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2021-05-17

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2021-05-07

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Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-05-24

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2021-05-13

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2021-03-29

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Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>

2021-11-15

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2021-03-04

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2021-06-08

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2021-05-31

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Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>

2021-05-24

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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/604886191","repostId":"1169099899","repostType":4,"repost":{"id":"1169099899","kind":"news","pubTimestamp":1639367858,"share":"https://www.laohu8.com/m/news/1169099899?lang=zh_CN&edition=full","pubTime":"2021-12-13 11:57","market":"us","language":"en","title":"Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169099899","media":"Seeking Alpha","summary":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal furth","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The short-term correction has probably not ended yet.</li>  <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li>  <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力，但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟，但尚未结束。根据Stouff capital的估计，它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值，这是经济衰退的早期指标。这是相关的，因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Refinitiv、Stouff Capital）</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此，进入商业周期后期并不意味着股市处于熊市。相反，股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据，商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前，劳动力市场一直是建设性的。此外，世界大型企业联合会领先经济指数（LEI）的最新读数创下历史新高。从历史上看，劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下，在美国经济陷入衰退之前，这两个指数甚至先于美国股市见顶。同样，收益率曲线尚未闪烁衰退信号。从历史上看，它在经济衰退到来前不久反转，也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our&nbsp;mid-November article&nbsp;here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而，截至12月初，股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样，下跌并不令人意外，因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此，调整可能不会在短期内完成。在接下来的几周里，更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外，当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此，周期后期可能会让许多人感到惊讶，因为它不会像通常那样持续很长时间。此外，随着通胀迅速上升，当前环境对央行来说可能极具挑战性。上图显示，欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺，不仅商品变得昂贵，服务最近也加入了这一行列。这一发展对央行来说是一个问题，因为它们没有有效的工具来应对供应方短缺。因此，我们不太可能在短期内看到货币宽松。近年来，这一直是股市的阻力。再说一次，这不是肇事逃逸事件，我们还没有到那一步。从历史上看，股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&amp;P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号，表明短期调整可能尚未结束。相反，该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之，短期内有可能造成更多损害。技术证据暗示，在看到下一次可持续上涨之前，4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是，尽管短期内有进一步回调的潜力，但牛市趋势很可能完好无损。</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>Bull Run Enters Late Cycle<blockquote>牛市进入后期周期</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; 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\">\nBull Run Enters Late Cycle<blockquote>牛市进入后期周期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-13 11:57</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>The short-term correction has probably not ended yet.</li>  <li>Macroeconomic indicators signal further upside for stocks despite short-term correction potential.</li>  <li>The Fed could face tough challenges with its loose monetary stance sooner than many expect.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35de74b68a683fda3b95d3fd873bc678\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>MundusImages/E+ via Getty Images</span></p><p><blockquote><ul><li>短期回调很可能还没有结束。</li><li>尽管短期存在回调潜力，但宏观经济指标表明股市将进一步上涨。</li><li>美联储可能会比许多人预期更快地面临宽松货币立场的严峻挑战。</li></ul><p class=\"t-img-caption\"><span>MundusImages/E+来自Getty Images</span></p></blockquote></p><p> The business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.</p><p><blockquote>商业周期正在成熟，但尚未结束。根据Stouff capital的估计，它可能正在进入周期后期阶段。他们的美国长期宏观指数指标达到了90%的阈值，这是经济衰退的早期指标。这是相关的，因为经济衰退对于股市熊市来说有着完美的记录。过去170年的每一次NBER衰退都涉及美国股市的熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/631eab7d5b7d2c62994d942fc86cdcfc\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, Stouff Capital)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Refinitiv、Stouff Capital）</span></p></blockquote></p><p> Nonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.</p><p><blockquote>尽管如此，进入商业周期后期并不意味着股市处于熊市。相反，股票在上个世纪商业周期的后期发展积极。如果投资者相信统计证据，商业周期的衰退阶段是他们想要避开的时间窗口。历史上可靠的其他领先指标尚未表明经济衰退即将来临。在上次报告之前，劳动力市场一直是建设性的。此外，世界大型企业联合会领先经济指数（LEI）的最新读数创下历史新高。从历史上看，劳动力市场和LEI比经济提前几个月达到周期峰值。大多数情况下，在美国经济陷入衰退之前，这两个指数甚至先于美国股市见顶。同样，收益率曲线尚未闪烁衰退信号。从历史上看，它在经济衰退到来前不久反转，也是周期性股市高点的领先指标。今天的情况也不是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fed5b5760550aa77356656aee41f1d0\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> However, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our&nbsp;mid-November article&nbsp;here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.</p><p><blockquote>然而，截至12月初，股市从近期高点回调了5%-10%。正如我们在11月中旬关于Seeking Alpha的文章中所解释的那样，下跌并不令人意外，因为市场正在火热。情绪和技术指标表明即将出现5%-10%的回调。尽管如此，调整可能不会在短期内完成。在接下来的几周里，更多的疲软仍然是基本情况。</blockquote></p><p> Moreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.</p><p><blockquote>此外，当前的周期还有一些奇特之处。它正以前所未有的速度展开。因此，周期后期可能会让许多人感到惊讶，因为它不会像通常那样持续很长时间。此外，随着通胀迅速上升，当前环境对央行来说可能极具挑战性。上图显示，欧洲的采购价格比去年上涨了20%以上。这是该指数自70年代以来的最大涨幅。70年代是布雷顿森林汇率体系解体后最近一个出现两位数通胀的时期。美国的通胀压力也在加大。由于供应短缺，不仅商品变得昂贵，服务最近也加入了这一行列。这一发展对央行来说是一个问题，因为它们没有有效的工具来应对供应方短缺。因此，我们不太可能在短期内看到货币宽松。近年来，这一直是股市的阻力。再说一次，这不是肇事逃逸事件，我们还没有到那一步。从历史上看，股市通常在首次加息后很久就会达到周期性高点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfdb33a6b0c068438eae297a0bd32d1d\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>(Source: Refinitiv, CEIC, Pictet Asset Management)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：路孚特、CEIC、百达资产管理）</span></p></blockquote></p><p> Technicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&amp;P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.</p><p><blockquote>技术面支持上述宏观证据。大多数主要指数可能从11月高点展开看跌艾略特波浪。标普500最好被视为延伸到12月6日低点的领先对角线。这是一个信号，表明短期调整可能尚未结束。相反，该形态可能会演变为朝向4250-4390的三浪修正腿。</blockquote></p><p></p><p> All in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.</p><p><blockquote>总而言之，短期内有可能造成更多损害。技术证据暗示，在看到下一次可持续上涨之前，4390 S/R将再次受到攻击。时间会证明这是否是周期结束前的最后一次上涨。上面讨论的一些宏观指标可能会在事情变糟之前提供进一步的暗示。最重要的是，尽管短期内有进一步回调的潜力，但牛市趋势很可能完好无损。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4474830-bull-run-enters-late-cycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169099899","content_text":"Summary\n\nThe short-term correction has probably not ended yet.\nMacroeconomic indicators signal further upside for stocks despite short-term correction potential.\nThe Fed could face tough challenges with its loose monetary stance sooner than many expect.\n\nMundusImages/E+ via Getty Images\nThe business cycle is maturing but has not ended yet. It is probably entering the late-cycle stage, according to Stouff capital's estimates. Their US Long-Term Macro Index gauge reached the 90% threshold, an early indicator for economic recessions. That's relevant because recessions had a perfect track record for bear markets in stocks. Every NBER recession in the past 170 involved a bear market in US stocks.\n(Source: Refinitiv, Stouff Capital)\nNonetheless, entering the late stage of the business cycle does not imply that equities are in a bear market. On the contrary, equities developed positively during the late stage of the business cycle during the past century. The recession stage of the business cycle is the time window that investors want to avoid if they believe in statistical evidence. Other leading indicators, which have been reliable historically, do not signal an imminent recession yet. The labor market has been constructive until the last report. Moreover, the conference board Leading Economic Index (LEI) marked an all-time high on its latest reading. Historically, the labor market and the LEI reached their cycle peak several months ahead of the economy. Most often, both indices peaked even ahead of the US stock market before the US economy went into recession. Likewise, the yield curve is not flashing recessionary signals yet. Historically, it inverted shortly before a recession arrived and was also a leading indicator for cyclical stock market highs. That's neither the case today.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nHowever, equities corrected 5%-10% from their most recent highs into early December. The drop was not surprising because the market was running hot, as explained in our mid-November article here on Seeking Alpha. Sentiment and technical indicators signaled an imminent 5%-10% correction. Nonetheless, the correction is probably not finished short term. Some more weakness remains the base case during the next couple of weeks.\nMoreover, there is something peculiar about the current cycle. It is unfolding at an unprecedented speed. Therefore, the late-cycle stage may surprise many by not lasting as long as it usually does. Further, the current environment might prove extraordinarily challenging for central banks as inflation increases rapidly. The chart above shows that European purchasing prices are more than 20% higher versus last year. That's the steepest increase of the index since the '70s. The '70s were the latest period that recorded double-digit inflation after the breakup of the Bretton-Woods exchange-rate system. Inflation pressure is also mounting in the United States as well. Not only do goods become expensive due to supply shortages, but services also joined the party lately. The development is a problem for central banks as they have no effective tools against supply-side shortages. Consequently, we are unlikely to witness monetary easing short-term. That has been a headwind for equities in recent years. Yet again, that's not a hit-and-run event and we are not there yet. Historically, equities reached their cyclical high typically well after the initial rate hike.\n(Source: Refinitiv, CEIC, Pictet Asset Management)\nTechnicals support the macro evidence outlined above. Most of the major indices probably unfolded bearish Elliot waves from their November highs. The S&P 500 counts best as an extending leading diagonal into the December 6th low. That's a signal that the short-term correction may not be over yet. The pattern will probably morph into a three-wave corrective leg towards 4250-4390 instead.\nAll in all, there is potential for more damage short term. Technical evidence hints at another attack at the 4390 S/R before seeing the next sustainable leg up. Time will tell if it is the last leg up before the cycle ends. Some of the macro indicators discussed above will probably provide further hints before things turn sour. The bottom line is that the bull trend is most likely intact despite further short-term correction potential.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602043578,"gmtCreate":1638947471300,"gmtModify":1638947471596,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602043578","repostId":"2189719656","repostType":4,"isVote":1,"tweetType":1,"viewCount":3984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606161047,"gmtCreate":1638843660945,"gmtModify":1638843661341,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606161047","repostId":"2189686612","repostType":4,"isVote":1,"tweetType":1,"viewCount":2577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608806123,"gmtCreate":1638673844331,"gmtModify":1638673844520,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/608806123","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603962544,"gmtCreate":1638353829251,"gmtModify":1638353829725,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603962544","repostId":"1163333225","repostType":4,"repost":{"id":"1163333225","kind":"news","pubTimestamp":1638353038,"share":"https://www.laohu8.com/m/news/1163333225?lang=zh_CN&edition=full","pubTime":"2021-12-01 18:03","market":"us","language":"en","title":"Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163333225","media":"Barrons","summary":"Direct listings have jumped this year, but are still in the single digits because that path to the p","content":"<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示，今年直接上市数量有所增加，但仍处于个位数，因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并<i>巴伦周刊。