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2021-12-07

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Jumia shares jumped nearly 12% in premarket trading<blockquote>Jumia 股价在盘前交易中上涨近 12%</blockquote>

2021-08-26

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2021-08-22

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

2021-08-21

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2021-08-20

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2021-08-19

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2021-08-18

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2021-08-17

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2021-08-17

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2021-08-17

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NetEase to Report Second Quarter 2021 Financial Results on August 31<blockquote>网易将于8月31日公布2021年第二季度财务业绩</blockquote>

2021-08-16

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2021-08-15

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Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>

2021-08-14

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2021-08-13

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2021-08-12

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2021-08-11

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Toplines After Hours US Market on Tuesday<blockquote>周二美国市场盘后顶线</blockquote>

2021-08-09

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Coinbase shares rose 5.6% in early trading.<blockquote>Coinbase 股价早盘上涨 5.6%。</blockquote>

2021-08-06

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2021-08-06

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2021-08-04

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ASML: Strong Momentum Should Lead To Higher Revenue Expectations At Upcoming Investor Day<blockquote>ASML：强劲的势头应该会导致即将到来的投资者日更高的收入预期</blockquote>

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638877123,"share":"https://www.laohunote.com/m/news/1174056848?lang=zh_CN&edition=full","pubTime":"2021-12-07 19:38","market":"us","language":"en","title":"Jumia shares jumped nearly 12% in premarket trading<blockquote>Jumia 股价在盘前交易中上涨近 12%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174056848","media":"Tiger Newspress","summary":"Jumia shares jumped nearly 12% in premarket trading on the highlights of 2021 Black Friday.\n\nJumia T","content":"<p>Jumia shares jumped nearly 12% in premarket trading&nbsp;on&nbsp;the&nbsp;highlights&nbsp;of&nbsp;2021 Black Friday.</p><p><blockquote>在 2021 年黑色星期五的亮点中，Jumia 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/47f292ae31d1d8f6cbf5b019ea8c5068\" tg-width=\"850\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jumia Technologies AG&nbsp;announced today the highlights of its Black Friday campaign held between November 5 and November 30, 2021.</p><p><blockquote>Jumia Technologies AG今天宣布了2021年11月5日至11月30日期间举行的黑色星期五活动的亮点。</blockquote></p><p> <b><u>Engaging Consumers</u></b></p><p><blockquote><b><u>吸引消费者</u></b></blockquote></p><p> Based on preliminary numbers, Jumia recorded in 2021 its largest ever Black Friday campaign, with GMV reaching $150 million, up 30% year-over-year, and Orders reaching 4.3 million, up 39% year-over-year. Having introduced the Black Friday shopping festival concept in Africa in 2012, it has now become a much-awaited campaign for its consumers, sellers and ecosystem partners.</p><p><blockquote>根据初步数据，Jumia在2021年创下了有史以来最大的黑色星期五活动，GMV达到1.5亿美元，同比增长30%，订单达到430万份，同比增长39%。自2012年在非洲推出黑色星期五购物节概念以来，它现在已经成为消费者、卖家和生态系统合作伙伴期待已久的活动。</blockquote></p><p> As part of the event, Jumia seek to offer its consumers attractive deals on a broad range of relevant products, alongside engaging and localized content such as games, videos, original music and offline events. Jumia posted a record of almost 40 million unique visitors to its platforms, an increase of 27% year-over-year, while its campaign video content recorded almost 190 million views on social media.</p><p><blockquote>作为活动的一部分，Jumia寻求为其消费者提供广泛相关产品的有吸引力的交易，以及游戏、视频、原创音乐和线下活动等引人入胜的本地化内容。Jumia在其平台上发布了近4000万独立访问者的记录，同比增长27%，而其活动视频内容在社交媒体上的观看次数接近1.9亿次。</blockquote></p><p> their consumers are increasingly turning to Jumia for their everyday needs with the top 3 fastest growing physical goods categories in volume terms being Fast Moving Consumers Goods (\"FMCG\"), followed by Beauty and Fashion.</p><p><blockquote>他们的消费者越来越多地转向Jumia来满足他们的日常需求，按数量计算，增长最快的3个实物商品类别是快速消费品（“快速消费品”），其次是美容和时尚。</blockquote></p><p> <b><u>Accelerating sellers' growth</u></b></p><p><blockquote><b><u>加速卖家增长</u></b></blockquote></p><p> The event saw strong seller participation with over 46,000 Active Sellers during the campaign compared to 41,500 the prior year. During the 2021 event, its top 20 physical goods sellers tripled on average their GMV year-over-year. Its restaurant partners were an integral part of the success of the campaign, offering discounts and exclusive meal deals on its platform. GMV of the food delivery category almost doubled year-over-year and the top 20 restaurants during the 2021 event experienced on average 167% GMV growth year-over-year.</p><p><blockquote>该活动吸引了大量卖家参与，活动期间有超过46,000名活跃卖家，而前一年为41,500名。在2021年的活动中，其排名前20的实物商品卖家的GMV平均同比增长了两倍。其餐厅合作伙伴是该活动成功不可或缺的一部分，在其平台上提供折扣和独家餐饮优惠。食品配送类别的GMV几乎同比翻了一番，2021年活动期间排名前20的餐厅平均GMV同比增长167%。</blockquote></p><p> Leveraging the strong reach and consumer engagement on its platform, its sellers often take the opportunity of the Black Friday campaign for new product launches. For example, in this year's edition, Xiaomi chose Jumia for the exclusive launch of the Xiaomi Mi 11T phone in Egypt.</p><p><blockquote>利用其平台上强大的影响力和消费者参与度，其卖家经常利用黑色星期五活动的机会推出新产品。例如，在今年的版本中，小米选择了Jumia在埃及独家发布小米Mi 11T手机。</blockquote></p><p> <b><u>Delivering more packages faster</u></b></p><p><blockquote><b><u>更快地递送更多包裹</u></b></blockquote></p><p> Jumia seamlessly scaled its logistics capacity for the event to handle peak volumes. Jumia Logistics handled 5.3 million packages during the campaign, which is more than double the average monthly package volume in the first 10 months of 2021. While we handled significantly more packages than the rest of the year, Jumia remained focused on providing the best customer experience possible while working on reducing delivery times. During the Black Friday campaign, 58% of packages reached consumers the next business day while the average end-to-end delivery time decreased to 1.5 business days, compared to 2.2 business days in the 2020 Black Friday campaign.</p><p><blockquote>Jumia无缝扩展了其活动的物流能力，以处理高峰量。Jumia Logistics在活动期间处理了530万个包裹，是2021年前10个月平均每月包裹量的两倍多。虽然我们处理的包裹比今年其他时间多得多，但Jumia仍然专注于提供最佳的客户体验，同时努力缩短交付时间。在黑色星期五活动期间，58%的包裹在下一个工作日到达消费者手中，而平均端到端交付时间减少到1.5个工作日，而2020年黑色星期五活动为2.2个工作日。</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>Jumia shares jumped nearly 12% in premarket trading<blockquote>Jumia 股价在盘前交易中上涨近 12%</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\">\nJumia shares jumped nearly 12% in premarket trading<blockquote>Jumia 股价在盘前交易中上涨近 12%</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\">2021-12-07 19:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Jumia shares jumped nearly 12% in premarket trading&nbsp;on&nbsp;the&nbsp;highlights&nbsp;of&nbsp;2021 Black Friday.</p><p><blockquote>在 2021 年黑色星期五的亮点中，Jumia 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/47f292ae31d1d8f6cbf5b019ea8c5068\" tg-width=\"850\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Jumia Technologies AG&nbsp;announced today the highlights of its Black Friday campaign held between November 5 and November 30, 2021.</p><p><blockquote>Jumia Technologies AG今天宣布了2021年11月5日至11月30日期间举行的黑色星期五活动的亮点。</blockquote></p><p> <b><u>Engaging Consumers</u></b></p><p><blockquote><b><u>吸引消费者</u></b></blockquote></p><p> Based on preliminary numbers, Jumia recorded in 2021 its largest ever Black Friday campaign, with GMV reaching $150 million, up 30% year-over-year, and Orders reaching 4.3 million, up 39% year-over-year. Having introduced the Black Friday shopping festival concept in Africa in 2012, it has now become a much-awaited campaign for its consumers, sellers and ecosystem partners.</p><p><blockquote>根据初步数据，Jumia在2021年创下了有史以来最大的黑色星期五活动，GMV达到1.5亿美元，同比增长30%，订单达到430万份，同比增长39%。自2012年在非洲推出黑色星期五购物节概念以来，它现在已经成为消费者、卖家和生态系统合作伙伴期待已久的活动。</blockquote></p><p> As part of the event, Jumia seek to offer its consumers attractive deals on a broad range of relevant products, alongside engaging and localized content such as games, videos, original music and offline events. Jumia posted a record of almost 40 million unique visitors to its platforms, an increase of 27% year-over-year, while its campaign video content recorded almost 190 million views on social media.</p><p><blockquote>作为活动的一部分，Jumia寻求为其消费者提供广泛相关产品的有吸引力的交易，以及游戏、视频、原创音乐和线下活动等引人入胜的本地化内容。Jumia在其平台上发布了近4000万独立访问者的记录，同比增长27%，而其活动视频内容在社交媒体上的观看次数接近1.9亿次。</blockquote></p><p> their consumers are increasingly turning to Jumia for their everyday needs with the top 3 fastest growing physical goods categories in volume terms being Fast Moving Consumers Goods (\"FMCG\"), followed by Beauty and Fashion.</p><p><blockquote>他们的消费者越来越多地转向Jumia来满足他们的日常需求，按数量计算，增长最快的3个实物商品类别是快速消费品（“快速消费品”），其次是美容和时尚。</blockquote></p><p> <b><u>Accelerating sellers' growth</u></b></p><p><blockquote><b><u>加速卖家增长</u></b></blockquote></p><p> The event saw strong seller participation with over 46,000 Active Sellers during the campaign compared to 41,500 the prior year. During the 2021 event, its top 20 physical goods sellers tripled on average their GMV year-over-year. Its restaurant partners were an integral part of the success of the campaign, offering discounts and exclusive meal deals on its platform. GMV of the food delivery category almost doubled year-over-year and the top 20 restaurants during the 2021 event experienced on average 167% GMV growth year-over-year.</p><p><blockquote>该活动吸引了大量卖家参与，活动期间有超过46,000名活跃卖家，而前一年为41,500名。在2021年的活动中，其排名前20的实物商品卖家的GMV平均同比增长了两倍。其餐厅合作伙伴是该活动成功不可或缺的一部分，在其平台上提供折扣和独家餐饮优惠。食品配送类别的GMV几乎同比翻了一番，2021年活动期间排名前20的餐厅平均GMV同比增长167%。</blockquote></p><p> Leveraging the strong reach and consumer engagement on its platform, its sellers often take the opportunity of the Black Friday campaign for new product launches. For example, in this year's edition, Xiaomi chose Jumia for the exclusive launch of the Xiaomi Mi 11T phone in Egypt.</p><p><blockquote>利用其平台上强大的影响力和消费者参与度，其卖家经常利用黑色星期五活动的机会推出新产品。例如，在今年的版本中，小米选择了Jumia在埃及独家发布小米Mi 11T手机。</blockquote></p><p> <b><u>Delivering more packages faster</u></b></p><p><blockquote><b><u>更快地递送更多包裹</u></b></blockquote></p><p> Jumia seamlessly scaled its logistics capacity for the event to handle peak volumes. Jumia Logistics handled 5.3 million packages during the campaign, which is more than double the average monthly package volume in the first 10 months of 2021. While we handled significantly more packages than the rest of the year, Jumia remained focused on providing the best customer experience possible while working on reducing delivery times. During the Black Friday campaign, 58% of packages reached consumers the next business day while the average end-to-end delivery time decreased to 1.5 business days, compared to 2.2 business days in the 2020 Black Friday campaign.</p><p><blockquote>Jumia无缝扩展了其活动的物流能力，以处理高峰量。Jumia Logistics在活动期间处理了530万个包裹，是2021年前10个月平均每月包裹量的两倍多。虽然我们处理的包裹比今年其他时间多得多，但Jumia仍然专注于提供最佳的客户体验，同时努力缩短交付时间。在黑色星期五活动期间，58%的包裹在下一个工作日到达消费者手中，而平均端到端交付时间减少到1.5个工作日，而2020年黑色星期五活动为2.2个工作日。