap</b></p><p><blockquote><b>快速回顾</b></blockquote></p><p> Sea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.</p><p><blockquote>Sea Limited 有三个主要部门；数字娱乐（Garena）、金融服务（SeaMoney）和电子商务（Shopee）。这就是他们上个季度的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cd726650027bd5d269b8fe1f0dd0b14\" tg-width=\"1280\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：投资者介绍</span></p></blockquote></p><p> As we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.</p><p><blockquote>正如我们所看到的，数字娱乐是唯一带来经营利润的细分市场。与此同时，电子商务和数字金融正在亏损。然而，目前的增长率证明了投资的合理性。Shopee 的 GMV 同比增长 81%，通过 SeaMoney 处理的 TPV 同比增长 111%。</blockquote></p><p> Despite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.</p><p><blockquote>尽管全面增长强劲，但 Sea Limited 在过去几周大幅下跌，为我们提供了一个绝佳的机会来购买一只具有令人难以置信的吸引力的基本面增长故事的股票。</blockquote></p><p> <b>Growth And Profitability Prospects</b></p><p><blockquote><b>增长及盈利前景</b></blockquote></p><p> Firstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.</p><p><blockquote>首先，我们来谈谈Sea的主要地理市场；东南亚。海洋经济不仅正在经历快速增长，而且正在经历数字化，这对东南亚来说是一个非常好的兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/626a6dc7b34175282aeba7740413ede1\" tg-width=\"1280\" tg-height=\"521\" width=\"100%\" height=\"auto\"><span>Source: SEA Economy Report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：海洋经济报告</span></p></blockquote></p><p> By 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some&nbsp;countries like Brazil.</p><p><blockquote>到2025年，互联网经济的GMV有望超过3000亿美元。印度尼西亚、越南和泰国将成为增长最快的互联网经济体，这些都是该公司拥有强大影响力的地区。最重要的是，Sea 还在向拉丁美洲扩张，在巴西等一些国家挑战并超越了 MercadoLibre (MELI)。</blockquote></p><p> Shopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.</p><p><blockquote>Shopee和SeaMoney将携手成长。随着Shopee的发展，更多的商家和消费者将被拉入SeaMoney生态系统，该生态系统不仅允许数字支付，还可以帮助商家和消费者获得融资。当然，目前该公司正专注于扩张，但我们非常清楚电子商务和数字金融都可能是利润丰厚的领域。</blockquote></p><p> Garena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out&nbsp;that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.</p><p><blockquote>负责创造Free Fire的Garena正在走另一条道路。用户增长放缓，这是事实，但变现空间依然很大。该公司在这方面朝着正确的方向迈出了一步，发布了该游戏的高级版本Free Fire MAX。JR Research 在最近一篇关于 Seeking Alpha 的文章中指出，Garena 继续提高付费用户与活跃用户的比例，这些用户也在增长，尽管速度较慢。</blockquote></p><p> <b>Comparative Valuation</b></p><p><blockquote><b>比较估值</b></blockquote></p><p> With all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.</p><p><blockquote>综上所述，我确实觉得有时 Sea Limited 会受到不公平的评判，正是因为 Free Fire 拥有如此成功且盈利的细分市场。投资者经常查看 Sea 的盈利并抱怨其增长速度不够快，但这不是该公司的目标。如果 Shopee 或 SeaMoney 作为“令人兴奋且快速增长的初创企业”单独交易，投资者对估值的要求就不会那么苛刻了。</blockquote></p><p> Sea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:</p><p><blockquote>Sea Limited 是一家成长型经济体中的成长型公司，应该根据其增长和收入来判断，而不是根据其盈利来判断：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabf7759dd81e88d0603fc2f17137235\" tg-width=\"905\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：Seeking Alpha</span></p></blockquote></p><p></p><p> Above we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.</p><p><blockquote>上面我们可以看到 Sea 的估值比率以及我认为的一些类似公司，尽管我确信这将是一个有争议的点。Meli在电子商务和履行领域与Sea正面竞争。Roblox（RBLX）是一款冉冉升起的游戏/平台，堪比Free Fire。Shopify Inc.（纽约证券交易所股票代码：SHOP）具有一些独特的特征，但它在许多方面也与 Sea 相似。它提供了一个电子商务平台，帮助商家销售他们的产品，Shopify Pay与SeaMoney相当。此外，所有这些公司都是高成长性公司，Sea在这方面是最好的。</blockquote></p><p> In terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.</p><p><blockquote>不过，就市盈率和电动汽车销售额而言，Sea 比其他公司都便宜，除了 Meli。此外，我喜欢Sea的价格/账单与Shopify一致。可以说，这些其他公司可以说被高估了，但这里的想法是将这些公司相互比较。</blockquote></p><p> Ultimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.</p><p><blockquote>最终，Sea 的增长速度令人难以置信，尽管它并不“盈利”，但我们知道它正在建立一种将会盈利的商业模式。考虑到所有这些，14 的市盈率似乎很有吸引力，而且该比率低于最近 20 左右的平均水平。</blockquote></p><p> <b>Other Considerations</b></p><p><blockquote><b>其他考虑因素</b></blockquote></p><p> Some investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the&nbsp;key benchmark lending rate cut last week.</p><p><blockquote>一些投资者可能认为，随着美联储收紧货币政策，现在不是一个好时机。这里的第一个问题是：美联储能收紧多久？我们在2018年之前就看过这场比赛，我们知道它会如何结束。但更重要的是，在美联储收紧的同时，中国人民银行正在放松货币政策，正如我们上周看到的关键基准贷款利率下调。</blockquote></p><p> What does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.</p><p><blockquote>这对大海意味着什么？效果尚不清楚。该地区的宽松信贷将有助于公司及其客户，但汇率呢？其中一些国家试图保持与主要货币的挂钩，因此这种情况可能不会改变。这表明东南部经济体可能不得不跟随美联储收紧货币政策，以捍卫这一汇率。</blockquote></p><p> And lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.</p><p><blockquote>最后，如果COVID全面回归怎么办？同样，影响也不清楚。在许多方面，即使整体经济受到影响，Sea 的业务也可以因此得到改善。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Nothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.</p><p><blockquote>近几个月来，Sea Limited 除了股价之外没有太大变化，如果我不指出这个买入机会，那就是我的失职。该公司正在所有领域扩张，甚至提高盈利能力，尽管这并不那么重要。我很高兴看到这只股票 2022 年的走势。</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>Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</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\">\nSea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-24 14:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a growing company in a growing economy.</li>  <li>At this stage, the company should be judged on its growth, not earnings.</li>  <li>The recent fall in price makes the stock look attractive when compared to similar growth stories.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f48c8d49ed462ac489fe8f5fa91f5691\" tg-width=\"1536\" tg-height=\"1031\" width=\"100%\" height=\"auto\"><span>FreshSplash/E+ via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家在不断增长的经济中成长的公司。</li><li>现阶段，应该根据公司的增长而不是盈利来判断公司。</li><li>与类似的增长故事相比，最近的价格下跌使该股看起来很有吸引力。</li></ul><p class=\"t-img-caption\"><span>FreshSplash/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文总结</b></blockquote></p><p> Sea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.</p><p><blockquote>Sea Limited (SE) 是划分房间的公司之一。该股是 2020/2021 年表现最好的股票之一，但在普遍抛售之后，该股已从历史高点下跌了 30% 以上，这种情况在成长型股票中最为明显。</blockquote></p><p> However, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.</p><p><blockquote>然而，Sea 的基本面增长故事仍然强劲，目前其亏损的事实不应困扰投资者。如果我们单独看每个细分市场，就会发现有很多值得喜欢的地方，而且可以争论比现在高得多的价格。最后一点，中国央行、中国人民银行和整体宏观经济趋势最近的政策变化也应该有助于Sea。</blockquote></p><p> <b>A Quick Recap</b></p><p><blockquote><b>快速回顾</b></blockquote></p><p> Sea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.</p><p><blockquote>Sea Limited 有三个主要部门；数字娱乐（Garena）、金融服务（SeaMoney）和电子商务（Shopee）。这就是他们上个季度的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cd726650027bd5d269b8fe1f0dd0b14\" tg-width=\"1280\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：投资者介绍</span></p></blockquote></p><p> As we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.</p><p><blockquote>正如我们所看到的，数字娱乐是唯一带来经营利润的细分市场。与此同时，电子商务和数字金融正在亏损。然而，目前的增长率证明了投资的合理性。Shopee 的 GMV 同比增长 81%，通过 SeaMoney 处理的 TPV 同比增长 111%。</blockquote></p><p> Despite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.</p><p><blockquote>尽管全面增长强劲，但 Sea Limited 在过去几周大幅下跌，为我们提供了一个绝佳的机会来购买一只具有令人难以置信的吸引力的基本面增长故事的股票。</blockquote></p><p> <b>Growth And Profitability Prospects</b></p><p><blockquote><b>增长及盈利前景</b></blockquote></p><p> Firstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.</p><p><blockquote>首先，我们来谈谈Sea的主要地理市场；东南亚。海洋经济不仅正在经历快速增长，而且正在经历数字化，这对东南亚来说是一个非常好的兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/626a6dc7b34175282aeba7740413ede1\" tg-width=\"1280\" tg-height=\"521\" width=\"100%\" height=\"auto\"><span>Source: SEA Economy Report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：海洋经济报告</span></p></blockquote></p><p> By 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some&nbsp;countries like Brazil.</p><p><blockquote>到2025年，互联网经济的GMV有望超过3000亿美元。印度尼西亚、越南和泰国将成为增长最快的互联网经济体，这些都是该公司拥有强大影响力的地区。最重要的是，Sea 还在向拉丁美洲扩张，在巴西等一些国家挑战并超越了 MercadoLibre (MELI)。</blockquote></p><p> Shopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.</p><p><blockquote>Shopee和SeaMoney将携手成长。随着Shopee的发展，更多的商家和消费者将被拉入SeaMoney生态系统，该生态系统不仅允许数字支付，还可以帮助商家和消费者获得融资。当然，目前该公司正专注于扩张，但我们非常清楚电子商务和数字金融都可能是利润丰厚的领域。</blockquote></p><p> Garena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out&nbsp;that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.</p><p><blockquote>负责创造Free Fire的Garena正在走另一条道路。用户增长放缓，这是事实，但变现空间依然很大。该公司在这方面朝着正确的方向迈出了一步，发布了该游戏的高级版本Free Fire MAX。JR Research 在最近一篇关于 Seeking Alpha 的文章中指出，Garena 继续提高付费用户与活跃用户的比例，这些用户也在增长，尽管速度较慢。</blockquote></p><p> <b>Comparative Valuation</b></p><p><blockquote><b>比较估值</b></blockquote></p><p> With all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.</p><p><blockquote>综上所述，我确实觉得有时 Sea Limited 会受到不公平的评判，正是因为 Free Fire 拥有如此成功且盈利的细分市场。投资者经常查看 Sea 的盈利并抱怨其增长速度不够快，但这不是该公司的目标。如果 Shopee 或 SeaMoney 作为“令人兴奋且快速增长的初创企业”单独交易，投资者对估值的要求就不会那么苛刻了。</blockquote></p><p> Sea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:</p><p><blockquote>Sea Limited 是一家成长型经济体中的成长型公司，应该根据其增长和收入来判断，而不是根据其盈利来判断：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabf7759dd81e88d0603fc2f17137235\" tg-width=\"905\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：Seeking Alpha</span></p></blockquote></p><p></p><p> Above we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.</p><p><blockquote>上面我们可以看到 Sea 的估值比率以及我认为的一些类似公司，尽管我确信这将是一个有争议的点。Meli在电子商务和履行领域与Sea正面竞争。Roblox（RBLX）是一款冉冉升起的游戏/平台，堪比Free Fire。Shopify Inc.（纽约证券交易所股票代码：SHOP）具有一些独特的特征，但它在许多方面也与 Sea 相似。它提供了一个电子商务平台，帮助商家销售他们的产品，Shopify Pay与SeaMoney相当。此外，所有这些公司都是高成长性公司，Sea在这方面是最好的。</blockquote></p><p> In terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.</p><p><blockquote>不过，就市盈率和电动汽车销售额而言，Sea 比其他公司都便宜，除了 Meli。此外，我喜欢Sea的价格/账单与Shopify一致。可以说，这些其他公司可以说被高估了，但这里的想法是将这些公司相互比较。</blockquote></p><p> Ultimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.</p><p><blockquote>最终，Sea 的增长速度令人难以置信，尽管它并不“盈利”，但我们知道它正在建立一种将会盈利的商业模式。考虑到所有这些，14 的市盈率似乎很有吸引力，而且该比率低于最近 20 左右的平均水平。</blockquote></p><p> <b>Other Considerations</b></p><p><blockquote><b>其他考虑因素</b></blockquote></p><p> Some investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the&nbsp;key benchmark lending rate cut last week.</p><p><blockquote>一些投资者可能认为，随着美联储收紧货币政策，现在不是一个好时机。这里的第一个问题是：美联储能收紧多久？我们在2018年之前就看过这场比赛，我们知道它会如何结束。但更重要的是，在美联储收紧的同时，中国人民银行正在放松货币政策，正如我们上周看到的关键基准贷款利率下调。</blockquote></p><p> What does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.</p><p><blockquote>这对大海意味着什么？效果尚不清楚。该地区的宽松信贷将有助于公司及其客户，但汇率呢？其中一些国家试图保持与主要货币的挂钩，因此这种情况可能不会改变。这表明东南部经济体可能不得不跟随美联储收紧货币政策，以捍卫这一汇率。</blockquote></p><p> And lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.</p><p><blockquote>最后，如果COVID全面回归怎么办？同样，影响也不清楚。在许多方面，即使整体经济受到影响，Sea 的业务也可以因此得到改善。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Nothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.</p><p><blockquote>近几个月来，Sea Limited 除了股价之外没有太大变化，如果我不指出这个买入机会，那就是我的失职。该公司正在所有领域扩张，甚至提高盈利能力，尽管这并不那么重要。我很高兴看到这只股票 2022 年的走势。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476595-sea-limited-an-early-christmas-gift\">Seeking Alpha</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":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4476595-sea-limited-an-early-christmas-gift","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107827800","content_text":"Summary\n\nSea Limited is a growing company in a growing economy.\nAt this stage, the company should be judged on its growth, not earnings.\nThe recent fall in price makes the stock look attractive when compared to similar growth stories.\n\nFreshSplash/E+ via Getty Images\nThesis Summary\nSea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.\nHowever, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.\nA Quick Recap\nSea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.\nSource: Investor Presentation\nAs we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.\nDespite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.\nGrowth And Profitability Prospects\nFirstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.\nSource: SEA Economy Report\nBy 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some countries like Brazil.\nShopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.\nGarena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.\nComparative Valuation\nWith all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.\nSea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:\nData Source: Seeking Alpha\nAbove we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.\nIn terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.\nUltimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.\nOther Considerations\nSome investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the key benchmark lending rate cut last week.\nWhat does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.\nAnd lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.\nTakeaway\nNothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698175819,"gmtCreate":1640328720441,"gmtModify":1640329016718,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698175819","repostId":"2193121906","repostType":4,"isVote":1,"tweetType":1,"viewCount":1332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698175927,"gmtCreate":1640328692361,"gmtModify":1640329016529,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698175927","repostId":"1126351388","repostType":4,"repost":{"id":"1126351388","kind":"news","pubTimestamp":1640327311,"share":"https://www.laohunote.com/m/news/1126351388?lang=zh_CN&edition=full","pubTime":"2021-12-24 14:28","market":"us","language":"en","title":"XPeng: Forecasting Its Expansion Into Robotaxi<blockquote>小鹏汽车：预测向机器人出租车扩张</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126351388","media":"Seeking Alpha","summary":"Summary\n\nXPeng is poised to disrupt the incumbent robotaxi and ride-hailing firms.\nUsing an AI-centr","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>XPeng is poised to disrupt the incumbent robotaxi and ride-hailing firms.</li>  <li>Using an AI-centric approach with small sensors, XPeng will be able to operate at a substantially lower cost.</li>  <li>Winning a market share of the ride-hailing industry implies significant upside valuation potential for XPEV.</li> </ul> XPeng Motors (XPEV) recently announced the company will launch a pilot program for autonomous driving ride-hailing service in the second half of 2022. This announcement generated multiple positive news articles, and the company's valuation rose in response. However, most if not all articles failed to appreciate a significant implication. XPeng will be the first vehicle manufacturer to enter the autonomous ride-hailing market with its mass-market production vehicles. With this announcement, XPeng implies their privately-owned vehicles will be able to match the autonomous capabilities of robotaxi firms like Waymo, Cruise, or Baidu (BIDU), and that XPeng can generate similar revenues without the added cost of robotaxi retrofit and potentially the cost of the vehicles themselves. With its substantial cost advantages, the company is poised to capture a large portion of the ride-hailing market and realize a significant valuation upside.</p><p><blockquote><ul><li>小鹏汽车准备颠覆现有的机器人出租车和叫车公司。</li><li>使用以人工智能为中心的小型传感器方法，小鹏汽车将能够以大大降低的成本运营。</li><li>赢得网约车行业的市场份额意味着XPEV的估值潜力巨大。</li></ul>小鹏汽车（XPEV）近日宣布，公司将于2022年下半年启动自动驾驶打车服务试点项目。这一公告引发了多篇正面新闻文章，公司估值应声上涨。然而，大多数（如果不是全部的话）文章都没有意识到一个重要的含义。小鹏汽车将成为第一家凭借其量产车辆进入自动驾驶网约车市场的汽车制造商。通过这一公告，小鹏汽车暗示其私有车辆将能够与 Waymo、Cruise 或百度 (BIDU) 等机器人出租车公司的自动驾驶能力相匹配，并且小鹏汽车可以在不增加机器人出租车改装成本的情况下产生类似的收入。以及车辆本身的潜在成本。凭借其巨大的成本优势，该公司有望占领网约车市场的很大一部分，并实现显著的估值上升空间。</blockquote></p><p> <b>Assumptions</b></p><p><blockquote><b>假设</b></blockquote></p><p> Here, I make a large assumption that the pilot program will take two years to complete, and full-scale commercial operations and revenue generations will begin at the start of 2025. There exists a large degree of uncertainty with this timeline. It is largely dependent on the pace of ADAS technology development and regulatory approvals.</p><p><blockquote>在这里，我做了一个很大的假设，试点计划将需要两年时间来完成，全面的商业运营和创收将在2025年初开始。这个时间表存在很大程度的不确定性。这在很大程度上取决于 ADAS 技术开发和监管批准的速度。</blockquote></p><p> XPeng has recently released the Xpilot 3.5 system with the model P5. There are multiple YouTube videos where professional reviewers ride the city NGP (Navigation Guided Pilot) 3.5 system. Here's a&nbsp;video&nbsp;clip during the XPeng Tech Day. The demonstrations consistently navigated challenging routes with few disengagements. The reviewers unanimously found the system impressive. XPeng also announced the release of the Xpilot 4.0 system with its new SUV model G9. The company expects that the 4.0 system will be live in 2023 and will be able to autonomously pilot almost all roads in China with zero disengagements. Such performance will be technologically sufficient to operate a robotaxi business.</p><p><blockquote>小鹏汽车最近在P5车型上发布了Xpilot 3.5系统。有多个YouTube视频，专业评论员乘坐城市NGP（导航引导飞行员）3.5系统。这是小鹏科技日期间的视频剪辑。示威活动始终走在具有挑战性的路线上，几乎没有脱离接触。评论者一致认为该系统令人印象深刻。小鹏还宣布其新款SUV车型G9发布Xpilot 4.0系统。该公司预计4.0系统将于2023年上线，并将能够在中国几乎所有道路上自动驾驶，零干扰。这样的性能在技术上将足以运营机器人出租车业务。</blockquote></p><p> We have seen past timelines with Baidu Apollo and Pony.ai services. In November, the city of Beijing granted full commercial operation licenses to robotaxi services. It had taken a little over two years from pilot debut to limited commercialization. Baidu expects other major cities to follow Beijing's lead early next year. If XPeng is to follow the timeline, it can expect to receive commercial licenses for revenue generation in early 2025. However, Baidu and regulators have been exploring a nascent industry and building a regulatory framework. I believe it is likely that the approval of XPeng robotaxis will be considerably faster, as the approval process can take advantage of existing guidelines.</p><p><blockquote>我们已经看到了百度 Apollo 和 Pony.ai 服务的过去时间表。11月，北京市授予机器人出租车服务全面商业运营许可证。从试点首次亮相到有限商业化，花了两年多一点的时间。百度预计明年初其他主要城市将效仿北京的做法。如果小鹏汽车按照时间表行事，预计将在 2025 年初获得商业创收许可证。然而，百度和监管机构一直在探索一个新兴行业并构建监管框架。我相信小鹏机器人出租车的审批可能会快得多，因为审批过程可以利用现有的指导方针。</blockquote></p><p> Therefore, the trends of XPeng's ADAS technology and China's regulatory framework both support the assumption of 2025 revenue realization, and this assumption may be conservative.</p><p><blockquote>因此，小鹏ADAS技术的趋势和中国的监管框架都支持2025年实现收入的假设，而这个假设可能是保守的。</blockquote></p><p> <b>Revenue and CostRobotaxi Economics</b></p><p><blockquote><b>收入和成本出租车经济学</b></blockquote></p><p> After receiving commercial licenses, Baidu has announced that it is charging above-market fees. Baidu has a limited number of commercial licenses, and the demand is excessive due to the novelty factor. As it scales into larger operations, the fee structure is likely to come down and undercut the main competitor DiDi (DIDI), which charges $.7 - $2/mile depending on a variety of factors and level of service. For comparable service to Baidu Apollo cars in operation, DiDi charges about $1/mile, according to Lux Research Inc's articleThe Economics of Robotaxis.