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>Dealogic的数据显示，今年到目前为止，已有942家公司上市，筹集了2990亿美元。首次公开募股和特殊目的收购公司合并的总数分别为383起和559起。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下，只有七家公司采用了直接上市——没有筹集一分钱，只是将股票在交易所上市。尽管如此，自2018年以来，这7家公司仍占13家直接上市公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示：“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股，而是为公司提供另一条进入公开市场的途径。”</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特(Jay Ritter)也预计，直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>研究IPO的佛罗里达大学金融学教授里特表示：“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票，或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前，即2018年4月3日，当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金，但以近270亿美元的估值结束了上市公司的第一天。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and&nbsp;Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里，五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack TechnologiesPalantir Technologies(PLTR)，数据分析公司；Asana(ASAN)，提供项目管理软件；以及Thryv Holdings(THRY)，一家小型企业营销自动化软件提供商。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange&nbsp;Coinbase&nbsp;(COIN);Squarespace&nbsp;(SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter&nbsp;(ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up&nbsp;Warby Parker&nbsp;(WRBY).</p><p><blockquote>今年——还有一个月——总数为七个：Roblox(RBLX)，游戏平台；加密货币交易所Coinbase（COIN）；Squarespace(SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter(ZIP)，就业市场Amplitude(AMPL)，产品分析公司；以及眼镜初创公司Warby Parker(WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing,&nbsp;Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道，在线支付处理商Stripe预计将于明年进行最大的公开募股之一，该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the&nbsp;London Stock Exchange&nbsp;in July.</p><p><blockquote>自2018年以来的13家直接上市公司中，8家选择了纽约证券交易所，4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>机械师</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。毕竟，就像IPO或SPAC合并一样，直接上市需要相同的文书工作（本质上是向美国证券交易委员会提交的招股说明书）以及大致相同的时间，即12至18个月，普华永道IPO服务负责人。Ethridge表示，12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但存在真正的差异：资金如何筹集和流向，以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先，钱。选择首次公开募股的公司通常需要新资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、底层投资者和员工——出售股票，他们得到的是钱，而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出，不立即需要资本的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>风险投资公司IVP的普通合伙人廖表示：“（公司）选择直接上市的关键标准是，它们的资产负债表是否足够强劲，以至于不需要通过发行筹集资金。”投资了400多家公司，其中包括125家上市实体。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二，投资银行。在首次公开募股中，银行承销股票销售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>因此，承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%，Ethridge表示。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb&nbsp;(ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and&nbsp;Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会参与大型IPO并分摊费用。例如，家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森·邓恩律师事务所的直接上市指南，他们还是帮助准备公司的注册声明，并协助定位业务。一位参与过多笔交易的投资银行家表示，它们还充当做市商并指导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>埃思里奇说，他们的费用“大幅”减少，但由于只有十几家直接上市公司，很难确定到底减少了多少。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“如果支付的总价差费用是[IPO]支付费用的50%，我不会感到惊讶，”他说。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>但奇怪的是，银行通常通过直接上市赚的钱一样多，因为交易工作较少，所以分割更大，Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天，市值接近860亿美元。其财务顾问共有四名，包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>特鲁斯戴尔表示：“尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。”</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市，因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示，没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来，该公司已帮助2,000多家公司上市，其中四家是通过直接上市。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是，直接上市对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>Davis Polk的Truesdell告诉记者：“零售业在第一天就推动了流行。”<i>巴伦周刊。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是：对于普通人来说，传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多，收于144.71美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>惠灵顿的卡门表示：“通过直接上市，[散户投资者]拥有与其他机构相同的权利。”</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示，避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates表示，当一家公司的股票在首次公开募股中上涨30%、50%或100%时，IPO定价就错误了。斯凯特说，公司“除了一个好的新闻标题之外，没有任何原因就放弃了巨额价值”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道，首次公开募股有路演。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用“分析师日”取代了路演，包括普通人在内的投资者在那里了解业务。例如，Coinbase在Reddit上发布了一条消息：“问我们任何问题。”</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说：“如果你是Spotify，你知道你会得到报道，所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“公司需要做更多的工作来确保所有信息都在那里，”他说。“你仍然可以获得分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>斯凯特说，传统的首次公开募股“吸引了更多的投资者兴趣，但那是因为他们提供了数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官，你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</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>Direct Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</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\">\nDirect Listings Jump. Why This Path to Going Public Is Getting Noticed.<blockquote>直接列表跳转。为什么这条上市之路受到关注。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-01 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell <i>Barron’s.</i></p><p><blockquote>专家表示，今年直接上市数量有所增加，但仍处于个位数，因为通往公开市场的道路很狭窄——狭窄到大多数公司将继续选择IPO或SPAC合并<i>巴伦周刊。</i></blockquote></p><p> So far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.</p><p><blockquote>Dealogic的数据显示，今年到目前为止，已有942家公司上市，筹集了2990亿美元。首次公开募股和特殊目的收购公司合并的总数分别为383起和559起。</blockquote></p><p> By comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.</p><p><blockquote>相比之下，只有七家公司采用了直接上市——没有筹集一分钱，只是将股票在交易所上市。尽管如此，自2018年以来，这7家公司仍占13家直接上市公司的一半以上。</blockquote></p><p> “We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”</p><p><blockquote>摩根士丹利美洲股权资本市场联席主管埃迪·莫洛伊表示：“我们可能会看到更多处于后期阶段的公司寻求直接上市。”“它们不会取代首次公开募股，而是为公司提供另一条进入公开市场的途径。”</blockquote></p><p> IPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.</p><p><blockquote>IPO专家杰伊·里特(Jay Ritter)也预计，直接上市的数量将会增加——只要不出现像会计丑闻这样可能玷污这种方法的爆发。</blockquote></p><p> “More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.</p><p><blockquote>研究IPO的佛罗里达大学金融学教授里特表示：“越来越多的公司将通过直接上市来避免在传统IPO中出售价格过低的股票，或者避免SPAC合并带来的保荐人股票造成的稀释。”</blockquote></p><p> The first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.</p><p><blockquote>首次直接上市发生在近四年前，即2018年4月3日，当时Spotify(SPOT)在纽约证券交易所开盘交易。这家音乐流媒体服务公司没有通过此次发行筹集任何资金，但以近270亿美元的估值结束了上市公司的第一天。</blockquote></p><p> In the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and&nbsp;Thryv Holdings (THRY), a provider of marketing automation software for small businesses.</p><p><blockquote>在接下来的两年里，五家公司直接上市：再保险公司沃特福德控股公司；消息应用Slack TechnologiesPalantir Technologies(PLTR)，数据分析公司；Asana(ASAN)，提供项目管理软件；以及Thryv Holdings(THRY)，一家小型企业营销自动化软件提供商。</blockquote></p><p> This year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange&nbsp;Coinbase&nbsp;(COIN);Squarespace&nbsp;(SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter&nbsp;(ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up&nbsp;Warby Parker&nbsp;(WRBY).</p><p><blockquote>今年——还有一个月——总数为七个：Roblox(RBLX)，游戏平台；加密货币交易所Coinbase（COIN）；Squarespace(SQSP)，网站设计和托管公司；汇款公司明智；ZipRecruiter(ZIP)，就业市场Amplitude(AMPL)，产品分析公司；以及眼镜初创公司Warby Parker(WRBY)。</blockquote></p><p> One of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing,&nbsp;Bloomberg reported. Stripe didn’t return requests for comment.</p><p><blockquote>据彭博社报道，在线支付处理商Stripe预计将于明年进行最大的公开募股之一，该公司正在考虑直接上市。Stripe没有回复置评请求。</blockquote></p><p> Of the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the&nbsp;London Stock Exchange&nbsp;in July.</p><p><blockquote>自2018年以来的13家直接上市公司中，8家选择了纽约证券交易所，4家落户纳斯达克。Wise的股票于7月在伦敦证券交易所上市。</blockquote></p><p> <b>The mechanics</b></p><p><blockquote><b>机械师</b></blockquote></p><p> The appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.</p><p><blockquote>对于散户投资者来说，直接上市的吸引力可能并不明显。毕竟，就像IPO或SPAC合并一样，直接上市需要相同的文书工作（本质上是向美国证券交易委员会提交的招股说明书）以及大致相同的时间，即12至18个月，普华永道IPO服务负责人。Ethridge表示，12至18个月包括公司为公共实体生活做好准备所需的时间。</blockquote></p><p> But there are real differences: how money is raised and where it goes, and the role played by investment banks.</p><p><blockquote>但存在真正的差异：资金如何筹集和流向，以及投资银行所扮演的角色。</blockquote></p><p> First, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.</p><p><blockquote>首先，钱。选择首次公开募股的公司通常需要新资本，并利用此次发行向投资者出售股票。在直接上市中，股东——通常是创始人、底层投资者和员工——出售股票，他们得到的是钱，而不是公司。</blockquote></p><p> Two experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.</p><p><blockquote>两位专家——美国银行美国科技股权资本市场联席主管Magdalena Heinrich和风险投资家Eric Liaw——指出，不立即需要资本的公司更适合直接上市。</blockquote></p><p> “The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.</p><p><blockquote>风险投资公司IVP的普通合伙人廖表示：“（公司）选择直接上市的关键标准是，它们的资产负债表是否足够强劲，以至于不需要通过发行筹集资金。”投资了400多家公司，其中包括125家上市实体。</blockquote></p><p> Second, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.</p><p><blockquote>第二，投资银行。在首次公开募股中，银行承销股票销售。他们帮助撰写招股说明书，设定发行价格，在公司上市前一天晚上通过网络向投资者出售股票，帮助安排路演，并在股票开始交易后提供支持。</blockquote></p><p> Consequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.</p><p><blockquote>因此，承销费是IPO中最大的直接成本——平均占IPO总收益的5%至7%，Ethridge表示。</blockquote></p><p> Several banks typically work on a big IPO and split the fees. For example, Airbnb&nbsp;(ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and&nbsp;Goldman Sachs,worked on the deal.</p><p><blockquote>几家银行通常会参与大型IPO并分摊费用。例如，家庭共享服务公司爱彼迎(ABNB)去年12月通过公开募股筹集了35亿美元。以摩根士丹利和高盛为首的三打银行参与了这笔交易。</blockquote></p><p></p><p> In a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.</p><p><blockquote>在直接上市中，银行充当财务顾问。尽管如此，根据吉布森·邓恩律师事务所的直接上市指南，他们还是帮助准备公司的注册声明，并协助定位业务。一位参与过多笔交易的投资银行家表示，它们还充当做市商并指导价格。</blockquote></p><p> Their fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.</p><p><blockquote>埃思里奇说，他们的费用“大幅”减少，但由于只有十几家直接上市公司，很难确定到底减少了多少。</blockquote></p><p> “It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.</p><p><blockquote>“如果支付的总价差费用是[IPO]支付费用的50%，我不会感到惊讶，”他说。</blockquote></p><p> Oddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.</p><p><blockquote>但奇怪的是，银行通常通过直接上市赚的钱一样多，因为交易工作较少，所以分割更大，Davis Polk全球资本市场联席主管理查德·特鲁斯德尔(Richard Truesdell)曾参与Spotify和沃特福德直接上市。</blockquote></p><p> Coinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.</p><p><blockquote>比特币基地就是一个很好的例子。该加密货币交易所于3月份结束了作为上市公司的第一天，市值接近860亿美元。其财务顾问共有四名，包括高盛和摩根大通。</blockquote></p><p> “Even though the total comp is substantially less, it’s not less per bank,” Truesdell said</p><p><blockquote>特鲁斯戴尔表示：“尽管总薪酬大幅减少，但每家银行的薪酬并没有减少。”</blockquote></p><p> <b>The investors</b></p><p><blockquote><b>投资者</b></blockquote></p><p> The real winners in a direct listing could very well be investors—both institutions and regular people.</p><p><blockquote>直接上市的真正赢家很可能是投资者——包括机构和普通人。</blockquote></p><p> Institutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.</p><p><blockquote>机构喜欢直接上市，因为许多机构没有禁售期——IPO投资者必须等待90至180天才能出售股票。在直接上市中，投资者可以在公司开始交易后立即抛售股票。</blockquote></p><p> No lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.</p><p><blockquote>惠灵顿管理公司(Wellington Management)高级董事总经理迈克尔·卡门(Michael Carmen)表示，没有禁售使得管理着1.4万亿美元资产的惠灵顿管理公司(Wellington Management)等公司更容易“立即”建仓。自2010年以来，该公司已帮助2,000多家公司上市，其中四家是通过直接上市。</blockquote></p><p> More important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.</p><p><blockquote>更重要的是，直接上市对普通人来说可能更好。在首次公开募股中，机构投资者将在首次公开募股前一天晚上以发行价购买公司股票。然后，第二天，随着各种投资者试图获得股票，股票价格将会上涨。</blockquote></p><p> “Retail drives the pop that first day,” Truesdell, of Davis Polk, told <i>Barron’s.</i></p><p><blockquote>Davis Polk的Truesdell告诉记者：“零售业在第一天就推动了流行。”<i>巴伦周刊。</i></blockquote></p><p> The upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.</p><p><blockquote>结果是：对于普通人来说，传统IPO的股票在交易的第一天往往会变得过于昂贵。再想想爱彼迎。股价较68美元的IPO价格上涨了一倍多，收于144.71美元。</blockquote></p><p> “With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.</p><p><blockquote>惠灵顿的卡门表示：“通过直接上市，[散户投资者]拥有与其他机构相同的权利。”</blockquote></p><p> Avoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.