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JMIA":"Jumia Technologies AG"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174056848","content_text":"Jumia shares jumped nearly 12% in premarket trading on the highlights of 2021 Black Friday.\n\nJumia Technologies AG announced today the highlights of its Black Friday campaign held between November 5 and November 30, 2021.\nEngaging Consumers\nBased on preliminary numbers, Jumia recorded in 2021 its largest ever Black Friday campaign, with GMV reaching $150 million, up 30% year-over-year, and Orders reaching 4.3 million, up 39% year-over-year. Having introduced the Black Friday shopping festival concept in Africa in 2012, it has now become a much-awaited campaign for its consumers, sellers and ecosystem partners.\nAs part of the event, Jumia seek to offer its consumers attractive deals on a broad range of relevant products, alongside engaging and localized content such as games, videos, original music and offline events. Jumia posted a record of almost 40 million unique visitors to its platforms, an increase of 27% year-over-year, while its campaign video content recorded almost 190 million views on social media.\ntheir consumers are increasingly turning to Jumia for their everyday needs with the top 3 fastest growing physical goods categories in volume terms being Fast Moving Consumers Goods (\"FMCG\"), followed by Beauty and Fashion.\nAccelerating sellers' growth\nThe event saw strong seller participation with over 46,000 Active Sellers during the campaign compared to 41,500 the prior year. During the 2021 event, its top 20 physical goods sellers tripled on average their GMV year-over-year. Its restaurant partners were an integral part of the success of the campaign, offering discounts and exclusive meal deals on its platform. GMV of the food delivery category almost doubled year-over-year and the top 20 restaurants during the 2021 event experienced on average 167% GMV growth year-over-year.\nLeveraging the strong reach and consumer engagement on its platform, its sellers often take the opportunity of the Black Friday campaign for new product launches. For example, in this year's edition, Xiaomi chose Jumia for the exclusive launch of the Xiaomi Mi 11T phone in Egypt.\nDelivering more packages faster\nJumia seamlessly scaled its logistics capacity for the event to handle peak volumes. Jumia Logistics handled 5.3 million packages during the campaign, which is more than double the average monthly package volume in the first 10 months of 2021. While we handled significantly more packages than the rest of the year, Jumia remained focused on providing the best customer experience possible while working on reducing delivery times. During the Black Friday campaign, 58% of packages reached consumers the next business day while the average end-to-end delivery time decreased to 1.5 business days, compared to 2.2 business days in the 2020 Black Friday campaign.","news_type":1,"symbols_score_info":{"JMIA":0.9}},"isVote":1,"tweetType":1,"viewCount":4694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837786367,"gmtCreate":1629928137659,"gmtModify":1631890088647,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837786367","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":4032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832123279,"gmtCreate":1629599431891,"gmtModify":1631890088666,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832123279","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohunote.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","ASML":"阿斯麦","GOOGL":"谷歌A","TSM":"台积电","SSNLF":"三星电子","QCOM":"高通","SNPS":"新思科技","AAPL":"苹果","NVDA":"英伟达","SOXX":"iShares费城交易所半导体ETF","GOOG":"谷歌","ON":"安森美半导体","CDNS":"铿腾电子"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9,"SNPS":0.9,"CDNS":0.9,"TSM":0.9,"ON":0.9,"SSNLF":0.9,"NVDA":0.9,"AAPL":0.9,"AMZN":0.9,"QCOM":0.9,"ASML":0.9,"SOXX":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836567298,"gmtCreate":1629508537715,"gmtModify":1631890088681,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836567298","repostId":"2161743232","repostType":4,"isVote":1,"tweetType":1,"viewCount":2703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838671232,"gmtCreate":1629407228926,"gmtModify":1631890088686,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838671232","repostId":"1102855434","repostType":4,"isVote":1,"tweetType":1,"viewCount":2882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838363086,"gmtCreate":1629375180045,"gmtModify":1631890088699,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838363086","repostId":"1185553954","repostType":4,"isVote":1,"tweetType":1,"viewCount":3051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833615433,"gmtCreate":1629239181722,"gmtModify":1631890088713,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833615433","repostId":"1115558959","repostType":4,"isVote":1,"tweetType":1,"viewCount":2448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833049107,"gmtCreate":1629191936009,"gmtModify":1631890088739,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833049107","repostId":"2160791292","repostType":4,"isVote":1,"tweetType":1,"viewCount":2337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833049058,"gmtCreate":1629191922974,"gmtModify":1631890088749,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833049058","repostId":"2160791292","repostType":4,"isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833040410,"gmtCreate":1629191903530,"gmtModify":1631890088761,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"35743920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influencers, craft and distribute press releases, reach media outlets, and measure the impact of earned media efforts.Communicate like never before.","home_visible":1,"media_name":"Prnasia","id":"1048763057","head_image":"https://static.tigerbbs.com/3bc820a768ede5e92b67c60b98f677f7"},"pubTimestamp":1629190936,"share":"https://www.laohunote.com/m/news/2160088382?lang=zh_CN&edition=full","pubTime":"2021-08-17 17:02","market":"us","language":"en","title":"NetEase to Report Second Quarter 2021 Financial Results on August 31<blockquote>网易将于8月31日公布2021年第二季度财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2160088382","media":"Prnasia","summary":"BEIJING, Aug. 17, 2021 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NetEase and HKEX: NTES-S, \"NetEase\" or","content":"<p>BEIJING, Aug. 17, 2021 /PRNewswire/ -- NetEase, Inc. (NASDAQ: <a href=\"https://laohu8.com/S/NTES\">NetEase</a> and HKEX: <a href=\"https://laohu8.com/S/09999\">NTES-S</a>, \"NetEase\" or the \"Company\"), <a href=\"https://laohu8.com/S/AONE.U\">one</a> of China's leading internet and online game services providers, today announced that it will report financial results for the 2021 second quarter on Tuesday,&nbsp;August 31, 2021, before the open of the U.S. markets.</p><p><blockquote>北京，2021 年 8 月 17 日 /美通社/ -- 网易公司（纳斯达克：<a href=\"https://laohu8.com/S/NTES\">网易</a>及香港交易所：<a href=\"https://laohu8.com/S/09999\">NTES</a>、「网易」或「本公司」），<a href=\"https://laohu8.com/S/AONE.U\">一</a>中国领先的互联网和在线游戏服务提供商之一，今天宣布将于2021年8月31日星期二美国市场开盘前公布2021年第二季度财务业绩。</blockquote></p><p> The earnings teleconference call with&nbsp;a simultaneous webcast will take place at 8:00 a.m. Eastern Time on Tuesday, August 31, 2021 (Beijing/Hong Kong Time: 8:00 p.m., Tuesday, August 31, 2021). NetEase's management will be on the call to discuss the quarterly results and answer questions.</p><p><blockquote>财报电话会议看涨期权将于美国东部时间2021年8月31日（星期二）上午8时正（北京╱香港时间：2021年8月31日（星期二）晚上8时正）举行，并同时进行网络直播。网易管理层将在看涨期权上讨论季度业绩并回答问题。</blockquote></p><p> Interested parties may participate in the conference call by dialing 1-646-828-8193 and providing conference ID: 7055363, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-719-457-0820 and entering passcode 7055363#. The replay will be available through September 13, 2021.</p><p><blockquote>感兴趣的各方可以在看涨期权开始前15分钟拨打1-646-828-8193并提供会议ID:7055363参加电话会议。拨打1-719-457-0820并输入密码7055363#，即可重播看涨期权。重播将持续到2021年9月13日。</blockquote></p><p> This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.</p><p><blockquote>这场看涨期权将在网上直播，重播将持续12个月。两者都将在网易投资者关系网站http://ir.netease.com/上公布。</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>NetEase to Report Second Quarter 2021 Financial Results on August 31<blockquote>网易将于8月31日公布2021年第二季度财务业绩</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\">\nNetEase to Report Second Quarter 2021 Financial Results on August 31<blockquote>网易将于8月31日公布2021年第二季度财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1048763057\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/3bc820a768ede5e92b67c60b98f677f7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Prnasia </p>\n<p class=\"h-time smaller\">2021-08-17 17:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BEIJING, Aug. 17, 2021 /PRNewswire/ -- NetEase, Inc. (NASDAQ: <a href=\"https://laohu8.com/S/NTES\">NetEase</a> and HKEX: <a href=\"https://laohu8.com/S/09999\">NTES-S</a>, \"NetEase\" or the \"Company\"), <a href=\"https://laohu8.com/S/AONE.U\">one</a> of China's leading internet and online game services providers, today announced that it will report financial results for the 2021 second quarter on Tuesday,&nbsp;August 31, 2021, before the open of the U.S. markets.</p><p><blockquote>北京，2021 年 8 月 17 日 /美通社/ -- 网易公司（纳斯达克：<a href=\"https://laohu8.com/S/NTES\">网易</a>及香港交易所：<a href=\"https://laohu8.com/S/09999\">NTES</a>、「网易」或「本公司」），<a href=\"https://laohu8.com/S/AONE.U\">一</a>中国领先的互联网和在线游戏服务提供商之一，今天宣布将于2021年8月31日星期二美国市场开盘前公布2021年第二季度财务业绩。</blockquote></p><p> The earnings teleconference call with&nbsp;a simultaneous webcast will take place at 8:00 a.m. Eastern Time on Tuesday, August 31, 2021 (Beijing/Hong Kong Time: 8:00 p.m., Tuesday, August 31, 2021). NetEase's management will be on the call to discuss the quarterly results and answer questions.</p><p><blockquote>财报电话会议看涨期权将于美国东部时间2021年8月31日（星期二）上午8时正（北京╱香港时间：2021年8月31日（星期二）晚上8时正）举行，并同时进行网络直播。网易管理层将在看涨期权上讨论季度业绩并回答问题。</blockquote></p><p> Interested parties may participate in the conference call by dialing 1-646-828-8193 and providing conference ID: 7055363, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-719-457-0820 and entering passcode 7055363#. The replay will be available through September 13, 2021.</p><p><blockquote>感兴趣的各方可以在看涨期权开始前15分钟拨打1-646-828-8193并提供会议ID:7055363参加电话会议。拨打1-719-457-0820并输入密码7055363#，即可重播看涨期权。重播将持续到2021年9月13日。</blockquote></p><p> This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.</p><p><blockquote>这场看涨期权将在网上直播，重播将持续12个月。两者都将在网易投资者关系网站http://ir.netease.com/上公布。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09999":"网易","NTES":"网易"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160088382","content_text":"BEIJING, Aug. 17, 2021 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NetEase and HKEX: NTES-S, \"NetEase\" or the \"Company\"), one of China's leading internet and online game services providers, today announced that it will report financial results for the 2021 second quarter on Tuesday, August 31, 2021, before the open of the U.S. markets.\nThe earnings teleconference call with a simultaneous webcast will take place at 8:00 a.m. Eastern Time on Tuesday, August 31, 2021 (Beijing/Hong Kong Time: 8:00 p.m., Tuesday, August 31, 2021). NetEase's management will be on the call to discuss the quarterly results and answer questions.\nInterested parties may participate in the conference call by dialing 1-646-828-8193 and providing conference ID: 7055363, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-719-457-0820 and entering passcode 7055363#. The replay will be available through September 13, 2021.