</p><p><blockquote>在获得商业许可证后，百度宣布收取高于市场的费用。百度的商业牌照数量有限，由于新奇因素，需求过剩。随着它扩展到更大的业务，收费结构可能会下降，并削弱主要竞争对手滴滴（DIDI），滴滴根据各种因素和服务水平的收费为每英里0.7-2美元。根据 Lux Research Inc. 的文章《机器人出租车的经济学》，滴滴提供的服务可与百度 Apollo 汽车相当，每英里收费约 1 美元。</blockquote></p><p> The article also estimates a robotaxi costs $0.28/mile to operate in China. On paper, Baidu should be able to maintain a healthy profit margin, charge lower than DiDi, and gain significant market share. If we examine the cost trends, the advantages of robotaxi widen even further. The largest cost driver of DiDi is labor, which is rising in China and around the world. Out of the operation costs of robotaxis, maintenance cost is expected to trend down as EV quality improves. Insurance cost is expected to trend down as large robotaxi firms can insure their own operations. Added value cost is expected to trend down as the autonomous driving sensors are falling sharply in prices. Vehicle cost may rise moderately but the economy of scale should keep the rate of materials inflation under that of wage inflation. Therefore, Lux Research Inc concludes, and I agree, that robotaxi operations will be disruptive to incumbent ride-hailing companies. However, how does XPeng fit into this picture?</p><p><blockquote>文章还估计，机器人出租车在中国的运营成本为0.28美元/英里。理论上，百度应该能够保持健康的利润率，收费低于滴滴，并获得可观的市场份额。如果我们考察成本趋势，机器人出租车的优势会进一步扩大。滴滴最大的成本驱动因素是劳动力，劳动力在中国和世界各地都在上升。在机器人出租车的运营成本中，随着电动汽车质量的提高，维护成本预计将呈下降趋势。随着大型机器人出租车公司可以为自己的运营投保，保险费用预计将呈下降趋势。随着自动驾驶传感器价格大幅下降，增值成本预计将呈下降趋势。车辆成本可能会适度上涨，但规模经济应该使材料通胀率低于工资通胀率。因此，Lux Research Inc 的结论是，我也同意，机器人出租车运营将对现有的打车公司造成颠覆性影响。然而，小鹏如何融入这幅画面呢？</blockquote></p><p> <b>XPeng Disruptions</b></p><p><blockquote><b>小鹏汽车中断</b></blockquote></p><p></p><p> The cost analysis shows XPeng's robotaxis will further disrupt the nascent robotaxi companies. XPeng vehicles with Xpilot 4.0 do not require retrofit to operate as a robotaxi. Lux Research estimates the robotaxis like the Baidu Apollo cost about $0.15/mile to operate in terms of vehicle and added value retrofit costs. In June 2021, Baidu announced its Apollo Moon robotaxi will cost 480,000 yuan ($75,000) to produce, according to thisNikkei articleand other publications. On the other hand, the XPeng G9 with XPilot 4.0 is expected to cost between 350,000 to 400,000 yuan to the consumers. If we roughly estimate 15% profit margin and 15% selling and marketing costs, the G9 costs XPeng approximately between 245,000 to 280,000 yuan to produce. Therefore, XPeng will be able to operate with 42-49% less vehicle cost compared to Baidu Apollo.</p><p><blockquote>成本分析表明，小鹏的机器人出租车将进一步颠覆新兴的机器人出租车公司。配备 Xpilot 4.0 的小鹏汽车无需改装即可作为机器人出租车运行。Lux Research估计，就车辆和增值改造成本而言，像百度Apollo这样的机器人出租车的运营成本约为0.15美元/英里。据《日经新闻》文章和其他出版物报道，2021 年 6 月，百度宣布其 Apollo Moon 机器人出租车的生产成本为 48 万元人民币（7.5 万美元）。另一方面，搭载XPilot 4.0的小鹏G9，消费者预计售价在35万至40万元之间。如果我们粗略估计15%的利润率和15%的销售和营销成本，小鹏汽车G9的生产成本约为24.5万至28万元。因此，与百度Apollo相比，小鹏汽车的运营成本将降低42-49%。</blockquote></p><p> Furthermore, XPeng robotaxi can potentially operate without a vehicle cost at all. By 2025, there are expected to be hundreds of thousands of XPeng EVs on the road that can operate as robotaxi with an OTA update. Just as Uber and DiDi hire gig drivers, XPeng can theoretically hire private autonomous cars and pay the owners a share of the revenue.</p><p><blockquote>此外，小鹏robotaxi有可能在没有车辆成本的情况下运行。到2025年，预计将有数十万辆小鹏电动汽车上路，可以通过OTA更新作为机器人出租车运营。就像优步和滴滴雇佣零工司机一样，小鹏汽车理论上可以雇佣私人自动驾驶汽车，并向车主支付一部分收入。</blockquote></p><p> Finally, robotaxi companies like Baidu must maintain high margins to bear its significant overhead costs in R&amp;D and SGA. XPeng Motors vehicle sales bear the majority of the R&amp;D and SGA costs. Additional indirect costs from robotaxi business should be a small fraction of the cost structure of incumbent ride-hailing companies. If XPeng is to launch robotaxi today, it can theoretically charge $0.50/mile at a cost of $0.205/mile. (Its vehicle cost is $0.075/mile cheaper than Baidu, which cost about $0.28/mile to operate.) Such a price point cannot be matched by Baidu or DiDi and will substantially displace their market share. In fact, DiDi's breakeven price point is most likely higher than $0.90/mile. Therefore, I conclude it is likely that XPeng will be charge half of the fees of Baidu and DiDi and still maintain healthy profit margins.</p><p><blockquote>最后，像百度这样的机器人出租车公司必须保持高利润率，以承担其在研发和SGA方面的巨额管理费用。小鹏汽车的汽车销售承担了大部分研发和SGA成本。机器人出租车业务产生的额外间接成本应该只占现有网约车公司成本结构的一小部分。如果小鹏今天推出robotaxi，理论上可以以0.205美元/英里的成本收取0.50美元/英里的费用。（它的车辆成本比运营成本约为0.28美元/英里的百度便宜0.075美元/英里。）这样的价位是百度或滴滴无法比拟的，将大幅取代它们的市场份额。事实上，滴滴的盈亏平衡点很可能高于0.90美元/英里。因此，我的结论是，小鹏汽车很可能会收取百度和滴滴一半的费用，但仍然保持健康的利润率。</blockquote></p><p> <b>Market Trends and Projections</b></p><p><blockquote><b>市场趋势和预测</b></blockquote></p><p> Robotaxis are expected to disrupt the ride-hailing industry. Major players like DiDi and Uber (UBER) are aware of this future trend and have spent billions developing autonomy technology themselves. As technologies mature, autonomous vehicles will also be able to encroach into the food delivery business. As a side note, XPeng holds a unique advantage with its advanced robotics division. It is in the process of bringing to market a robotic pony with autonomous terrain navigation capabilities.&nbsp;An online video&nbsp;shows it is currently able to deliver objects around XPeng's office by voice command. Robotics can enable a robotaxi to bridge the gap between the road and the delivery destination.</p><p><blockquote>机器人出租车有望颠覆打车行业。滴滴和优步（Uber）等主要参与者意识到了这一未来趋势，并已花费数十亿美元自己开发自动驾驶技术。随着技术的成熟，自动驾驶汽车也将能够侵入食品配送业务。顺便一提，小鹏汽车凭借其先进的机器人部门拥有独特的优势。它正在将具有自主地形导航功能的机器人小马推向市场。一段在线视频显示，它目前能够通过语音命令在小鹏办公室周围传递物体。机器人技术可以使机器人出租车能够弥合道路和送货目的地之间的差距。</blockquote></p><p> Following is a graph of the estimated Total Addressable Market of&nbsp;ride-hailing&nbsp;and&nbsp;food delivery&nbsp;in China, according to statista.com.<img src=\"https://static.tigerbbs.com/e4bc4ab7e29a5f0b49cfd35d781f4597\" tg-width=\"606\" tg-height=\"382\" width=\"100%\" height=\"auto\">With the assumption that XPeng gains regulatory licenses in 2025, I estimate XPeng Robotaxi business will grow rapidly and hold significant market share in the ride-hailing market and substantial market share in the food delivery market by 2028. Thereafter, XPeng may experience slower growth once other vehicle systems reach sufficient autonomy. I expect XPeng Robotaxi's profit margins will be lower than DiDi's as XPeng pushes a low-cost strategy to displace incumbents. I expect as much as 90% of earnings after taxes will be pure free cash flow, as R&amp;D and SGA costs attributed to the robotaxi division will be low.</p><p><blockquote>根据 statista.com 的数据，下图显示了中国网约车和食品配送市场的估计总潜在市场。假设小鹏汽车在2025年获得监管牌照，我估计小鹏汽车出租车业务将快速增长，并在2028年在打车市场占据重要市场份额，在食品配送市场占据可观的市场份额。此后，一旦其他车辆系统达到足够的自主性，小鹏汽车的增长可能会放缓。我预计小鹏Robotaxi的利润率将低于滴滴，因为小鹏推行低成本战略来取代现有企业。我预计多达 90% 的税后利润将是纯自由现金流，因为 robotaxi 部门的研发和 SGA 成本将很低。</blockquote></p><p> I use the following assumptions for a valuation projection. There are high degrees of uncertainty and conjecture, as I forecast the first business of its kind in 2025, in an industry that is still nascent today. I expect XPeng to gain a 5% market share in robotaxi and a 2.5% market share in food delivery in 2025. It will grow at a 30% CAGR through 2028. Thereafter, the growth slows gradually to 10% by 2031 and continues at the terminal growth rate of 5%. I assume XPeng will capture 50% of sales as FCF. I use a 13% discount rate to arrive at the discounted present value of future cash flow.<img src=\"https://static.tigerbbs.com/89d26c909caf45b9ea96b0960fd37dcd\" tg-width=\"640\" tg-height=\"276\" width=\"100%\" height=\"auto\">The critical assumptions in market shares and a 30% CAGR, I believe, are conservative. I arrive at a $133.5B USD valuation for the XPeng Robotaxi business, a 350% upside to its current valuations and in addition to its vehicle sales business. I would argue that only $9B is priced in when the stock appreciated after the robotaxi announcement. Long-term investors can consider attractive points to enter. As we approach the pilot launch in 2022, more and more of the upside may be priced in with additional announcements.</p><p><blockquote>我使用以下假设进行估值预测。由于我预测 2025 年将出现首个此类业务，而这个行业目前仍处于萌芽阶段，因此存在高度的不确定性和猜测。我预计到2025年，小鹏汽车将在机器人出租车领域获得5%的市场份额，在食品配送领域获得2.5%的市场份额。到2028年，它将以30%的复合年增长率增长。此后，到2031年，增长率逐渐放缓至10%，并继续保持5%的终端增长率。我假设小鹏汽车将以自由现金流的形式获得 50% 的销量。我使用13%的贴现率来得出未来现金流的贴现现值。我认为，市场份额和 30% CAGR 的关键假设是保守的。我对小鹏机器人出租车业务的估值为 133.5B 美元，比其当前估值上涨了 350%，此外还有汽车销售业务。我认为，当robotaxi宣布后股票升值时，只有90亿美元的定价。长期投资者可以考虑有吸引力的入场点。随着 2022 年试点发布的临近，越来越多的上涨空间可能会随着更多公告而被定价。</blockquote></p><p></p><p> <b>Additional Bull Notes</b></p><p><blockquote><b>其他牛市笔记</b></blockquote></p><p> XPeng's core business is currently undervalued relative to its peers. As of 12/9/2021, Tesla is valued at 25 times XPeng and is on track to delivery approximately 7 times more car than XPeng in Q4. Tesla in Q3 grew at a pace of 73% YoY, which XPeng in Q3 grew 199% YoY. Considering XPeng's exceptional growth rate, it is clear XPeng is trading at a substantial discount.</p><p><blockquote>小鹏汽车的核心业务目前相对于同行被低估。截至2021年12月9日，特斯拉的估值是小鹏汽车的25倍，有望在第四季度交付大约是小鹏汽车7倍的汽车。特斯拉第三季度同比增长73%，小鹏第三季度同比增长199%。考虑到小鹏汽车非凡的增长率，很明显小鹏汽车的交易价格正在大幅折扣。</blockquote></p><p> Furthermore, the robotaxi business and vehicle manufacturing are complementary businesses. Ride-hailing revenue share can incentivize more sales. If forced to own the vehicles, XPeng Motors can sell to XPeng Robotaxi at cost, giving it a substantial cost advantage over competitors.</p><p><blockquote>此外，机器人出租车业务和车辆制造是互补业务。网约车收入分成可以激励更多销售。如果被迫拥有这些车辆，小鹏汽车可以以成本价出售给小鹏机器人出租车，使其相对于竞争对手具有巨大的成本优势。</blockquote></p><p> In addition to valuations from vehicle sales and robotaxi revenue, other potential valuation upsides exist. XPeng users currently pay monthly subscription fees to use its NGP system. We can expect the subscription uptake rate to improve as more autonomous functions are introduced. With a growing user base and its highly profitable margins, NGP subscription cash flows may grow to rival vehicle sales. We can also expect revenues from eVOTL and robotic pony sales by 2024. These revenues can be significant and are not currently priced in.</p><p><blockquote>除了车辆销售和机器人出租车收入的估值外，还存在其他潜在的估值上涨空间。小鹏用户目前每月支付订阅费即可使用其NGP系统。随着更多自主功能的引入，我们可以预期订阅率将会提高。随着用户群的不断增长及其高利润率，NGP 订阅现金流可能会增长到与汽车销售相媲美的程度。我们还可以预计到 2024 年，eVOTL 和机器人小马销售将带来收入。这些收入可能很大，目前还没有定价。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While I believe the technology and cost structure support my bull thesis, uncertainties exist. The revenue is largely dependent on the number of vehicle licenses Chinese regulators will be willing to authorize. Regulatory approvals may be slowed to reduce disruptions to the labor market.</p><p><blockquote>虽然我相信技术和成本结构支持我的牛市论点，但不确定性仍然存在。收入在很大程度上取决于中国监管机构愿意授权的车辆牌照数量。监管审批可能会放缓，以减少对劳动力市场的干扰。</blockquote></p><p> In the most bearish case, regulators may decline to grant ride-hailing licenses to private autonomous vehicles. This case is highly unlikely. China would be stifling one of its leading-edge industries. There is little rationale for denying XPeng, as both private ride-hailing vehicles and autonomous ride-hailing vehicles are already authorized. However, some cities may require XPeng to own its robotaxi fleet, which will reduce its competitive advantage.</p><p><blockquote>在最悲观的情况下，监管机构可能会拒绝向私人自动驾驶汽车发放打车许可证。这种情况极不可能发生。中国将扼杀其主导产业之一。没有什么理由否认小鹏汽车，因为私人网约车和自动网约车都已经获得授权。然而，一些城市可能会要求小鹏拥有自己的机器人出租车车队，这将降低其竞争优势。</blockquote></p><p> Tiger Securities gave a&nbsp;bearish review&nbsp;of XPeng, citing that the current laws prohibit autonomous operations, and other players \"might have time to catch up.\" It is important to study the autonomy capabilities of other players and estimate that likelihood. Judging from FSD beta tester videos, Tesla (TSLA) autonomy is somewhat behind that of XPeng's. Though with its wealth of data, Tesla may be able to quickly catch up. Regardless, Tesla FSD and XPeng NGP are coded for different driving environments. They most likely will not directly compete in robotaxi until later in the decade and in other markets than US or China. In China, Huawei Harmony intelligent driving system has also demonstrated a high level of autonomy. Huawei however is not a vehicle manufacturer. Its EV partner BAIC Arcfox is lagging quite far behind in sales compared to other EV peers. Current robotaxi firms like Baidu and Pony.ai may be able to substantially reduce the retrofit cost and may even adapt their system to a mass-market vehicle. It is unclear if it is possible for a hardware-centric robotaxi system based on powerful roof sensors to adapt to an array of weaker sensors that require greater AI logic.</p><p><blockquote>老虎证券对小鹏汽车给予看跌评价，称现行法律禁止自主运营，其他参与者“可能还有时间迎头赶上”。研究其他玩家的自主能力并估计这种可能性是很重要的。从 FSD beta 测试视频来看，特斯拉 (TSLA) 的自主性略微落后于小鹏汽车。尽管凭借其丰富的数据，特斯拉也许能够很快迎头赶上。无论如何，特斯拉FSD和小鹏NGP是针对不同的驾驶环境编码的。他们很可能要到本世纪末才会在机器人出租车领域以及美国或中国以外的市场进行直接竞争。在中国，华为鸿蒙智能驾驶系统也展现出了高度的自主性。然而，华为不是汽车制造商。其电动汽车合作伙伴北汽极狐的销量远远落后于其他电动汽车同行。目前的机器人出租车公司，如百度和Pony.ai，可能能够大幅降低改造成本，甚至可能使他们的系统适应大众市场车辆。目前尚不清楚基于强大车顶传感器的以硬件为中心的机器人出租车系统是否有可能适应一系列需要更强人工智能逻辑的较弱传感器。</blockquote></p><p> Capturing a share of the ride-hailing and delivery market in China is highly dependent upon XPeng maintaining technology and cost advantage. It would be fair to attribute a large risk discount to the valuation. Though any shortfall in market share can be supplemented by international markets.</p><p><blockquote>在中国网约车和送货市场占据份额，高度依赖于小鹏汽车保持技术和成本优势。将较大的风险折扣归因于估值是公平的。尽管任何市场份额的不足都可以通过国际市场来补充。</blockquote></p><p> Finally, there are geopolitical and specific delisting risks to investing in Chinese stocks in the form of ADRs. XPeng and some other US-listed ADRs have also listed in Hong Kong to hedge against the possibilities of delisting. In the event of delisting, US shareholders will be able to trade their shares for Hong Kong-listed shares. Those who cannot or are not willing to bank in Hong Kong will exist long positions. Share prices may be moderately depressed in the short and medium-term. It is fair to attribute some risk premium to Chinese ADRs. Though I would argue that such discounts are already priced, and in fact, the market has overreacted to recent news.</p><p><blockquote>最后，以ADR形式投资中国股票存在地缘政治和特定退市风险。小鹏汽车和其他一些在美国上市的美国存托凭证也在香港上市，以对冲退市的可能性。如果退市，美国股东将能够将其股份换成香港上市的股份。那些不能或不愿意在香港开设银行业务的人将持有多头头寸。中短期内股价可能会适度低迷。将部分风险溢价归因于中国ADR是公平的。尽管我认为这种折扣已经被定价了，事实上，市场对最近的消息反应过度。</blockquote></p><p> To Conclude</p><p><blockquote>得出结论</blockquote></p><p> XPEV has earned an average consensus of \"Buy\" recommendations from analysts. XPeng is also one of the fastest-growing pure-play EV companies in the world, growing at the rate of 188% YoY for Q3 2021 and 270% YoY for the month of November 2021. Considering its tremendous growth rate, its share price is undervalued and attractive to own. Furthermore, I argue in this article that XPeng is poised to realize an additional 350% upside to its valuation, as the company enters the ride-hailing market through its autonomous driving technology. While it may take several years for XPeng to fully realize its robotaxi ambitions, time may be running out to buy XPEV at a cheap price. Therefore, I advise investors to buy and hold for the long term.</p><p><blockquote>XPEV 获得了分析师的平均一致“买入”建议。小鹏汽车也是全球增长最快的纯电动汽车公司之一，2021 年第三季度同比增长 188%，2021 年 11 月同比增长 270%。考虑到其巨大的增长率，其股价被低估且具有吸引力。此外，我在本文中认为，随着小鹏汽车通过自动驾驶技术进入网约车市场，其估值有望实现额外 350% 的上涨空间。虽然小鹏汽车可能需要几年时间才能完全实现其机器人出租车雄心，但以低价收购 XPEV 的时间可能已经不多了。因此，我建议投资者买入并长期持有。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng: Forecasting Its Expansion Into Robotaxi<blockquote>小鹏汽车：预测向机器人出租车扩张</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng: Forecasting Its Expansion Into Robotaxi<blockquote>小鹏汽车：预测向机器人出租车扩张</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-24 14:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>XPeng is poised to disrupt the incumbent robotaxi and ride-hailing firms.</li>  <li>Using an AI-centric approach with small sensors, XPeng will be able to operate at a substantially lower cost.</li>  <li>Winning a market share of the ride-hailing industry implies significant upside valuation potential for XPEV.</li> </ul> XPeng Motors (XPEV) recently announced the company will launch a pilot program for autonomous driving ride-hailing service in the second half of 2022. This announcement generated multiple positive news articles, and the company's valuation rose in response. However, most if not all articles failed to appreciate a significant implication. XPeng will be the first vehicle manufacturer to enter the autonomous ride-hailing market with its mass-market production vehicles. With this announcement, XPeng implies their privately-owned vehicles will be able to match the autonomous capabilities of robotaxi firms like Waymo, Cruise, or Baidu (BIDU), and that XPeng can generate similar revenues without the added cost of robotaxi retrofit and potentially the cost of the vehicles themselves. With its substantial cost advantages, the company is poised to capture a large portion of the ride-hailing market and realize a significant valuation upside.</p><p><blockquote><ul><li>小鹏汽车准备颠覆现有的机器人出租车和叫车公司。</li><li>使用以人工智能为中心的小型传感器方法，小鹏汽车将能够以大大降低的成本运营。</li><li>赢得网约车行业的市场份额意味着XPEV的估值潜力巨大。</li></ul>小鹏汽车（XPEV）近日宣布，公司将于2022年下半年启动自动驾驶打车服务试点项目。这一公告引发了多篇正面新闻文章，公司估值应声上涨。然而，大多数（如果不是全部的话）文章都没有意识到一个重要的含义。小鹏汽车将成为第一家凭借其量产车辆进入自动驾驶网约车市场的汽车制造商。通过这一公告，小鹏汽车暗示其私有车辆将能够与 Waymo、Cruise 或百度 (BIDU) 等机器人出租车公司的自动驾驶能力相匹配，并且小鹏汽车可以在不增加机器人出租车改装成本的情况下产生类似的收入。以及车辆本身的潜在成本。凭借其巨大的成本优势，该公司有望占领网约车市场的很大一部分，并实现显著的估值上升空间。</blockquote></p><p> <b>Assumptions</b></p><p><blockquote><b>假设</b></blockquote></p><p> Here, I make a large assumption that the pilot program will take two years to complete, and full-scale commercial operations and revenue generations will begin at the start of 2025. There exists a large degree of uncertainty with this timeline. It is largely dependent on the pace of ADAS technology development and regulatory approvals.