</p><p><blockquote>Amplitude联合创始人兼首席执行官Spenser Skates表示，避免首日火爆是Amplitude选择直接上市的原因之一。振幅较开盘价仅上涨9.6%。</blockquote></p><p> When a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.</p><p><blockquote>Skates表示，当一家公司的股票在首次公开募股中上涨30%、50%或100%时，IPO定价就错误了。斯凯特说，公司“除了一个好的新闻标题之外，没有任何原因就放弃了巨额价值”。</blockquote></p><p> For companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.</p><p><blockquote>对于公司来说，分析师的报道很重要。分析师有客户。他们对股票进行评级。他们给出了前景。直接上市通常不会产生与首次公开募股相同水平的分析师报道，首次公开募股有路演。</blockquote></p><p> Most of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”</p><p><blockquote>大多数直接上市的公司都用“分析师日”取代了路演，包括普通人在内的投资者在那里了解业务。例如，Coinbase在Reddit上发布了一条消息：“问我们任何问题。”</blockquote></p><p> But the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.</p><p><blockquote>但缺乏分析师报道并不一定会破坏交易。惠灵顿的卡门说：“如果你是Spotify，你知道你会得到报道，所以你不用担心。人们不会忽视一家市值300亿美元的公司。”</blockquote></p><p> Skates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.</p><p><blockquote>Skates似乎并不担心Amplitude必须接触分析师和投资者。</blockquote></p><p> “It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”</p><p><blockquote>“公司需要做更多的工作来确保所有信息都在那里，”他说。“你仍然可以获得分析师的报道。”</blockquote></p><p> Traditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.</p><p><blockquote>斯凯特说，传统的首次公开募股“吸引了更多的投资者兴趣，但那是因为他们提供了数亿美元的巨额赠品。</blockquote></p><p> “As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”</p><p><blockquote>“作为首席执行官，你不希望投资者寻求股票的快速翻转。你真正希望的是那些致力于长期发展的投资者。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"THRY":"Thryv Holdings Inc","ZIP":"ZipRecruiter Inc.","ASAN":"阿莎娜","PLTR":"Palantir Technologies Inc.",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SQSP":"Squarespace Inc.","ABNB":"爱彼迎","WRBY":"Warby Parker Inc.","COIN":"Coinbase Global, Inc.","AMPL":"AmplitudeE, Inc."},"source_url":"https://www.barrons.com/articles/direct-listings-jump-why-this-path-to-going-public-is-getting-noticed-51638305261?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163333225","content_text":"Direct listings have jumped this year, but are still in the single digits because that path to the public markets is a narrow one—so narrow that most companies will keep choosing IPOs or SPAC mergers, experts tell Barron’s.\nSo far this year, 942 companies have gone public—raising $299 billion, numbers from Dealogic show. The totals for initial public offerings and special-purpose acquisition company mergers are 383 and 559, respectively.\nBy comparison, only seven firms have used a direct listing—raising not one dime, simply listing their stocks on exchanges. Still, the seven is more than half of the 13 companies to use a direct listing since 2018.\n“We may see more late-stage companies seeking to do direct listings,” said Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley. “They will not replace IPOs, but instead provide companies another avenue to the public markets.”\nIPO expert Jay Ritter also expects the number of direct listings to increase—as long as there are no blowups like an accounting scandal that could taint the method.\n“More and more companies will use direct listings to avoid selling underpriced shares in a traditional IPO or to avoid the dilution due to sponsor shares that come with a SPAC merger,” said Ritter, a University of Florida finance professor who studies IPOs.\nThe first direct listing came nearly four years ago, on April 3, 2018, when Spotify (SPOT) opened for trading on the New York Stock Exchange. The music-streaming service didn’t raise any money with its offering, but ended its first day as a public company with a nearly $27 billion valuation.\nIn the next two years, five companies direct listed: Watford Holdings, the reinsurance firm; the messaging app Slack Technologies; Palantir Technologies (PLTR), the data analytics company; Asana (ASAN), which offers project management software; and Thryv Holdings (THRY), a provider of marketing automation software for small businesses.\nThis year—and with a month still to go—the total stands at seven: Roblox (RBLX), the gaming platform; cryptocurrency exchange Coinbase (COIN);Squarespace (SQSP), the website design and hosting firm; the money transfer firm Wise; ZipRecruiter (ZIP), the employment marketplace; Amplitude (AMPL), the product analytics company; and eyewear start-up Warby Parker (WRBY).\nOne of the biggest public offerings is expected to come next year from Stripe, the online payment processor, which is considering a direct listing, Bloomberg reported. Stripe didn’t return requests for comment.\nOf the 13 direct listings since 2018, eight picked the NYSE and four settled on the Nasdaq. Wise listed its shares on the London Stock Exchange in July.\nThe mechanics\nThe appeal of a direct listing might not be obvious to the retail investor. After all, like an IPO or a SPAC merger, a direct listing requires the same paperwork—essentially a prospectus filed with the Securities and Exchange Commission—and roughly the same amount of time, 12 to 18 months, according to David Ethridge, co-lead of PwC’s IPO Services. The 12 to 18 months includes the time that companies need to prepare for life as a public entities, Ethridge said.\nBut there are real differences: how money is raised and where it goes, and the role played by investment banks.\nFirst, the money. Companies that opt for an IPO typically need fresh capital and use the offering to sell stock to investors. In a direct listing, shareholders—most often founders, investors who were in on the ground floor, and employees—sell their stock and they get the money, not the company.\nTwo experts—Magdalena Heinrich, Bank of America’s co-head of U.S. technology equity capital markets and venture capitalist Eric Liaw—point out that companies that don’t immediately need capital are better suited for a direct listing.\n“The key criteria for [companies] choosing a direct listing is whether their balance sheet is sufficiently strong that they don’t need to raise money in the offering,” said Liaw, a general partner at IVP, a venture-capital firm that has invested in over 400 companies, including 125 publicly traded entities.\nSecond, the investment banks. In an IPO, banks underwrite the sale of shares. They help write the prospectus, set the price for the offering, sell the stock to investors through their network the night before the company lists, help set the roadshow, and give support once the stock begins trading.\nConsequently, underwriting fees are the single biggest direct cost in an IPO— an average of 5% to 7% of gross IPO proceeds, Ethridge said.\nSeveral banks typically work on a big IPO and split the fees. For example, Airbnb (ABNB), the home sharing service, raised $3.5 billion last December with its public offering. Three dozen banks, led by Morgan Stanley and Goldman Sachs,worked on the deal.\nIn a direct listing, banks act as financial advisors. Still, they help prepare the company’s registration statement, and assist with positioning the business, according to a guide on direct listings from the law firm Gibson Dunn. They also act as market makers and guide the price, said an investment banker who has worked on several deals.\nTheir fees are “materially” less, but just how much less is hard to determine with only a dozen direct listings, Ethridge said.\n“It wouldn’t surprise me if the total fees paid of gross spread is 50% of what might otherwise be paid [in IPOs],” he said.\nOddly enough, though, banks generally make as much with a direct listing because fewer work on a deal so the split is bigger, said Richard Truesdell, co-head of global capital markets at Davis Polk, who worked on the Spotify and Watford direct listings.\nCoinbase is a case in point. The crypto exchange ended its first day as a public company in March with a near $86 billion market cap. Its financial advisors totaled four, including Goldman Sachs and JP Morgan.\n“Even though the total comp is substantially less, it’s not less per bank,” Truesdell said\nThe investors\nThe real winners in a direct listing could very well be investors—both institutions and regular people.\nInstitutions like direct listings because many don’t have a lockup—the 90 to 180 days that investors in an IPO have to wait before they can sell their shares. In a direct listing, investors can unload their shares as soon the company begins trading.\nNo lockup makes it easier for the likes of Wellington Management, which manages $1.4 trillion in assets, to build positions “right out of the shoot,” said Michael Carmen, a senior managing director at Wellington, which has helped take more than 2,000 companies public since 2010—four through direct listings.\nMore important, direct listings can be better for regular people. In an IPO, institutional investors will buy shares of a company at the offer price the night before the debut. Then, the next day, the stock will jump in price as all kinds of investors try to get shares.\n“Retail drives the pop that first day,” Truesdell, of Davis Polk, told Barron’s.\nThe upshot: The stock for a traditional IPO can often become too expensive for the regular people during its first day of trading. Consider Airbnb again. Shares more than doubled from the $68 IPO price, closing at $144.71.\n“With a direct listing, [retail investors] have all the same rights as other institutions out there,” said Wellington’s Carmen.\nAvoiding the first-day pop is one reason why Amplitude chose a direct listing, said Spenser Skates, co-founder and CEO. Amplitude rose a mere 9.6% from its opening price.\nWhen a company’s stock rises 30% or 50% or 100% in its debut, the IPO was mispriced, Skates said. Companies are “giving up a huge amount of value for no reason other than a good press headline,” Skates said.\nFor companies, analyst coverage is important. Analysts have clients. They rate stocks. They give outlooks. And direct listings don’t typically generate the same level of analyst coverage as IPOs, which have a roadshow.\nMost of the companies that have direct listed replaced the roadshow with an “analyst day,” where investors, including regular people, learn about the business. Coinbase, for example, hosted a Reddit: “Ask Us Anything.”\nBut the lack of analyst coverage isn’t necessarily a deal breaker. “If you are Spotify you know you’ll get coverage so you don’t worry about it. People won’t ignore a $30 billion market cap company,” Wellington’s Carmen said.\nSkates didn’t seem fazed that Amplitude had to reach out to the analysts—and investors.\n“It’s a little more work on part of companies to make sure all of the information is out there,” he said. “You still get the analyst coverage.”\nTraditional IPOs, Skates said, get a “little more investor interest but that’s because they’re doing a massive multi-hundred [million] giveaway.\n“As a CEO, you don’t want investors looking for a quick flip on stock. You really want those committed to the long term.”","news_type":1,"symbols_score_info":{"ASAN":0.9,"WRBY":0.9,"AMPL":0.9,".SPX":0.9,".IXIC":0.9,"SQSP":0.9,"PLTR":0.9,"THRY":0.9,"ABNB":0.9,".DJI":0.9,"COIN":0.9,"ZIP":0.9}},"isVote":1,"tweetType":1,"viewCount":3203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609186307,"gmtCreate":1638252189264,"gmtModify":1638252189398,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609186307","repostId":"1141430877","repostType":4,"repost":{"id":"1141430877","kind":"news","pubTimestamp":1638251771,"share":"https://www.laohu8.com/m/news/1141430877?lang=zh_CN&edition=full","pubTime":"2021-11-30 13:56","market":"us","language":"en","title":"Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141430877","media":"Reuters","summary":"SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be a","content":"<p>SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.</p><p><blockquote>路透悉尼11月30日-制药商Moderna负责人表示，COVID-19疫苗不太可能像以前那样有效对抗冠状病毒的奥密克戎变种，这引发了金融市场对疫情发展轨迹的新担忧。</blockquote></p><p> \"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times&nbsp;in an interview.</p><p><blockquote>Moderna首席执行官斯特凡·班塞尔(Stéphane Bancel)在接受英国《金融时报》采访时表示：“我认为，没有一个世界的（有效性）与我们与达美航空的水平相同。”</blockquote></p><p> \"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"</p><p><blockquote>“我认为这将是一次物质下降。我只是不知道有多少，因为我们需要等待数据。但我交谈过的所有科学家……都像‘这不会有好结果’。”