\nThis call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.","news_type":1,"symbols_score_info":{"09999":0.9,"NTES":0.9}},"isVote":1,"tweetType":1,"viewCount":3017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839912134,"gmtCreate":1629115877228,"gmtModify":1631890088777,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839912134","repostId":"1101175809","repostType":4,"isVote":1,"tweetType":1,"viewCount":1169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897425866,"gmtCreate":1628975277155,"gmtModify":1633688280085,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897425866","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohunote.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</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>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</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\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在 10 月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员任期两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官埃隆·马斯克去年在德国。MAJA HITIJ/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚些时候提交的文件中表示，该公司将于 10 月 7 日在加利福尼亚州弗里蒙特工厂召开股东大会，在这家电动汽车制造商将提出的提案中，看涨期权是减少董事任期。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项提案是将每位董事的任期从三年缩短至两年。特斯拉董事会目前有九名成员，分为三个班级，交错任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个阶层，任期交错为两年，董事在两个阶层之间尽可能平均分配。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自 2007 年以来一直在特斯拉董事会任职的风险投资家 Antonio Gracias 在 2019 年表示，他将在今年任期结束时不再寻求连任，因此董事会成员将减少到八人。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名新闻集团创始人默多克的小儿子詹姆斯-默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的弟弟金巴尔-马斯克（Kimbal Musk）连任二级董事，任期将于 2024 年届满。该公司表示，如果缩短任期获得批准，那么他们的任期将于 2023 年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提案的回应，该提案要求选举每位董事会成员一年。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>特斯拉说，不过，两年的任期 “在公司的长期利益和此时对股东的短期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日结束时下跌 0.7%，在盘后交易中持平。该股今年上涨了 1.6%，而标普500指数的涨幅约为 19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click\">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":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897832065,"gmtCreate":1628904610257,"gmtModify":1633688631784,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897832065","repostId":"2159215280","repostType":4,"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894347410,"gmtCreate":1628809223430,"gmtModify":1633689407958,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894347410","repostId":"1180393666","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895642748,"gmtCreate":1628742593284,"gmtModify":1633689830040,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895642748","repostId":"2158235575","repostType":4,"isVote":1,"tweetType":1,"viewCount":918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892169974,"gmtCreate":1628644134298,"gmtModify":1633745469412,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892169974","repostId":"1195651017","repostType":4,"repost":{"id":"1195651017","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":1628638405,"share":"https://www.laohunote.com/m/news/1195651017?lang=zh_CN&edition=full","pubTime":"2021-08-11 07:33","market":"us","language":"en","title":"Toplines After Hours US Market on Tuesday<blockquote>周二美国市场盘后顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195651017","media":"Tiger Newspress","summary":"U.S. stock index futures were flat during overnight trading on Tuesday, after the Dow and S&P 500 cl","content":"<p>U.S. stock index futures were flat during overnight trading on Tuesday, after the Dow and S&amp;P 500 closed at&nbsp;record highs&nbsp;following the Senate passing the$1 trillion infrastructure bill.</p><p><blockquote>周二隔夜交易中，美国股指期货持平，此前参议院通过 1 万亿美元基础设施法案后，道琼斯指数和标普500指数收盘创下历史新高。</blockquote></p><p> Futures contracts tied to the <a href=\"https://laohu8.com/S/.DJI\">DJIA</a> were slightly higher. <a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> futures and Nasdaq 100 futures were flat.</p><p><blockquote>与<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>略高。<a href=\"https://laohu8.com/S/.SPX\">标普500</a>期货和纳斯达克100期货持平。</blockquote></p><p> At 7:30&nbsp;p.m. ET, Dow e-minis were down 14 points, or 0.04%, S&amp;P 500 e-minis were down 2.50 points, or 0.06%, and Nasdaq 100 e-minis were down 8.25 points, or 0.05%.<img src=\"https://static.tigerbbs.com/bb78d3b983aa4d779cf3b1bdc234bd42\" tg-width=\"1125\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><blockquote>晚上7:30截至目前，道琼斯电子迷你指数下跌 14 点，跌幅 0.04%，标普500电子迷你指数下跌 2.50 点，跌幅 0.06%，纳斯达克 100 电子迷你指数下跌 8.25 点，跌幅 0.05%。</blockquote></p><p> <b>Stocks making the biggest moves after hours:</b></p><p><blockquote><b>盘后涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/WW\">Weight Watchers International Inc</a>&nbsp;23.2% LOWER; reported Q2 EPS of $0.12, which may not compare to the analyst estimate of $0.65. Revenue for the quarter came in at $311 million versus the consensus estimate of $337.1 million.</p><p><blockquote><a href=\"https://laohu8.com/S/WW\">慧俪轻体国际公司</a>下降23.2%；报告第二季度每股收益为 0.12 美元，可能无法与分析师预期的 0.65 美元相比。本季度收入为 3.11 亿美元，而市场普遍预期为 3.371 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/UPST\">Upstart Holdings, Inc.</a> 17.9% HIGHER; reported Q2 EPS of $0.62, $0.37 better than the analyst estimate of $0.25. Revenue for the quarter came in at $194 million versus the consensus estimate of $157.76 million. Upstart Holdings sees Q3 2021 revenue of $205-215 million, versus the consensus of $161.6 million.</p><p><blockquote><a href=\"https://laohu8.com/S/UPST\">新贵控股公司。</a>高出17.9%；报告第二季度每股收益为 0.62 美元，比分析师预期的 0.25 美元高出 0.37 美元。本季度收入为 1.94 亿美元，而市场普遍预期为 1.5776 亿美元。Upstart Holdings 预计 2021 年第三季度收入为 2.05-2.15 亿美元，而市场普遍预期为 1.616 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/ONTF\">ON24, Inc.</a> 14.9% LOWER; reported Q2 EPS of $0.04, $0.04 better than the analyst estimate of $0.00. Revenue for the quarter came in at $52.1 million versus the consensus estimate of $51.03 million. ON24, Inc. sees Q3 2021 EPS of ($0.09)-($0.07), versus the consensus of ($0.05). ON24, Inc. sees Q3 2021 revenue of $47.5-48.5 million, versus the consensus of $51.2 million. ON24, Inc. sees FY2021 EPS of ($0.13)-($0.06), versus the consensus of ($0.04). ON24, Inc. sees FY2021 revenue of $201.2-204.2 million, versus the consensus of $209.2 million.</p><p><blockquote><a href=\"https://laohu8.com/S/ONTF\">ON24公司。</a>下降14.9%；报告第二季度每股收益为 0.04 美元，比分析师预期的 0.00 美元高出 0.04 美元。本季度收入为 5210 万美元，而市场普遍预期为 5103 万美元。ON24, Inc. 预计 2021 年第三季度每股收益为 (0.09 美元)-(0.07 美元)，而市场普遍预期为 (0.05 美元)。ON24, Inc. 预计 2021 年第三季度收入为 4750 万至 4850 万美元，而市场普遍预期为 5120 万美元。ON24, Inc. 预计 2021 财年每股收益为 (0.13 美元)-(0.06 美元)，而市场普遍预期为 (0.04 美元)。ON24, Inc. 预计 2021 财年收入为 2.012 亿至 2.042 亿美元，而市场普遍预期为 2.092 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/LPRO\">Open Lending Corporation</a> 18.2% HIGHER; reported Q2 EPS of $0.60, $0.43 better than the analyst estimate of $0.17. Revenue for the quarter came in at $61.1 million versus the consensus estimate of $48.98 million. Open Lending Corp. sees FY2021 revenue of $184-234 million, versus the consensus of $216 million.</p><p><blockquote><a href=\"https://laohu8.com/S/LPRO\">公开贷款公司</a>高出18.2%；报告第二季度每股收益为 0.60 美元，比分析师预期的 0.17 美元高出 0.43 美元。本季度收入为 6,110 万美元，而市场普遍预期为 4,898 万美元。Open Lending Corp. 预计 2021 财年收入为 1.84-2.34 亿美元，而市场普遍预期为 2.16 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a> 12.1% HIGHER; reported Q2 EPS of ($0.38), $0.12 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $130.9 million versus the consensus estimate of $118.88 million. fuboTV Inc. sees Q3 2021 revenue of $140-144 million, versus the consensus of $126.9 million. fuboTV Inc. sees FY2021 revenue of $560-570 million, versus the consensus of $531.7 million.</p><p><blockquote><a href=\"https://laohu8.com/S/FUBO\">富博电视公司。</a>高12.1%；报告第二季度每股收益为（0.38 美元），比分析师预期的（0.50 美元）高出 0.12 美元。本季度收入为 1.309 亿美元，而市场普遍预期为 1.1888 亿美元。fuboTV Inc. 预计 2021 年第三季度收入为 1.4 亿至 1.44 亿美元，而市场普遍预期为 1.269 亿美元。fuboTV Inc. 预计 2021 财年收入为 5.60-5.7 亿美元，而市场普遍预期为 5.317 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/MRVI\">Maravai LifeSciences Holdings, Inc.</a> 7.4% HIGHER; reported Q2 EPS of $0.44, $0.13 better than the analyst estimate of $0.31. Revenue for the quarter came in at $217.8 million versus the consensus estimate of $192.29 million. Maravai LifeSciences sees FY2021 revenue of $745-770 million, versus the consensus of $709.65 million.</p><p><blockquote><a href=\"https://laohu8.com/S/MRVI\">马拉维生命科学控股公司。</a>高7.4%；报告第二季度每股收益为 0.44 美元，比分析师预期的 0.31 美元高出 0.13 美元。本季度收入为 2.178 亿美元，而市场普遍预期为 1.9229 亿美元。Maravai LifeSciences 预计 2021 财年收入为 7.45-7.7 亿美元，而市场普遍预期为 7.0965 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/TDUP\">ThredUp Inc.</a> 7.3% HIGHER; Another record-setting quarter with 27% year-over-year revenue growth</p><p><blockquote><a href=\"https://laohu8.com/S/TDUP\">ThredUp公司。</a>高7.3%；又一个创纪录的季度，收入同比增长 27%</blockquote></p><p> <a href=\"https://laohu8.com/S/GTES\">Gates Industrial Corp PLC</a> 6.2% LOWER; announced today that certain selling stockholders affiliated with The Blackstone Group Inc. have commenced a secondary offering of 25,000,000 of Gates' ordinary shares. In connection with the offering, the selling stockholders intend to grant to the underwriters a 30-day option to purchase up to 3,750,000 additional ordinary shares.</p><p><blockquote><a href=\"https://laohu8.com/S/GTES\">盖茨工业公司</a>降低6.2%；今天宣布，隶属于 Blackstone Group Inc. 的某些出售股东已开始二次发行 25,000,000 股盖茨普通股。就此次发行而言，出售股东打算授予承销商 30 天的选择权，购买最多 3,750,000 股额外普通股。</blockquote></p><p> <a href=\"https://laohu8.com/S/SKIN\">The Beauty Health Corp.</a> 5.3% HIGHER; reported Q2 EPS of ($1.52), versus ($0.30) reported last year. Revenue for the quarter came in at $66.5 million, versus $14.1 million reported last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SKIN\">美容健康公司。</a>高5.3%；报告第二季度每股收益为（1.52 美元），而去年报告为（0.30 美元）。本季度收入为 6,650 万美元，而去年同期为 1,410 万美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/MCFE\">McAfee Corp.</a> 3.8% HIGHER; reported Q2 EPS of $0.21, $0.03 better than the analyst estimate of $0.18. Revenue for the quarter came in at $467 million versus the consensus estimate of $433.99 million. McAfee Corp. sees Q3 2021 revenue of $461-467 million, versus the consensus of $442.8 million. McAfee Corp. sees FY2021 revenue of $1.84-1.85 billion, versus the consensus of $1.79 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/MCFE\">迈克菲公司</a>高3.8%；报告第二季度每股收益为 0.21 美元，比分析师预期的 0.18 美元高出 0.03 美元。本季度收入为 4.67 亿美元，而市场普遍预期为 4.3399 亿美元。McAfee Corp. 预计 2021 年第三季度收入为 4.61-4.67 亿美元，而市场普遍预期为 4.428 亿美元。McAfee Corp. 预计 2021 财年收入为 18.4-18.5 亿美元，而市场普遍预期为 17.9 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/OLO\">Olo Inc.</a> 3.7% LOWER; reported Q2 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $35.9 million versus the consensus estimate of $34.03 million. Olo Inc. sees Q3 2021 revenue of $36-36.5 million, versus the consensus of $34.65 million. Olo Inc. sees FY2021 revenue of $144.7-145.7 million, versus the consensus of $140.78 million.</p><p><blockquote><a href=\"https://laohu8.com/S/OLO\">奥洛公司。</a>降低3.7%；报告第二季度每股收益为 0.03 美元，比分析师预期的 0.01 美元高出 0.02 美元。本季度收入为 3590 万美元，而市场普遍预期为 3403 万美元。Olo Inc. 预计 2021 年第三季度收入为 36-3650 万美元，而市场普遍预期为 3465 万美元。Olo Inc. 预计 2021 财年收入为 1.447 亿至 1.457 亿美元，而市场普遍预期为 1.4078 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/LU\">Lufax</a> 1.9% HIGHER;&nbsp;Morgan Stanley&nbsp;upgraded from Equalweight to Overweight with a price target of $13.00 (from $14.80).</p><p><blockquote><a href=\"https://laohu8.com/S/LU\">陆金所</a>高1.9%；摩根士丹利将评级从 Equalweight 上调至跑赢大盘，目标价为 13.00 美元（从 14.80 美元）。