</p><p><blockquote>在这里，我做了一个很大的假设，试点计划将需要两年时间来完成，全面的商业运营和创收将在2025年初开始。这个时间表存在很大程度的不确定性。这在很大程度上取决于 ADAS 技术开发和监管批准的速度。</blockquote></p><p> XPeng has recently released the Xpilot 3.5 system with the model P5. There are multiple YouTube videos where professional reviewers ride the city NGP (Navigation Guided Pilot) 3.5 system. Here's a&nbsp;video&nbsp;clip during the XPeng Tech Day. The demonstrations consistently navigated challenging routes with few disengagements. The reviewers unanimously found the system impressive. XPeng also announced the release of the Xpilot 4.0 system with its new SUV model G9. The company expects that the 4.0 system will be live in 2023 and will be able to autonomously pilot almost all roads in China with zero disengagements. Such performance will be technologically sufficient to operate a robotaxi business.</p><p><blockquote>小鹏汽车最近在P5车型上发布了Xpilot 3.5系统。有多个YouTube视频，专业评论员乘坐城市NGP（导航引导飞行员）3.5系统。这是小鹏科技日期间的视频剪辑。示威活动始终走在具有挑战性的路线上，几乎没有脱离接触。评论者一致认为该系统令人印象深刻。小鹏还宣布其新款SUV车型G9发布Xpilot 4.0系统。该公司预计4.0系统将于2023年上线，并将能够在中国几乎所有道路上自动驾驶，零干扰。这样的性能在技术上将足以运营机器人出租车业务。</blockquote></p><p> We have seen past timelines with Baidu Apollo and Pony.ai services. In November, the city of Beijing granted full commercial operation licenses to robotaxi services. It had taken a little over two years from pilot debut to limited commercialization. Baidu expects other major cities to follow Beijing's lead early next year. If XPeng is to follow the timeline, it can expect to receive commercial licenses for revenue generation in early 2025. However, Baidu and regulators have been exploring a nascent industry and building a regulatory framework. I believe it is likely that the approval of XPeng robotaxis will be considerably faster, as the approval process can take advantage of existing guidelines.</p><p><blockquote>我们已经看到了百度 Apollo 和 Pony.ai 服务的过去时间表。11月，北京市授予机器人出租车服务全面商业运营许可证。从试点首次亮相到有限商业化，花了两年多一点的时间。百度预计明年初其他主要城市将效仿北京的做法。如果小鹏汽车按照时间表行事，预计将在 2025 年初获得商业创收许可证。然而，百度和监管机构一直在探索一个新兴行业并构建监管框架。我相信小鹏机器人出租车的审批可能会快得多，因为审批过程可以利用现有的指导方针。</blockquote></p><p> Therefore, the trends of XPeng's ADAS technology and China's regulatory framework both support the assumption of 2025 revenue realization, and this assumption may be conservative.</p><p><blockquote>因此，小鹏ADAS技术的趋势和中国的监管框架都支持2025年实现收入的假设，而这个假设可能是保守的。</blockquote></p><p> <b>Revenue and CostRobotaxi Economics</b></p><p><blockquote><b>收入和成本出租车经济学</b></blockquote></p><p> After receiving commercial licenses, Baidu has announced that it is charging above-market fees. Baidu has a limited number of commercial licenses, and the demand is excessive due to the novelty factor. As it scales into larger operations, the fee structure is likely to come down and undercut the main competitor DiDi (DIDI), which charges $.7 - $2/mile depending on a variety of factors and level of service. For comparable service to Baidu Apollo cars in operation, DiDi charges about $1/mile, according to Lux Research Inc's articleThe Economics of Robotaxis.</p><p><blockquote>在获得商业许可证后，百度宣布收取高于市场的费用。百度的商业牌照数量有限，由于新奇因素，需求过剩。随着它扩展到更大的业务，收费结构可能会下降，并削弱主要竞争对手滴滴（DIDI），滴滴根据各种因素和服务水平的收费为每英里0.7-2美元。根据 Lux Research Inc. 的文章《机器人出租车的经济学》，滴滴提供的服务可与百度 Apollo 汽车相当，每英里收费约 1 美元。</blockquote></p><p> The article also estimates a robotaxi costs $0.28/mile to operate in China. On paper, Baidu should be able to maintain a healthy profit margin, charge lower than DiDi, and gain significant market share. If we examine the cost trends, the advantages of robotaxi widen even further. The largest cost driver of DiDi is labor, which is rising in China and around the world. Out of the operation costs of robotaxis, maintenance cost is expected to trend down as EV quality improves. Insurance cost is expected to trend down as large robotaxi firms can insure their own operations. Added value cost is expected to trend down as the autonomous driving sensors are falling sharply in prices. Vehicle cost may rise moderately but the economy of scale should keep the rate of materials inflation under that of wage inflation. Therefore, Lux Research Inc concludes, and I agree, that robotaxi operations will be disruptive to incumbent ride-hailing companies. However, how does XPeng fit into this picture?</p><p><blockquote>文章还估计，机器人出租车在中国的运营成本为0.28美元/英里。理论上，百度应该能够保持健康的利润率，收费低于滴滴，并获得可观的市场份额。如果我们考察成本趋势，机器人出租车的优势会进一步扩大。滴滴最大的成本驱动因素是劳动力，劳动力在中国和世界各地都在上升。在机器人出租车的运营成本中，随着电动汽车质量的提高，维护成本预计将呈下降趋势。随着大型机器人出租车公司可以为自己的运营投保，保险费用预计将呈下降趋势。随着自动驾驶传感器价格大幅下降，增值成本预计将呈下降趋势。车辆成本可能会适度上涨，但规模经济应该使材料通胀率低于工资通胀率。因此，Lux Research Inc 的结论是，我也同意，机器人出租车运营将对现有的打车公司造成颠覆性影响。然而，小鹏如何融入这幅画面呢？</blockquote></p><p> <b>XPeng Disruptions</b></p><p><blockquote><b>小鹏汽车中断</b></blockquote></p><p></p><p> The cost analysis shows XPeng's robotaxis will further disrupt the nascent robotaxi companies. XPeng vehicles with Xpilot 4.0 do not require retrofit to operate as a robotaxi. Lux Research estimates the robotaxis like the Baidu Apollo cost about $0.15/mile to operate in terms of vehicle and added value retrofit costs. In June 2021, Baidu announced its Apollo Moon robotaxi will cost 480,000 yuan ($75,000) to produce, according to thisNikkei articleand other publications. On the other hand, the XPeng G9 with XPilot 4.0 is expected to cost between 350,000 to 400,000 yuan to the consumers. If we roughly estimate 15% profit margin and 15% selling and marketing costs, the G9 costs XPeng approximately between 245,000 to 280,000 yuan to produce. Therefore, XPeng will be able to operate with 42-49% less vehicle cost compared to Baidu Apollo.</p><p><blockquote>成本分析表明，小鹏的机器人出租车将进一步颠覆新兴的机器人出租车公司。配备 Xpilot 4.0 的小鹏汽车无需改装即可作为机器人出租车运行。Lux Research估计，就车辆和增值改造成本而言，像百度Apollo这样的机器人出租车的运营成本约为0.15美元/英里。据《日经新闻》文章和其他出版物报道，2021 年 6 月，百度宣布其 Apollo Moon 机器人出租车的生产成本为 48 万元人民币（7.5 万美元）。另一方面，搭载XPilot 4.0的小鹏G9，消费者预计售价在35万至40万元之间。如果我们粗略估计15%的利润率和15%的销售和营销成本，小鹏汽车G9的生产成本约为24.5万至28万元。因此，与百度Apollo相比，小鹏汽车的运营成本将降低42-49%。</blockquote></p><p> Furthermore, XPeng robotaxi can potentially operate without a vehicle cost at all. By 2025, there are expected to be hundreds of thousands of XPeng EVs on the road that can operate as robotaxi with an OTA update. Just as Uber and DiDi hire gig drivers, XPeng can theoretically hire private autonomous cars and pay the owners a share of the revenue.</p><p><blockquote>此外，小鹏robotaxi有可能在没有车辆成本的情况下运行。到2025年，预计将有数十万辆小鹏电动汽车上路，可以通过OTA更新作为机器人出租车运营。就像优步和滴滴雇佣零工司机一样，小鹏汽车理论上可以雇佣私人自动驾驶汽车，并向车主支付一部分收入。</blockquote></p><p> Finally, robotaxi companies like Baidu must maintain high margins to bear its significant overhead costs in R&amp;D and SGA. XPeng Motors vehicle sales bear the majority of the R&amp;D and SGA costs. Additional indirect costs from robotaxi business should be a small fraction of the cost structure of incumbent ride-hailing companies. If XPeng is to launch robotaxi today, it can theoretically charge $0.50/mile at a cost of $0.205/mile. (Its vehicle cost is $0.075/mile cheaper than Baidu, which cost about $0.28/mile to operate.) Such a price point cannot be matched by Baidu or DiDi and will substantially displace their market share. In fact, DiDi's breakeven price point is most likely higher than $0.90/mile. Therefore, I conclude it is likely that XPeng will be charge half of the fees of Baidu and DiDi and still maintain healthy profit margins.</p><p><blockquote>最后，像百度这样的机器人出租车公司必须保持高利润率，以承担其在研发和SGA方面的巨额管理费用。小鹏汽车的汽车销售承担了大部分研发和SGA成本。机器人出租车业务产生的额外间接成本应该只占现有网约车公司成本结构的一小部分。如果小鹏今天推出robotaxi，理论上可以以0.205美元/英里的成本收取0.50美元/英里的费用。（它的车辆成本比运营成本约为0.28美元/英里的百度便宜0.075美元/英里。）这样的价位是百度或滴滴无法比拟的，将大幅取代它们的市场份额。事实上，滴滴的盈亏平衡点很可能高于0.90美元/英里。因此，我的结论是，小鹏汽车很可能会收取百度和滴滴一半的费用，但仍然保持健康的利润率。</blockquote></p><p> <b>Market Trends and Projections</b></p><p><blockquote><b>市场趋势和预测</b></blockquote></p><p> Robotaxis are expected to disrupt the ride-hailing industry. Major players like DiDi and Uber (UBER) are aware of this future trend and have spent billions developing autonomy technology themselves. As technologies mature, autonomous vehicles will also be able to encroach into the food delivery business. As a side note, XPeng holds a unique advantage with its advanced robotics division. It is in the process of bringing to market a robotic pony with autonomous terrain navigation capabilities.&nbsp;An online video&nbsp;shows it is currently able to deliver objects around XPeng's office by voice command. Robotics can enable a robotaxi to bridge the gap between the road and the delivery destination.</p><p><blockquote>机器人出租车有望颠覆打车行业。滴滴和优步（Uber）等主要参与者意识到了这一未来趋势，并已花费数十亿美元自己开发自动驾驶技术。随着技术的成熟，自动驾驶汽车也将能够侵入食品配送业务。顺便一提，小鹏汽车凭借其先进的机器人部门拥有独特的优势。它正在将具有自主地形导航功能的机器人小马推向市场。一段在线视频显示，它目前能够通过语音命令在小鹏办公室周围传递物体。机器人技术可以使机器人出租车能够弥合道路和送货目的地之间的差距。</blockquote></p><p> Following is a graph of the estimated Total Addressable Market of&nbsp;ride-hailing&nbsp;and&nbsp;food delivery&nbsp;in China, according to statista.com.<img src=\"https://static.tigerbbs.com/e4bc4ab7e29a5f0b49cfd35d781f4597\" tg-width=\"606\" tg-height=\"382\" width=\"100%\" height=\"auto\">With the assumption that XPeng gains regulatory licenses in 2025, I estimate XPeng Robotaxi business will grow rapidly and hold significant market share in the ride-hailing market and substantial market share in the food delivery market by 2028. Thereafter, XPeng may experience slower growth once other vehicle systems reach sufficient autonomy. I expect XPeng Robotaxi's profit margins will be lower than DiDi's as XPeng pushes a low-cost strategy to displace incumbents. I expect as much as 90% of earnings after taxes will be pure free cash flow, as R&amp;D and SGA costs attributed to the robotaxi division will be low.</p><p><blockquote>根据 statista.com 的数据，下图显示了中国网约车和食品配送市场的估计总潜在市场。假设小鹏汽车在2025年获得监管牌照，我估计小鹏汽车出租车业务将快速增长，并在2028年在打车市场占据重要市场份额，在食品配送市场占据可观的市场份额。此后，一旦其他车辆系统达到足够的自主性，小鹏汽车的增长可能会放缓。我预计小鹏Robotaxi的利润率将低于滴滴，因为小鹏推行低成本战略来取代现有企业。我预计多达 90% 的税后利润将是纯自由现金流，因为 robotaxi 部门的研发和 SGA 成本将很低。</blockquote></p><p> I use the following assumptions for a valuation projection. There are high degrees of uncertainty and conjecture, as I forecast the first business of its kind in 2025, in an industry that is still nascent today. I expect XPeng to gain a 5% market share in robotaxi and a 2.5% market share in food delivery in 2025. It will grow at a 30% CAGR through 2028. Thereafter, the growth slows gradually to 10% by 2031 and continues at the terminal growth rate of 5%. I assume XPeng will capture 50% of sales as FCF. I use a 13% discount rate to arrive at the discounted present value of future cash flow.<img src=\"https://static.tigerbbs.com/89d26c909caf45b9ea96b0960fd37dcd\" tg-width=\"640\" tg-height=\"276\" width=\"100%\" height=\"auto\">The critical assumptions in market shares and a 30% CAGR, I believe, are conservative. I arrive at a $133.5B USD valuation for the XPeng Robotaxi business, a 350% upside to its current valuations and in addition to its vehicle sales business. I would argue that only $9B is priced in when the stock appreciated after the robotaxi announcement. Long-term investors can consider attractive points to enter. As we approach the pilot launch in 2022, more and more of the upside may be priced in with additional announcements.</p><p><blockquote>我使用以下假设进行估值预测。由于我预测 2025 年将出现首个此类业务，而这个行业目前仍处于萌芽阶段，因此存在高度的不确定性和猜测。我预计到2025年，小鹏汽车将在机器人出租车领域获得5%的市场份额，在食品配送领域获得2.5%的市场份额。到2028年，它将以30%的复合年增长率增长。此后，到2031年，增长率逐渐放缓至10%，并继续保持5%的终端增长率。我假设小鹏汽车将以自由现金流的形式获得 50% 的销量。我使用13%的贴现率来得出未来现金流的贴现现值。我认为，市场份额和 30% CAGR 的关键假设是保守的。我对小鹏机器人出租车业务的估值为 133.5B 美元，比其当前估值上涨了 350%，此外还有汽车销售业务。我认为，当robotaxi宣布后股票升值时，只有90亿美元的定价。长期投资者可以考虑有吸引力的入场点。随着 2022 年试点发布的临近，越来越多的上涨空间可能会随着更多公告而被定价。</blockquote></p><p></p><p> <b>Additional Bull Notes</b></p><p><blockquote><b>其他牛市笔记</b></blockquote></p><p> XPeng's core business is currently undervalued relative to its peers. As of 12/9/2021, Tesla is valued at 25 times XPeng and is on track to delivery approximately 7 times more car than XPeng in Q4. Tesla in Q3 grew at a pace of 73% YoY, which XPeng in Q3 grew 199% YoY. Considering XPeng's exceptional growth rate, it is clear XPeng is trading at a substantial discount.</p><p><blockquote>小鹏汽车的核心业务目前相对于同行被低估。截至2021年12月9日，特斯拉的估值是小鹏汽车的25倍，有望在第四季度交付大约是小鹏汽车7倍的汽车。特斯拉第三季度同比增长73%，小鹏第三季度同比增长199%。考虑到小鹏汽车非凡的增长率，很明显小鹏汽车的交易价格正在大幅折扣。</blockquote></p><p> Furthermore, the robotaxi business and vehicle manufacturing are complementary businesses. Ride-hailing revenue share can incentivize more sales. If forced to own the vehicles, XPeng Motors can sell to XPeng Robotaxi at cost, giving it a substantial cost advantage over competitors.</p><p><blockquote>此外，机器人出租车业务和车辆制造是互补业务。网约车收入分成可以激励更多销售。如果被迫拥有这些车辆，小鹏汽车可以以成本价出售给小鹏机器人出租车，使其相对于竞争对手具有巨大的成本优势。</blockquote></p><p> In addition to valuations from vehicle sales and robotaxi revenue, other potential valuation upsides exist. XPeng users currently pay monthly subscription fees to use its NGP system. We can expect the subscription uptake rate to improve as more autonomous functions are introduced. With a growing user base and its highly profitable margins, NGP subscription cash flows may grow to rival vehicle sales. We can also expect revenues from eVOTL and robotic pony sales by 2024. These revenues can be significant and are not currently priced in.</p><p><blockquote>除了车辆销售和机器人出租车收入的估值外，还存在其他潜在的估值上涨空间。小鹏用户目前每月支付订阅费即可使用其NGP系统。随着更多自主功能的引入，我们可以预期订阅率将会提高。随着用户群的不断增长及其高利润率，NGP 订阅现金流可能会增长到与汽车销售相媲美的程度。我们还可以预计到 2024 年，eVOTL 和机器人小马销售将带来收入。这些收入可能很大，目前还没有定价。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While I believe the technology and cost structure support my bull thesis, uncertainties exist. The revenue is largely dependent on the number of vehicle licenses Chinese regulators will be willing to authorize. Regulatory approvals may be slowed to reduce disruptions to the labor market.</p><p><blockquote>虽然我相信技术和成本结构支持我的牛市论点，但不确定性仍然存在。收入在很大程度上取决于中国监管机构愿意授权的车辆牌照数量。监管审批可能会放缓，以减少对劳动力市场的干扰。</blockquote></p><p> In the most bearish case, regulators may decline to grant ride-hailing licenses to private autonomous vehicles. This case is highly unlikely. China would be stifling one of its leading-edge industries. There is little rationale for denying XPeng, as both private ride-hailing vehicles and autonomous ride-hailing vehicles are already authorized. However, some cities may require XPeng to own its robotaxi fleet, which will reduce its competitive advantage.</p><p><blockquote>在最悲观的情况下，监管机构可能会拒绝向私人自动驾驶汽车发放打车许可证。这种情况极不可能发生。中国将扼杀其主导产业之一。没有什么理由否认小鹏汽车，因为私人网约车和自动网约车都已经获得授权。然而，一些城市可能会要求小鹏拥有自己的机器人出租车车队，这将降低其竞争优势。</blockquote></p><p> Tiger Securities gave a&nbsp;bearish review&nbsp;of XPeng, citing that the current laws prohibit autonomous operations, and other players \"might have time to catch up.\" It is important to study the autonomy capabilities of other players and estimate that likelihood. Judging from FSD beta tester videos, Tesla (TSLA) autonomy is somewhat behind that of XPeng's. Though with its wealth of data, Tesla may be able to quickly catch up. Regardless, Tesla FSD and XPeng NGP are coded for different driving environments. They most likely will not directly compete in robotaxi until later in the decade and in other markets than US or China. In China, Huawei Harmony intelligent driving system has also demonstrated a high level of autonomy. Huawei however is not a vehicle manufacturer. Its EV partner BAIC Arcfox is lagging quite far behind in sales compared to other EV peers. Current robotaxi firms like Baidu and Pony.ai may be able to substantially reduce the retrofit cost and may even adapt their system to a mass-market vehicle. It is unclear if it is possible for a hardware-centric robotaxi system based on powerful roof sensors to adapt to an array of weaker sensors that require greater AI logic.</p><p><blockquote>老虎证券对小鹏汽车给予看跌评价，称现行法律禁止自主运营，其他参与者“可能还有时间迎头赶上”。研究其他玩家的自主能力并估计这种可能性是很重要的。从 FSD beta 测试视频来看，特斯拉 (TSLA) 的自主性略微落后于小鹏汽车。尽管凭借其丰富的数据，特斯拉也许能够很快迎头赶上。无论如何，特斯拉FSD和小鹏NGP是针对不同的驾驶环境编码的。他们很可能要到本世纪末才会在机器人出租车领域以及美国或中国以外的市场进行直接竞争。在中国，华为鸿蒙智能驾驶系统也展现出了高度的自主性。然而，华为不是汽车制造商。其电动汽车合作伙伴北汽极狐的销量远远落后于其他电动汽车同行。目前的机器人出租车公司，如百度和Pony.ai，可能能够大幅降低改造成本，甚至可能使他们的系统适应大众市场车辆。目前尚不清楚基于强大车顶传感器的以硬件为中心的机器人出租车系统是否有可能适应一系列需要更强人工智能逻辑的较弱传感器。</blockquote></p><p> Capturing a share of the ride-hailing and delivery market in China is highly dependent upon XPeng maintaining technology and cost advantage. It would be fair to attribute a large risk discount to the valuation. Though any shortfall in market share can be supplemented by international markets.</p><p><blockquote>在中国网约车和送货市场占据份额，高度依赖于小鹏汽车保持技术和成本优势。将较大的风险折扣归因于估值是公平的。尽管任何市场份额的不足都可以通过国际市场来补充。</blockquote></p><p> Finally, there are geopolitical and specific delisting risks to investing in Chinese stocks in the form of ADRs. XPeng and some other US-listed ADRs have also listed in Hong Kong to hedge against the possibilities of delisting. In the event of delisting, US shareholders will be able to trade their shares for Hong Kong-listed shares. Those who cannot or are not willing to bank in Hong Kong will exist long positions. Share prices may be moderately depressed in the short and medium-term. It is fair to attribute some risk premium to Chinese ADRs. Though I would argue that such discounts are already priced, and in fact, the market has overreacted to recent news.</p><p><blockquote>最后，以ADR形式投资中国股票存在地缘政治和特定退市风险。小鹏汽车和其他一些在美国上市的美国存托凭证也在香港上市，以对冲退市的可能性。如果退市，美国股东将能够将其股份换成香港上市的股份。那些不能或不愿意在香港开设银行业务的人将持有多头头寸。中短期内股价可能会适度低迷。将部分风险溢价归因于中国ADR是公平的。尽管我认为这种折扣已经被定价了，事实上，市场对最近的消息反应过度。</blockquote></p><p> To Conclude</p><p><blockquote>得出结论</blockquote></p><p> XPEV has earned an average consensus of \"Buy\" recommendations from analysts. XPeng is also one of the fastest-growing pure-play EV companies in the world, growing at the rate of 188% YoY for Q3 2021 and 270% YoY for the month of November 2021. Considering its tremendous growth rate, its share price is undervalued and attractive to own. Furthermore, I argue in this article that XPeng is poised to realize an additional 350% upside to its valuation, as the company enters the ride-hailing market through its autonomous driving technology. While it may take several years for XPeng to fully realize its robotaxi ambitions, time may be running out to buy XPEV at a cheap price. Therefore, I advise investors to buy and hold for the long term.