</blockquote></p><p> Vaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.</p><p><blockquote>疫苗耐药性可能会导致更多的疾病和住院，并延长疫情，他的言论引发了石油、股票和澳元等增长资产的抛售。</blockquote></p><p> Bancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.</p><p><blockquote>Bancel补充说，病毒用于感染人类细胞的蛋白质刺突上的大量突变意味着当前的疫苗可能需要进行修改。</blockquote></p><p> He had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.</p><p><blockquote>他早些时候在CNBC上表示，可能需要几个月的时间才能开始运送针对奥密克戎病毒的疫苗。</blockquote></p><p> Fear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.</p><p><blockquote>尽管缺乏关于其严重性的信息，但对新变种的恐惧已经引发了一些经济重新开放计划的推迟，以及一些旅行和行动限制的重新实施。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Moderna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</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\">\nModerna CEO says vaccines likely less effective against Omicron<blockquote>Moderna首席执行官表示疫苗对奥密克戎病毒的效果可能较差</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-30 13:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.</p><p><blockquote>路透悉尼11月30日-制药商Moderna负责人表示，COVID-19疫苗不太可能像以前那样有效对抗冠状病毒的奥密克戎变种，这引发了金融市场对疫情发展轨迹的新担忧。</blockquote></p><p> \"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times&nbsp;in an interview.</p><p><blockquote>Moderna首席执行官斯特凡·班塞尔(Stéphane Bancel)在接受英国《金融时报》采访时表示：“我认为，没有一个世界的（有效性）与我们与达美航空的水平相同。”</blockquote></p><p> \"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"</p><p><blockquote>“我认为这将是一次物质下降。我只是不知道有多少，因为我们需要等待数据。但我交谈过的所有科学家……都像‘这不会有好结果’。”</blockquote></p><p> Vaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.</p><p><blockquote>疫苗耐药性可能会导致更多的疾病和住院，并延长疫情，他的言论引发了石油、股票和澳元等增长资产的抛售。</blockquote></p><p> Bancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.</p><p><blockquote>Bancel补充说，病毒用于感染人类细胞的蛋白质刺突上的大量突变意味着当前的疫苗可能需要进行修改。</blockquote></p><p> He had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.</p><p><blockquote>他早些时候在CNBC上表示，可能需要几个月的时间才能开始运送针对奥密克戎病毒的疫苗。</blockquote></p><p> Fear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.</p><p><blockquote>尽管缺乏关于其严重性的信息，但对新变种的恐惧已经引发了一些经济重新开放计划的推迟，以及一些旅行和行动限制的重新实施。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/1-moderna-ceo-says-vaccines-055048321.html\">Reuters</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":{"MRNA":"Moderna, Inc."},"source_url":"https://finance.yahoo.com/news/1-moderna-ceo-says-vaccines-055048321.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141430877","content_text":"SYDNEY, Nov 30 (Reuters) - The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.\n\"There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta,\" Moderna Chief Executive Stéphane Bancel told the Financial Times in an interview.\n\"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'\"\nVaccine resistance could lead to more sickness and hospitalisations and prolong the pandemic, and his comments triggered selling in growth-exposed assets like oil, stocks and the Australian dollar.\nBancel added that the high number of mutations on the protein spike the virus uses to infect human cells meant it was likely the current crop of vaccines would need to be modified.\nHe had earlier said on CNBC that it could take months to begin shipping a vaccine that does work against Omicron.\nFear of the new variant, despite a lack of information about its severity, has already triggered delays to some economic reopening plans and the reimposition of some travel and movement restrictions.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":4287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600588502,"gmtCreate":1638174265738,"gmtModify":1638174362516,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600588502","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohu8.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>将经济恢复到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月为-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovember jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>将经济恢复到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月为-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</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":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":2590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875511450,"gmtCreate":1637668033202,"gmtModify":1637668033327,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/875511450","repostId":"1172702648","repostType":4,"repost":{"id":"1172702648","kind":"news","pubTimestamp":1637667706,"share":"https://www.laohu8.com/m/news/1172702648?lang=zh_CN&edition=full","pubTime":"2021-11-23 19:41","market":"us","language":"en","title":"Tesla Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计，特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172702648","media":"Electrek","summary":"Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth ove","content":"<p>Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天，特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布，特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在发布后很早就会收到很多预订，然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间，消息人士告诉我们，一些特斯拉商店每周都会收到数百辆Cybertruck预订，Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月，当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目，2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:</p><p><blockquote>现在统计估计特斯拉电动皮卡车的预订量超过1,270,000份：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7be2bdc3adecef01ce7ea51655673dac\" tg-width=\"1128\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.</p><p><blockquote>该统计还收集了预订信息，显示绝大多数人正在订购双电机和三电机版本的Cybertruck。</blockquote></p><p> As we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.</p><p><blockquote>正如我们最近报道的那样，特斯拉上个月决定从其网站上删除有关Cybertruck内饰和定价的内容。</blockquote></p><p> But based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.</p><p><blockquote>但根据特斯拉此前披露的价格，平均售价为58,000美元，预订价值超过800亿美元。</blockquote></p><p> To be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.</p><p><blockquote>公平地说，特斯拉对Cybertruck只需要100美元的押金（Model 3/Y过去需要1000美元），这一事实使得预订的承诺减少，导致从预订到订单的接受率预计会更低。</blockquote></p><p> Either way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.</p><p><blockquote>不管怎样，特斯拉在预订量方面无疑领先于电动皮卡市场，但有几家公司在市场上击败了该公司。</blockquote></p><p> Rivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.</p><p><blockquote>Rivian已经开始交付R1T电动皮卡。通用汽车预计将于下月底开始交付悍马EV皮卡，福特将于明年交付F-150 Lightning。</blockquote></p><p> But the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.</p><p><blockquote>但真正的竞争不是谁能交付第一辆电动皮卡。而是谁能实现批量生产和交付。</blockquote></p><p></p>","source":"lsy1627037122897","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 Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计，特斯拉Cybertruck预订积压价值达到800亿美元</blockquote></title>\n<style 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}\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 Cybertruck reservation backlog reaches $80 billion in value based on latest tally<blockquote>根据最新统计，特斯拉Cybertruck预订积压价值达到800亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Electrek</strong><span class=\"h-time small\">2021-11-23 19:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.</p><p><blockquote>根据最新统计，特斯拉积压了超过120万辆Cybertruck预订，价值超过800亿美元。</blockquote></p><p> But there’s still no production in sight.</p><p><blockquote>但是仍然看不到生产的迹象。</blockquote></p><p> Tesla unveiled the Cybertruck almost two years ago to the day.</p><p><blockquote>大约两年前的今天，特斯拉推出了Cybertruck。</blockquote></p><p> The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.</p><p><blockquote>这款电动皮卡本应已经投入生产，但该汽车制造商推迟了该计划，因为它专注于增加Model Y的产量。</blockquote></p><p> Tesla’s best estimate now puts the start of Cybertruck production in late 2022.</p><p><blockquote>特斯拉目前的最佳估计是Cybertruck将于2022年底开始生产。</blockquote></p><p> In the meantime, Tesla is still taking reservations for the electric pickup truck.</p><p><blockquote>与此同时，特斯拉仍在接受电动皮卡的预订。</blockquote></p><p> The Cybertruck reservation program has been quite successful.</p><p><blockquote>Cybertruck预订计划相当成功。</blockquote></p><p> CEO Elon Musk announced that&nbsp;Tesla received over 250,000 reservations for the Cybertruck&nbsp;within a week of unveiling the vehicle.</p><p><blockquote>首席执行官Elon Musk宣布，特斯拉在推出Cybertruck的一周内就收到了超过25万份预订。</blockquote></p><p> Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.</p><p><blockquote>一般来说，特斯拉在发布后很早就会收到很多预订，然后就会逐渐减少——但Cybertruck的情况并非如此。</blockquote></p><p> Even throughout the pandemic, sources told us that some&nbsp;Tesla stores were getting hundreds of Cybertruck reservations per week, and&nbsp;Cybertruck pre-orders even helped boost sales.</p><p><blockquote>即使在整个大流行期间，消息人士告诉我们，一些特斯拉商店每周都会收到数百辆Cybertruck预订，Cybertruck预订甚至有助于提高销量。</blockquote></p><p> The number was last updated in June 2020, and at that point,&nbsp;the number had risen to over 650,000 Cybertruck reservations.</p><p><blockquote>该数字最后一次更新是在2020年6月，当时Cybertruck预订量已升至超过65万辆。</blockquote></p><p> A crowdsourced Cybertruck reservation tally&nbsp;by the Cybertruck forum with over 28,000 entries put&nbsp;reservations at over 1 million&nbsp;back in May 2021.</p><p><blockquote>Cybertruck论坛的众包Cybertruck预订记录超过28,000个条目，2021年5月预订量超过100万。</blockquote></p><p> Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:</p><p><blockquote>现在统计估计特斯拉电动皮卡车的预订量超过1,270,000份：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7be2bdc3adecef01ce7ea51655673dac\" tg-width=\"1128\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.</p><p><blockquote>该统计还收集了预订信息，显示绝大多数人正在订购双电机和三电机版本的Cybertruck。</blockquote></p><p> As we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.</p><p><blockquote>正如我们最近报道的那样，特斯拉上个月决定从其网站上删除有关Cybertruck内饰和定价的内容。</blockquote></p><p> But based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.</p><p><blockquote>但根据特斯拉此前披露的价格，平均售价为58,000美元，预订价值超过800亿美元。</blockquote></p><p> To be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.</p><p><blockquote>公平地说，特斯拉对Cybertruck只需要100美元的押金（Model 3/Y过去需要1000美元），这一事实使得预订的承诺减少，导致从预订到订单的接受率预计会更低。</blockquote></p><p> Either way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.</p><p><blockquote>不管怎样，特斯拉在预订量方面无疑领先于电动皮卡市场，但有几家公司在市场上击败了该公司。</blockquote></p><p> Rivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.</p><p><blockquote>Rivian已经开始交付R1T电动皮卡。通用汽车预计将于下月底开始交付悍马EV皮卡，福特将于明年交付F-150 Lightning。</blockquote></p><p> But the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.</p><p><blockquote>但真正的竞争不是谁能交付第一辆电动皮卡。而是谁能实现批量生产和交付。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://electrek.co/2021/11/23/tesla-cybertruck-reservation-backlog-80-billion-value-tally/\">Electrek</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://electrek.co/2021/11/23/tesla-cybertruck-reservation-backlog-80-billion-value-tally/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172702648","content_text":"Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.\nBut there’s still no production in sight.\nTesla unveiled the Cybertruck almost two years ago to the day.\nThe electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.\nTesla’s best estimate now puts the start of Cybertruck production in late 2022.\nIn the meantime, Tesla is still taking reservations for the electric pickup truck.\nThe Cybertruck reservation program has been quite successful.\nCEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.\nGenerally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.\nEven throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.\nThe number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.\nA crowdsourced Cybertruck reservation tally by the Cybertruck forum with over 28,000 entries put reservations at over 1 million back in May 2021.\nNow the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:\n\nThe tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.\nAs we recently reported,Tesla has decided to remove references to trims and pricing of the Cybertruckfrom its website last month.\nBut based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.\nTo be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.\nEither way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.\nRivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.