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> 0.7% HIGHER; reported Q2 EPS of $6.42, $4.18 better than the analyst estimate of $2.24. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $1.77 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>高0.7%；报告第二季度每股收益为 6.42 美元，比分析师预期的 2.24 美元高出 4.18 美元。本季度收入为 22.3 亿美元，而市场普遍预期为 17.7 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>Toplines After Hours US Market on Tuesday<blockquote>周二美国市场盘后顶线</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 After Hours US Market on Tuesday<blockquote>周二美国市场盘后顶线</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\">2021-08-11 07:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures were flat during overnight trading on Tuesday, after the Dow and S&amp;P 500 closed at&nbsp;record highs&nbsp;following the Senate passing the$1 trillion infrastructure bill.</p><p><blockquote>周二隔夜交易中，美国股指期货持平，此前参议院通过 1 万亿美元基础设施法案后，道琼斯指数和标普500指数收盘创下历史新高。</blockquote></p><p> Futures contracts tied to the <a href=\"https://laohu8.com/S/.DJI\">DJIA</a> were slightly higher. <a href=\"https://laohu8.com/S/.SPX\">S&amp;P 500</a> futures and Nasdaq 100 futures were flat.</p><p><blockquote>与<a href=\"https://laohu8.com/S/.DJI\">道琼斯</a>略高。<a href=\"https://laohu8.com/S/.SPX\">标普500</a>期货和纳斯达克100期货持平。</blockquote></p><p> At 7:30&nbsp;p.m. ET, Dow e-minis were down 14 points, or 0.04%, S&amp;P 500 e-minis were down 2.50 points, or 0.06%, and Nasdaq 100 e-minis were down 8.25 points, or 0.05%.<img src=\"https://static.tigerbbs.com/bb78d3b983aa4d779cf3b1bdc234bd42\" tg-width=\"1125\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><blockquote>晚上7:30截至目前，道琼斯电子迷你指数下跌 14 点，跌幅 0.04%，标普500电子迷你指数下跌 2.50 点，跌幅 0.06%，纳斯达克 100 电子迷你指数下跌 8.25 点，跌幅 0.05%。</blockquote></p><p> <b>Stocks making the biggest moves after hours:</b></p><p><blockquote><b>盘后涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/WW\">Weight Watchers International Inc</a>&nbsp;23.2% LOWER; reported Q2 EPS of $0.12, which may not compare to the analyst estimate of $0.65. Revenue for the quarter came in at $311 million versus the consensus estimate of $337.1 million.</p><p><blockquote><a href=\"https://laohu8.com/S/WW\">慧俪轻体国际公司</a>下降23.2%；报告第二季度每股收益为 0.12 美元，可能无法与分析师预期的 0.65 美元相比。本季度收入为 3.11 亿美元，而市场普遍预期为 3.371 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/UPST\">Upstart Holdings, Inc.</a> 17.9% HIGHER; reported Q2 EPS of $0.62, $0.37 better than the analyst estimate of $0.25. Revenue for the quarter came in at $194 million versus the consensus estimate of $157.76 million. Upstart Holdings sees Q3 2021 revenue of $205-215 million, versus the consensus of $161.6 million.</p><p><blockquote><a href=\"https://laohu8.com/S/UPST\">新贵控股公司。</a>高出17.9%；报告第二季度每股收益为 0.62 美元，比分析师预期的 0.25 美元高出 0.37 美元。本季度收入为 1.94 亿美元，而市场普遍预期为 1.5776 亿美元。Upstart Holdings 预计 2021 年第三季度收入为 2.05-2.15 亿美元，而市场普遍预期为 1.616 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/ONTF\">ON24, Inc.</a> 14.9% LOWER; reported Q2 EPS of $0.04, $0.04 better than the analyst estimate of $0.00. Revenue for the quarter came in at $52.1 million versus the consensus estimate of $51.03 million. ON24, Inc. sees Q3 2021 EPS of ($0.09)-($0.07), versus the consensus of ($0.05). ON24, Inc. sees Q3 2021 revenue of $47.5-48.5 million, versus the consensus of $51.2 million. ON24, Inc. sees FY2021 EPS of ($0.13)-($0.06), versus the consensus of ($0.04). ON24, Inc. sees FY2021 revenue of $201.2-204.2 million, versus the consensus of $209.2 million.</p><p><blockquote><a href=\"https://laohu8.com/S/ONTF\">ON24公司。</a>下降14.9%；报告第二季度每股收益为 0.04 美元，比分析师预期的 0.00 美元高出 0.04 美元。本季度收入为 5210 万美元，而市场普遍预期为 5103 万美元。ON24, Inc. 预计 2021 年第三季度每股收益为 (0.09 美元)-(0.07 美元)，而市场普遍预期为 (0.05 美元)。ON24, Inc. 预计 2021 年第三季度收入为 4750 万至 4850 万美元，而市场普遍预期为 5120 万美元。ON24, Inc. 预计 2021 财年每股收益为 (0.13 美元)-(0.06 美元)，而市场普遍预期为 (0.04 美元)。ON24, Inc. 预计 2021 财年收入为 2.012 亿至 2.042 亿美元，而市场普遍预期为 2.092 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/LPRO\">Open Lending Corporation</a> 18.2% HIGHER; reported Q2 EPS of $0.60, $0.43 better than the analyst estimate of $0.17. Revenue for the quarter came in at $61.1 million versus the consensus estimate of $48.98 million. Open Lending Corp. sees FY2021 revenue of $184-234 million, versus the consensus of $216 million.</p><p><blockquote><a href=\"https://laohu8.com/S/LPRO\">公开贷款公司</a>高出18.2%；报告第二季度每股收益为 0.60 美元，比分析师预期的 0.17 美元高出 0.43 美元。本季度收入为 6,110 万美元，而市场普遍预期为 4,898 万美元。Open Lending Corp. 预计 2021 财年收入为 1.84-2.34 亿美元，而市场普遍预期为 2.16 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a> 12.1% HIGHER; reported Q2 EPS of ($0.38), $0.12 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $130.9 million versus the consensus estimate of $118.88 million. fuboTV Inc. sees Q3 2021 revenue of $140-144 million, versus the consensus of $126.9 million. fuboTV Inc. sees FY2021 revenue of $560-570 million, versus the consensus of $531.7 million.</p><p><blockquote><a href=\"https://laohu8.com/S/FUBO\">富博电视公司。</a>高12.1%；报告第二季度每股收益为（0.38 美元），比分析师预期的（0.50 美元）高出 0.12 美元。本季度收入为 1.309 亿美元，而市场普遍预期为 1.1888 亿美元。fuboTV Inc. 预计 2021 年第三季度收入为 1.4 亿至 1.44 亿美元，而市场普遍预期为 1.269 亿美元。fuboTV Inc. 预计 2021 财年收入为 5.60-5.7 亿美元，而市场普遍预期为 5.317 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/MRVI\">Maravai LifeSciences Holdings, Inc.</a> 7.4% HIGHER; reported Q2 EPS of $0.44, $0.13 better than the analyst estimate of $0.31. Revenue for the quarter came in at $217.8 million versus the consensus estimate of $192.29 million. Maravai LifeSciences sees FY2021 revenue of $745-770 million, versus the consensus of $709.65 million.</p><p><blockquote><a href=\"https://laohu8.com/S/MRVI\">马拉维生命科学控股公司。</a>高7.4%；报告第二季度每股收益为 0.44 美元，比分析师预期的 0.31 美元高出 0.13 美元。本季度收入为 2.178 亿美元，而市场普遍预期为 1.9229 亿美元。Maravai LifeSciences 预计 2021 财年收入为 7.45-7.7 亿美元，而市场普遍预期为 7.0965 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/TDUP\">ThredUp Inc.</a> 7.3% HIGHER; Another record-setting quarter with 27% year-over-year revenue growth</p><p><blockquote><a href=\"https://laohu8.com/S/TDUP\">ThredUp公司。</a>高7.3%；又一个创纪录的季度，收入同比增长 27%</blockquote></p><p> <a href=\"https://laohu8.com/S/GTES\">Gates Industrial Corp PLC</a> 6.2% LOWER; announced today that certain selling stockholders affiliated with The Blackstone Group Inc. have commenced a secondary offering of 25,000,000 of Gates' ordinary shares. In connection with the offering, the selling stockholders intend to grant to the underwriters a 30-day option to purchase up to 3,750,000 additional ordinary shares.</p><p><blockquote><a href=\"https://laohu8.com/S/GTES\">盖茨工业公司</a>降低6.2%；今天宣布，隶属于 Blackstone Group Inc. 的某些出售股东已开始二次发行 25,000,000 股盖茨普通股。就此次发行而言，出售股东打算授予承销商 30 天的选择权，购买最多 3,750,000 股额外普通股。</blockquote></p><p> <a href=\"https://laohu8.com/S/SKIN\">The Beauty Health Corp.</a> 5.3% HIGHER; reported Q2 EPS of ($1.52), versus ($0.30) reported last year. Revenue for the quarter came in at $66.5 million, versus $14.1 million reported last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SKIN\">美容健康公司。</a>高5.3%；报告第二季度每股收益为（1.52 美元），而去年报告为（0.30 美元）。本季度收入为 6,650 万美元，而去年同期为 1,410 万美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/MCFE\">McAfee Corp.</a> 3.8% HIGHER; reported Q2 EPS of $0.21, $0.03 better than the analyst estimate of $0.18. Revenue for the quarter came in at $467 million versus the consensus estimate of $433.99 million. McAfee Corp. sees Q3 2021 revenue of $461-467 million, versus the consensus of $442.8 million. McAfee Corp. sees FY2021 revenue of $1.84-1.85 billion, versus the consensus of $1.79 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/MCFE\">迈克菲公司</a>高3.8%；报告第二季度每股收益为 0.21 美元，比分析师预期的 0.18 美元高出 0.03 美元。本季度收入为 4.67 亿美元，而市场普遍预期为 4.3399 亿美元。McAfee Corp. 预计 2021 年第三季度收入为 4.61-4.67 亿美元，而市场普遍预期为 4.428 亿美元。McAfee Corp. 预计 2021 财年收入为 18.4-18.5 亿美元，而市场普遍预期为 17.9 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/OLO\">Olo Inc.</a> 3.7% LOWER; reported Q2 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $35.9 million versus the consensus estimate of $34.03 million. Olo Inc. sees Q3 2021 revenue of $36-36.5 million, versus the consensus of $34.65 million. Olo Inc. sees FY2021 revenue of $144.7-145.7 million, versus the consensus of $140.78 million.</p><p><blockquote><a href=\"https://laohu8.com/S/OLO\">奥洛公司。</a>降低3.7%；报告第二季度每股收益为 0.03 美元，比分析师预期的 0.01 美元高出 0.02 美元。本季度收入为 3590 万美元，而市场普遍预期为 3403 万美元。Olo Inc. 预计 2021 年第三季度收入为 36-3650 万美元，而市场普遍预期为 3465 万美元。Olo Inc. 预计 2021 财年收入为 1.447 亿至 1.457 亿美元，而市场普遍预期为 1.4078 亿美元。</blockquote></p><p> <a href=\"https://laohu8.com/S/LU\">Lufax</a> 1.9% HIGHER;&nbsp;Morgan Stanley&nbsp;upgraded from Equalweight to Overweight with a price target of $13.00 (from $14.80).</p><p><blockquote><a href=\"https://laohu8.com/S/LU\">陆金所</a>高1.9%；摩根士丹利将评级从 Equalweight 上调至跑赢大盘，目标价为 13.00 美元（从 14.80 美元）。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> 0.7% HIGHER; reported Q2 EPS of $6.42, $4.18 better than the analyst estimate of $2.24. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $1.77 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>高0.7%；报告第二季度每股收益为 6.42 美元，比分析师预期的 2.24 美元高出 4.18 美元。本季度收入为 22.3 亿美元，而市场普遍预期为 17.7 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SKIN":"The Beauty Health Corp.","UPST":"Upstart Holdings, Inc.","LPRO":"Open Lending Corporation",".DJI":"道琼斯","ONTF":"ON24, Inc.","LU":"陆金所","TDUP":"ThredUp Inc.","FUBO":"fuboTV Inc.",".IXIC":"NASDAQ Composite","COIN":"Coinbase Global, Inc.","WW":"WW International, Inc.","OLO":"PowerShares DB Crude Oil Long ET","NDX":"纳斯达克100指数","GTES":"Gates Industrial Corp PLC","MRVI":"Maravai LifeSciences Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195651017","content_text":"U.S. stock index futures were flat during overnight trading on Tuesday, after the Dow and S&P 500 closed at record highs following the Senate passing the$1 trillion infrastructure bill.\nFutures contracts tied to the DJIA were slightly higher. S&P 500 futures and Nasdaq 100 futures were flat.\nAt 7:30 p.m. ET, Dow e-minis were down 14 points, or 0.04%, S&P 500 e-minis were down 2.50 points, or 0.06%, and Nasdaq 100 e-minis were down 8.25 points, or 0.05%.\nStocks making the biggest moves after hours:\nWeight Watchers International Inc 23.2% LOWER; reported Q2 EPS of $0.12, which may not compare to the analyst estimate of $0.65. Revenue for the quarter came in at $311 million versus the consensus estimate of $337.1 million.\nUpstart Holdings, Inc. 17.9% HIGHER; reported Q2 EPS of $0.62, $0.37 better than the analyst estimate of $0.25. Revenue for the quarter came in at $194 million versus the consensus estimate of $157.76 million. Upstart Holdings sees Q3 2021 revenue of $205-215 million, versus the consensus of $161.6 million.\nON24, Inc. 14.9% LOWER; reported Q2 EPS of $0.04, $0.04 better than the analyst estimate of $0.00. Revenue for the quarter came in at $52.1 million versus the consensus estimate of $51.03 million. ON24, Inc. sees Q3 2021 EPS of ($0.09)-($0.07), versus the consensus of ($0.05). ON24, Inc. sees Q3 2021 revenue of $47.5-48.5 million, versus the consensus of $51.2 million. ON24, Inc. sees FY2021 EPS of ($0.13)-($0.06), versus the consensus of ($0.04). ON24, Inc. sees FY2021 revenue of $201.2-204.2 million, versus the consensus of $209.2 million.\nOpen Lending Corporation 18.2% HIGHER; reported Q2 EPS of $0.60, $0.43 better than the analyst estimate of $0.17. Revenue for the quarter came in at $61.1 million versus the consensus estimate of $48.98 million. Open Lending Corp. sees FY2021 revenue of $184-234 million, versus the consensus of $216 million.