</p><p><blockquote>XPEV 获得了分析师的平均一致“买入”建议。小鹏汽车也是全球增长最快的纯电动汽车公司之一，2021 年第三季度同比增长 188%，2021 年 11 月同比增长 270%。考虑到其巨大的增长率，其股价被低估且具有吸引力。此外，我在本文中认为，随着小鹏汽车通过自动驾驶技术进入网约车市场，其估值有望实现额外 350% 的上涨空间。虽然小鹏汽车可能需要几年时间才能完全实现其机器人出租车雄心，但以低价收购 XPEV 的时间可能已经不多了。因此，我建议投资者买入并长期持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476638-xpeng-forecasting-its-expansion-into-robotaxi\">Seeking Alpha</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":{"XPEV":"小鹏集团"},"source_url":"https://seekingalpha.com/article/4476638-xpeng-forecasting-its-expansion-into-robotaxi","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126351388","content_text":"Summary\n\nXPeng is poised to disrupt the incumbent robotaxi and ride-hailing firms.\nUsing an AI-centric approach with small sensors, XPeng will be able to operate at a substantially lower cost.\nWinning a market share of the ride-hailing industry implies significant upside valuation potential for XPEV.\n\nXPeng Motors (XPEV) recently announced the company will launch a pilot program for autonomous driving ride-hailing service in the second half of 2022. This announcement generated multiple positive news articles, and the company's valuation rose in response. However, most if not all articles failed to appreciate a significant implication. XPeng will be the first vehicle manufacturer to enter the autonomous ride-hailing market with its mass-market production vehicles. With this announcement, XPeng implies their privately-owned vehicles will be able to match the autonomous capabilities of robotaxi firms like Waymo, Cruise, or Baidu (BIDU), and that XPeng can generate similar revenues without the added cost of robotaxi retrofit and potentially the cost of the vehicles themselves. With its substantial cost advantages, the company is poised to capture a large portion of the ride-hailing market and realize a significant valuation upside.\nAssumptions\nHere, I make a large assumption that the pilot program will take two years to complete, and full-scale commercial operations and revenue generations will begin at the start of 2025. There exists a large degree of uncertainty with this timeline. It is largely dependent on the pace of ADAS technology development and regulatory approvals.\nXPeng has recently released the Xpilot 3.5 system with the model P5. There are multiple YouTube videos where professional reviewers ride the city NGP (Navigation Guided Pilot) 3.5 system. Here's a video clip during the XPeng Tech Day. The demonstrations consistently navigated challenging routes with few disengagements. The reviewers unanimously found the system impressive. XPeng also announced the release of the Xpilot 4.0 system with its new SUV model G9. The company expects that the 4.0 system will be live in 2023 and will be able to autonomously pilot almost all roads in China with zero disengagements. Such performance will be technologically sufficient to operate a robotaxi business.\nWe have seen past timelines with Baidu Apollo and Pony.ai services. In November, the city of Beijing granted full commercial operation licenses to robotaxi services. It had taken a little over two years from pilot debut to limited commercialization. Baidu expects other major cities to follow Beijing's lead early next year. If XPeng is to follow the timeline, it can expect to receive commercial licenses for revenue generation in early 2025. However, Baidu and regulators have been exploring a nascent industry and building a regulatory framework. I believe it is likely that the approval of XPeng robotaxis will be considerably faster, as the approval process can take advantage of existing guidelines.\nTherefore, the trends of XPeng's ADAS technology and China's regulatory framework both support the assumption of 2025 revenue realization, and this assumption may be conservative.\nRevenue and CostRobotaxi Economics\nAfter receiving commercial licenses, Baidu has announced that it is charging above-market fees. Baidu has a limited number of commercial licenses, and the demand is excessive due to the novelty factor. As it scales into larger operations, the fee structure is likely to come down and undercut the main competitor DiDi (DIDI), which charges $.7 - $2/mile depending on a variety of factors and level of service. For comparable service to Baidu Apollo cars in operation, DiDi charges about $1/mile, according to Lux Research Inc's articleThe Economics of Robotaxis.\nThe article also estimates a robotaxi costs $0.28/mile to operate in China. On paper, Baidu should be able to maintain a healthy profit margin, charge lower than DiDi, and gain significant market share. If we examine the cost trends, the advantages of robotaxi widen even further. The largest cost driver of DiDi is labor, which is rising in China and around the world. Out of the operation costs of robotaxis, maintenance cost is expected to trend down as EV quality improves. Insurance cost is expected to trend down as large robotaxi firms can insure their own operations. Added value cost is expected to trend down as the autonomous driving sensors are falling sharply in prices. Vehicle cost may rise moderately but the economy of scale should keep the rate of materials inflation under that of wage inflation. Therefore, Lux Research Inc concludes, and I agree, that robotaxi operations will be disruptive to incumbent ride-hailing companies. However, how does XPeng fit into this picture?\nXPeng Disruptions\nThe cost analysis shows XPeng's robotaxis will further disrupt the nascent robotaxi companies. XPeng vehicles with Xpilot 4.0 do not require retrofit to operate as a robotaxi. Lux Research estimates the robotaxis like the Baidu Apollo cost about $0.15/mile to operate in terms of vehicle and added value retrofit costs. In June 2021, Baidu announced its Apollo Moon robotaxi will cost 480,000 yuan ($75,000) to produce, according to thisNikkei articleand other publications. On the other hand, the XPeng G9 with XPilot 4.0 is expected to cost between 350,000 to 400,000 yuan to the consumers. If we roughly estimate 15% profit margin and 15% selling and marketing costs, the G9 costs XPeng approximately between 245,000 to 280,000 yuan to produce. Therefore, XPeng will be able to operate with 42-49% less vehicle cost compared to Baidu Apollo.\nFurthermore, XPeng robotaxi can potentially operate without a vehicle cost at all. By 2025, there are expected to be hundreds of thousands of XPeng EVs on the road that can operate as robotaxi with an OTA update. Just as Uber and DiDi hire gig drivers, XPeng can theoretically hire private autonomous cars and pay the owners a share of the revenue.\nFinally, robotaxi companies like Baidu must maintain high margins to bear its significant overhead costs in R&D and SGA. XPeng Motors vehicle sales bear the majority of the R&D and SGA costs. Additional indirect costs from robotaxi business should be a small fraction of the cost structure of incumbent ride-hailing companies. If XPeng is to launch robotaxi today, it can theoretically charge $0.50/mile at a cost of $0.205/mile. (Its vehicle cost is $0.075/mile cheaper than Baidu, which cost about $0.28/mile to operate.) Such a price point cannot be matched by Baidu or DiDi and will substantially displace their market share. In fact, DiDi's breakeven price point is most likely higher than $0.90/mile. Therefore, I conclude it is likely that XPeng will be charge half of the fees of Baidu and DiDi and still maintain healthy profit margins.\nMarket Trends and Projections\nRobotaxis are expected to disrupt the ride-hailing industry. Major players like DiDi and Uber (UBER) are aware of this future trend and have spent billions developing autonomy technology themselves. As technologies mature, autonomous vehicles will also be able to encroach into the food delivery business. As a side note, XPeng holds a unique advantage with its advanced robotics division. It is in the process of bringing to market a robotic pony with autonomous terrain navigation capabilities. An online video shows it is currently able to deliver objects around XPeng's office by voice command. Robotics can enable a robotaxi to bridge the gap between the road and the delivery destination.\nFollowing is a graph of the estimated Total Addressable Market of ride-hailing and food delivery in China, according to statista.com.With the assumption that XPeng gains regulatory licenses in 2025, I estimate XPeng Robotaxi business will grow rapidly and hold significant market share in the ride-hailing market and substantial market share in the food delivery market by 2028. Thereafter, XPeng may experience slower growth once other vehicle systems reach sufficient autonomy. I expect XPeng Robotaxi's profit margins will be lower than DiDi's as XPeng pushes a low-cost strategy to displace incumbents. I expect as much as 90% of earnings after taxes will be pure free cash flow, as R&D and SGA costs attributed to the robotaxi division will be low.\nI use the following assumptions for a valuation projection. There are high degrees of uncertainty and conjecture, as I forecast the first business of its kind in 2025, in an industry that is still nascent today. I expect XPeng to gain a 5% market share in robotaxi and a 2.5% market share in food delivery in 2025. It will grow at a 30% CAGR through 2028. Thereafter, the growth slows gradually to 10% by 2031 and continues at the terminal growth rate of 5%. I assume XPeng will capture 50% of sales as FCF. I use a 13% discount rate to arrive at the discounted present value of future cash flow.The critical assumptions in market shares and a 30% CAGR, I believe, are conservative. I arrive at a $133.5B USD valuation for the XPeng Robotaxi business, a 350% upside to its current valuations and in addition to its vehicle sales business. I would argue that only $9B is priced in when the stock appreciated after the robotaxi announcement. Long-term investors can consider attractive points to enter. As we approach the pilot launch in 2022, more and more of the upside may be priced in with additional announcements.\nAdditional Bull Notes\nXPeng's core business is currently undervalued relative to its peers. As of 12/9/2021, Tesla is valued at 25 times XPeng and is on track to delivery approximately 7 times more car than XPeng in Q4. Tesla in Q3 grew at a pace of 73% YoY, which XPeng in Q3 grew 199% YoY. Considering XPeng's exceptional growth rate, it is clear XPeng is trading at a substantial discount.\nFurthermore, the robotaxi business and vehicle manufacturing are complementary businesses. Ride-hailing revenue share can incentivize more sales. If forced to own the vehicles, XPeng Motors can sell to XPeng Robotaxi at cost, giving it a substantial cost advantage over competitors.\nIn addition to valuations from vehicle sales and robotaxi revenue, other potential valuation upsides exist. XPeng users currently pay monthly subscription fees to use its NGP system. We can expect the subscription uptake rate to improve as more autonomous functions are introduced. With a growing user base and its highly profitable margins, NGP subscription cash flows may grow to rival vehicle sales. We can also expect revenues from eVOTL and robotic pony sales by 2024. These revenues can be significant and are not currently priced in.\nRisks and Challenges\nWhile I believe the technology and cost structure support my bull thesis, uncertainties exist. The revenue is largely dependent on the number of vehicle licenses Chinese regulators will be willing to authorize. Regulatory approvals may be slowed to reduce disruptions to the labor market.\nIn the most bearish case, regulators may decline to grant ride-hailing licenses to private autonomous vehicles. This case is highly unlikely. China would be stifling one of its leading-edge industries. There is little rationale for denying XPeng, as both private ride-hailing vehicles and autonomous ride-hailing vehicles are already authorized. However, some cities may require XPeng to own its robotaxi fleet, which will reduce its competitive advantage.\nTiger Securities gave a bearish review of XPeng, citing that the current laws prohibit autonomous operations, and other players \"might have time to catch up.\" It is important to study the autonomy capabilities of other players and estimate that likelihood. Judging from FSD beta tester videos, Tesla (TSLA) autonomy is somewhat behind that of XPeng's. Though with its wealth of data, Tesla may be able to quickly catch up. Regardless, Tesla FSD and XPeng NGP are coded for different driving environments. They most likely will not directly compete in robotaxi until later in the decade and in other markets than US or China. In China, Huawei Harmony intelligent driving system has also demonstrated a high level of autonomy. Huawei however is not a vehicle manufacturer. Its EV partner BAIC Arcfox is lagging quite far behind in sales compared to other EV peers. Current robotaxi firms like Baidu and Pony.ai may be able to substantially reduce the retrofit cost and may even adapt their system to a mass-market vehicle. It is unclear if it is possible for a hardware-centric robotaxi system based on powerful roof sensors to adapt to an array of weaker sensors that require greater AI logic.\nCapturing a share of the ride-hailing and delivery market in China is highly dependent upon XPeng maintaining technology and cost advantage. It would be fair to attribute a large risk discount to the valuation. Though any shortfall in market share can be supplemented by international markets.\nFinally, there are geopolitical and specific delisting risks to investing in Chinese stocks in the form of ADRs. XPeng and some other US-listed ADRs have also listed in Hong Kong to hedge against the possibilities of delisting. In the event of delisting, US shareholders will be able to trade their shares for Hong Kong-listed shares. Those who cannot or are not willing to bank in Hong Kong will exist long positions. Share prices may be moderately depressed in the short and medium-term. It is fair to attribute some risk premium to Chinese ADRs. Though I would argue that such discounts are already priced, and in fact, the market has overreacted to recent news.\nTo Conclude\nXPEV has earned an average consensus of \"Buy\" recommendations from analysts. XPeng is also one of the fastest-growing pure-play EV companies in the world, growing at the rate of 188% YoY for Q3 2021 and 270% YoY for the month of November 2021. Considering its tremendous growth rate, its share price is undervalued and attractive to own. Furthermore, I argue in this article that XPeng is poised to realize an additional 350% upside to its valuation, as the company enters the ride-hailing market through its autonomous driving technology. While it may take several years for XPeng to fully realize its robotaxi ambitions, time may be running out to buy XPEV at a cheap price. Therefore, I advise investors to buy and hold for the long term.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698172675,"gmtCreate":1640328637000,"gmtModify":1640329015657,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698172675","repostId":"1109764882","repostType":4,"repost":{"id":"1109764882","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":1640273505,"share":"https://www.laohunote.com/m/news/1109764882?lang=zh_CN&edition=full","pubTime":"2021-12-23 23:31","market":"us","language":"en","title":"Tesla shares rose nearly 2% in early trading<blockquote>特斯拉股价早盘上涨近2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109764882","media":"Tiger Newspress","summary":"Tesla shares rose nearly 2% in early trading.A day after saying he had “sold enough” to meet his goa","content":"<p>Tesla&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/2503c828d8b377eafa4087febd8581d6\" tg-width=\"709\" tg-height=\"601\" width=\"100%\" height=\"auto\">A day after saying he had “sold enough” to meet his goal of selling 10% of his Tesla Inc. stake, Chief Executive Elon Musk on Wednesday tweeted that he’s “almost done,” and disclosed in filings with the Securities and Exchange Commission that he has exercised more stock options and sold another 934,000 shares, worth about $928.6 million.</p><p><blockquote>特斯拉股价早盘上涨近2%。首席执行官埃隆-马斯克（Elon Musk）周三在推特上表示，他已经 “卖出了足够的 ”来实现出售特斯拉公司 10% 股份的目标，一天后，他在推特上表示 “差不多完成了”，并在提交给美国证券交易委员会的文件中披露，他已经行使了更多股票期权，并又出售了 93.4 万股股票，价值约 9.286 亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares rose nearly 2% in early trading<blockquote>特斯拉股价早盘上涨近2%</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\">\nTesla shares rose nearly 2% in early trading<blockquote>特斯拉股价早盘上涨近2%</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\">2021-12-23 23:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/2503c828d8b377eafa4087febd8581d6\" tg-width=\"709\" tg-height=\"601\" width=\"100%\" height=\"auto\">A day after saying he had “sold enough” to meet his goal of selling 10% of his Tesla Inc. stake, Chief Executive Elon Musk on Wednesday tweeted that he’s “almost done,” and disclosed in filings with the Securities and Exchange Commission that he has exercised more stock options and sold another 934,000 shares, worth about $928.6 million.</p><p><blockquote>特斯拉股价早盘上涨近2%。首席执行官埃隆-马斯克（Elon Musk）周三在推特上表示，他已经 “卖出了足够的 ”来实现出售特斯拉公司 10% 股份的目标，一天后，他在推特上表示 “差不多完成了”，并在提交给美国证券交易委员会的文件中披露，他已经行使了更多股票期权，并又出售了 93.4 万股股票，价值约 9.286 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109764882","content_text":"Tesla shares rose nearly 2% in early trading.A day after saying he had “sold enough” to meet his goal of selling 10% of his Tesla Inc. stake, Chief Executive Elon Musk on Wednesday tweeted that he’s “almost done,” and disclosed in filings with the Securities and Exchange Commission that he has exercised more stock options and sold another 934,000 shares, worth about $928.6 million.