\nBut the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873559472,"gmtCreate":1636966158406,"gmtModify":1636966158838,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/873559472","repostId":"2183046479","repostType":4,"isVote":1,"tweetType":1,"viewCount":3850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873100237,"gmtCreate":1636869669032,"gmtModify":1636869669205,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873100237","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":4028,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873063588,"gmtCreate":1636802002443,"gmtModify":1636802002563,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873063588","repostId":"1102251183","repostType":4,"repost":{"id":"1102251183","kind":"news","pubTimestamp":1636772424,"share":"https://www.laohu8.com/m/news/1102251183?lang=zh_CN&edition=full","pubTime":"2021-11-13 11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其工作分为与BioNTech在疫苗上的合作和对Covid-19药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</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>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</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\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其工作分为与BioNTech在疫苗上的合作和对Covid-19药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1\">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":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879605587,"gmtCreate":1636711668268,"gmtModify":1636711704841,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879605587","repostId":"1107570570","repostType":4,"repost":{"id":"1107570570","kind":"news","pubTimestamp":1636710604,"share":"https://www.laohu8.com/m/news/1107570570?lang=zh_CN&edition=full","pubTime":"2021-11-12 17:50","market":"us","language":"en","title":"Earnings Scheduled For November 12, 2021<blockquote>预计2021年11月12日收益</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107570570","media":"Benzinga","summary":"Companies Reporting Before The Bell\n• Zevia (NYSE:ZVIA) is estimated to report quarterly loss at $0.","content":"<p><div> Companies Reporting Before The Bell • Zevia (NYSE:ZVIA) is estimated to report quarterly loss at $0.43 per share on revenue of $34.40 million. • Natura &Co Holding (NYSE:NTCO) is estimated to report ...</p><p><blockquote><div>盘前报告的公司•Zevia（纽约证券交易所股票代码：ZVIA）预计季度亏损为每股0.43美元，营收为3,440万美元。•Natura&amp;Co Holding（纽约证券交易所代码：NTCO）预计将报告……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Earnings Scheduled For November 12, 2021<blockquote>预计2021年11月12日收益</blockquote></title>\n<style 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}\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\">\nEarnings Scheduled For November 12, 2021<blockquote>预计2021年11月12日收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-11-12 17:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Companies Reporting Before The Bell • Zevia (NYSE:ZVIA) is estimated to report quarterly loss at $0.43 per share on revenue of $34.40 million. • Natura &Co Holding (NYSE:NTCO) is estimated to report ...</p><p><blockquote><div>盘前报告的公司•Zevia（纽约证券交易所股票代码：ZVIA）预计季度亏损为每股0.43美元，营收为3,440万美元。•Natura&amp;Co Holding（纽约证券交易所代码：NTCO）预计将报告……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021\">Benzinga</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":{"AZNCF":"AstraZeneca Plc","CPNG":"Coupang, Inc."},"source_url":"https://www.benzinga.com/news/earnings/21/11/24055155/earnings-scheduled-for-november-12-2021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107570570","content_text":"Companies Reporting Before The Bell\n• Zevia (NYSE:ZVIA) is estimated to report quarterly loss at $0.43 per share on revenue of $34.40 million.\n• Natura &Co Holding (NYSE:NTCO) is estimated to report quarterly earnings at $0.01 per share on revenue of $1.82 billion.\n• Coupang (NYSE:CPNG) is expected to report earnings for its third quarter.\n• eMagin (AMEX:EMAN) is likely to report quarterly loss at $0.02 per share on revenue of $7.20 million.\n• Xtant Medical Holdings (AMEX:XTNT) is likely to report earnings for its third quarter.\n• Great Elm Group (NASDAQ:GEG) is likely to report earnings for its first quarter.\n• NexImmune (NASDAQ:NEXI) is projected to report earnings for its third quarter.\n• ProPhase Labs (NASDAQ:PRPH) is projected to report quarterly earnings at $0.07 per share on revenue of $9.08 million.\n• Mizuho Financial Gr (NYSE:MFG) is likely to report earnings for its second quarter.\n• Medicenna Therapeutics (NASDAQ:MDNA) is likely to report earnings for its second quarter.\n• Flux Power Holdings (NASDAQ:FLUX) is likely to report quarterly loss at $0.28 per share on revenue of $6.31 million.\n• Forma Therapeutics Hldgs (NASDAQ:FMTX) is projected to report earnings for its third quarter.\n• Bio-Path Holdings (NASDAQ:BPTH) is likely to report earnings for its third quarter.\n• Team (NYSE:TISI) is expected to report quarterly loss at $0.19 per share on revenue of $247.12 million.\n• New Gold (AMEX:NGD) is expected to report quarterly earnings at $0.02 per share on revenue of $192.30 million.\n• China Automotive Systems (NASDAQ:CAAS) is expected to report quarterly earnings at $0.05 per share on revenue of $119.39 million.\n• Dixie Group (NASDAQ:DXYN) is projected to report earnings for its third quarter.\n• Ever-Glory Intl Gr (NASDAQ:EVK) is estimated to report earnings for its third quarter.\n• Iterum Therapeutics (NASDAQ:ITRM) is likely to report earnings for its third quarter.\n• U.S. Well Services (NASDAQ:USWS) is likely to report earnings for its third quarter.\n• CBAK Energy Technology (NASDAQ:CBAT) is likely to report earnings for its third quarter.\n• Longeveron (NASDAQ:LGVN) is estimated to report earnings for its third quarter.\n• Meridian Bioscience (NASDAQ:VIVO) is projected to report quarterly earnings at $0.20 per share on revenue of $68.40 million.\n• Brilliant Earth Group (NASDAQ:BRLT) is estimated to report quarterly earnings at $0.01 per share on revenue of $87.10 million.\n• Warby Parker (NYSE:WRBY) is projected to report quarterly loss at $0.36 per share on revenue of $133.02 million.\n• AstraZeneca (NASDAQ:AZN) is expected to report quarterly earnings at $0.62 per share on revenue of $9.87 billion.\n• BlackSky Technology (NYSE:BKSY) is likely to report earnings for its third quarter.\n• Hyzon Motors (NASDAQ:HYZN) is estimated to report quarterly loss at $0.08 per share on revenue of $5.51 million.\n• Crown ElectroKinetics (NASDAQ:CRKN) is likely to report earnings for its second quarter.\n• F45 Training Holdings (NYSE:FXLV) is likely to report quarterly loss at $0.05 per share on revenue of $30.42 million.\n• Alleghany (NYSE:Y) is expected to report earnings for its third quarter.\n• Venus Concept (NASDAQ:VERO) is expected to report quarterly loss at $0.12 per share on revenue of $26.43 million.\n• Sumitomo Mitsui Financial (NYSE:SMFG) is likely to report earnings for its second quarter.\n• Sotherly Hotels (NASDAQ:SOHO) is estimated to report quarterly loss at $0.27 per share on revenue of $36.55 million.\n• Target Hospitality (NASDAQ:TH) is estimated to report quarterly earnings at $0.02 per share on revenue of $77.33 million.\n• SOC Telemed (NASDAQ:TLMD) is likely to report quarterly loss at $0.17 per share on revenue of $25.27 million.\n• Superior Drilling (AMEX:SDPI) is projected to report earnings for its third quarter.\n• PLx Pharma (NASDAQ:PLXP) is projected to report quarterly loss at $0.46 per share on revenue of $4.10 million.\n• New York City REIT (NYSE:NYC) is likely to report earnings for its third quarter.\n• Motus GI Hldgs (NASDAQ:MOTS) is estimated to report quarterly loss at $0.10 per share on revenue of $110.00 thousand.\n• IT Tech Packaging (AMEX:ITP) is expected to report quarterly earnings at $0.59 per share on revenue of $469.20 million.\n• GreenPower Motor Co (NASDAQ:GP) is likely to report earnings for its second quarter.\n• Energy Focus (NASDAQ:EFOI) is estimated to report quarterly loss at $0.20 per share on revenue of $5.55 million.\n• RBC Bearings (NASDAQ:ROLL) is likely to report quarterly earnings at $1.03 per share on revenue of $159.64 million.\n• Compugen (NASDAQ:CGEN) is projected to report earnings for its third quarter.\n• Banco Latinoamericano (NYSE:BLX) is projected to report quarterly earnings at $0.44 per share on revenue of $28.39 million.\n• CASI Pharmaceuticals (NASDAQ:CASI) is expected to report quarterly loss at $0.05 per share on revenue of $7.54 million.\n• Star Equity Hldgs (NASDAQ:STRR) is estimated to report quarterly earnings at $0.13 per share on revenue of $27.47 million.\n• Spectrum Brands Holdings (NYSE:SPB) is projected to report quarterly earnings at $0.65 per share on revenue of $1.04 billion.\n• Circor International (NYSE:CIR) is estimated to report quarterly earnings at $0.56 per share on revenue of $203.19 million.\n• Cipher Mining (NASDAQ:CIFR) is estimated to report earnings for its third quarter.\n• Otonomo Technologies (NASDAQ:OTMO) is likely to report earnings for its third quarter.\n• Bakkt Hldgs (NYSE:BKKT) is expected to report earnings for its third quarter.\nCompanies Reporting After The Bell\n• ThermoGenesis Holdings (NASDAQ:THMO) is expected to report quarterly loss at $0.08 per share on revenue of $3.06 million.\n• Foresight Autonomous (NASDAQ:FRSX) is projected to report quarterly loss at $0.08 per share on revenue of $60.00 thousand.\n• TOMI Environmental Solns (NASDAQ:TOMZ) is likely to report earnings for its third quarter.\n• Oxbridge Re Holdings (NASDAQ:OXBR) is likely to report earnings for its third quarter.\n• Sanara MedTech (NASDAQ:SMTI) is projected to report quarterly loss at $0.18 per share on revenue of $6.30 million.\n• Vicinity Motor (NASDAQ:VEV) is projected to report earnings for its third quarter.","news_type":1,"symbols_score_info":{"AZNCF":0.9,"CPNG":0.9}},"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870642931,"gmtCreate":1636616730653,"gmtModify":1636616730794,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/842648698","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841499811,"gmtCreate":1635931087334,"gmtModify":1635931307213,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/841499811","repostId":"1118295005","repostType":4,"repost":{"id":"1118295005","kind":"news","pubTimestamp":1635929648,"share":"https://www.laohu8.com/m/news/1118295005?lang=zh_CN&edition=full","pubTime":"2021-11-03 16:54","market":"us","language":"en","title":"The Fed's Two-Day Meeting Is About to End. What to Expect.<blockquote>美联储为期两天的会议即将结束。期待什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118295005","media":"Barrons","summary":"The Federal Reserve’s two-day meeting ends today. A formal announcement about a reduction in emergen","content":"<p>The Federal Reserve’s two-day meeting ends today. A formal announcement about a reduction in emergency bond buys is a foregone conclusion; what’s not so certain is how officials will handle still-rising inflation and rising expectations for more aggressive interest-rate policy.</p><p><blockquote>美联储为期两天的会议今天结束。正式宣布减少紧急债券购买已成定局；不太确定的是，官员们将如何应对仍在上升的通胀和对更激进利率政策的预期不断上升。</blockquote></p><p> First, on tapering: The Federal Open Market Committee, the Fed’s policy-setting arm, is widely expected to say they will this month begin tapering the $120 billion in monthly Treasury and mortgage-backed securities purchases launched in response to the coronavirus pandemic. Aneta Markowska, chief economist at Jefferies, expects the first reduction of $10 billion in Treasuries and $5 billion in mortgage-backed securities to go into effect Nov. 15. That would be just after the New York Fed publishes its next schedule of monthly purchases and thus the next opportunity to implement the change, she says.</p><p><blockquote>首先，关于缩减规模：人们普遍预计美联储的政策制定机构联邦公开市场委员会将表示，他们将于本月开始缩减为应对冠状病毒大流行而推出的每月1200亿美元国债和抵押贷款支持证券购买规模。Jefferies首席经济学家Aneta Markowska预计，首次削减100亿美元美国国债和50亿美元抵押贷款支持证券将于11月15日生效。她表示，这将是在纽约联储公布下一个月度购买计划之后，因此是实施这一变化的下一个机会。</blockquote></p><p> The bigger question, Markowska says, is whether the FOMC will keep its language about inflation being “transitory.” Fed Chair Jerome Powell has reiterated since the economy began to reopen that rising prices are the result of reopening bursts and supply-chain kinks, meaning inflation would be fleeting. But the data are increasingly undermining that view. A 39-year high in the quarterly Employment Cost Index, released last Friday, is one particularly worrisome development. Surging wages come as productivity is slowing; central bankers have been counting on a productivity boom to outpace and thus offset the impact of rising wages. The idea is that productivity growth would act as a shock absorber to cap overall inflation, but that assumption may not be so reliable.