\nfuboTV Inc. 12.1% HIGHER; reported Q2 EPS of ($0.38), $0.12 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $130.9 million versus the consensus estimate of $118.88 million. fuboTV Inc. sees Q3 2021 revenue of $140-144 million, versus the consensus of $126.9 million. fuboTV Inc. sees FY2021 revenue of $560-570 million, versus the consensus of $531.7 million.\nMaravai LifeSciences Holdings, Inc. 7.4% HIGHER; reported Q2 EPS of $0.44, $0.13 better than the analyst estimate of $0.31. Revenue for the quarter came in at $217.8 million versus the consensus estimate of $192.29 million. Maravai LifeSciences sees FY2021 revenue of $745-770 million, versus the consensus of $709.65 million.\nThredUp Inc. 7.3% HIGHER; Another record-setting quarter with 27% year-over-year revenue growth\nGates Industrial Corp PLC 6.2% LOWER; announced today that certain selling stockholders affiliated with The Blackstone Group Inc. have commenced a secondary offering of 25,000,000 of Gates' ordinary shares. In connection with the offering, the selling stockholders intend to grant to the underwriters a 30-day option to purchase up to 3,750,000 additional ordinary shares.\nThe Beauty Health Corp. 5.3% HIGHER; reported Q2 EPS of ($1.52), versus ($0.30) reported last year. Revenue for the quarter came in at $66.5 million, versus $14.1 million reported last year.\nMcAfee Corp. 3.8% HIGHER; reported Q2 EPS of $0.21, $0.03 better than the analyst estimate of $0.18. Revenue for the quarter came in at $467 million versus the consensus estimate of $433.99 million. McAfee Corp. sees Q3 2021 revenue of $461-467 million, versus the consensus of $442.8 million. McAfee Corp. sees FY2021 revenue of $1.84-1.85 billion, versus the consensus of $1.79 billion.\nOlo Inc. 3.7% LOWER; reported Q2 EPS of $0.03, $0.02 better than the analyst estimate of $0.01. Revenue for the quarter came in at $35.9 million versus the consensus estimate of $34.03 million. Olo Inc. sees Q3 2021 revenue of $36-36.5 million, versus the consensus of $34.65 million. Olo Inc. sees FY2021 revenue of $144.7-145.7 million, versus the consensus of $140.78 million.\nLufax 1.9% HIGHER; Morgan Stanley upgraded from Equalweight to Overweight with a price target of $13.00 (from $14.80).\nCoinbase Global, Inc. 0.7% HIGHER; reported Q2 EPS of $6.42, $4.18 better than the analyst estimate of $2.24. Revenue for the quarter came in at $2.23 billion versus the consensus estimate of $1.77 billion.","news_type":1,"symbols_score_info":{".DJI":0.9,"TDUP":0.9,".IXIC":0.9,".SPX":0.9,"MCFE":0.9,"ONTF":0.9,"NDX":0.9,"MRVI":0.9,"LU":0.9,"COIN":0.9,"OLO":0.9,"SKIN":0.9,"UPST":0.9,"GTES":0.9,"LPRO":0.9,"FUBO":0.9,"WW":0.9}},"isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898428102,"gmtCreate":1628518257906,"gmtModify":1633746506608,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898428102","repostId":"1157080782","repostType":4,"repost":{"id":"1157080782","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":1628517966,"share":"https://www.laohunote.com/m/news/1157080782?lang=zh_CN&edition=full","pubTime":"2021-08-09 22:06","market":"us","language":"en","title":"Coinbase shares rose 5.6% in early trading.<blockquote>Coinbase 股价早盘上涨 5.6%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157080782","media":"Tiger Newspress","summary":"Coinbase shares rose 5.6% in early trading.\nCoinbase’searnings report this week could be pivotal for","content":"<p>Coinbase&nbsp;shares&nbsp;rose&nbsp;5.6%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>Coinbase 股价早盘上涨 5.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e590996ee4976398d10812ffff6298d4\" tg-width=\"1293\" tg-height=\"678\" referrerpolicy=\"no-referrer\">Coinbase’searnings report this week could be pivotal for the stock, one trader says.</p><p><blockquote>一位交易员表示，Coinbase 本周的 searnings 报告可能对该股至关重要。</blockquote></p><p> Though shares of the cryptocurrency trading platform have fallen from their initial public offering price, “that negativity’s flushed out,” Blue Line Capital founder and President Bill Baruch told CNBC’s“Trading Nation”on Friday.</p><p><blockquote>Blue Line Capital 创始人兼总裁比尔-巴鲁克（Bill Baruch）周五对 CNBC 的《Trading Nation》节目表示，虽然加密货币交易平台的股价已从首次公开募股价格下跌，但 “这种负面影响已经消失”。</blockquote></p><p> “I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activity’s where they get paid as well. I think that’s going to pick up” even if major crypto assets such asbitcoinorethereumstruggle, he said.</p><p><blockquote>“我认为他们的用户增长将超过 6000 万的验证用户，我认为这将是他们继续发展的一个基准。交易活动也是他们获得报酬的地方。他说，即使比特币、以太坊等主要加密资产陷入困境，我认为交易活动也会回升。”</blockquote></p><p> That bodes well for Coinbase’s second-quarter report, scheduled for Tuesday afternoon, said Baruch, who owns bitcoin and ethereum.</p><p><blockquote>拥有比特币和以太币的巴鲁克说，这对 Coinbase 定于周二下午发布的第二季度报告来说是个好兆头。</blockquote></p><p> “There’s a good trend line support it’s coming off of and it’s broken out of a wedge of resistance,” he said. “I think this thing can go to 290-300 and I think earnings should be positive and the guidance should be good.”</p><p><blockquote>“他说：”有一个很好的趋势线支撑，它已经突破了阻力位。“我认为这东西可以涨到 290-300 点，我认为收益应该是正数，指引也应该是好的。”</blockquote></p><p> Coinbase shares ended trading at $258.26 on Friday, up about 1%. They climbed an additional 3.8% to $268 in Monday’s premarket trading session. A run to $290 or $300 would be a 12-16% increase from Friday’s closing levels.</p><p><blockquote>Coinbase 股价周五收于 258.26 美元，上涨约 1%。在周一的盘前交易时段，它们又上涨了 3.8%，至 268 美元。如果涨至 290 美元或 300 美元，将比周五的收盘价上涨 12-16%。</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>Coinbase shares rose 5.6% in early trading.<blockquote>Coinbase 股价早盘上涨 5.6%。</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\">\nCoinbase shares rose 5.6% in early trading.<blockquote>Coinbase 股价早盘上涨 5.6%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-09 22:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Coinbase&nbsp;shares&nbsp;rose&nbsp;5.6%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>Coinbase 股价早盘上涨 5.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e590996ee4976398d10812ffff6298d4\" tg-width=\"1293\" tg-height=\"678\" referrerpolicy=\"no-referrer\">Coinbase’searnings report this week could be pivotal for the stock, one trader says.</p><p><blockquote>一位交易员表示，Coinbase 本周的 searnings 报告可能对该股至关重要。</blockquote></p><p> Though shares of the cryptocurrency trading platform have fallen from their initial public offering price, “that negativity’s flushed out,” Blue Line Capital founder and President Bill Baruch told CNBC’s“Trading Nation”on Friday.</p><p><blockquote>Blue Line Capital 创始人兼总裁比尔-巴鲁克（Bill Baruch）周五对 CNBC 的《Trading Nation》节目表示，虽然加密货币交易平台的股价已从首次公开募股价格下跌，但 “这种负面影响已经消失”。</blockquote></p><p> “I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activity’s where they get paid as well. I think that’s going to pick up” even if major crypto assets such asbitcoinorethereumstruggle, he said.</p><p><blockquote>“我认为他们的用户增长将超过 6000 万的验证用户，我认为这将是他们继续发展的一个基准。交易活动也是他们获得报酬的地方。他说，即使比特币、以太坊等主要加密资产陷入困境，我认为交易活动也会回升。”</blockquote></p><p> That bodes well for Coinbase’s second-quarter report, scheduled for Tuesday afternoon, said Baruch, who owns bitcoin and ethereum.</p><p><blockquote>拥有比特币和以太币的巴鲁克说，这对 Coinbase 定于周二下午发布的第二季度报告来说是个好兆头。</blockquote></p><p> “There’s a good trend line support it’s coming off of and it’s broken out of a wedge of resistance,” he said. “I think this thing can go to 290-300 and I think earnings should be positive and the guidance should be good.”</p><p><blockquote>“他说：”有一个很好的趋势线支撑，它已经突破了阻力位。“我认为这东西可以涨到 290-300 点，我认为收益应该是正数，指引也应该是好的。”</blockquote></p><p> Coinbase shares ended trading at $258.26 on Friday, up about 1%. They climbed an additional 3.8% to $268 in Monday’s premarket trading session. A run to $290 or $300 would be a 12-16% increase from Friday’s closing levels.</p><p><blockquote>Coinbase 股价周五收于 258.26 美元，上涨约 1%。在周一的盘前交易时段，它们又上涨了 3.8%，至 268 美元。如果涨至 290 美元或 300 美元，将比周五的收盘价上涨 12-16%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157080782","content_text":"Coinbase shares rose 5.6% in early trading.\nCoinbase’searnings report this week could be pivotal for the stock, one trader says.\nThough shares of the cryptocurrency trading platform have fallen from their initial public offering price, “that negativity’s flushed out,” Blue Line Capital founder and President Bill Baruch told CNBC’s“Trading Nation”on Friday.\n“I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on. Trading activity’s where they get paid as well. I think that’s going to pick up” even if major crypto assets such asbitcoinorethereumstruggle, he said.\nThat bodes well for Coinbase’s second-quarter report, scheduled for Tuesday afternoon, said Baruch, who owns bitcoin and ethereum.\n“There’s a good trend line support it’s coming off of and it’s broken out of a wedge of resistance,” he said. “I think this thing can go to 290-300 and I think earnings should be positive and the guidance should be good.”\nCoinbase shares ended trading at $258.26 on Friday, up about 1%. They climbed an additional 3.8% to $268 in Monday’s premarket trading session. A run to $290 or $300 would be a 12-16% increase from Friday’s closing levels.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899762103,"gmtCreate":1628215918702,"gmtModify":1633752521602,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899762103","repostId":"2157456017","repostType":4,"isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899625254,"gmtCreate":1628180180278,"gmtModify":1633752849055,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899625254","repostId":"1173170520","repostType":4,"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807401341,"gmtCreate":1628047137383,"gmtModify":1633754057900,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807401341","repostId":"1123853854","repostType":4,"repost":{"id":"1123853854","kind":"news","pubTimestamp":1628045254,"share":"https://www.laohunote.com/m/news/1123853854?lang=zh_CN&edition=full","pubTime":"2021-08-04 10:47","market":"us","language":"en","title":"ASML: Strong Momentum Should Lead To Higher Revenue Expectations At Upcoming Investor Day<blockquote>ASML：强劲的势头应该会导致即将到来的投资者日更高的收入预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123853854","media":"seekingalpha","summary":"Summary\n\nASML recently reported Q2 2021 earnings that were quite good, while the order intake was im","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>ASML recently reported Q2 2021 earnings that were quite good, while the order intake was impressive, and also announced a new share buyback program.</li>  <li>My medium-term expectations for EUV sales were confirmed by the company, which means that ASML will certainly raise its 2025 revenue estimates at its upcoming investor day.</li>  <li>The stock has reached consecutive new all-time highs in recent months, but there is still upside in the short term.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbbfa8ed4239d6e8d29d42367fc89fa\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Michael Vi/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ASML 最近公布的 2021 年第二季度收益相当不错，订单量也令人印象深刻，并宣布了一项新的股票回购计划。</li><li>我对 EUV 销售的中期预期得到了公司的证实，这意味着 ASML 肯定会在即将到来的投资者日上调 2025 年的收入预期。</li><li>该股近几个月连续创下历史新高，但短期内仍有上涨空间。</li></ul><p class=\"t-img-caption\"><span>Michael Vi/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>ASMLNV</b>(ASML) continues to be one of the best semiconductor stocks for long-term investors and the upcoming investor day can be an important catalyst for a higher share price.</p><p><blockquote><b>ASMLNV</b>(ASML) 仍然是长期投资者最好的半导体股票之一，即将到来的投资者日可能是股价上涨的重要催化剂。