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698176305,"gmtCreate":1640328449806,"gmtModify":1640328717236,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698176305","repostId":"1126440728","repostType":4,"repost":{"id":"1126440728","kind":"news","pubTimestamp":1640327378,"share":"https://www.laohunote.com/m/news/1126440728?lang=zh_CN&edition=full","pubTime":"2021-12-24 14:29","market":"us","language":"en","title":"10 Best Value Stocks to Buy for 2022<blockquote>2022 年最值得购买的 10 只价值股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126440728","media":"U.S. News & World Report","summary":"These cheaply priced value stocks should deliver solid results next year.","content":"<p>These cheaply priced value stocks should deliver solid results next year.</p><p><blockquote>这些价格低廉的价值股明年应该会带来稳健的业绩。</blockquote></p><p> In an expensive stock market trading near record highs, it's not easy to pay up for growth stocks. And, as the past few months have shown, there's a lot of risk in chasing the high-fliers. There have been huge sell-offs in&nbsp;special-purpose acquisition companies, software stocks and electric vehicle firms, among others. As such, many investors are looking to more defensive value companies for 2022. There are numerous definitions of a value stock. Many investors use book value, relative valuations compared to the sector, free cash flow or valuations compared to a historical mean, among other metrics. However, for the sake of this list, the criteria of 15 times forward earnings will be the barometer. Any stock trading for less than that threshold is eligible, and anything over that number is excluded. With that definition set, here are 10 of the best value stocks to buy for 2022.</p><p><blockquote>在接近历史高点的昂贵股市中，购买成长型股票并不容易。而且，正如过去几个月所表明的那样，追逐雄心勃勃的人存在很大的风险。特殊目的收购公司、软件股和电动汽车公司等都出现了巨额抛售。因此，许多投资者正在寻找 2022 年更具防御性的价值公司。价值股有多种定义。许多投资者使用账面价值、与行业相比的相对估值、自由现金流或与历史平均值相比的估值等指标。不过，为了这份清单，15倍远期市盈率的标准将是晴雨表。任何低于该阈值的股票交易都有资格，任何超过该阈值的股票交易都被排除在外。有了这个定义，以下是 2022 年最值得购买的 10 只股票。</blockquote></p><p> <b>Verizon Communications Inc. (ticker:VZ)</b></p><p><blockquote><b>Verizon 通信公司（股票代码：VZ）</b></blockquote></p><p> It's not glamorous, but for investors seeking a safe and cheap high-yield stock, the telecom industry isn't a bad place to look. Specifically, Verizon offers a lot of appeal after an underwhelming 2021. The company has spent most of the past five years trading between $50 and $60 per share. The stock doesn't move quickly. And an inability to capitalize on the 5G upgrade cycle until now has squashed what little momentum Verizon may have had. At some point, however, the&nbsp;5G investments&nbsp;should start to pay dividends. In the meantime, Verizon continues to enjoy incredible cash flows from its core business. The stock won't deliver big overnight returns, but it's got a steady 4.9% dividend yield with some upside potential given its bona fide value-stock status at 10 times earnings.</p><p><blockquote>它并不迷人，但对于寻求安全且廉价的高收益股票的投资者来说，电信行业并不是一个不错的选择。具体来说，威瑞森在经历了令人印象深刻的2021年之后提供了很多吸引力。该公司过去五年的大部分时间都在每股 50 美元至 60 美元之间。股票波动不快。到目前为止，未能利用 5G 升级周期已经压垮了 Verizon 可能拥有的一点动力。然而，在某个时候，5G 投资应该会开始产生红利。与此同时，威瑞森继续从其核心业务中获得令人难以置信的现金流。该股不会带来高额隔夜回报，但鉴于其真正的价值股地位（市盈率为 10 倍），其股息收益率稳定为 4.9%，具有一定的上涨潜力。</blockquote></p><p> <b>Goldman Sachs Group Inc. (GS)</b></p><p><blockquote><b>高盛集团公司 (GS)</b></blockquote></p><p> On the surface, Goldman Sachs looks like one of the absolute cheapest stocks on this list. GS stock is trading for just 6.3 times trailing earnings. That's in large part due to just how phenomenal 2021 was for the bank. Goldman Sachs saw improving loan market conditions, a boom in investment banking fees and improving results from its wealth management services division. Building on that momentum, Goldman Sachs recently lifted its outlook and profit margin targets through 2025. There is some risk of things cooling off a bit in 2022; analysts forecast a normalization in earnings after 2021's euphoria. Even so, based on a more conservative outlook for next year, analysts have the stock trading for under 10 times forward earnings. That's a bargain. The bank pays a fine 2.1% dividend too, and with the Federal Reserve looking to hike interest rates, earnings may surprise once again to the upside.</p><p><blockquote>从表面上看，高盛看起来是这份名单上绝对最便宜的股票之一。GS 股票的交易价格仅为历史市盈率的 6.3 倍。这在很大程度上是由于 2021 年对该银行来说是多么惊人。高盛看到贷款市场状况改善、投资银行手续费激增以及其财富管理服务部门业绩改善。在这一势头的基础上，高盛最近提高了其到 2025 年的前景和利润率目标。2022年情况有一些降温的风险；分析师预测，在 2021 年的兴奋之后，盈利将正常化。即便如此，基于对明年更保守的展望，分析师认为该股的交易价格不到预期市盈率的 10 倍。很便宜。该银行还支付了 2.1% 的高额股息，随着美联储寻求加息，盈利可能会再次意外上升。</blockquote></p><p> <b>Wells Fargo &amp; Co. (WFC)</b></p><p><blockquote><b>富国银行 (WFC)</b></blockquote></p><p> Goldman isn't the only bank stock to grace the list of the best value stocks to buy for 2022. Wells Fargo is another top option. Deep value investors might scoff. After all, Wells Fargo stock jumped more than 50% in 2021. So how is it still cheap now? The answer is that Wells Fargo faced a one-two punch in recent years. It had to deal with the legacy of its fraudulent-accounts scandal and a potential economic disaster induced by COVID-19. Bank stocks, as a sector, have regained their early pandemic losses as the anticipated credit losses failed to materialize. However, Wells Fargo still has additional upside as it resolves its reputational issues. The company's CEO has a roadmap to cutting at least $8 billion per year in overhead over the next few years. This will give Wells Fargo a huge earnings boost. The stock is trading at 12 times forward earnings.</p><p><blockquote>高盛并不是唯一一只入选 2022 年最佳价值股票名单的银行股。富国银行是另一个首选。深度价值投资者可能会嗤之以鼻。毕竟，富国银行股价在 2021 年上涨了 50% 以上。那么现在怎么还便宜呢？答案是，富国银行近年来面临一拳二拳。它不得不处理欺诈账户丑闻的遗留问题以及 COVID-19 引发的潜在经济灾难。由于预期的信贷损失未能实现，银行股作为一个板块已经收复了疫情初期的损失。然而，富国银行在解决其声誉问题时仍有额外的上涨空间。该公司首席执行官制定了未来几年每年至少削减 80 亿美元管理费用的路线图。这将为富国银行带来巨大的盈利增长。该股的交易价格为远期市盈率的 12 倍。</blockquote></p><p> <b>Ford Motor Co. (F)</b></p><p><blockquote><b>福特汽车公司 (F)</b></blockquote></p><p> Could Ford become a momentum stock? It's certainly looking more and more possible with every passing month. The venerable automaker has suddenly become a hot property: Ford's shares doubled in 2021. Even after doing so, however, Ford remains an inexpensive value stock, selling for less than 11 times forward earnings. Investors finally seem to be waking up to the fact that the traditional automakers are actually rather competitive on electric vehicles. As the herd of new&nbsp;electric vehicle companies&nbsp;lost their luster in 2021, stocks like Ford suddenly took flight. A company like Ford is a much safer bet than a firm with a huge valuation but minimal revenues as of yet, such as Rivian Automotive Inc. (RIVN). And since Ford already has tremendous profitability, it can reward shareholders with a 2% dividend and a sense of stability while waiting to see how the firm's electric vehicle evolution proceeds.</p><p><blockquote>福特能成为动量股吗？随着时间的推移，这看起来越来越有可能。这家古老的汽车制造商突然成为热门资产：福特的股价在 2021 年翻了一番。然而，即便如此，福特仍然是一只廉价的价值股，其售价不到预期市盈率的 11 倍。投资者似乎终于意识到，传统汽车制造商在电动汽车方面实际上相当有竞争力。随着一大批新电动汽车公司在 2021 年失去光彩，福特等股票突然起飞。像福特公司这样的公司比Rivian汽车公司（RIVN）等估值巨大但迄今为止收入微薄的公司要安全得多。由于福特已经拥有巨大的盈利能力，它可以在等待公司电动汽车发展进展的同时，向股东提供 2% 的股息和稳定感。</blockquote></p><p> <b>Fidelity National Information Services Inc. (FIS)</b></p><p><blockquote><b>富达国家信息服务公司 (FIS)</b></blockquote></p><p></p><p> Fidelity Information Services is a diversified financials, payments and information technology company. It's one of the fastest-growing companies on this list, as analysts see the company growing earnings at 13% per year in 2022 and 2023. Despite that, amid the sell-off in the payments stock sector, Fidelity Information Services fell about 25% in 2021 and thus has fallen squarely into the bucket of top value stocks to invest in, as shares trade at just 14 times estimated 2022 earnings. This appears to be around general worries of fintech disrupting legacy payments firms. However, Fidelity Information Services should dodge that risk, as it's a diversified business spanning countless lines of payments businesses. It has high-profile new-economy clients such as PayPal Holdings Inc. (PYPL), Klarna, Amazon.com Inc. (AMZN) and Crypto.com, and deals tend to be multiyear recurring revenue streams. Long story short, rumors of this company's demise have been greatly exaggerated, leading to an opportune entry point for 2022.</p><p><blockquote>富达信息服务是一家多元化的金融、支付和信息技术公司。它是该榜单上增长最快的公司之一，分析师认为该公司在 2022 年和 2023 年的盈利年增长率为 13%。尽管如此，在支付股板块的抛售中，富达信息服务公司 (Fidelity Information Services) 在 2021 年下跌了约 25%，因此完全落入了值得投资的最高价值股票之列，因为该股的交易价格仅为 2022 年预期收益的 14 倍。这似乎是关于金融科技扰乱传统支付公司的普遍担忧。然而，富达信息服务应该规避这种风险，因为这是一项跨越无数支付业务的多元化业务。它拥有PayPal控股公司 (PYPL)、Klarna、亚马逊公司 (AMZN) 和 Crypto.com 等知名新经济客户，并且交易往往是多年经常性收入流。长话短说，有关这家公司消亡的传言被大大夸大了，导致了 2022 年的合适切入点。</blockquote></p><p> <b>International Business Machines Corp. (IBM)</b></p><p><blockquote><b>国际商业机器公司 (IBM)</b></blockquote></p><p> IBM certainly missed much of the last decade's big innovations in the technology sector. The tech giant was once the largest company in the world by market capitalization. It's not on the same scale today. However, many investors have written the firm off prematurely. The company remains an absolute cash flow machine with its core consulting and services business. It's not glamorous, but it is highly profitable. The company is active in growth sectors, as well. It has one of the most advanced&nbsp;artificial intelligence&nbsp;programs in the world. Commercialization has been slow, but if IBM solves that issue, it would be a game-changer. In the meantime, the company's Red Hat purchase gave it a big boost in on-trend categories such as cloud computing and virtualization. IBM still faces structural headwinds, to be sure. But at a 12 times forward P-E ratio and 5.1% dividend yield, the price is certainly right to give IBM's turnaround story a chance.</p><p><blockquote>IBM当然错过了过去十年技术领域的许多重大创新。这家科技巨头曾经是世界上市值最大的公司。今天的规模不一样了。然而，许多投资者过早地注销了该公司。该公司凭借其核心咨询和服务业务仍然是绝对的现金流机器。它并不光鲜，但利润丰厚。该公司也活跃于成长型行业。它拥有世界上最先进的人工智能程序之一。商业化进展缓慢，但如果IBM解决了这个问题，它将改变游戏规则。与此同时，该公司对 Red Hat 的收购极大地推动了云计算和虚拟化等热门类别的发展。可以肯定的是，IBM 仍然面临结构性阻力。但以 12 倍的远期市盈率和 5.1% 的股息收益率来看，这个价格肯定是合适的，可以给 IBM 的扭亏为盈故事一个机会。</blockquote></p><p> <b>Gilead Sciences Inc. (GILD)</b></p><p><blockquote><b>吉利德科学公司 (GILD)</b></blockquote></p><p> Investors have labeled Gilead Sciences a value trap. That's because the stock has gone nowhere for the past five years despite appearing to be cheap. This is understandable. Gilead rose to prominence from a highly successful set of drugs to treat hepatitis C. Gilead was unable to immediately follow up that product line with a second act, causing the company's revenues, earnings and stock price to stall out. Seemingly under the radar, however, Gilead has snapped out of its slump. Analysts are modeling double-digit growth in 2022 as Gilead's clinical pipeline and acquisitions are kicking into gear.Biotech investing&nbsp;is always subject to a certain degree of luck depending on clinical trial outcomes. However, with earnings set to jump, Gilead looks attractive at 10 times forward earnings and with a 4% dividend yield.</p><p><blockquote>投资者将吉利德科学称为价值陷阱。这是因为尽管该股看起来很便宜，但在过去五年中却一事无成。这是可以理解的。吉利德从一系列非常成功的治疗丙型肝炎的药物中脱颖而出。吉利德无法立即采取第二种行动来跟进该产品线，导致该公司的收入、盈利和股价停滞不前。然而，看似不为人知的吉利德已经摆脱了低迷。随着吉利德的临床管道和收购开始启动，分析师预计 2022 年将实现两位数增长。生物技术投资总是取决于临床试验结果，取决于一定程度的运气。然而，随着盈利将大幅增长，吉利德的预期市盈率为 10 倍，股息收益率为 4%，看起来很有吸引力。</blockquote></p><p> <b>FedEx Corp. (FDX)</b></p><p><blockquote><b>联邦快递公司 (FDX)</b></blockquote></p><p> FedEx fell victim to a post-pandemic slump. Shares had surged in 2020 as soaring e-commerce demand led to unprecedented need for FedEx's delivery and logistics services. Previously, investors had worried that Amazon would steal market share from FedEx. With the rise of quarantine shopping in 2020, however, there were more than enough packages to keep everyone busy. 2021 was more difficult, though. Labor shortages and surging wages made it difficult to keep the workforce ready at a reasonable cost. Soaring fuel prices crimped profit margins. And port closures, vaccine mandates and other outside factors added further layers of complexity to FedEx's business. Despite all that, FedEx is still going for just 12 times forward earnings. While the headwinds are real, the company's earnings more than offset them. To that end, FedEx just announced a $1.5 billion accelerated share repurchase program to sop up company stock while it's cheap. As if that weren't enough, JPMorgan Chase analysts labeled FedEx stock one of their top transportation picks for 2022.</p><p><blockquote>联邦快递成为大流行后经济衰退的受害者。由于电子商务需求飙升，对联邦快递的递送和物流服务产生了前所未有的需求，2020 年股价飙升。此前，投资者曾担心亚马逊会从联邦快递手中抢走市场份额。然而，随着2020年隔离购物的兴起，有足够多的包裹让每个人都忙个不停。不过，2021 年更加困难。劳动力短缺和工资飙升使得很难以合理的成本让劳动力做好准备。燃油价格飙升压缩了利润率。港口关闭、疫苗强制和其他外部因素给联邦快递的业务增加了更多的复杂性。尽管如此，联邦快递的预期市盈率仍然只有 12 倍。虽然逆风是真实存在的，但该公司的盈利足以抵消这些逆风。为此，联邦快递刚刚宣布了一项 15 亿美元的加速股票回购计划，以在公司股票便宜时吸收其股票。似乎这还不够，摩根大通分析师将联邦快递股票列为他们 2022 年的首选运输股票之一。</blockquote></p><p> <b>Kroger Co. (KR)</b></p><p><blockquote><b>克罗格公司 (KR)</b></blockquote></p><p> Like FedEx, Kroger found itself in a complicated situation thanks to the pandemic. Initially, Kroger delivered strong growth as consumers stocked up their pantries at the start of the lockdowns. In addition, Kroger has invested heavily in&nbsp;e-commerce, warehouses and logistics over the past few years. It's not just a sleepy grocery store chain anymore. In a crisis, Kroger was able to demonstrate its capabilities with delivery orders and gain the trust of a new generation of consumers. 2021 was more complicated, though. Labor shortages and supply chain problems caused Kroger significant profitability headwinds. In addition, the general inflationary wave forced Kroger and its suppliers to raise prices dramatically, potentially damaging the consumer relationship. For the longer term, Kroger's investments in logistics should keep it on the right road, and at 13 times forward earnings, the stock is hardly priced for perfection.</p><p><blockquote>与联邦快递一样，由于疫情，克罗格发现自己陷入了复杂的境地。最初，随着消费者在封锁开始时囤积储藏室，克罗格实现了强劲的增长。此外，克罗格过去几年在电子商务、仓储和物流方面进行了大量投资。它不再只是一家昏昏欲睡的连锁杂货店。在危机中，克罗格能够用送货订单展示自己的能力，赢得新一代消费者的信任。不过，2021 年更加复杂。劳动力短缺和供应链问题给克罗格带来了严重的盈利能力阻力。此外，普遍的通胀浪潮迫使克罗格及其供应商大幅提高价格，可能会损害消费者关系。从长远来看，克罗格在物流方面的投资应该会让其走在正确的道路上，以 13 倍的远期市盈率计算，该股的定价很难完美。</blockquote></p><p></p><p> <b>ExxonMobil Corp. (XOM)</b></p><p><blockquote><b>埃克森美孚公司（XOM）</b></blockquote></p><p> ExxonMobil is enjoying a long-overdue comeback. Exxon stock suffered a six-year downturn between 2014 and 2020, with the stock plummeting from $100 to its ultimate low around $30 during the pandemic. The price of natural gas slumped, while oil did it one better: Crude briefly tumbled below $0 per barrel during the height of the COVID-19 crisis. However, as the adage goes, the cure for low prices is low prices. With oil down for so long, producers stopped putting much capital into new projects. As a result, the supply of oil has become less certain, while demand for oil has come surging back as the world economy reopens. Government regulation and socially conscious investors have further made it difficult to drill for new oil. This puts existing producers with low-cost fields, like ExxonMobil, in the driver's seat. The stock is selling at just 11 times earnings heading into 2022, while paying out a nearly 6% dividend yield.</p><p><blockquote>埃克森美孚正在享受期待已久的卷土重来。埃克森美孚股价在 2014 年至 2020 年间经历了长达六年的低迷，该股在疫情期间从 100 美元暴跌至 30 美元左右的最终低点。天然气价格暴跌，而石油价格则好得多：在 COVID-19 危机最严重的时候，原油价格曾短暂跌破每桶 0 美元。然而，俗话说，治疗低价的良药就是低价。由于石油价格长期下跌，生产商不再向新项目投入大量资金。因此，石油供应变得不那么确定，而随着世界经济重新开放，石油需求又激增。政府监管和有社会意识的投资者进一步增加了钻探新石油的难度。这使得埃克森美孚等拥有低成本油田的现有生产商处于主导地位。到 2022 年，该股的市盈率仅为 11 倍，同时支付近 6% 的股息收益率。</blockquote></p><p> 10 best value stocks to buy for 2022:</p><p><blockquote>2022 年最值得购买的 10 只价值股票：</blockquote></p><p> <ul>  <li>Verizon Communications Inc. (VZ)</li>  <li>Goldman Sachs Group Inc. (GS)</li>  <li>Wells Fargo &amp; Co. (WFC)</li>  <li>Ford Motor Co. (F)</li>  <li>Fidelity National Information Services Inc. (FIS)</li>  <li>International Business Machines Corp. (IBM)</li>  <li>Gilead Sciences Inc. (GILD)</li>  <li>FedEx Corp. (FDX)</li>  <li>Kroger Co. (KR)</li>  <li>ExxonMobil Corp. (XOM)</li> </ul></p><p><blockquote><ul><li>威瑞森通信公司 (VZ)</li><li>高盛集团公司 (GS)</li><li>富国银行 (WFC)</li><li>福特汽车公司 (F)</li><li>富达国家信息服务公司 (FIS)</li><li>国际商业机器公司 (IBM)</li><li>吉利德科学公司 (GILD)</li><li>联邦快递公司 (FDX)</li><li>克罗格公司 (KR)</li><li>埃克森美孚公司（XOM）</li></ul></blockquote></p><p></p>","source":"lsy1640327374585","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>10 Best Value Stocks to Buy for 2022<blockquote>2022 年最值得购买的 10 只价值股票</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\">\n10 Best Value Stocks to Buy for 2022<blockquote>2022 年最值得购买的 10 只价值股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">U.S. News & World Report</strong><span class=\"h-time small\">2021-12-24 14:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>These cheaply priced value stocks should deliver solid results next year.</p><p><blockquote>这些价格低廉的价值股明年应该会带来稳健的业绩。</blockquote></p><p> In an expensive stock market trading near record highs, it's not easy to pay up for growth stocks. And, as the past few months have shown, there's a lot of risk in chasing the high-fliers. There have been huge sell-offs in&nbsp;special-purpose acquisition companies, software stocks and electric vehicle firms, among others. As such, many investors are looking to more defensive value companies for 2022. There are numerous definitions of a value stock. Many investors use book value, relative valuations compared to the sector, free cash flow or valuations compared to a historical mean, among other metrics. However, for the sake of this list, the criteria of 15 times forward earnings will be the barometer. Any stock trading for less than that threshold is eligible, and anything over that number is excluded. With that definition set, here are 10 of the best value stocks to buy for 2022.</p><p><blockquote>在接近历史高点的昂贵股市中，购买成长型股票并不容易。而且，正如过去几个月所表明的那样，追逐雄心勃勃的人存在很大的风险。特殊目的收购公司、软件股和电动汽车公司等都出现了巨额抛售。因此，许多投资者正在寻找 2022 年更具防御性的价值公司。价值股有多种定义。许多投资者使用账面价值、与行业相比的相对估值、自由现金流或与历史平均值相比的估值等指标。不过，为了这份清单，15倍远期市盈率的标准将是晴雨表。任何低于该阈值的股票交易都有资格，任何超过该阈值的股票交易都被排除在外。有了这个定义，以下是 2022 年最值得购买的 10 只股票。