</p><p><blockquote>Markowska表示，更大的问题是联邦公开市场委员会是否会保留有关通胀“暂时性”的措辞。自经济开始重新开放以来，美联储主席杰罗姆·鲍威尔一直重申，物价上涨是重新开放和供应链扭结的结果，这意味着通胀将转瞬即逝。但数据越来越多地破坏了这一观点。上周五发布的季度就业成本指数创39年来新高，这是一个特别令人担忧的事态发展。随着生产率放缓，工资飙升；央行行长们一直指望生产率的繁荣能够超越并从而抵消工资上涨的影响。这个想法是，生产率增长将充当限制整体通胀的减震器，但这一假设可能不那么可靠。</blockquote></p><p> Economists are split over whether the updated FOMC statement will call inflation “transitory.” Markwoska, for her part, says she is leaning toward a “yes,” because removing it would rattle investors, unhinge the front-end of the yield curve and cause a tightening of financial conditions. “Instead, we expect the Fed to finesse the accompanying language, by acknowledging that inflation pressures have been more persistent than expected,” she says.</p><p><blockquote>对于更新后的FOMC声明是否会将通胀看涨期权为“暂时性”，经济学家存在分歧。马克沃斯卡则表示，她倾向于“是”，因为取消它会让投资者感到不安，扰乱收益率曲线的前端，并导致金融状况收紧。“相反，我们预计美联储将巧妙地处理附带的措辞，承认通胀压力比预期更加持久，”她表示。</blockquote></p><p> Whether or not the policy statement reflects a change in officials’ view of inflation, Powell is sure to field questions on the topic once his press conference starts at 2:30 p.m. ET. Markowska says he is likely to push back on early rate increase expectations, odds of which are rising given the incoming inflation data and rising consumer inflation expectations. Powell has directed investors’ attention toward the latter, given that inflation expectations are key to whether or not rising prices wind up sticking around. Expectations for ongoing price increases can affect consumer behavior, bringing demand forward and reinforcing inflation.</p><p><blockquote>无论政策声明是否反映了官员们对通胀看法的变化，鲍威尔肯定会在下午2:30举行的新闻发布会上回答有关该主题的问题。等。Markowska表示，他可能会推迟早期加息预期，鉴于即将公布的通胀数据和消费者通胀预期上升，加息的可能性正在上升。鉴于通胀预期是物价上涨最终能否持续的关键，鲍威尔已将投资者的注意力转向后者。对价格持续上涨的预期会影响消费者行为，推动需求并加剧通胀。</blockquote></p><p> At this point, the Fed is probably not comfortable with the two interest-rate increases currently priced in for next year, says Markowska. (The Fed has been emphasizing that it doesn’t plan to lift off immediately after tapering concludes, instead waiting until 2023 before raising rates). “But Powell will have to walk a very fine line,” Markowska says, “since pushing back too hard could unhinge inflation expectations but not pushing back at all could unsettle the front-end of the yield curve,” which is more rate-sensitive.</p><p><blockquote>Markowska表示，目前美联储可能对目前预计的明年两次加息感到不舒服。（美联储一直强调，它不打算在缩减结束后立即加息，而是等到2023年再加息）。“但鲍威尔将不得不走一条非常微妙的路线，”马科夫斯卡表示，“因为过于强烈地推迟可能会扰乱通胀预期，但根本不推迟可能会扰乱收益率曲线的前端，”这对利率更加敏感。</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 Fed's Two-Day Meeting Is About to End. What to Expect.<blockquote>美联储为期两天的会议即将结束。期待什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed's Two-Day Meeting Is About to End. What to Expect.<blockquote>美联储为期两天的会议即将结束。期待什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-03 16:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve’s two-day meeting ends today. A formal announcement about a reduction in emergency bond buys is a foregone conclusion; what’s not so certain is how officials will handle still-rising inflation and rising expectations for more aggressive interest-rate policy.</p><p><blockquote>美联储为期两天的会议今天结束。正式宣布减少紧急债券购买已成定局；不太确定的是，官员们将如何应对仍在上升的通胀和对更激进利率政策的预期不断上升。</blockquote></p><p> First, on tapering: The Federal Open Market Committee, the Fed’s policy-setting arm, is widely expected to say they will this month begin tapering the $120 billion in monthly Treasury and mortgage-backed securities purchases launched in response to the coronavirus pandemic. Aneta Markowska, chief economist at Jefferies, expects the first reduction of $10 billion in Treasuries and $5 billion in mortgage-backed securities to go into effect Nov. 15. That would be just after the New York Fed publishes its next schedule of monthly purchases and thus the next opportunity to implement the change, she says.</p><p><blockquote>首先，关于缩减规模：人们普遍预计美联储的政策制定机构联邦公开市场委员会将表示，他们将于本月开始缩减为应对冠状病毒大流行而推出的每月1200亿美元国债和抵押贷款支持证券购买规模。Jefferies首席经济学家Aneta Markowska预计，首次削减100亿美元美国国债和50亿美元抵押贷款支持证券将于11月15日生效。她表示，这将是在纽约联储公布下一个月度购买计划之后，因此是实施这一变化的下一个机会。</blockquote></p><p> The bigger question, Markowska says, is whether the FOMC will keep its language about inflation being “transitory.” Fed Chair Jerome Powell has reiterated since the economy began to reopen that rising prices are the result of reopening bursts and supply-chain kinks, meaning inflation would be fleeting. But the data are increasingly undermining that view. A 39-year high in the quarterly Employment Cost Index, released last Friday, is one particularly worrisome development. Surging wages come as productivity is slowing; central bankers have been counting on a productivity boom to outpace and thus offset the impact of rising wages. The idea is that productivity growth would act as a shock absorber to cap overall inflation, but that assumption may not be so reliable.</p><p><blockquote>Markowska表示，更大的问题是联邦公开市场委员会是否会保留有关通胀“暂时性”的措辞。自经济开始重新开放以来，美联储主席杰罗姆·鲍威尔一直重申，物价上涨是重新开放和供应链扭结的结果，这意味着通胀将转瞬即逝。但数据越来越多地破坏了这一观点。上周五发布的季度就业成本指数创39年来新高，这是一个特别令人担忧的事态发展。随着生产率放缓，工资飙升；央行行长们一直指望生产率的繁荣能够超越并从而抵消工资上涨的影响。这个想法是，生产率增长将充当限制整体通胀的减震器，但这一假设可能不那么可靠。</blockquote></p><p> Economists are split over whether the updated FOMC statement will call inflation “transitory.” Markwoska, for her part, says she is leaning toward a “yes,” because removing it would rattle investors, unhinge the front-end of the yield curve and cause a tightening of financial conditions. “Instead, we expect the Fed to finesse the accompanying language, by acknowledging that inflation pressures have been more persistent than expected,” she says.</p><p><blockquote>对于更新后的FOMC声明是否会将通胀看涨期权为“暂时性”，经济学家存在分歧。马克沃斯卡则表示，她倾向于“是”，因为取消它会让投资者感到不安，扰乱收益率曲线的前端，并导致金融状况收紧。“相反，我们预计美联储将巧妙地处理附带的措辞，承认通胀压力比预期更加持久，”她表示。</blockquote></p><p> Whether or not the policy statement reflects a change in officials’ view of inflation, Powell is sure to field questions on the topic once his press conference starts at 2:30 p.m. ET. Markowska says he is likely to push back on early rate increase expectations, odds of which are rising given the incoming inflation data and rising consumer inflation expectations. Powell has directed investors’ attention toward the latter, given that inflation expectations are key to whether or not rising prices wind up sticking around. Expectations for ongoing price increases can affect consumer behavior, bringing demand forward and reinforcing inflation.</p><p><blockquote>无论政策声明是否反映了官员们对通胀看法的变化，鲍威尔肯定会在下午2:30举行的新闻发布会上回答有关该主题的问题。等。Markowska表示，他可能会推迟早期加息预期，鉴于即将公布的通胀数据和消费者通胀预期上升，加息的可能性正在上升。鉴于通胀预期是物价上涨最终能否持续的关键，鲍威尔已将投资者的注意力转向后者。对价格持续上涨的预期会影响消费者行为，推动需求并加剧通胀。</blockquote></p><p> At this point, the Fed is probably not comfortable with the two interest-rate increases currently priced in for next year, says Markowska. (The Fed has been emphasizing that it doesn’t plan to lift off immediately after tapering concludes, instead waiting until 2023 before raising rates). “But Powell will have to walk a very fine line,” Markowska says, “since pushing back too hard could unhinge inflation expectations but not pushing back at all could unsettle the front-end of the yield curve,” which is more rate-sensitive.</p><p><blockquote>Markowska表示，目前美联储可能对目前预计的明年两次加息感到不舒服。（美联储一直强调，它不打算在缩减结束后立即加息，而是等到2023年再加息）。“但鲍威尔将不得不走一条非常微妙的路线，”马科夫斯卡表示，“因为过于强烈地推迟可能会扰乱通胀预期，但根本不推迟可能会扰乱收益率曲线的前端，”这对利率更加敏感。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/is-inflation-here-to-stay-fed-today-51635925833?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/is-inflation-here-to-stay-fed-today-51635925833?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118295005","content_text":"The Federal Reserve’s two-day meeting ends today. A formal announcement about a reduction in emergency bond buys is a foregone conclusion; what’s not so certain is how officials will handle still-rising inflation and rising expectations for more aggressive interest-rate policy.\nFirst, on tapering: The Federal Open Market Committee, the Fed’s policy-setting arm, is widely expected to say they will this month begin tapering the $120 billion in monthly Treasury and mortgage-backed securities purchases launched in response to the coronavirus pandemic. Aneta Markowska, chief economist at Jefferies, expects the first reduction of $10 billion in Treasuries and $5 billion in mortgage-backed securities to go into effect Nov. 15. That would be just after the New York Fed publishes its next schedule of monthly purchases and thus the next opportunity to implement the change, she says.\nThe bigger question, Markowska says, is whether the FOMC will keep its language about inflation being “transitory.” Fed Chair Jerome Powell has reiterated since the economy began to reopen that rising prices are the result of reopening bursts and supply-chain kinks, meaning inflation would be fleeting. But the data are increasingly undermining that view. A 39-year high in the quarterly Employment Cost Index, released last Friday, is one particularly worrisome development. Surging wages come as productivity is slowing; central bankers have been counting on a productivity boom to outpace and thus offset the impact of rising wages. The idea is that productivity growth would act as a shock absorber to cap overall inflation, but that assumption may not be so reliable.\nEconomists are split over whether the updated FOMC statement will call inflation “transitory.” Markwoska, for her part, says she is leaning toward a “yes,” because removing it would rattle investors, unhinge the front-end of the yield curve and cause a tightening of financial conditions. “Instead, we expect the Fed to finesse the accompanying language, by acknowledging that inflation pressures have been more persistent than expected,” she says.\nWhether or not the policy statement reflects a change in officials’ view of inflation, Powell is sure to field questions on the topic once his press conference starts at 2:30 p.m. ET. Markowska says he is likely to push back on early rate increase expectations, odds of which are rising given the incoming inflation data and rising consumer inflation expectations. Powell has directed investors’ attention toward the latter, given that inflation expectations are key to whether or not rising prices wind up sticking around. Expectations for ongoing price increases can affect consumer behavior, bringing demand forward and reinforcing inflation.\nAt this point, the Fed is probably not comfortable with the two interest-rate increases currently priced in for next year, says Markowska. (The Fed has been emphasizing that it doesn’t plan to lift off immediately after tapering concludes, instead waiting until 2023 before raising rates). “But Powell will have to walk a very fine line,” Markowska says, “since pushing back too hard could unhinge inflation expectations but not pushing back at all could unsettle the front-end of the yield curve,” which is more rate-sensitive.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849726763,"gmtCreate":1635778533875,"gmtModify":1635778534041,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/849726763","repostId":"2179250221","repostType":4,"repost":{"id":"2179250221","kind":"news","pubTimestamp":1635721559,"share":"https://www.laohu8.com/m/news/2179250221?lang=zh_CN&edition=full","pubTime":"2021-11-01 07:05","market":"us","language":"en","title":"Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2179250221","media":"Yahoo Finance","summary":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set th","content":"<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Federal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve decision, October jobs report: What to know this week<blockquote>美联储决定、十月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-11-01 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...</p><p><blockquote><div>美联储即将召开的货币政策会议将成为本周的焦点，并可能为期待已久的资产购买缩减公告奠定基础。