</blockquote></p><p> I have been bullish on ASML since my&nbsp;first article&nbsp;was published on the company last March, even though I’ve taken some profits recently because this stock was my largest holding and I wanted to diversify my portfolio a little bit.</p><p><blockquote>自从去年 3 月发表第一篇关于 ASML 的文章以来，我一直看好该公司，尽管我最近获利了结，因为这只股票是我持有的最大股票，我想稍微分散一下我的投资组合。</blockquote></p><p> Since then, the company has reported earnings related to Q2 2021, that continued to show a great operating performance, and my growth expectations were upgraded due to bullish comments from the company.</p><p><blockquote>此后，该公司公布了与 2021 年第二季度相关的收益，继续显示出出色的经营业绩，由于该公司的乐观评论，我的增长预期被上调。</blockquote></p><p> <b>Recent Earnings</b></p><p><blockquote><b>近期收益</b></blockquote></p><p> In Q2 2021, ASML reported strong revenue and earnings growth, showing that its operating momentum continues to be quite strong. Its revenues increased by 21% YoY to €4 billion, which was slightly below estimates, while its net income was around €1 billion and EPS was €2.52 (+41% YoY), ahead of sell-side expectations.</p><p><blockquote>2021年第二季度，ASML报告了强劲的收入和盈利增长，表明其运营势头仍然相当强劲。其收入同比增长 21%，达到 40 亿欧元，略低于预期，而净利润约为 10 亿欧元，每股收益为 2.52 欧元（同比增长 41%），超出卖方预期。</blockquote></p><p> During the quarter, ASML’s net systems sales amounted to €2.9 billion, while its Installed Base Management sales were €1.1 billion. This revenue from Installed Based Management was above the company’s guidance of around €900 million and is justified by the current situation in the semiconductor industry (the chip shortage) that is pushing customers to software upgrades to improve productivity of the systems.</p><p><blockquote>本季度，ASML 的系统净销售额为 29 亿欧元，而安装的基础管理销售额为 11 亿欧元。基于安装的管理收入高于公司约 9 亿欧元的指导值，半导体行业的现状（芯片短缺）促使客户进行软件升级，以提高系统的生产力，这也是合理的。</blockquote></p><p> In this last quarter, ASML has recognized revenue fornineEUV units, compared tosevenunits in the previous quarter, even though it has delivered 10 units to customers and will recognize revenue for the remaining unit in the next quarter. EUV revenue represented 45% of its system sales in the quarter, compared to 36% in the previous quarter, and shows that EUV should be its major growth source in the next few quarters.</p><p><blockquote>在最后一个季度，ASML 确认了 NineEUV 装置的收入，而上一季度为 7 台，尽管它已向客户交付了 10 台装置，并将在下一季度确认剩余装置的收入。EUV 收入占本季度系统销售额的 45%，而上一季度为 36%，表明 EUV 应该是其未来几个季度的主要增长来源。</blockquote></p><p> At this pace, ASML should increase the number of EUV units delivered in 2020 compared to the previous year (it delivered 31 EUV units), but it may miss my expectation of about 38 units delivered this year if deliveries do not ramp a little bit up in the next two quarters.</p><p><blockquote>按照这个速度，与上一年相比，ASML 应该会增加 2020 年交付的 EUV 装置数量（交付了 31 台 EUV 装置），但如果交付量不增加一点，它可能会低于我今年交付约 38 台的预期未来两个季度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a48a69a3ba61e82df997470af977ae5\" tg-width=\"1042\" tg-height=\"252\" width=\"100%\" height=\"auto\"><span>Source: ASML.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML。</span></p></blockquote></p><p> ASML’s gross margin of 50.9% was above its prior guidance, mainly due to software upgrades that weren’t expected. Its gross margin outlook for the full year is between 51-52%, compared to 48.6% reported in 2020, another support for earnings growth in coming quarters.</p><p><blockquote>ASML 的毛利率为 50.9%，高于之前的指导值，主要原因是软件升级出乎意料。其全年毛利率前景在 51-52% 之间，而 2020 年报告的毛利率为 48.6%，这为未来几个季度的盈利增长提供了另一个支撑。</blockquote></p><p> Regarding its net bookings, they were close to €8.3 billion, of which €4.9 billion is related to EUV systems, which is a reflection of the strong demand that currently exists in the semiconductor industry. This represents a great increase in bookings compared to the previous quarter (€4.7 billion in Q1), which is not totally surprising considering the recent announcements by its major customers&nbsp;<b>TSMC</b>(TSM) and&nbsp;<b>Intel</b>(INTC) of new factories and increased capex plans for the next couple of years, of which lithography machines are critical elements.</p><p><blockquote>至于其净预订量，接近83亿欧元，其中49亿欧元与EUV系统有关，这反映了半导体行业目前存在的强劲需求。与上一季度（第一季度为 47 亿欧元）相比，这意味着预订量大幅增加，考虑到其主要客户最近的公告，这并不完全令人惊讶<b>台积电</b>（TSM）和<b>英特尔</b>（INTC）新工厂和未来几年增加资本支出计划，其中光刻机是关键因素。</blockquote></p><p> Beyond that, while the majority of orders for EUV units come from Logic customers, this quarter ASML had the greatest order intake from Memory customers, most likely from&nbsp;<b>Micron Technology</b>(MU) and&nbsp;<b>SK Hynix</b>(OTC:HXSCF), which is important to diversify its customer base that still is relatively concentrated regarding EUV units. Moreover, investors should also be aware that ASML is not selling EUV units in China, which could represent another growth source in the future if, eventually, the U.S.-China political relationships improve, even though I think that is unlikely at this stage.</p><p><blockquote>除此之外，虽然 EUV 单元的大部分订单来自逻辑客户，但本季度 ASML 来自存储器客户的订单量最大，很可能来自<b>美光科技</b>（MU）和<b>SK海力士</b>（场外交易代码：HXSCF），这对于实现其客户群多元化非常重要，该客户群仍然相对集中于 EUV 装置。此外，投资者还应该意识到，ASML 不会在中国出售 EUV 装置，如果最终中美政治关系改善，这可能代表未来的另一个增长来源，尽管我认为现阶段不太可能。</blockquote></p><p> Going forward, the company raised its 2021 guidance and now expects net revenue growth of about 35% (previous expectations were for 30% annual revenue growth) and a gross margin between 51-52%. ASML has also guided for EUV revenue growth of about 35% YoY, which corresponds to some 39-40 units, thus the company is expecting to deliver a higher number of units in the second half of the year than in the previous six months, justified by its push to improve its manufacturing and supply chain capabilities.</p><p><blockquote>展望未来，该公司上调了 2021 年指引，目前预计净收入增长约 35%（此前预期年收入增长 30%），毛利率在 51-52% 之间。ASML 还预计 EUV 收入同比增长约 35%，相当于约 39-40 台，因此该公司预计下半年交付的设备数量将高于前六个月，其推动提高其制造和供应链能力。</blockquote></p><p></p><p> As&nbsp;I’ve discussed in a previous article, ASML was somewhat constrained to grow its EUV production and has made some efforts to increase production in the coming years. This was confirmed in the earnings call, with the company saying that it expects to deliver some 55 units in 2022, growing to over 60 units in 2023.</p><p><blockquote>正如我在上一篇文章中所讨论的，ASML 在提高 EUV 产量方面受到了一定的限制，并在未来几年为提高产量做出了一些努力。财报看涨期权证实了这一点，该公司表示预计 2022 年交付约 55 辆，2023 年将增至 60 多辆。</blockquote></p><p> I’ve forecasted in that previous analysis that ASML would grow its EUV sales by aroundfiveunits per year after 2022 and reach unit sales of around 70 units by 2025. This now seems to be a conservative estimate and ASML may easily beat my expectations of 70 units and around €11 billion in revenue from EUV by 2025, as demand for its systems is clearly very strong right now.</p><p><blockquote>我在之前的分析中预测，2022 年后，ASML 的 EUV 销量将每年增长约 5 台，到 2025 年将达到 70 台左右。这现在似乎是一个保守的估计，到 2025 年，ASML 可能会轻松超出我的预期，即 70 台 EUV 的收入约为 110 亿欧元，因为目前对其系统的需求显然非常强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed697ade2047cb8381d563726e9a0864\" tg-width=\"600\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: ASML and author’s calculations.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML 和作者的计算。</span></p></blockquote></p><p> <b>Capital Returns &amp; Investor Day</b></p><p><blockquote><b>资本回报和投资者日</b></blockquote></p><p> Beyond strong growth and profitability, another positive factor for a higher share price has been its capital return policy, given that ASML has a very good history both through dividends and share buybacks.</p><p><blockquote>除了强劲的增长和盈利能力之外，股价上涨的另一个积极因素是其资本回报政策，因为 ASML 在股息和股票回购方面都有着非常好的历史。</blockquote></p><p> This trend is not expected to change much over the long term and was reinforced recently. Indeed, as&nbsp;I’ve predicted in a previous article, the company increased its share buyback program to €9 billion, to be completed by the end of 2023, substituting immediately the previous program.</p><p><blockquote>从长远来看，这一趋势预计不会有太大变化，并且最近得到了加强。事实上，正如我在上一篇文章中预测的那样，该公司将股票回购计划增加到 90 亿欧元，将于 2023 年底完成，立即取代之前的计划。</blockquote></p><p> This is a strong increase from its previous share buyback program of €6 billion that was to be completed this year (ASML completed €5.2 billion of this program), showing that ASML has a solid financial position that enables it to invest in the future of its business through R&amp;D and capex, but also return significant amounts of capital to shareholders.</p><p><blockquote>这比其之前原定于今年完成的 60 亿欧元股票回购计划大幅增加（ASML 完成了该计划的 52 亿欧元），表明 ASML 拥有稳固的财务状况，使其能够通过研发和资本支出投资于未来的业务，但也向股东返还大量资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84129202a0103e8396a273c5740e57a1\" tg-width=\"500\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: ASML.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML。</span></p></blockquote></p><p> ASML is delivering impressive results and returning even more capital to shareholders, leading its stock to reach consecutive new all-time highs during the past few months. Despite this, there is still upside and this may become more evident in its upcoming investor day, where the company will update investors about its future scenarios regarding revenues and earnings.</p><p><blockquote>ASML 正在交付令人印象深刻的业绩，并向股东返还更多资本，导致其股价在过去几个月中连续创下历史新高。尽管如此，仍有上升空间，这可能会在即将到来的投资者日变得更加明显，届时该公司将向投资者通报有关收入和盈利的未来情景。</blockquote></p><p> Indeed, ASML has scheduled an investor day on 29 September 2021, where it will certainly raise its medium-term targets compared to the targets set in 2018. Its current revenue target is for a range of €15-24 billion in annual revenues by 2025, which is clearly outdated, considering that ASML should reach revenues of about €19 billion this year.</p><p><blockquote>事实上，ASML 已安排在 2021 年 9 月 29 日举行投资者日，届时与 2018 年设定的目标相比，它肯定会提高中期目标。其目前的收入目标是到 2025 年年收入达到 150 亿至 240 亿欧元，考虑到 ASML 今年的收入应达到约 190 亿欧元，这一目标显然已经过时。</blockquote></p><p> As I’ve said in previous articles, I expect ASML to increase its revenue target to a medium-level of around €30 billion or higher by 2025, a much higher level than current sell-side consensus' expectation in 2025 (€26.1 billion). Therefore, this investor day could be another catalyst for a higher share price in the short term, as sell-side estimates will most likely increase following this event. This could be an important driver for a higher share price in the next 3-6 months.</p><p><blockquote>正如我在之前的文章中所说，我预计 ASML 将到 2025 年将其收入目标提高到 300 亿欧元左右或更高的中等水平，远高于目前卖方对 2025 年的共识预期（261 亿欧元）。因此，这个投资者日可能是短期内股价上涨的另一个催化剂，因为这一事件后卖方的预期很可能会增加。这可能是未来3-6个月股价上涨的重要驱动力。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML has reported another good quarter with the strong order intake being the most impressive factor in my opinion. This is clearly a very bullish factor for ASML’s business in the next few years and a good support for higher revenue expectations in the medium term. I expect ASML to increase its revenue range at its upcoming investor day, which may be a positive catalyst for its share price in the coming months, and therefore remain bullish on ASML.</p><p><blockquote>ASML 报告了另一个良好的季度，在我看来，强劲的订单量是最令人印象深刻的因素。这显然是 ASML 未来几年业务的一个非常看好的因素，也是中期更高收入预期的良好支撑。我预计 ASML 将在即将到来的投资者日扩大其收入范围，这可能是未来几个月其股价的积极催化剂，因此仍然看好 ASML。</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>ASML: Strong Momentum Should Lead To Higher Revenue Expectations At Upcoming Investor Day<blockquote>ASML：强劲的势头应该会导致即将到来的投资者日更高的收入预期</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\">\nASML: Strong Momentum Should Lead To Higher Revenue Expectations At Upcoming Investor Day<blockquote>ASML：强劲的势头应该会导致即将到来的投资者日更高的收入预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-04 10:47</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>ASML recently reported Q2 2021 earnings that were quite good, while the order intake was impressive, and also announced a new share buyback program.</li>  <li>My medium-term expectations for EUV sales were confirmed by the company, which means that ASML will certainly raise its 2025 revenue estimates at its upcoming investor day.