</blockquote></p><p> <b>Verizon Communications Inc. (ticker:VZ)</b></p><p><blockquote><b>Verizon 通信公司（股票代码：VZ）</b></blockquote></p><p> It's not glamorous, but for investors seeking a safe and cheap high-yield stock, the telecom industry isn't a bad place to look. Specifically, Verizon offers a lot of appeal after an underwhelming 2021. The company has spent most of the past five years trading between $50 and $60 per share. The stock doesn't move quickly. And an inability to capitalize on the 5G upgrade cycle until now has squashed what little momentum Verizon may have had. At some point, however, the&nbsp;5G investments&nbsp;should start to pay dividends. In the meantime, Verizon continues to enjoy incredible cash flows from its core business. The stock won't deliver big overnight returns, but it's got a steady 4.9% dividend yield with some upside potential given its bona fide value-stock status at 10 times earnings.</p><p><blockquote>它并不迷人，但对于寻求安全且廉价的高收益股票的投资者来说，电信行业并不是一个不错的选择。具体来说，威瑞森在经历了令人印象深刻的2021年之后提供了很多吸引力。该公司过去五年的大部分时间都在每股 50 美元至 60 美元之间。股票波动不快。到目前为止，未能利用 5G 升级周期已经压垮了 Verizon 可能拥有的一点动力。然而，在某个时候，5G 投资应该会开始产生红利。与此同时，威瑞森继续从其核心业务中获得令人难以置信的现金流。该股不会带来高额隔夜回报，但鉴于其真正的价值股地位（市盈率为 10 倍），其股息收益率稳定为 4.9%，具有一定的上涨潜力。</blockquote></p><p> <b>Goldman Sachs Group Inc. (GS)</b></p><p><blockquote><b>高盛集团公司 (GS)</b></blockquote></p><p> On the surface, Goldman Sachs looks like one of the absolute cheapest stocks on this list. GS stock is trading for just 6.3 times trailing earnings. That's in large part due to just how phenomenal 2021 was for the bank. Goldman Sachs saw improving loan market conditions, a boom in investment banking fees and improving results from its wealth management services division. Building on that momentum, Goldman Sachs recently lifted its outlook and profit margin targets through 2025. There is some risk of things cooling off a bit in 2022; analysts forecast a normalization in earnings after 2021's euphoria. Even so, based on a more conservative outlook for next year, analysts have the stock trading for under 10 times forward earnings. That's a bargain. The bank pays a fine 2.1% dividend too, and with the Federal Reserve looking to hike interest rates, earnings may surprise once again to the upside.</p><p><blockquote>从表面上看，高盛看起来是这份名单上绝对最便宜的股票之一。GS 股票的交易价格仅为历史市盈率的 6.3 倍。这在很大程度上是由于 2021 年对该银行来说是多么惊人。高盛看到贷款市场状况改善、投资银行手续费激增以及其财富管理服务部门业绩改善。在这一势头的基础上，高盛最近提高了其到 2025 年的前景和利润率目标。2022年情况有一些降温的风险；分析师预测，在 2021 年的兴奋之后，盈利将正常化。即便如此，基于对明年更保守的展望，分析师认为该股的交易价格不到预期市盈率的 10 倍。很便宜。该银行还支付了 2.1% 的高额股息，随着美联储寻求加息，盈利可能会再次意外上升。</blockquote></p><p> <b>Wells Fargo &amp; Co. (WFC)</b></p><p><blockquote><b>富国银行 (WFC)</b></blockquote></p><p> Goldman isn't the only bank stock to grace the list of the best value stocks to buy for 2022. Wells Fargo is another top option. Deep value investors might scoff. After all, Wells Fargo stock jumped more than 50% in 2021. So how is it still cheap now? The answer is that Wells Fargo faced a one-two punch in recent years. It had to deal with the legacy of its fraudulent-accounts scandal and a potential economic disaster induced by COVID-19. Bank stocks, as a sector, have regained their early pandemic losses as the anticipated credit losses failed to materialize. However, Wells Fargo still has additional upside as it resolves its reputational issues. The company's CEO has a roadmap to cutting at least $8 billion per year in overhead over the next few years. This will give Wells Fargo a huge earnings boost. The stock is trading at 12 times forward earnings.</p><p><blockquote>高盛并不是唯一一只入选 2022 年最佳价值股票名单的银行股。富国银行是另一个首选。深度价值投资者可能会嗤之以鼻。毕竟，富国银行股价在 2021 年上涨了 50% 以上。那么现在怎么还便宜呢？答案是，富国银行近年来面临一拳二拳。它不得不处理欺诈账户丑闻的遗留问题以及 COVID-19 引发的潜在经济灾难。由于预期的信贷损失未能实现，银行股作为一个板块已经收复了疫情初期的损失。然而，富国银行在解决其声誉问题时仍有额外的上涨空间。该公司首席执行官制定了未来几年每年至少削减 80 亿美元管理费用的路线图。这将为富国银行带来巨大的盈利增长。该股的交易价格为远期市盈率的 12 倍。</blockquote></p><p> <b>Ford Motor Co. (F)</b></p><p><blockquote><b>福特汽车公司 (F)</b></blockquote></p><p> Could Ford become a momentum stock? It's certainly looking more and more possible with every passing month. The venerable automaker has suddenly become a hot property: Ford's shares doubled in 2021. Even after doing so, however, Ford remains an inexpensive value stock, selling for less than 11 times forward earnings. Investors finally seem to be waking up to the fact that the traditional automakers are actually rather competitive on electric vehicles. As the herd of new&nbsp;electric vehicle companies&nbsp;lost their luster in 2021, stocks like Ford suddenly took flight. A company like Ford is a much safer bet than a firm with a huge valuation but minimal revenues as of yet, such as Rivian Automotive Inc. (RIVN). And since Ford already has tremendous profitability, it can reward shareholders with a 2% dividend and a sense of stability while waiting to see how the firm's electric vehicle evolution proceeds.</p><p><blockquote>福特能成为动量股吗？随着时间的推移，这看起来越来越有可能。这家古老的汽车制造商突然成为热门资产：福特的股价在 2021 年翻了一番。然而，即便如此，福特仍然是一只廉价的价值股，其售价不到预期市盈率的 11 倍。投资者似乎终于意识到，传统汽车制造商在电动汽车方面实际上相当有竞争力。随着一大批新电动汽车公司在 2021 年失去光彩，福特等股票突然起飞。像福特公司这样的公司比Rivian汽车公司（RIVN）等估值巨大但迄今为止收入微薄的公司要安全得多。由于福特已经拥有巨大的盈利能力，它可以在等待公司电动汽车发展进展的同时，向股东提供 2% 的股息和稳定感。</blockquote></p><p> <b>Fidelity National Information Services Inc. (FIS)</b></p><p><blockquote><b>富达国家信息服务公司 (FIS)</b></blockquote></p><p></p><p> Fidelity Information Services is a diversified financials, payments and information technology company. It's one of the fastest-growing companies on this list, as analysts see the company growing earnings at 13% per year in 2022 and 2023. Despite that, amid the sell-off in the payments stock sector, Fidelity Information Services fell about 25% in 2021 and thus has fallen squarely into the bucket of top value stocks to invest in, as shares trade at just 14 times estimated 2022 earnings. This appears to be around general worries of fintech disrupting legacy payments firms. However, Fidelity Information Services should dodge that risk, as it's a diversified business spanning countless lines of payments businesses. It has high-profile new-economy clients such as PayPal Holdings Inc. (PYPL), Klarna, Amazon.com Inc. (AMZN) and Crypto.com, and deals tend to be multiyear recurring revenue streams. Long story short, rumors of this company's demise have been greatly exaggerated, leading to an opportune entry point for 2022.</p><p><blockquote>富达信息服务是一家多元化的金融、支付和信息技术公司。它是该榜单上增长最快的公司之一，分析师认为该公司在 2022 年和 2023 年的盈利年增长率为 13%。尽管如此，在支付股板块的抛售中，富达信息服务公司 (Fidelity Information Services) 在 2021 年下跌了约 25%，因此完全落入了值得投资的最高价值股票之列，因为该股的交易价格仅为 2022 年预期收益的 14 倍。这似乎是关于金融科技扰乱传统支付公司的普遍担忧。然而，富达信息服务应该规避这种风险，因为这是一项跨越无数支付业务的多元化业务。它拥有PayPal控股公司 (PYPL)、Klarna、亚马逊公司 (AMZN) 和 Crypto.com 等知名新经济客户，并且交易往往是多年经常性收入流。长话短说，有关这家公司消亡的传言被大大夸大了，导致了 2022 年的合适切入点。</blockquote></p><p> <b>International Business Machines Corp. (IBM)</b></p><p><blockquote><b>国际商业机器公司 (IBM)</b></blockquote></p><p> IBM certainly missed much of the last decade's big innovations in the technology sector. The tech giant was once the largest company in the world by market capitalization. It's not on the same scale today. However, many investors have written the firm off prematurely. The company remains an absolute cash flow machine with its core consulting and services business. It's not glamorous, but it is highly profitable. The company is active in growth sectors, as well. It has one of the most advanced&nbsp;artificial intelligence&nbsp;programs in the world. Commercialization has been slow, but if IBM solves that issue, it would be a game-changer. In the meantime, the company's Red Hat purchase gave it a big boost in on-trend categories such as cloud computing and virtualization. IBM still faces structural headwinds, to be sure. But at a 12 times forward P-E ratio and 5.1% dividend yield, the price is certainly right to give IBM's turnaround story a chance.</p><p><blockquote>IBM当然错过了过去十年技术领域的许多重大创新。这家科技巨头曾经是世界上市值最大的公司。今天的规模不一样了。然而，许多投资者过早地注销了该公司。该公司凭借其核心咨询和服务业务仍然是绝对的现金流机器。它并不光鲜，但利润丰厚。该公司也活跃于成长型行业。它拥有世界上最先进的人工智能程序之一。商业化进展缓慢，但如果IBM解决了这个问题，它将改变游戏规则。与此同时，该公司对 Red Hat 的收购极大地推动了云计算和虚拟化等热门类别的发展。可以肯定的是，IBM 仍然面临结构性阻力。但以 12 倍的远期市盈率和 5.1% 的股息收益率来看，这个价格肯定是合适的，可以给 IBM 的扭亏为盈故事一个机会。</blockquote></p><p> <b>Gilead Sciences Inc. (GILD)</b></p><p><blockquote><b>吉利德科学公司 (GILD)</b></blockquote></p><p> Investors have labeled Gilead Sciences a value trap. That's because the stock has gone nowhere for the past five years despite appearing to be cheap. This is understandable. Gilead rose to prominence from a highly successful set of drugs to treat hepatitis C. Gilead was unable to immediately follow up that product line with a second act, causing the company's revenues, earnings and stock price to stall out. Seemingly under the radar, however, Gilead has snapped out of its slump. Analysts are modeling double-digit growth in 2022 as Gilead's clinical pipeline and acquisitions are kicking into gear.Biotech investing&nbsp;is always subject to a certain degree of luck depending on clinical trial outcomes. However, with earnings set to jump, Gilead looks attractive at 10 times forward earnings and with a 4% dividend yield.</p><p><blockquote>投资者将吉利德科学称为价值陷阱。这是因为尽管该股看起来很便宜，但在过去五年中却一事无成。这是可以理解的。吉利德从一系列非常成功的治疗丙型肝炎的药物中脱颖而出。吉利德无法立即采取第二种行动来跟进该产品线，导致该公司的收入、盈利和股价停滞不前。然而，看似不为人知的吉利德已经摆脱了低迷。随着吉利德的临床管道和收购开始启动，分析师预计 2022 年将实现两位数增长。生物技术投资总是取决于临床试验结果，取决于一定程度的运气。然而，随着盈利将大幅增长，吉利德的预期市盈率为 10 倍，股息收益率为 4%，看起来很有吸引力。</blockquote></p><p> <b>FedEx Corp. (FDX)</b></p><p><blockquote><b>联邦快递公司 (FDX)</b></blockquote></p><p> FedEx fell victim to a post-pandemic slump. Shares had surged in 2020 as soaring e-commerce demand led to unprecedented need for FedEx's delivery and logistics services. Previously, investors had worried that Amazon would steal market share from FedEx. With the rise of quarantine shopping in 2020, however, there were more than enough packages to keep everyone busy. 2021 was more difficult, though. Labor shortages and surging wages made it difficult to keep the workforce ready at a reasonable cost. Soaring fuel prices crimped profit margins. And port closures, vaccine mandates and other outside factors added further layers of complexity to FedEx's business. Despite all that, FedEx is still going for just 12 times forward earnings. While the headwinds are real, the company's earnings more than offset them. To that end, FedEx just announced a $1.5 billion accelerated share repurchase program to sop up company stock while it's cheap. As if that weren't enough, JPMorgan Chase analysts labeled FedEx stock one of their top transportation picks for 2022.</p><p><blockquote>联邦快递成为大流行后经济衰退的受害者。由于电子商务需求飙升，对联邦快递的递送和物流服务产生了前所未有的需求，2020 年股价飙升。此前，投资者曾担心亚马逊会从联邦快递手中抢走市场份额。然而，随着2020年隔离购物的兴起，有足够多的包裹让每个人都忙个不停。不过，2021 年更加困难。劳动力短缺和工资飙升使得很难以合理的成本让劳动力做好准备。燃油价格飙升压缩了利润率。港口关闭、疫苗强制和其他外部因素给联邦快递的业务增加了更多的复杂性。尽管如此，联邦快递的预期市盈率仍然只有 12 倍。虽然逆风是真实存在的，但该公司的盈利足以抵消这些逆风。为此，联邦快递刚刚宣布了一项 15 亿美元的加速股票回购计划，以在公司股票便宜时吸收其股票。似乎这还不够，摩根大通分析师将联邦快递股票列为他们 2022 年的首选运输股票之一。</blockquote></p><p> <b>Kroger Co. (KR)</b></p><p><blockquote><b>克罗格公司 (KR)</b></blockquote></p><p> Like FedEx, Kroger found itself in a complicated situation thanks to the pandemic. Initially, Kroger delivered strong growth as consumers stocked up their pantries at the start of the lockdowns. In addition, Kroger has invested heavily in&nbsp;e-commerce, warehouses and logistics over the past few years. It's not just a sleepy grocery store chain anymore. In a crisis, Kroger was able to demonstrate its capabilities with delivery orders and gain the trust of a new generation of consumers. 2021 was more complicated, though. Labor shortages and supply chain problems caused Kroger significant profitability headwinds. In addition, the general inflationary wave forced Kroger and its suppliers to raise prices dramatically, potentially damaging the consumer relationship. For the longer term, Kroger's investments in logistics should keep it on the right road, and at 13 times forward earnings, the stock is hardly priced for perfection.</p><p><blockquote>与联邦快递一样，由于疫情，克罗格发现自己陷入了复杂的境地。最初，随着消费者在封锁开始时囤积储藏室，克罗格实现了强劲的增长。此外，克罗格过去几年在电子商务、仓储和物流方面进行了大量投资。它不再只是一家昏昏欲睡的连锁杂货店。在危机中，克罗格能够用送货订单展示自己的能力，赢得新一代消费者的信任。不过，2021 年更加复杂。劳动力短缺和供应链问题给克罗格带来了严重的盈利能力阻力。此外，普遍的通胀浪潮迫使克罗格及其供应商大幅提高价格，可能会损害消费者关系。从长远来看，克罗格在物流方面的投资应该会让其走在正确的道路上，以 13 倍的远期市盈率计算，该股的定价很难完美。</blockquote></p><p></p><p> <b>ExxonMobil Corp. (XOM)</b></p><p><blockquote><b>埃克森美孚公司（XOM）</b></blockquote></p><p> ExxonMobil is enjoying a long-overdue comeback. Exxon stock suffered a six-year downturn between 2014 and 2020, with the stock plummeting from $100 to its ultimate low around $30 during the pandemic. The price of natural gas slumped, while oil did it one better: Crude briefly tumbled below $0 per barrel during the height of the COVID-19 crisis. However, as the adage goes, the cure for low prices is low prices. With oil down for so long, producers stopped putting much capital into new projects. As a result, the supply of oil has become less certain, while demand for oil has come surging back as the world economy reopens. Government regulation and socially conscious investors have further made it difficult to drill for new oil. This puts existing producers with low-cost fields, like ExxonMobil, in the driver's seat. The stock is selling at just 11 times earnings heading into 2022, while paying out a nearly 6% dividend yield.</p><p><blockquote>埃克森美孚正在享受期待已久的卷土重来。埃克森美孚股价在 2014 年至 2020 年间经历了长达六年的低迷，该股在疫情期间从 100 美元暴跌至 30 美元左右的最终低点。天然气价格暴跌，而石油价格则好得多：在 COVID-19 危机最严重的时候，原油价格曾短暂跌破每桶 0 美元。然而，俗话说，治疗低价的良药就是低价。由于石油价格长期下跌，生产商不再向新项目投入大量资金。因此，石油供应变得不那么确定，而随着世界经济重新开放，石油需求又激增。政府监管和有社会意识的投资者进一步增加了钻探新石油的难度。这使得埃克森美孚等拥有低成本油田的现有生产商处于主导地位。到 2022 年，该股的市盈率仅为 11 倍，同时支付近 6% 的股息收益率。</blockquote></p><p> 10 best value stocks to buy for 2022:</p><p><blockquote>2022 年最值得购买的 10 只价值股票：</blockquote></p><p> <ul>  <li>Verizon Communications Inc. (VZ)</li>  <li>Goldman Sachs Group Inc. (GS)</li>  <li>Wells Fargo &amp; Co. (WFC)</li>  <li>Ford Motor Co. (F)</li>  <li>Fidelity National Information Services Inc. (FIS)</li>  <li>International Business Machines Corp. (IBM)</li>  <li>Gilead Sciences Inc. (GILD)</li>  <li>FedEx Corp. (FDX)</li>  <li>Kroger Co. (KR)</li>  <li>ExxonMobil Corp. (XOM)</li> </ul></p><p><blockquote><ul><li>威瑞森通信公司 (VZ)</li><li>高盛集团公司 (GS)</li><li>富国银行 (WFC)</li><li>福特汽车公司 (F)</li><li>富达国家信息服务公司 (FIS)</li><li>国际商业机器公司 (IBM)</li><li>吉利德科学公司 (GILD)</li><li>联邦快递公司 (FDX)</li><li>克罗格公司 (KR)</li><li>埃克森美孚公司（XOM）</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://money.usnews.com/investing/stock-market-news/slideshows/best-value-stocks-to-buy-now\">U.S. News & World Report</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":{"GS":"高盛","XOM":"埃克森美孚","FIS":"繁德信息技术","KR":"克罗格","WFC":"富国银行","VZ":"Verizon Comms","F":"福特汽车","FDX":"联邦快递","IBM":"IBM","GILD":"吉利德科学"},"source_url":"https://money.usnews.com/investing/stock-market-news/slideshows/best-value-stocks-to-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126440728","content_text":"These cheaply priced value stocks should deliver solid results next year.\nIn an expensive stock market trading near record highs, it's not easy to pay up for growth stocks. And, as the past few months have shown, there's a lot of risk in chasing the high-fliers. There have been huge sell-offs in special-purpose acquisition companies, software stocks and electric vehicle firms, among others. As such, many investors are looking to more defensive value companies for 2022. There are numerous definitions of a value stock. Many investors use book value, relative valuations compared to the sector, free cash flow or valuations compared to a historical mean, among other metrics. However, for the sake of this list, the criteria of 15 times forward earnings will be the barometer. Any stock trading for less than that threshold is eligible, and anything over that number is excluded. With that definition set, here are 10 of the best value stocks to buy for 2022.\nVerizon Communications Inc. (ticker:VZ)\nIt's not glamorous, but for investors seeking a safe and cheap high-yield stock, the telecom industry isn't a bad place to look. Specifically, Verizon offers a lot of appeal after an underwhelming 2021. The company has spent most of the past five years trading between $50 and $60 per share. The stock doesn't move quickly. And an inability to capitalize on the 5G upgrade cycle until now has squashed what little momentum Verizon may have had. At some point, however, the 5G investments should start to pay dividends. In the meantime, Verizon continues to enjoy incredible cash flows from its core business. The stock won't deliver big overnight returns, but it's got a steady 4.9% dividend yield with some upside potential given its bona fide value-stock status at 10 times earnings.\nGoldman Sachs Group Inc. (GS)\nOn the surface, Goldman Sachs looks like one of the absolute cheapest stocks on this list. GS stock is trading for just 6.3 times trailing earnings. That's in large part due to just how phenomenal 2021 was for the bank. Goldman Sachs saw improving loan market conditions, a boom in investment banking fees and improving results from its wealth management services division. Building on that momentum, Goldman Sachs recently lifted its outlook and profit margin targets through 2025. There is some risk of things cooling off a bit in 2022; analysts forecast a normalization in earnings after 2021's euphoria. Even so, based on a more conservative outlook for next year, analysts have the stock trading for under 10 times forward earnings. That's a bargain. The bank pays a fine 2.1% dividend too, and with the Federal Reserve looking to hike interest rates, earnings may surprise once again to the upside.\nWells Fargo & Co. (WFC)\nGoldman isn't the only bank stock to grace the list of the best value stocks to buy for 2022. Wells Fargo is another top option. Deep value investors might scoff. After all, Wells Fargo stock jumped more than 50% in 2021. So how is it still cheap now? The answer is that Wells Fargo faced a one-two punch in recent years. It had to deal with the legacy of its fraudulent-accounts scandal and a potential economic disaster induced by COVID-19. Bank stocks, as a sector, have regained their early pandemic losses as the anticipated credit losses failed to materialize. However, Wells Fargo still has additional upside as it resolves its reputational issues. The company's CEO has a roadmap to cutting at least $8 billion per year in overhead over the next few years. This will give Wells Fargo a huge earnings boost. The stock is trading at 12 times forward earnings.