与此同时，交易者也将...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","COP":"康菲石油","BLMN":"Bloomin' Brands",".SPX":"S&P 500 Index","ATVI":"动视暴雪","CLX":"高乐氏","APO":"阿波罗全球管理","UBER":"优步",".IXIC":"NASDAQ Composite","EL":"雅诗兰黛","CRSR":"Corsair Gaming, Inc.","PFE":"辉瑞","RL":"拉夫劳伦"},"source_url":"https://finance.yahoo.com/news/federal-reserve-meeting-october-jobs-report-what-to-know-this-week-151259921.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179250221","content_text":"The Federal Reserve's forthcoming monetary policy meeting will be in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also await more data on the U.S. economic recovery with the Labor Department's monthly jobs report later this week.\nThe Federal Open Market Committee's (FOMC) November meeting will take place from Tuesday to Wednesday, with the policy statement and press conference from the meeting serving as the central bank's penultimate opportunity this year to announce formal plans to begin rolling back its crisis-era quantitative easing program. For the past year-and-a-half, the central bank has been purchasing $120 billion per month in agency mortgage-backed securities and Treasuries, as one major tool to support the economy during the pandemic.\nIn late September, the FOMC's latest monetary policy statement and press conference from Federal Reserve Chair Jerome Powell suggested the central bank was apt to announce the start of tapering before year-end, and continue the tapering process until \"around the middle of next year.\"\n\"The upcoming FOMC meeting will be important for three reasons: 1) the announcement of tapering; 2) guidance around what tapering means for the path of hikes; and 3) nuanced changes in views around inflation risks given recent data,\" wrote Bank of America economist Michelle Meyer in a note.\n\"The statement that announces the new pace of asset purchases will be followed by a note regarding flexibility stating that asset purchases are not on a pre-set course and will depend on the outlook for the labor market and inflation as well as an assessment of the efficacy of asset purchases,\" she predicted.\nShe noted that Powell may also use the press conference to reiterate that the end of tapering would not necessarily indicate the start of rate hikes, and that both policy actions are distinct. In previous public remarks, Powell has already made a similar point in previous public remarks, saying, \"the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff.\"\nGiven the market has been anticipating the start to tapering for months now, speculation around when the Fed will make a move on interest rates has become a point of particular interest to investors. Investors and economists have mulled whether the Fed may need to act more quickly than previously telegraphed on adjusting interest rates to stave off inflation, which has proven more long-lasting than some had suggested.\nWASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steve Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty Images\nIn September, core personal consumption expenditures — the Fed's preferred gauge of underlying inflation — rose 3.6% over last year for a fourth consecutive month, coming in at the fastest clip since 1991. And earlier this month, Powell acknowledged in public remarks that the supply chain constraints and shortages that spurred the latest rise in prices are \"likely to last longer than previously expected, likely well into next year.\"\nWhile the central bank will not release an updated Summary of Economic Projections with their policy statement on Wednesday, the latest projections from the September meeting suggested the committee was split on rate hikes for 2022, with nine members seeing no rate hikes by the end of next year while the other nine members saw at least one hike.\n\"I think the Fed has pretty well determined to start the taper pretty quickly. We expect them to announce it next week and then start it soon thereafter, so that's pretty well carved in stone,\" Kathy Jones, Charles Schwab chief fixed income strategist, told Yahoo Finance Live last week. \"I think the big debate now is how quickly the Fed moves toward actually raising rates. The expectation in the market has really shifted to expecting as many as two rate hikes in 2022 and 2023 ... that’s a pretty aggressive pace of tightening.\"\nOctober jobs report\nOne of this week's most closely watched pieces of economic data will be the October jobs report, which is due for release on Friday from the Labor Department.\nEconomists are looking to see a pick-up in the pace of hiring for October after a disappointing print in September, when just 194,000 non-farm payrolls returned versus the half million expected. Over the past two months, payroll gains averaged at just 280,000. The unemployment rate is expected to take another small step toward pre-pandemic levels in October as well, with the jobless rate anticipated to dip to 4.7% from 4.8% the prior month.\nStill, the labor market has still fallen short its pre-pandemic conditions on a number of fronts. The unemployment rate has yet to return to its 50-year low of 3.5% from February 2020. And as of September, the civilian labor force was still down by about 3.1 million individuals from pre-virus levels.\nOne factor weighing on the labor market in August and September was the Delta variant, which may have deterred some workers from seeking employment in person for risk of infection. And an ongoing element dragging on the labor market's recovery has been a mismatch of supply and demand, with employers struggling to fill a near-record number of job openings while voluntary quits jumped to a historically high level.\n\"Next week’s October payrolls report will shed light on whether supply eased on diminishing constraints or if the labor market continues to face headwinds for now,\" wrote Rubeela Farooqi, chief U.S. economist for High Frequency Economics, in a note last week.\nBut some data from the past couple weeks has reflected favorably on conditions in the labor market in October. Weekly new unemployment claims broke below 300,000 for the first time since the start of the pandemic during the survey week for the October jobs report, or the week that includes the 12th of the month. And in the Conference Board's October Consumer Confidence Index, just 10.6% of consumers said jobs were \"hard to get,\" down from 13.0% in September. That brought the Conference Board's closely watched labor market differential, or percentage of consumers saying jobs are \"hard to get\" subtracted from the percentage saying jobs \"are plentiful,\" to 45, or its highest level since 2000.\nEconomic calendar\n\nMonday: Markit U.S. Manufacturing PMI, Oct. final (59.3 expected, 59.2 in September); Constructing spending, month-over-month, September (0.4% expected, 0.0% in August); ISM Manufacturing Index, Oct. (60.5 expected, 61.1 in September)\nTuesday: No notable reports scheduled for release\nWednesday: MBA Mortgage Applications, week ended Oct. 29 (0.3% during prior week); ADP Employment Change, Oct. (400,000 expected, 568,000 in September); ISM Services Index, October (62.0 expected, 61.9 in September); Factory Orders, September (-0.1% expected, 1.2% in August); Durable goods orders, September final (-0.4% in prior print; Durable goods orders excluding transportation, September final (0.4% in prior print); Non-defense capital goods orders excluding aircraft, September final (0.8% in prior print); Markit U.S. Services PMI, October final (58.2 expected, 58.2 in prior print); Markit U.S. Composite PMI, October final (57.3 in prior print); Federal Open Market Committee monetary policy decision\nThursday: Challenger job cuts, year-over-year, October (-84.9% in September); Initial jobless claims, week ended Oct. 30 (275,000 expected, 281,000 during prior week); Continuing claims, week ended Oct. 23 (2.147 million expected, 2.243 million during prior week); Non-farm productivity, Q3 preliminary (-3.2% expected, 2.1% in Q2); Unit Labor Costs, Q3 preliminary (6.9% expected, 1.3% in Q2); Trade balance, September (-$80.1 billion expected, -$73.3 billion in August)\nFriday: Change in non-farm payrolls, October (450,000 expected, 194,000 in September); Unemployment rate, October (4.7% expected, 4.8% in September); Average hourly earnings, month-over-month, October (4.7% expected, 4.8% in September); Average hourly earnings, year-over-year, October (4.9% expected, 4.6% in September); Labor Force Participation Rate, October (61.8% expected, 61.6% in September); Consumer Credit, September ($16.200 billion expected, $14.379 million in August)\n\nEarnings calendar\n\nMonday: Clorox (CLX), Avis Budget Group (CAR), ZoomInfo Technologies (ZI), Chegg Inc. (CHGG), Diamondback Energy (FANG), The Simon Property Group (SPG) after market close\nTuesday: Under Armour (UAA), Estee Lauder (EL), Ralph Lauren (RL), Apollo Global Management (APO), Corsair Gaming (CRSR), Bloomin' Brands (BLMN), ConocoPhillips (COP), Pfizer (PFE), Groupon (GPN), Marathon Petroleum (MPC) before market open; Mondelez (MDLZ), T-Mobile (TMUS), Akamai (AKAM), Activision Blizzard (ATVI), Lyft (LYFT), Match Group (MTCH), Devon Energy (DVN), Chesapeake Energy (CHK), Coursera (COUR), Zillow Group (ZG), Amgen (AMGN) after market close\nWednesday: Humana (HUM), Discovery Inc. (DISCA), The New York Times (NYT), Norwegian Cruise Line Holdings (NCLH), Marriott International (MAR), CVS Health Corp. (CVS), Sinclair Broadcast Group (SBGI) before market open; Booking Holdings (BKNG), Qorvo (QRVO), The Allstate Corp. (ALL), MGM Resorts International (MGM), $Take-Two Interactive Software(TTWO)$ (TTWO), Electronic Arts (EA), Vimeo (VMEO), Etsy (ETSY), GoDaddy (GDDY), Marathon Oil Corp. (MRO), Roku (ROKU), Qualcomm (QCOM) after market close\nThursday: Cigna (CI), Wayfair (W), ViacomCBS (VIAC), Nikola (NKLA), Duke Energy (DUK), Citrix Systems (CTXS), Regeneron Pharmaceuticals (REGN), Hanesbrands (HBI), Moderna (MRNA), Planet Fitness (PLNT), Vulcan Material (VMC), Kellogg (K), Square (SQ), Cloudflare (NET), Occidental Petroleum (OXY), Uber Technologies (UBER), American International Group (AIG), Shake Shack (SHAK), iHeartMedia (IHRT), Novavax (NVAX), IAC Interactive Corp. (IAC), Peloton (PTON), Dropbox (DBX), DataDog (DDOG), Pinterest (PINS), Skyworks Solutions (SWKS), Expedia (EXPE), Rocket Cos. (RKT), Live Nation Entertainment (LYV), Airbnb (ABNB)\nFriday: Wynn Resorts (WYNN), Dish Networks (DISH), Dominion Energy (D), DraftKings (DKNG), Goodyear Tire and Rubber (GT), Cinemark Holdings (CNK) before market open","news_type":1,"symbols_score_info":{".SPX":0.9,"RL":0.9,".IXIC":0.9,"CRSR":0.9,".DJI":0.9,"UBER":0.9,"ATVI":0.9,"PFE":0.9,"CLX":0.9,"APO":0.9,"EL":0.9,"BLMN":0.9,"COP":0.9}},"isVote":1,"tweetType":1,"viewCount":1138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840207184,"gmtCreate":1635647069637,"gmtModify":1635647069763,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/840207184","repostId":"1104228860","repostType":4,"isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855179920,"gmtCreate":1635345791603,"gmtModify":1635345854990,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575241823069388","authorIdStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855179920","repostId":"1139582418","repostType":4,"repost":{"id":"1139582418","kind":"news","pubTimestamp":1635345570,"share":"https://www.laohu8.com/m/news/1139582418?lang=zh_CN&edition=full","pubTime":"2021-10-27 22:39","market":"us","language":"en","title":"Amazon invests in Italian automated packaging machines maker<blockquote>亚马逊投资意大利自动包装机制造商</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139582418","media":"Reuters","summary":"Amazon(AMZN.O), through its Climate Pledge Fund, has bought a minority stake in Italy's CMC Machiner","content":"<p>Amazon(AMZN.O), through its Climate Pledge Fund, has bought a minority stake in Italy's CMC Machinery, a company with technology that makes custom-sized boxes that eliminate the need for single-use plastic packaging, the machines maker said on Wednesday.</p><p><blockquote>亚马逊（AMZN.O）周三表示，通过其气候承诺基金收购了意大利CMC Machinery的少数股权，该公司拥有制造定制尺寸盒子的技术，无需一次性塑料包装。