</li>  <li>The stock has reached consecutive new all-time highs in recent months, but there is still upside in the short term.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbbfa8ed4239d6e8d29d42367fc89fa\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Michael Vi/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>ASML 最近公布的 2021 年第二季度收益相当不错，订单量也令人印象深刻，并宣布了一项新的股票回购计划。</li><li>我对 EUV 销售的中期预期得到了公司的证实，这意味着 ASML 肯定会在即将到来的投资者日上调 2025 年的收入预期。</li><li>该股近几个月连续创下历史新高，但短期内仍有上涨空间。</li></ul><p class=\"t-img-caption\"><span>Michael Vi/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>ASMLNV</b>(ASML) continues to be one of the best semiconductor stocks for long-term investors and the upcoming investor day can be an important catalyst for a higher share price.</p><p><blockquote><b>ASMLNV</b>(ASML) 仍然是长期投资者最好的半导体股票之一，即将到来的投资者日可能是股价上涨的重要催化剂。</blockquote></p><p> I have been bullish on ASML since my&nbsp;first article&nbsp;was published on the company last March, even though I’ve taken some profits recently because this stock was my largest holding and I wanted to diversify my portfolio a little bit.</p><p><blockquote>自从去年 3 月发表第一篇关于 ASML 的文章以来，我一直看好该公司，尽管我最近获利了结，因为这只股票是我持有的最大股票，我想稍微分散一下我的投资组合。</blockquote></p><p> Since then, the company has reported earnings related to Q2 2021, that continued to show a great operating performance, and my growth expectations were upgraded due to bullish comments from the company.</p><p><blockquote>此后，该公司公布了与 2021 年第二季度相关的收益，继续显示出出色的经营业绩，由于该公司的乐观评论，我的增长预期被上调。</blockquote></p><p> <b>Recent Earnings</b></p><p><blockquote><b>近期收益</b></blockquote></p><p> In Q2 2021, ASML reported strong revenue and earnings growth, showing that its operating momentum continues to be quite strong. Its revenues increased by 21% YoY to €4 billion, which was slightly below estimates, while its net income was around €1 billion and EPS was €2.52 (+41% YoY), ahead of sell-side expectations.</p><p><blockquote>2021年第二季度，ASML报告了强劲的收入和盈利增长，表明其运营势头仍然相当强劲。其收入同比增长 21%，达到 40 亿欧元，略低于预期，而净利润约为 10 亿欧元，每股收益为 2.52 欧元（同比增长 41%），超出卖方预期。</blockquote></p><p> During the quarter, ASML’s net systems sales amounted to €2.9 billion, while its Installed Base Management sales were €1.1 billion. This revenue from Installed Based Management was above the company’s guidance of around €900 million and is justified by the current situation in the semiconductor industry (the chip shortage) that is pushing customers to software upgrades to improve productivity of the systems.</p><p><blockquote>本季度，ASML 的系统净销售额为 29 亿欧元，而安装的基础管理销售额为 11 亿欧元。基于安装的管理收入高于公司约 9 亿欧元的指导值，半导体行业的现状（芯片短缺）促使客户进行软件升级，以提高系统的生产力，这也是合理的。</blockquote></p><p> In this last quarter, ASML has recognized revenue fornineEUV units, compared tosevenunits in the previous quarter, even though it has delivered 10 units to customers and will recognize revenue for the remaining unit in the next quarter. EUV revenue represented 45% of its system sales in the quarter, compared to 36% in the previous quarter, and shows that EUV should be its major growth source in the next few quarters.</p><p><blockquote>在最后一个季度，ASML 确认了 NineEUV 装置的收入，而上一季度为 7 台，尽管它已向客户交付了 10 台装置，并将在下一季度确认剩余装置的收入。EUV 收入占本季度系统销售额的 45%，而上一季度为 36%，表明 EUV 应该是其未来几个季度的主要增长来源。</blockquote></p><p> At this pace, ASML should increase the number of EUV units delivered in 2020 compared to the previous year (it delivered 31 EUV units), but it may miss my expectation of about 38 units delivered this year if deliveries do not ramp a little bit up in the next two quarters.</p><p><blockquote>按照这个速度，与上一年相比，ASML 应该会增加 2020 年交付的 EUV 装置数量（交付了 31 台 EUV 装置），但如果交付量不增加一点，它可能会低于我今年交付约 38 台的预期未来两个季度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a48a69a3ba61e82df997470af977ae5\" tg-width=\"1042\" tg-height=\"252\" width=\"100%\" height=\"auto\"><span>Source: ASML.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML。</span></p></blockquote></p><p> ASML’s gross margin of 50.9% was above its prior guidance, mainly due to software upgrades that weren’t expected. Its gross margin outlook for the full year is between 51-52%, compared to 48.6% reported in 2020, another support for earnings growth in coming quarters.</p><p><blockquote>ASML 的毛利率为 50.9%，高于之前的指导值，主要原因是软件升级出乎意料。其全年毛利率前景在 51-52% 之间，而 2020 年报告的毛利率为 48.6%，这为未来几个季度的盈利增长提供了另一个支撑。</blockquote></p><p> Regarding its net bookings, they were close to €8.3 billion, of which €4.9 billion is related to EUV systems, which is a reflection of the strong demand that currently exists in the semiconductor industry. This represents a great increase in bookings compared to the previous quarter (€4.7 billion in Q1), which is not totally surprising considering the recent announcements by its major customers&nbsp;<b>TSMC</b>(TSM) and&nbsp;<b>Intel</b>(INTC) of new factories and increased capex plans for the next couple of years, of which lithography machines are critical elements.</p><p><blockquote>至于其净预订量，接近83亿欧元，其中49亿欧元与EUV系统有关，这反映了半导体行业目前存在的强劲需求。与上一季度（第一季度为 47 亿欧元）相比，这意味着预订量大幅增加，考虑到其主要客户最近的公告，这并不完全令人惊讶<b>台积电</b>（TSM）和<b>英特尔</b>（INTC）新工厂和未来几年增加资本支出计划，其中光刻机是关键因素。</blockquote></p><p> Beyond that, while the majority of orders for EUV units come from Logic customers, this quarter ASML had the greatest order intake from Memory customers, most likely from&nbsp;<b>Micron Technology</b>(MU) and&nbsp;<b>SK Hynix</b>(OTC:HXSCF), which is important to diversify its customer base that still is relatively concentrated regarding EUV units. Moreover, investors should also be aware that ASML is not selling EUV units in China, which could represent another growth source in the future if, eventually, the U.S.-China political relationships improve, even though I think that is unlikely at this stage.</p><p><blockquote>除此之外，虽然 EUV 单元的大部分订单来自逻辑客户，但本季度 ASML 来自存储器客户的订单量最大，很可能来自<b>美光科技</b>（MU）和<b>SK海力士</b>（场外交易代码：HXSCF），这对于实现其客户群多元化非常重要，该客户群仍然相对集中于 EUV 装置。此外，投资者还应该意识到，ASML 不会在中国出售 EUV 装置，如果最终中美政治关系改善，这可能代表未来的另一个增长来源，尽管我认为现阶段不太可能。</blockquote></p><p> Going forward, the company raised its 2021 guidance and now expects net revenue growth of about 35% (previous expectations were for 30% annual revenue growth) and a gross margin between 51-52%. ASML has also guided for EUV revenue growth of about 35% YoY, which corresponds to some 39-40 units, thus the company is expecting to deliver a higher number of units in the second half of the year than in the previous six months, justified by its push to improve its manufacturing and supply chain capabilities.</p><p><blockquote>展望未来，该公司上调了 2021 年指引，目前预计净收入增长约 35%（此前预期年收入增长 30%），毛利率在 51-52% 之间。ASML 还预计 EUV 收入同比增长约 35%，相当于约 39-40 台，因此该公司预计下半年交付的设备数量将高于前六个月，其推动提高其制造和供应链能力。</blockquote></p><p></p><p> As&nbsp;I’ve discussed in a previous article, ASML was somewhat constrained to grow its EUV production and has made some efforts to increase production in the coming years. This was confirmed in the earnings call, with the company saying that it expects to deliver some 55 units in 2022, growing to over 60 units in 2023.</p><p><blockquote>正如我在上一篇文章中所讨论的，ASML 在提高 EUV 产量方面受到了一定的限制，并在未来几年为提高产量做出了一些努力。财报看涨期权证实了这一点，该公司表示预计 2022 年交付约 55 辆，2023 年将增至 60 多辆。</blockquote></p><p> I’ve forecasted in that previous analysis that ASML would grow its EUV sales by aroundfiveunits per year after 2022 and reach unit sales of around 70 units by 2025. This now seems to be a conservative estimate and ASML may easily beat my expectations of 70 units and around €11 billion in revenue from EUV by 2025, as demand for its systems is clearly very strong right now.</p><p><blockquote>我在之前的分析中预测，2022 年后，ASML 的 EUV 销量将每年增长约 5 台，到 2025 年将达到 70 台左右。这现在似乎是一个保守的估计，到 2025 年，ASML 可能会轻松超出我的预期，即 70 台 EUV 的收入约为 110 亿欧元，因为目前对其系统的需求显然非常强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed697ade2047cb8381d563726e9a0864\" tg-width=\"600\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: ASML and author’s calculations.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML 和作者的计算。</span></p></blockquote></p><p> <b>Capital Returns &amp; Investor Day</b></p><p><blockquote><b>资本回报和投资者日</b></blockquote></p><p> Beyond strong growth and profitability, another positive factor for a higher share price has been its capital return policy, given that ASML has a very good history both through dividends and share buybacks.</p><p><blockquote>除了强劲的增长和盈利能力之外，股价上涨的另一个积极因素是其资本回报政策，因为 ASML 在股息和股票回购方面都有着非常好的历史。</blockquote></p><p> This trend is not expected to change much over the long term and was reinforced recently. Indeed, as&nbsp;I’ve predicted in a previous article, the company increased its share buyback program to €9 billion, to be completed by the end of 2023, substituting immediately the previous program.</p><p><blockquote>从长远来看，这一趋势预计不会有太大变化，并且最近得到了加强。事实上，正如我在上一篇文章中预测的那样，该公司将股票回购计划增加到 90 亿欧元，将于 2023 年底完成，立即取代之前的计划。</blockquote></p><p> This is a strong increase from its previous share buyback program of €6 billion that was to be completed this year (ASML completed €5.2 billion of this program), showing that ASML has a solid financial position that enables it to invest in the future of its business through R&amp;D and capex, but also return significant amounts of capital to shareholders.</p><p><blockquote>这比其之前原定于今年完成的 60 亿欧元股票回购计划大幅增加（ASML 完成了该计划的 52 亿欧元），表明 ASML 拥有稳固的财务状况，使其能够通过研发和资本支出投资于未来的业务，但也向股东返还大量资本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84129202a0103e8396a273c5740e57a1\" tg-width=\"500\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: ASML.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ASML。</span></p></blockquote></p><p> ASML is delivering impressive results and returning even more capital to shareholders, leading its stock to reach consecutive new all-time highs during the past few months. Despite this, there is still upside and this may become more evident in its upcoming investor day, where the company will update investors about its future scenarios regarding revenues and earnings.</p><p><blockquote>ASML 正在交付令人印象深刻的业绩，并向股东返还更多资本，导致其股价在过去几个月中连续创下历史新高。尽管如此，仍有上升空间，这可能会在即将到来的投资者日变得更加明显，届时该公司将向投资者通报有关收入和盈利的未来情景。</blockquote></p><p> Indeed, ASML has scheduled an investor day on 29 September 2021, where it will certainly raise its medium-term targets compared to the targets set in 2018. Its current revenue target is for a range of €15-24 billion in annual revenues by 2025, which is clearly outdated, considering that ASML should reach revenues of about €19 billion this year.</p><p><blockquote>事实上，ASML 已安排在 2021 年 9 月 29 日举行投资者日，届时与 2018 年设定的目标相比，它肯定会提高中期目标。其目前的收入目标是到 2025 年年收入达到 150 亿至 240 亿欧元，考虑到 ASML 今年的收入应达到约 190 亿欧元，这一目标显然已经过时。</blockquote></p><p> As I’ve said in previous articles, I expect ASML to increase its revenue target to a medium-level of around €30 billion or higher by 2025, a much higher level than current sell-side consensus' expectation in 2025 (€26.1 billion). Therefore, this investor day could be another catalyst for a higher share price in the short term, as sell-side estimates will most likely increase following this event. This could be an important driver for a higher share price in the next 3-6 months.</p><p><blockquote>正如我在之前的文章中所说，我预计 ASML 将到 2025 年将其收入目标提高到 300 亿欧元左右或更高的中等水平，远高于目前卖方对 2025 年的共识预期（261 亿欧元）。因此，这个投资者日可能是短期内股价上涨的另一个催化剂，因为这一事件后卖方的预期很可能会增加。这可能是未来3-6个月股价上涨的重要驱动力。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML has reported another good quarter with the strong order intake being the most impressive factor in my opinion. This is clearly a very bullish factor for ASML’s business in the next few years and a good support for higher revenue expectations in the medium term. I expect ASML to increase its revenue range at its upcoming investor day, which may be a positive catalyst for its share price in the coming months, and therefore remain bullish on ASML.