\nFord Motor Co. (F)\nCould Ford become a momentum stock? It's certainly looking more and more possible with every passing month. The venerable automaker has suddenly become a hot property: Ford's shares doubled in 2021. Even after doing so, however, Ford remains an inexpensive value stock, selling for less than 11 times forward earnings. Investors finally seem to be waking up to the fact that the traditional automakers are actually rather competitive on electric vehicles. As the herd of new electric vehicle companies lost their luster in 2021, stocks like Ford suddenly took flight. A company like Ford is a much safer bet than a firm with a huge valuation but minimal revenues as of yet, such as Rivian Automotive Inc. (RIVN). And since Ford already has tremendous profitability, it can reward shareholders with a 2% dividend and a sense of stability while waiting to see how the firm's electric vehicle evolution proceeds.\nFidelity National Information Services Inc. (FIS)\nFidelity Information Services is a diversified financials, payments and information technology company. It's one of the fastest-growing companies on this list, as analysts see the company growing earnings at 13% per year in 2022 and 2023. Despite that, amid the sell-off in the payments stock sector, Fidelity Information Services fell about 25% in 2021 and thus has fallen squarely into the bucket of top value stocks to invest in, as shares trade at just 14 times estimated 2022 earnings. This appears to be around general worries of fintech disrupting legacy payments firms. However, Fidelity Information Services should dodge that risk, as it's a diversified business spanning countless lines of payments businesses. It has high-profile new-economy clients such as PayPal Holdings Inc. (PYPL), Klarna, Amazon.com Inc. (AMZN) and Crypto.com, and deals tend to be multiyear recurring revenue streams. Long story short, rumors of this company's demise have been greatly exaggerated, leading to an opportune entry point for 2022.\nInternational Business Machines Corp. (IBM)\nIBM certainly missed much of the last decade's big innovations in the technology sector. The tech giant was once the largest company in the world by market capitalization. It's not on the same scale today. However, many investors have written the firm off prematurely. The company remains an absolute cash flow machine with its core consulting and services business. It's not glamorous, but it is highly profitable. The company is active in growth sectors, as well. It has one of the most advanced artificial intelligence programs in the world. Commercialization has been slow, but if IBM solves that issue, it would be a game-changer. In the meantime, the company's Red Hat purchase gave it a big boost in on-trend categories such as cloud computing and virtualization. IBM still faces structural headwinds, to be sure. But at a 12 times forward P-E ratio and 5.1% dividend yield, the price is certainly right to give IBM's turnaround story a chance.\nGilead Sciences Inc. (GILD)\nInvestors have labeled Gilead Sciences a value trap. That's because the stock has gone nowhere for the past five years despite appearing to be cheap. This is understandable. Gilead rose to prominence from a highly successful set of drugs to treat hepatitis C. Gilead was unable to immediately follow up that product line with a second act, causing the company's revenues, earnings and stock price to stall out. Seemingly under the radar, however, Gilead has snapped out of its slump. Analysts are modeling double-digit growth in 2022 as Gilead's clinical pipeline and acquisitions are kicking into gear.Biotech investing is always subject to a certain degree of luck depending on clinical trial outcomes. However, with earnings set to jump, Gilead looks attractive at 10 times forward earnings and with a 4% dividend yield.\nFedEx Corp. (FDX)\nFedEx fell victim to a post-pandemic slump. Shares had surged in 2020 as soaring e-commerce demand led to unprecedented need for FedEx's delivery and logistics services. Previously, investors had worried that Amazon would steal market share from FedEx. With the rise of quarantine shopping in 2020, however, there were more than enough packages to keep everyone busy. 2021 was more difficult, though. Labor shortages and surging wages made it difficult to keep the workforce ready at a reasonable cost. Soaring fuel prices crimped profit margins. And port closures, vaccine mandates and other outside factors added further layers of complexity to FedEx's business. Despite all that, FedEx is still going for just 12 times forward earnings. While the headwinds are real, the company's earnings more than offset them. To that end, FedEx just announced a $1.5 billion accelerated share repurchase program to sop up company stock while it's cheap. As if that weren't enough, JPMorgan Chase analysts labeled FedEx stock one of their top transportation picks for 2022.\nKroger Co. (KR)\nLike FedEx, Kroger found itself in a complicated situation thanks to the pandemic. Initially, Kroger delivered strong growth as consumers stocked up their pantries at the start of the lockdowns. In addition, Kroger has invested heavily in e-commerce, warehouses and logistics over the past few years. It's not just a sleepy grocery store chain anymore. In a crisis, Kroger was able to demonstrate its capabilities with delivery orders and gain the trust of a new generation of consumers. 2021 was more complicated, though. Labor shortages and supply chain problems caused Kroger significant profitability headwinds. In addition, the general inflationary wave forced Kroger and its suppliers to raise prices dramatically, potentially damaging the consumer relationship. For the longer term, Kroger's investments in logistics should keep it on the right road, and at 13 times forward earnings, the stock is hardly priced for perfection.\nExxonMobil Corp. (XOM)\nExxonMobil is enjoying a long-overdue comeback. Exxon stock suffered a six-year downturn between 2014 and 2020, with the stock plummeting from $100 to its ultimate low around $30 during the pandemic. The price of natural gas slumped, while oil did it one better: Crude briefly tumbled below $0 per barrel during the height of the COVID-19 crisis. However, as the adage goes, the cure for low prices is low prices. With oil down for so long, producers stopped putting much capital into new projects. As a result, the supply of oil has become less certain, while demand for oil has come surging back as the world economy reopens. Government regulation and socially conscious investors have further made it difficult to drill for new oil. This puts existing producers with low-cost fields, like ExxonMobil, in the driver's seat. The stock is selling at just 11 times earnings heading into 2022, while paying out a nearly 6% dividend yield.\n10 best value stocks to buy for 2022:\n\nVerizon Communications Inc. (VZ)\nGoldman Sachs Group Inc. (GS)\nWells Fargo & Co. (WFC)\nFord Motor Co. (F)\nFidelity National Information Services Inc. (FIS)\nInternational Business Machines Corp. (IBM)\nGilead Sciences Inc. (GILD)\nFedEx Corp. (FDX)\nKroger Co. (KR)\nExxonMobil Corp. (XOM)","news_type":1,"symbols_score_info":{"FDX":0.9,"GS":0.9,"KR":0.9,"GILD":0.9,"WFC":0.9,"VZ":0.9,"FIS":0.9,"F":0.9,"XOM":0.9,"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":1692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698178280,"gmtCreate":1640328368310,"gmtModify":1640328716665,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698178280","repostId":"1144611632","repostType":4,"isVote":1,"tweetType":1,"viewCount":1406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698171265,"gmtCreate":1640328185652,"gmtModify":1640328709648,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Opportunity?","listText":"Opportunity?","text":"Opportunity?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698171265","repostId":"2193142542","repostType":4,"isVote":1,"tweetType":1,"viewCount":1216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":608985015,"gmtCreate":1638596410248,"gmtModify":1638596410356,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/608985015","repostId":"2188057871","repostType":4,"isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807913163,"gmtCreate":1627995842852,"gmtModify":1633754564011,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good information, will have my bullets ready.","listText":"Good information, will have my bullets ready.","text":"Good information, will have my bullets ready.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807913163","repostId":"2156142083","repostType":4,"isVote":1,"tweetType":1,"viewCount":970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159961682,"gmtCreate":1624936536746,"gmtModify":1631883667240,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>will hold this stock and hope more good news.","listText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>will hold this stock and hope more good news.","text":"$IFAST CORPORATION LTD.(AIY.SI)$will hold this stock and hope more good news.","images":[{"img":"https://static.tigerbbs.com/8d9fd037f2b0f9c1841c12eec1497d2a","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159961682","isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":194381395,"gmtCreate":1621342837317,"gmtModify":1634192308300,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Looking for the right time to invest more&nbsp;","listText":"Looking for the right time to invest more&nbsp;","text":"Looking for the right time to invest more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194381395","repostId":"1193296120","repostType":4,"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340817259,"gmtCreate":1617371566471,"gmtModify":1634521204464,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Tesla is a good company, I would like to build up this&nbsp;stock in my portfolio.","listText":"Tesla is a good company, I would like to build up this&nbsp;stock in my portfolio.","text":"Tesla is a good company, I would like to build up this stock in my portfolio.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/340817259","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873320755,"gmtCreate":1636861389379,"gmtModify":1636861389379,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873320755","repostId":"2183043548","repostType":4,"repost":{"id":"2183043548","kind":"highlight","pubTimestamp":1636852012,"share":"https://www.laohunote.com/m/news/2183043548?lang=zh_CN&edition=full","pubTime":"2021-11-14 09:06","market":"us","language":"en","title":"If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183043548","media":"MarketWatch","summary":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom sa","content":"<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</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>If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</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\">\nIf inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-14 09:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NDX":"纳斯达克100指数",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183043548","content_text":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.\nSince mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&P 500 has gained more than 15% and the tech-heavy Nasdaq 100 index is up almost 23%.\nDoes that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?\nNow is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.\nMy analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.\nConsider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.\nThis tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”\nCorporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.\nThese two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.\n\nWhat to watch for — and watch out for\n\nHow do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.\nThe investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.","news_type":1,"symbols_score_info":{"NDX":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":342086198,"gmtCreate":1618128304014,"gmtModify":1634294763953,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"I wonder when could it hit the bottom line? I dun want to miss the opportunity from its bottom line!!","listText":"I wonder when could it hit the bottom line? I dun want to miss the opportunity from its bottom line!!","text":"I wonder when could it hit the bottom line? I dun want to miss the opportunity from its bottom line!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/342086198","repostId":"1142324412","repostType":4,"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":602335514,"gmtCreate":1638970687125,"gmtModify":1638970687276,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602335514","repostId":"2189661415","repostType":4,"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":102252926,"gmtCreate":1620220734365,"gmtModify":1634206899372,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"May be a good for Dividend stocks.","listText":"May be a good for Dividend stocks.","text":"May be a good for Dividend stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/102252926","repostId":"2132510807","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106514861,"gmtCreate":1620133685553,"gmtModify":1634207582351,"author":{"id":"3571112889855060","authorId":"3571112889855060","name":"Liuliusg","avatar":"https://static.tigerbbs.com/86e7691637ffe866f31f181dbe2ede72","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571112889855060","idStr":"3571112889855060"},"themes":[],"title":"","htmlText":"Good reference.","listText":"Good reference.","text":"Good reference.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106514861","repostId":"1153680708","repostType":4,"repost":{"id":"1153680708","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":1620130776,"share":"https://www.laohunote.com/m/news/1153680708?lang=zh_CN&edition=full","pubTime":"2021-05-04 20:19","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153680708","media":"Tiger Newspress","summary":"Nasdaq futures lead stock drop.Pfizer, CVS boost outlooks.Oil continues its upward climb touching the $65 per barrel level.Gold was modestly lower trading at $1,782 an ounce. U.S. stock futuresslipped in early trading as investors digested a fresh batch ofcorporate earnings.For tech, Tuesday may mark the second day of selling, even as the Dow and S&P posted gains, as investors piled into cyclical stocks and out of higher growth names.Stocks making the biggest moves in the premarket: CVS Health, ","content":"<p><ul><li>Nasdaq futures lead stock drop.</li><li>Pfizer, CVS boost outlooks.</li><li>Oil continues its upward climb touching the $65 per barrel level.</li><li>Gold was modestly lower trading at $1,782 an ounce.</li></ul>(May 4)&nbsp;U.S. stock futuresslipped in early trading as investors digested a fresh batch ofcorporate earnings.</p><p><blockquote><ul><li>纳斯达克期货领跌股市。</li><li>辉瑞、CVS 提振前景。</li><li>油价继续上涨，触及每桶 65 美元的水平。</li><li>金价小幅走低，至每盎司 1,782 美元。</li></ul>（5月4日）美国随着投资者消化新一批企业收益，股票期货在早盘交易中下滑。</blockquote></p><p>At 8:14 a.m. ET, Dow E-minis were fell 62 points, or 0.18%, S&amp;P 500 E-minis were down 16.75 points, or 0.40% and Nasdaq 100 E-minis were down 98.25 points, or 0.71%.</p><p><blockquote>美国东部时间上午 8:14，道琼斯电子迷你指数下跌 62 点，跌幅 0.18%，标普500电子迷你指数下跌 16.75 点，跌幅 0.40%，纳斯达克 100 电子迷你指数下跌 98.25 点，跌幅 0.71%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6f8612487eb7d9e478b56b8207930107\" tg-width=\"1242\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>For tech, Tuesday may mark the second day of selling, even as the Dow and S&amp;P posted gains, as investors piled into cyclical stocks and out of higher growth names.</p><p><blockquote>对于科技股来说，周二可能标志着抛售的第二天，尽管道琼斯指数和标准普尔指数公布上涨，投资者纷纷买入周期性股票和高增长股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/24fbed60932ea8b019823f3fe29bead3\" tg-width=\"670\" tg-height=\"186\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>FAANMG stocks fell; EV stocks retreated.</p><p><blockquote>FAANMG股价下跌；电动汽车股回落。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d5155f64b614f9e0ed08e812feb693cf\" tg-width=\"274\" tg-height=\"321\"><img src=\"https://static.tigerbbs.com/3cc9463ff9ea655918927cdd1d0e47e5\" tg-width=\"268\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket: CVS Health, iRobot, Vaxart &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：CVS Health、iRobot、Vaxart 等</b></blockquote></p><p>1)&nbsp;CVS Health(CVS) – The drug store and pharmacy benefits management companyearned $2.04 per share in the first quarter, above the consensus estimate of $1.72 a share. Revenue also came in above Wall Street forecasts. CVS saw higher sales at its stores, with customer traffic spurred by Covid-19 vaccination visits. CVS also raised its full-year forecast, and its shares rose 3% in the premarket.</p><p><blockquote>1) CVS Health (CVS) – 这家药店和药房福利管理公司第一季度每股收益为 2.04 美元，高于每股 1.72 美元的市场普遍预期。收入也高于华尔街的预期。CVS 门店的销售额有所增加，Covid-19 疫苗接种访问刺激了顾客流量。CVS还上调了全年预期，盘前股价上涨3%。</blockquote></p><p>2)&nbsp;iRobot(IRBT) – iRobot earned 41 cents per share during the first quarter, compared to a consensus estimate of 9 cents a share. The maker of the Roomba robotic vacuum’s revenue exceeded estimates as well, however the stock tumbled 8.6% in the premarket on concerns about shipping and component costs.</p><p><blockquote>2) iRobot(IRBT) – iRobot 第一季度每股收益为 41 美分，而市场普遍预期为每股 9 美分。Roomba 机器人吸尘器的制造商的收入也超出了预期，但由于对运输和零部件成本的担忧，该股在盘前暴跌了 8.6%。</blockquote></p><p>3)&nbsp;Pfizer(PFE) – The drugmakerbeat estimates by 16 cents a share, with quarterly profit of 93 cents per share. Revenue also came in above forecasts and the company raised its full-year guidance as sales of its Covid-19 vaccine continue to be stronger than expected. Additionally, the Food and Drug Administration is set to authorize the vaccine for use in adolescents aged 12-15, according to federal officials familiar with the plan who spoke to The New York Times. Pfizer shares added 1.3% in premarket trading.