</p><p><blockquote>ASML 报告了另一个良好的季度，在我看来，强劲的订单量是最令人印象深刻的因素。这显然是 ASML 未来几年业务的一个非常看好的因素，也是中期更高收入预期的良好支撑。我预计 ASML 将在即将到来的投资者日扩大其收入范围，这可能是未来几个月其股价的积极催化剂，因此仍然看好 ASML。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444504-asml-strong-momentum-should-lead-to-higher-revenue-expectations-at-upcoming-investor-day\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4444504-asml-strong-momentum-should-lead-to-higher-revenue-expectations-at-upcoming-investor-day","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123853854","content_text":"Summary\n\nASML recently reported Q2 2021 earnings that were quite good, while the order intake was impressive, and also announced a new share buyback program.\nMy medium-term expectations for EUV sales were confirmed by the company, which means that ASML will certainly raise its 2025 revenue estimates at its upcoming investor day.\nThe stock has reached consecutive new all-time highs in recent months, but there is still upside in the short term.\n\nMichael Vi/iStock Editorial via Getty Images\nASMLNV(ASML) continues to be one of the best semiconductor stocks for long-term investors and the upcoming investor day can be an important catalyst for a higher share price.\nI have been bullish on ASML since my first article was published on the company last March, even though I’ve taken some profits recently because this stock was my largest holding and I wanted to diversify my portfolio a little bit.\nSince then, the company has reported earnings related to Q2 2021, that continued to show a great operating performance, and my growth expectations were upgraded due to bullish comments from the company.\nRecent Earnings\nIn Q2 2021, ASML reported strong revenue and earnings growth, showing that its operating momentum continues to be quite strong. Its revenues increased by 21% YoY to €4 billion, which was slightly below estimates, while its net income was around €1 billion and EPS was €2.52 (+41% YoY), ahead of sell-side expectations.\nDuring the quarter, ASML’s net systems sales amounted to €2.9 billion, while its Installed Base Management sales were €1.1 billion. This revenue from Installed Based Management was above the company’s guidance of around €900 million and is justified by the current situation in the semiconductor industry (the chip shortage) that is pushing customers to software upgrades to improve productivity of the systems.\nIn this last quarter, ASML has recognized revenue fornineEUV units, compared tosevenunits in the previous quarter, even though it has delivered 10 units to customers and will recognize revenue for the remaining unit in the next quarter. EUV revenue represented 45% of its system sales in the quarter, compared to 36% in the previous quarter, and shows that EUV should be its major growth source in the next few quarters.\nAt this pace, ASML should increase the number of EUV units delivered in 2020 compared to the previous year (it delivered 31 EUV units), but it may miss my expectation of about 38 units delivered this year if deliveries do not ramp a little bit up in the next two quarters.\nSource: ASML.\nASML’s gross margin of 50.9% was above its prior guidance, mainly due to software upgrades that weren’t expected. Its gross margin outlook for the full year is between 51-52%, compared to 48.6% reported in 2020, another support for earnings growth in coming quarters.\nRegarding its net bookings, they were close to €8.3 billion, of which €4.9 billion is related to EUV systems, which is a reflection of the strong demand that currently exists in the semiconductor industry. This represents a great increase in bookings compared to the previous quarter (€4.7 billion in Q1), which is not totally surprising considering the recent announcements by its major customers TSMC(TSM) and Intel(INTC) of new factories and increased capex plans for the next couple of years, of which lithography machines are critical elements.\nBeyond that, while the majority of orders for EUV units come from Logic customers, this quarter ASML had the greatest order intake from Memory customers, most likely from Micron Technology(MU) and SK Hynix(OTC:HXSCF), which is important to diversify its customer base that still is relatively concentrated regarding EUV units. Moreover, investors should also be aware that ASML is not selling EUV units in China, which could represent another growth source in the future if, eventually, the U.S.-China political relationships improve, even though I think that is unlikely at this stage.\nGoing forward, the company raised its 2021 guidance and now expects net revenue growth of about 35% (previous expectations were for 30% annual revenue growth) and a gross margin between 51-52%. ASML has also guided for EUV revenue growth of about 35% YoY, which corresponds to some 39-40 units, thus the company is expecting to deliver a higher number of units in the second half of the year than in the previous six months, justified by its push to improve its manufacturing and supply chain capabilities.\nAs I’ve discussed in a previous article, ASML was somewhat constrained to grow its EUV production and has made some efforts to increase production in the coming years. This was confirmed in the earnings call, with the company saying that it expects to deliver some 55 units in 2022, growing to over 60 units in 2023.\nI’ve forecasted in that previous analysis that ASML would grow its EUV sales by aroundfiveunits per year after 2022 and reach unit sales of around 70 units by 2025. This now seems to be a conservative estimate and ASML may easily beat my expectations of 70 units and around €11 billion in revenue from EUV by 2025, as demand for its systems is clearly very strong right now.\nSource: ASML and author’s calculations.\nCapital Returns & Investor Day\nBeyond strong growth and profitability, another positive factor for a higher share price has been its capital return policy, given that ASML has a very good history both through dividends and share buybacks.\nThis trend is not expected to change much over the long term and was reinforced recently. Indeed, as I’ve predicted in a previous article, the company increased its share buyback program to €9 billion, to be completed by the end of 2023, substituting immediately the previous program.\nThis is a strong increase from its previous share buyback program of €6 billion that was to be completed this year (ASML completed €5.2 billion of this program), showing that ASML has a solid financial position that enables it to invest in the future of its business through R&D and capex, but also return significant amounts of capital to shareholders.\nSource: ASML.\nASML is delivering impressive results and returning even more capital to shareholders, leading its stock to reach consecutive new all-time highs during the past few months. Despite this, there is still upside and this may become more evident in its upcoming investor day, where the company will update investors about its future scenarios regarding revenues and earnings.\nIndeed, ASML has scheduled an investor day on 29 September 2021, where it will certainly raise its medium-term targets compared to the targets set in 2018. Its current revenue target is for a range of €15-24 billion in annual revenues by 2025, which is clearly outdated, considering that ASML should reach revenues of about €19 billion this year.\nAs I’ve said in previous articles, I expect ASML to increase its revenue target to a medium-level of around €30 billion or higher by 2025, a much higher level than current sell-side consensus' expectation in 2025 (€26.1 billion). Therefore, this investor day could be another catalyst for a higher share price in the short term, as sell-side estimates will most likely increase following this event. This could be an important driver for a higher share price in the next 3-6 months.\nConclusion\nASML has reported another good quarter with the strong order intake being the most impressive factor in my opinion. This is clearly a very bullish factor for ASML’s business in the next few years and a good support for higher revenue expectations in the medium term. I expect ASML to increase its revenue range at its upcoming investor day, which may be a positive catalyst for its share price in the coming months, and therefore remain bullish on ASML.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126739483,"gmtCreate":1624584003242,"gmtModify":1633950950190,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/126739483","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162261468,"gmtCreate":1624064997754,"gmtModify":1634023361942,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/162261468","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194928928,"gmtCreate":1621335748164,"gmtModify":1634192361175,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi please like and comment","listText":"Hi please like and comment","text":"Hi please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/194928928","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","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":1621318800,"share":"https://www.laohunote.com/m/news/2136738931?lang=zh_CN&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">2021-05-18 14:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135491934,"gmtCreate":1622174086428,"gmtModify":1634183126308,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/135491934","repostId":"1148985369","repostType":4,"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150458996,"gmtCreate":1624925512015,"gmtModify":1633946998254,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150458996","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102348781,"gmtCreate":1620179960243,"gmtModify":1634207183016,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment!","listText":"Please like and comment!","text":"Please like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/102348781","repostId":"2133549480","repostType":4,"isVote":1,"tweetType":1,"viewCount":1048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899762103,"gmtCreate":1628215918702,"gmtModify":1633752521602,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899762103","repostId":"2157456017","repostType":4,"isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148729629,"gmtCreate":1626019448761,"gmtModify":1633930877971,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148729629","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</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>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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","CLOV":"Clover Health Corp","AMC":"AMC院线","WKHS":"Workhorse Group, Inc.","BB":"黑莓","SCHW":"嘉信理财","CARV":"卡弗储蓄","NEGG":"Newegg Comm Inc."},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"GME":0.9,"BB":0.9,"BBBY":0.9,"AMC":0.9,"NEGG":0.9,"MRIN":0.9,"SCHW":0.9,"WKHS":0.9,"CLOV":0.9,"CARV":0.9}},"isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156016086,"gmtCreate":1625185848245,"gmtModify":1633942806724,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/156016086","repostId":"1133668606","repostType":4,"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161891610,"gmtCreate":1623915773730,"gmtModify":1634025921802,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/161891610","repostId":"2143379379","repostType":4,"isVote":1,"tweetType":1,"viewCount":382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}