</p><p><blockquote>3) 辉瑞 (PFE) – 该制药商预计每股收益 16 美分，季度利润为每股 93 美分。收入也超出了预期，随着 Covid-19 疫苗的销售继续强于预期，该公司上调了全年指引。此外，据熟悉该计划的联邦官员向《纽约时报》透露，美国食品和药物管理局将授权该疫苗用于 12-15 岁的青少年。辉瑞股价在盘前交易中上涨 1.3%。</blockquote></p><p>4)&nbsp;Vaxart(VXRT) – Vaxart surged 18.6% in premarket trading after it reported positive results in a phase 1 trial of its oral Covid-19 vaccine. Vaxart said the vaccine could be just as effective as the injected vaccines developed by Pfizer andModerna(MRNA).</p><p><blockquote>4) Vaxart(VXRT) – Vaxart 在报告其口服 Covid-19 疫苗 1 期试验取得积极结果后，在盘前交易中飙升 18.6%。Vaxart表示，该疫苗可能与辉瑞和Moderna（MRNA）开发的注射疫苗一样有效。</blockquote></p><p>5)&nbsp;Under Armour(UAA) – The athletic apparel maker’s stock climbed 2.8% in premarket action after itreported first-quarter profit of 16 cents per share, well above the 3 cents a share consensus estimate. Revenue also topped analysts’ forecasts and Under Armour raised its full-year outlook as reopening markets spur demand for shoes and apparel. Separately, the companyagreed to pay $9 millionto settle a Securities and Exchange Commission probe into its accounting.</p><p><blockquote>5) Under Armour (UAA) - 这家运动服装制造商公布第一季度每股利润 16 美分，远高于每股 3 美分的普遍预期，其股价在盘前攀升 2.8%。由于市场重新开放刺激了对鞋类和服装的需求，Under Armour 上调了全年展望。另外，该公司同意支付 900 万美元来解决美国证券交易委员会对其会计的调查。</blockquote></p><p>6)&nbsp;DuPont(DD) – The industrial materials maker reported quarterly profit of 91 cents per share, 15 cents a share above estimates. Revenue also topped analysts’ forecasts. DuPont is seeing strong demand for its products from semiconductor makers as well as automobile markets, and the company raised its full-year profit and revenue forecast.</p><p><blockquote>6) 杜邦 (DD) – 这家工业材料制造商公布季度利润为每股 91 美分，比预期高出每股 15 美分。收入也超出了分析师的预期。杜邦看到半导体制造商和汽车市场对其产品的强劲需求，该公司上调了全年利润和收入预测。</blockquote></p><p>7)&nbsp;XPO Logistics(XPO) – XPO reported quarterly earnings of $1.46 per share, well above the consensus estimate of 97 cents a share. The transportation company’s revenue was also above Wall Street forecasts, reaching record levels in sharp contrast to usual seasonal trends. XPO also raised its full-year forecast, but its shares lost 1.2% in premarket action.</p><p><blockquote>7) XPO Logistics (XPO) – XPO 报告季度收益为每股 1.46 美元，远高于每股 97 美分的市场普遍预期。这家运输公司的收入也高于华尔街的预测，达到创纪录水平，与通常的季节性趋势形成鲜明对比。XPO 还上调了全年预期，但其股价在盘前交易中下跌了 1.2%。</blockquote></p><p>8)&nbsp;Avis Budget(CAR) – Avis Budget lost 46 cents per share for the first quarter, smaller than the loss of $2.16 a share predicted by analysts. The car rental company’s revenue beat Wall Street forecasts as well amid a jump in demand and more solid pricing for car rentals. The stock fell 1.4% in premarket action despite the upbeat results.</p><p><blockquote>8) Avis Budget (CAR) – Avis Budget 第一季度每股亏损 46 美分，低于分析师预测的每股亏损 2.16 美元。由于需求激增和租车价格更加稳定，这家汽车租赁公司的收入也超出了华尔街的预测。尽管业绩乐观，但该股在盘前交易中下跌了 1.4%。</blockquote></p><p>9)&nbsp;Qiagen(QGEN) – Qiagen reported better-than-expected earnings and sales for its latest quarter, as the genetic testing company saw increasing demand for non-coronavirus products as well as strength in its Covid-19 testing business.</p><p><blockquote>9) Qiagen (QGEN) – Qiagen 公布的最新季度盈利和销售额好于预期，因为这家基因检测公司看到对非冠状病毒产品的需求不断增长，以及其 Covid-19 检测业务的实力增强。</blockquote></p><p></p><p>10)&nbsp;SmileDirectClub(SDC) – SmileDirectClub said its current-quarter sales will be hurt by an April cyberattack, costing it between $10 million and $15 million. The maker of teeth-straightening systems said it successfully blocked the attack and restored its systems to normal. The stock lost 9.2% in the premarket. (Disclosure: NBC Nightly News investigated SmileDirectClub’s customer complaints in February. The company accused NBCUniversal of publishing false information about the company and is seeking $2.85 billion for defamation.)</p><p><blockquote>10) SmileDirectClub(SDC) – SmileDirectClub 表示，其本季度的销售额将受到 4 月份网络攻击的影响，损失在 1000 万至 1500 万美元之间。这家牙齿矫正系统制造商表示，它成功阻止了攻击，并使其系统恢复正常。该股盘前下跌 9.2%。(披露： NBC Nightly News 在 2 月份调查了 SmileDirectClub 的客户投诉。该公司指控 NBC Universal 发布了有关该公司的虚假信息，并要求赔偿 28.5 亿美元）。</blockquote></p><p>11)&nbsp;Domtar(UFS) – Domtar shares soared 16.1% in premarket action following a Bloomberg report that said Canada’s Paper Excellence is exploring a deal to buy its U.S.-based paper and packaging rival. A deal could value Domtar in the mid-$50 per share range, compared to Monday’s close of $40.52 a share.</p><p><blockquote>11) Domtar(UFS) - 彭博社报道称，加拿大造纸卓越公司正在探索收购其美国造纸和包装竞争对手的交易，Domtar 股价在盘前飙升 16.1%。与周一收盘价 40.52 美元相比，这笔交易对 Domtar 的估值可能在每股 50 美元左右。</blockquote></p><p>In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce.</p><p><blockquote>大宗商品方面，油价继续上涨，触及每桶 65 美元的水平，而黄金价格小幅走低，报每盎司 1,782 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的顶线</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; 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}\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\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的顶线</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\">2021-05-04 20:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul><li>Nasdaq futures lead stock drop.</li><li>Pfizer, CVS boost outlooks.</li><li>Oil continues its upward climb touching the $65 per barrel level.</li><li>Gold was modestly lower trading at $1,782 an ounce.</li></ul>(May 4)&nbsp;U.S. stock futuresslipped in early trading as investors digested a fresh batch ofcorporate earnings.</p><p><blockquote><ul><li>纳斯达克期货领跌股市。</li><li>辉瑞、CVS 提振前景。</li><li>油价继续上涨，触及每桶 65 美元的水平。</li><li>金价小幅走低，至每盎司 1,782 美元。</li></ul>（5月4日）美国随着投资者消化新一批企业收益，股票期货在早盘交易中下滑。</blockquote></p><p>At 8:14 a.m. ET, Dow E-minis were fell 62 points, or 0.18%, S&amp;P 500 E-minis were down 16.75 points, or 0.40% and Nasdaq 100 E-minis were down 98.25 points, or 0.71%.</p><p><blockquote>美国东部时间上午 8:14，道琼斯电子迷你指数下跌 62 点，跌幅 0.18%，标普500电子迷你指数下跌 16.75 点，跌幅 0.40%，纳斯达克 100 电子迷你指数下跌 98.25 点，跌幅 0.71%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6f8612487eb7d9e478b56b8207930107\" tg-width=\"1242\" tg-height=\"509\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>For tech, Tuesday may mark the second day of selling, even as the Dow and S&amp;P posted gains, as investors piled into cyclical stocks and out of higher growth names.</p><p><blockquote>对于科技股来说，周二可能标志着抛售的第二天，尽管道琼斯指数和标准普尔指数公布上涨，投资者纷纷买入周期性股票和高增长股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/24fbed60932ea8b019823f3fe29bead3\" tg-width=\"670\" tg-height=\"186\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>FAANMG stocks fell; EV stocks retreated.</p><p><blockquote>FAANMG股价下跌；电动汽车股回落。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d5155f64b614f9e0ed08e812feb693cf\" tg-width=\"274\" tg-height=\"321\"><img src=\"https://static.tigerbbs.com/3cc9463ff9ea655918927cdd1d0e47e5\" tg-width=\"268\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket: CVS Health, iRobot, Vaxart &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：CVS Health、iRobot、Vaxart 等</b></blockquote></p><p>1)&nbsp;CVS Health(CVS) – The drug store and pharmacy benefits management companyearned $2.04 per share in the first quarter, above the consensus estimate of $1.72 a share. Revenue also came in above Wall Street forecasts. CVS saw higher sales at its stores, with customer traffic spurred by Covid-19 vaccination visits. CVS also raised its full-year forecast, and its shares rose 3% in the premarket.</p><p><blockquote>1) CVS Health (CVS) – 这家药店和药房福利管理公司第一季度每股收益为 2.04 美元，高于每股 1.72 美元的市场普遍预期。收入也高于华尔街的预期。CVS 门店的销售额有所增加，Covid-19 疫苗接种访问刺激了顾客流量。CVS还上调了全年预期，盘前股价上涨3%。</blockquote></p><p>2)&nbsp;iRobot(IRBT) – iRobot earned 41 cents per share during the first quarter, compared to a consensus estimate of 9 cents a share. The maker of the Roomba robotic vacuum’s revenue exceeded estimates as well, however the stock tumbled 8.6% in the premarket on concerns about shipping and component costs.</p><p><blockquote>2) iRobot(IRBT) – iRobot 第一季度每股收益为 41 美分，而市场普遍预期为每股 9 美分。Roomba 机器人吸尘器的制造商的收入也超出了预期，但由于对运输和零部件成本的担忧，该股在盘前暴跌了 8.6%。</blockquote></p><p>3)&nbsp;Pfizer(PFE) – The drugmakerbeat estimates by 16 cents a share, with quarterly profit of 93 cents per share. Revenue also came in above forecasts and the company raised its full-year guidance as sales of its Covid-19 vaccine continue to be stronger than expected. Additionally, the Food and Drug Administration is set to authorize the vaccine for use in adolescents aged 12-15, according to federal officials familiar with the plan who spoke to The New York Times. Pfizer shares added 1.3% in premarket trading.</p><p><blockquote>3) 辉瑞 (PFE) – 该制药商预计每股收益 16 美分，季度利润为每股 93 美分。收入也超出了预期，随着 Covid-19 疫苗的销售继续强于预期，该公司上调了全年指引。此外，据熟悉该计划的联邦官员向《纽约时报》透露，美国食品和药物管理局将授权该疫苗用于 12-15 岁的青少年。辉瑞股价在盘前交易中上涨 1.3%。</blockquote></p><p>4)&nbsp;Vaxart(VXRT) – Vaxart surged 18.6% in premarket trading after it reported positive results in a phase 1 trial of its oral Covid-19 vaccine. Vaxart said the vaccine could be just as effective as the injected vaccines developed by Pfizer andModerna(MRNA).</p><p><blockquote>4) Vaxart(VXRT) – Vaxart 在报告其口服 Covid-19 疫苗 1 期试验取得积极结果后，在盘前交易中飙升 18.6%。Vaxart表示，该疫苗可能与辉瑞和Moderna（MRNA）开发的注射疫苗一样有效。</blockquote></p><p>5)&nbsp;Under Armour(UAA) – The athletic apparel maker’s stock climbed 2.8% in premarket action after itreported first-quarter profit of 16 cents per share, well above the 3 cents a share consensus estimate. Revenue also topped analysts’ forecasts and Under Armour raised its full-year outlook as reopening markets spur demand for shoes and apparel. Separately, the companyagreed to pay $9 millionto settle a Securities and Exchange Commission probe into its accounting.</p><p><blockquote>5) Under Armour (UAA) - 这家运动服装制造商公布第一季度每股利润 16 美分，远高于每股 3 美分的普遍预期，其股价在盘前攀升 2.8%。由于市场重新开放刺激了对鞋类和服装的需求，Under Armour 上调了全年展望。另外，该公司同意支付 900 万美元来解决美国证券交易委员会对其会计的调查。</blockquote></p><p>6)&nbsp;DuPont(DD) – The industrial materials maker reported quarterly profit of 91 cents per share, 15 cents a share above estimates. Revenue also topped analysts’ forecasts. DuPont is seeing strong demand for its products from semiconductor makers as well as automobile markets, and the company raised its full-year profit and revenue forecast.</p><p><blockquote>6) 杜邦 (DD) – 这家工业材料制造商公布季度利润为每股 91 美分，比预期高出每股 15 美分。收入也超出了分析师的预期。杜邦看到半导体制造商和汽车市场对其产品的强劲需求，该公司上调了全年利润和收入预测。</blockquote></p><p>7)&nbsp;XPO Logistics(XPO) – XPO reported quarterly earnings of $1.46 per share, well above the consensus estimate of 97 cents a share. The transportation company’s revenue was also above Wall Street forecasts, reaching record levels in sharp contrast to usual seasonal trends. XPO also raised its full-year forecast, but its shares lost 1.2% in premarket action.</p><p><blockquote>7) XPO Logistics (XPO) – XPO 报告季度收益为每股 1.46 美元，远高于每股 97 美分的市场普遍预期。这家运输公司的收入也高于华尔街的预测，达到创纪录水平，与通常的季节性趋势形成鲜明对比。XPO 还上调了全年预期，但其股价在盘前交易中下跌了 1.2%。</blockquote></p><p>8)&nbsp;Avis Budget(CAR) – Avis Budget lost 46 cents per share for the first quarter, smaller than the loss of $2.16 a share predicted by analysts. The car rental company’s revenue beat Wall Street forecasts as well amid a jump in demand and more solid pricing for car rentals. The stock fell 1.4% in premarket action despite the upbeat results.</p><p><blockquote>8) Avis Budget (CAR) – Avis Budget 第一季度每股亏损 46 美分，低于分析师预测的每股亏损 2.16 美元。由于需求激增和租车价格更加稳定，这家汽车租赁公司的收入也超出了华尔街的预测。尽管业绩乐观，但该股在盘前交易中下跌了 1.4%。</blockquote></p><p>9)&nbsp;Qiagen(QGEN) – Qiagen reported better-than-expected earnings and sales for its latest quarter, as the genetic testing company saw increasing demand for non-coronavirus products as well as strength in its Covid-19 testing business.</p><p><blockquote>9) Qiagen (QGEN) – Qiagen 公布的最新季度盈利和销售额好于预期，因为这家基因检测公司看到对非冠状病毒产品的需求不断增长，以及其 Covid-19 检测业务的实力增强。</blockquote></p><p></p><p>10)&nbsp;SmileDirectClub(SDC) – SmileDirectClub said its current-quarter sales will be hurt by an April cyberattack, costing it between $10 million and $15 million. The maker of teeth-straightening systems said it successfully blocked the attack and restored its systems to normal. The stock lost 9.2% in the premarket. (Disclosure: NBC Nightly News investigated SmileDirectClub’s customer complaints in February. The company accused NBCUniversal of publishing false information about the company and is seeking $2.85 billion for defamation.)</p><p><blockquote>10) SmileDirectClub(SDC) – SmileDirectClub 表示，其本季度的销售额将受到 4 月份网络攻击的影响，损失在 1000 万至 1500 万美元之间。这家牙齿矫正系统制造商表示，它成功阻止了攻击，并使其系统恢复正常。该股盘前下跌 9.2%。(披露： NBC Nightly News 在 2 月份调查了 SmileDirectClub 的客户投诉。该公司指控 NBC Universal 发布了有关该公司的虚假信息，并要求赔偿 28.5 亿美元）。</blockquote></p><p>11)&nbsp;Domtar(UFS) – Domtar shares soared 16.1% in premarket action following a Bloomberg report that said Canada’s Paper Excellence is exploring a deal to buy its U.S.-based paper and packaging rival. A deal could value Domtar in the mid-$50 per share range, compared to Monday’s close of $40.52 a share.</p><p><blockquote>11) Domtar(UFS) - 彭博社报道称，加拿大造纸卓越公司正在探索收购其美国造纸和包装竞争对手的交易，Domtar 股价在盘前飙升 16.1%。与周一收盘价 40.52 美元相比，这笔交易对 Domtar 的估值可能在每股 50 美元左右。</blockquote></p><p>In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce.</p><p><blockquote>大宗商品方面，油价继续上涨，触及每桶 65 美元的水平，而黄金价格小幅走低，报每盎司 1,782 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153680708","content_text":"Nasdaq futures lead stock drop.Pfizer, CVS boost outlooks.Oil continues its upward climb touching the $65 per barrel level.Gold was modestly lower trading at $1,782 an ounce.(May 4) U.S. stock futuresslipped in early trading as investors digested a fresh batch ofcorporate earnings.At 8:14 a.m. ET, Dow E-minis were fell 62 points, or 0.18%, S&P 500 E-minis were down 16.75 points, or 0.40% and Nasdaq 100 E-minis were down 98.25 points, or 0.71%.For tech, Tuesday may mark the second day of selling, even as the Dow and S&P posted gains, as investors piled into cyclical stocks and out of higher growth names.FAANMG stocks fell; EV stocks retreated.Stocks making the biggest moves in the premarket: CVS Health, iRobot, Vaxart & more1) CVS Health(CVS) – The drug store and pharmacy benefits management companyearned $2.04 per share in the first quarter, above the consensus estimate of $1.72 a share. Revenue also came in above Wall Street forecasts. CVS saw higher sales at its stores, with customer traffic spurred by Covid-19 vaccination visits. CVS also raised its full-year forecast, and its shares rose 3% in the premarket.2) iRobot(IRBT) – iRobot earned 41 cents per share during the first quarter, compared to a consensus estimate of 9 cents a share. The maker of the Roomba robotic vacuum’s revenue exceeded estimates as well, however the stock tumbled 8.6% in the premarket on concerns about shipping and component costs.3) Pfizer(PFE) – The drugmakerbeat estimates by 16 cents a share, with quarterly profit of 93 cents per share. Revenue also came in above forecasts and the company raised its full-year guidance as sales of its Covid-19 vaccine continue to be stronger than expected. Additionally, the Food and Drug Administration is set to authorize the vaccine for use in adolescents aged 12-15, according to federal officials familiar with the plan who spoke to The New York Times. Pfizer shares added 1.3% in premarket trading.4) Vaxart(VXRT) – Vaxart surged 18.6% in premarket trading after it reported positive results in a phase 1 trial of its oral Covid-19 vaccine. Vaxart said the vaccine could be just as effective as the injected vaccines developed by Pfizer andModerna(MRNA).5) Under Armour(UAA) – The athletic apparel maker’s stock climbed 2.8% in premarket action after itreported first-quarter profit of 16 cents per share, well above the 3 cents a share consensus estimate. Revenue also topped analysts’ forecasts and Under Armour raised its full-year outlook as reopening markets spur demand for shoes and apparel. Separately, the companyagreed to pay $9 millionto settle a Securities and Exchange Commission probe into its accounting.6) DuPont(DD) – The industrial materials maker reported quarterly profit of 91 cents per share, 15 cents a share above estimates. Revenue also topped analysts’ forecasts. DuPont is seeing strong demand for its products from semiconductor makers as well as automobile markets, and the company raised its full-year profit and revenue forecast.7) XPO Logistics(XPO) – XPO reported quarterly earnings of $1.46 per share, well above the consensus estimate of 97 cents a share. The transportation company’s revenue was also above Wall Street forecasts, reaching record levels in sharp contrast to usual seasonal trends. XPO also raised its full-year forecast, but its shares lost 1.2% in premarket action.8) Avis Budget(CAR) – Avis Budget lost 46 cents per share for the first quarter, smaller than the loss of $2.16 a share predicted by analysts. The car rental company’s revenue beat Wall Street forecasts as well amid a jump in demand and more solid pricing for car rentals. The stock fell 1.4% in premarket action despite the upbeat results.9) Qiagen(QGEN) – Qiagen reported better-than-expected earnings and sales for its latest quarter, as the genetic testing company saw increasing demand for non-coronavirus products as well as strength in its Covid-19 testing business.10) SmileDirectClub(SDC) – SmileDirectClub said its current-quarter sales will be hurt by an April cyberattack, costing it between $10 million and $15 million. The maker of teeth-straightening systems said it successfully blocked the attack and restored its systems to normal. The stock lost 9.2% in the premarket. (Disclosure: NBC Nightly News investigated SmileDirectClub’s customer complaints in February. The company accused NBCUniversal of publishing false information about the company and is seeking $2.85 billion for defamation.)11) Domtar(UFS) – Domtar shares soared 16.1% in premarket action following a Bloomberg report that said Canada’s Paper Excellence is exploring a deal to buy its U.S.-based paper and packaging rival. A deal could value Domtar in the mid-$50 per share range, compared to Monday’s close of $40.52 a share.In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce.","news_type":1,"symbols_score_info":{"MYMmain":0.9,"MNQmain":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}