</blockquote></p><p> CMC, which is controlled by private equity firm KKR and counts Amazon and Walmart among its customers, said it would use the funds to enhance its search for sustainable solutions and to grow globally.</p><p><blockquote>CMC由私募股权公司KKR控股，其客户包括亚马逊和沃尔玛，该公司表示将利用这笔资金加强对可持续解决方案的探索并在全球范围内实现增长。</blockquote></p><p> The Climate Pledge Fund is a corporate venture capital fund, with an initial $2 billion in funding, that invests in companies working to develop sustainable technologies.</p><p><blockquote>气候承诺基金是一个企业风险投资基金，初始资金为20亿美元，投资于致力于开发可持续技术的公司。</blockquote></p><p> Amazon said on Wednesday the Climate Pledge Fund had also invested in U.S. electric vehicle charging technology group Resilient Power and in U.S. ultra-low carbon electro fuels company Infinium.</p><p><blockquote>亚马逊周三表示，气候承诺基金还投资了美国电动汽车充电技术集团Resilient Power和美国超低碳电子燃料公司Infinium。</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>Amazon invests in Italian automated packaging machines maker<blockquote>亚马逊投资意大利自动包装机制造商</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\">\nAmazon invests in Italian automated packaging machines maker<blockquote>亚马逊投资意大利自动包装机制造商</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-27 22:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon(AMZN.O), through its Climate Pledge Fund, has bought a minority stake in Italy's CMC Machinery, a company with technology that makes custom-sized boxes that eliminate the need for single-use plastic packaging, the machines maker said on Wednesday.</p><p><blockquote>亚马逊（AMZN.O）周三表示，通过其气候承诺基金收购了意大利CMC Machinery的少数股权，该公司拥有制造定制尺寸盒子的技术，无需一次性塑料包装。</blockquote></p><p> CMC, which is controlled by private equity firm KKR and counts Amazon and Walmart among its customers, said it would use the funds to enhance its search for sustainable solutions and to grow globally.</p><p><blockquote>CMC由私募股权公司KKR控股，其客户包括亚马逊和沃尔玛，该公司表示将利用这笔资金加强对可持续解决方案的探索并在全球范围内实现增长。</blockquote></p><p> The Climate Pledge Fund is a corporate venture capital fund, with an initial $2 billion in funding, that invests in companies working to develop sustainable technologies.</p><p><blockquote>气候承诺基金是一个企业风险投资基金，初始资金为20亿美元，投资于致力于开发可持续技术的公司。</blockquote></p><p> Amazon said on Wednesday the Climate Pledge Fund had also invested in U.S. electric vehicle charging technology group Resilient Power and in U.S. ultra-low carbon electro fuels company Infinium.</p><p><blockquote>亚马逊周三表示，气候承诺基金还投资了美国电动汽车充电技术集团Resilient Power和美国超低碳电子燃料公司Infinium。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/retail-consumer/amazon-invests-italian-automated-packaging-machines-maker-2021-10-27/\">Reuters</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"},"source_url":"https://www.reuters.com/business/retail-consumer/amazon-invests-italian-automated-packaging-machines-maker-2021-10-27/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139582418","content_text":"Amazon(AMZN.O), through its Climate Pledge Fund, has bought a minority stake in Italy's CMC Machinery, a company with technology that makes custom-sized boxes that eliminate the need for single-use plastic packaging, the machines maker said on Wednesday.\nCMC, which is controlled by private equity firm KKR and counts Amazon and Walmart among its customers, said it would use the funds to enhance its search for sustainable solutions and to grow globally.\nThe Climate Pledge Fund is a corporate venture capital fund, with an initial $2 billion in funding, that invests in companies working to develop sustainable technologies.\nAmazon said on Wednesday the Climate Pledge Fund had also invested in U.S. electric vehicle charging technology group Resilient Power and in U.S. ultra-low carbon electro fuels company Infinium.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":792,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":192591003,"gmtCreate":1621214678402,"gmtModify":1634193353503,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/192591003","repostId":"2135984810","repostType":4,"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104820903,"gmtCreate":1620375981902,"gmtModify":1634205672338,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/104820903","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131012089,"gmtCreate":1621816334641,"gmtModify":1634186443817,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/131012089","repostId":"2137827351","repostType":4,"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191892042,"gmtCreate":1620867934586,"gmtModify":1634195765606,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/191892042","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352689193,"gmtCreate":1616948217912,"gmtModify":1634523439082,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls. Thank you.&nbsp;","listText":"Like and comment pls. Thank you.&nbsp;","text":"Like and comment pls. Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/352689193","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</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\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873559472,"gmtCreate":1636966158406,"gmtModify":1636966158838,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/873559472","repostId":"2183046479","repostType":4,"isVote":1,"tweetType":1,"viewCount":3850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":364157272,"gmtCreate":1614826581796,"gmtModify":1703481641483,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Help to like comment. Thanks&nbsp;","listText":"Help to like comment. Thanks&nbsp;","text":"Help to like comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/364157272","repostId":"1166414886","repostType":4,"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117059457,"gmtCreate":1623111096579,"gmtModify":1634036905487,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/117059457","repostId":"2141342255","repostType":4,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110973014,"gmtCreate":1622423803638,"gmtModify":1634101649476,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/110973014","repostId":"1127487048","repostType":4,"repost":{"id":"1127487048","kind":"news","pubTimestamp":1622416539,"share":"https://www.laohu8.com/m/news/1127487048?lang=zh_CN&edition=full","pubTime":"2021-05-31 07:15","market":"us","language":"en","title":"Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127487048","media":"Barron's","summary":"U.S. stock and bond markets are closed Monday for Memorial Day. Investors will return from the long ","content":"<p>U.S. stock and bond markets are closed Monday for Memorial Day. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will return from the long weekend to a handful of notable companies’ quarterly results.&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video <a href=\"https://laohu8.com/S/JCS\">Communications</a>,Canopy Growth,and&nbsp;Hewlett Packard Enterprisereport on Tuesday, followed by&nbsp;Advance Auto Partson Wednesday. On Thursday,&nbsp;<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,DocuSign,and&nbsp;Lululemon&nbsp;Athletica release results.</p><p><blockquote>美国股市和债券市场周一因阵亡将士纪念日休市。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将从长周末返回一些著名公司的季度业绩。<a href=\"https://laohu8.com/S/ZM\">Zoom</a>录像<a href=\"https://laohu8.com/S/JCS\">通讯</a>周二，Canopy Growth和Hewlett Packard Enterprise发布了报告，随后是Advance Auto Partson周三发布了报告。周四，<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>、DocuSign和Lululemon Athletica发布结果。</blockquote></p><p>The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down&nbsp;to 5.9%, from 6.1%.</p><p><blockquote>本周经济数据日历上的亮点将是美国劳工统计局周五发布的5月份就业报告。市场普遍预测非农就业人数将增加700,000人，而4月份非农就业人数为令人失望的266,000人。失业率预计将从6.1%降至5.9%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels.&nbsp;The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周二公布的5月份制造业采购经理人指数和周四公布的服务业采购经理人指数。预计两者都与4月份的强劲水平大致持平。经济合作与发展组织周一也发布了最新的经济展望。</blockquote></p><p>Monday 5/31</p><p><blockquote>星期一5/31</blockquote></p><p><b>Stock and fixed-income</b>&nbsp;markets are closed in observance of Memorial Day.</p><p><blockquote><b>股票和固定收益</b>为纪念阵亡将士纪念日，市场休市。</blockquote></p><p><b>The Organization</b>for Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.</p><p><blockquote><b>本组织</b>经济合作与发展部发布了最新的经济展望。经合组织在3月份的中期报告中预计2021年全球国内生产总值增长率为5.6%，较2020年12月的预测上调了整整一个百分点。</blockquote></p><p>Tuesday 6/1</p><p><blockquote>星期二6/1</blockquote></p><p><a href=\"https://laohu8.com/S/BNS\">Bank of Nova Scotia</a>,Canopy Growth, <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a>, and Zoom Video Communications announce quarterly results.</p><p><blockquote><a href=\"https://laohu8.com/S/BNS\">新斯科舍银行</a>、冠层生长、<a href=\"https://laohu8.com/S/HPE\">慧与</a>，Zoom Video通信公布季度业绩。</blockquote></p><p><b>The Institute for Supply</b>Management releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.</p><p><blockquote><b>供应研究所</b>管理层发布5月份制造业采购经理人指数。普遍预期为60.8，与4月份数据大致持平。</blockquote></p><p><b>The Census Bureau</b>reports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.</p><p><blockquote><b>人口普查局</b>报告四月份建筑支出。预计环比增长0.6%，经季节调整后的年率为1.52万亿美元。建筑支出仍略低于今年1月的历史峰值。</blockquote></p><p>Wednesday 6/2</p><p><blockquote>星期三6/2</blockquote></p><p><a href=\"https://laohu8.com/S/AAP\">Advance Auto Parts</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>,and PVH report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/AAP\">高级汽车零部件</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>和PVH报告收益。</blockquote></p><p><a href=\"https://laohu8.com/S/PM\">Philip Morris</a> Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.</p><p><blockquote><a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>Internationalhosts由首席执行官Jacek Olczak主持网络广播，讨论公司的可持续发展战略。</blockquote></p><p><b>The Federal Reserve</b>releases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第四次。该报告提供了12个美联储银行区收集的有关经济健康状况的轶事数据。</blockquote></p><p>Thursday 6/3</p><p><blockquote>星期四6/3</blockquote></p><p><b>ADP releases its <a href=\"https://laohu8.com/S/NHLD\">National</a> Employment</b>report for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.</p><p><blockquote><b>ADP发布其<a href=\"https://laohu8.com/S/NHLD\">国家的</a>就业</b>五月份的报告。市场普遍估计非农私营部门就业人数将增加610,000人，而4月份增加了742,000人。</blockquote></p><p>Broadcom,CooperCos., DocuSign,J.M. Smucker,and <a href=\"https://laohu8.com/S/LULU\">Lululemon Athletica</a> hold conference calls to discuss earnings.</p><p><blockquote>博通，库珀科斯。，DocuSign，J.M。Smucker，和<a href=\"https://laohu8.com/S/LULU\">露露柠檬运动</a>召开会议评级讨论收益。</blockquote></p><p><b>The Bureau of Economic Analysis</b>reports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.</p><p><blockquote><b>经济分析局</b>报告5月份轻型汽车总销量。4月份，经季节调整后的年增长率达到1850万辆，为2005年7月以来的最高数字。</blockquote></p><p><b>The ISM releases</b>its Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.</p><p><blockquote><b>ISM发布</b>其5月份服务业PMI。普遍预期为63.2，而4月份为62.7。</blockquote></p><p>Friday 6/4</p><p><blockquote>星期五6/4</blockquote></p><p>Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 <a href=\"https://laohu8.com/S/AFG\">American</a> Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.</p><p><blockquote>安进举办了一次电话会议，讨论其肿瘤学管道的药物试验数据。该信息将在2021年<a href=\"https://laohu8.com/S/AFG\">美国的</a>临床肿瘤学会年会，从6月4日持续到6月8日。</blockquote></p><p><b>The Bureau of Labor</b>Statistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the <a href=\"https://laohu8.com/S/AONE\">one</a> million jump expected by some economists.</p><p><blockquote><b>劳工局</b>统计局发布五月份就业报告。经济学家预测非农就业人数将增加700,000人，而4月份非农就业人数相对温和地增加了266,000人。失业率预计将从6.1%小幅降至5.9%。四月份的增幅与<a href=\"https://laohu8.com/S/AONE\">一</a>一些经济学家预计将增加100万美元。</blockquote></p><p></p>","source":"lsy1610680873436","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>Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-05-31 07:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock and bond markets are closed Monday for Memorial Day. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will return from the long weekend to a handful of notable companies’ quarterly results.&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video <a href=\"https://laohu8.com/S/JCS\">Communications</a>,Canopy Growth,and&nbsp;Hewlett Packard Enterprisereport on Tuesday, followed by&nbsp;Advance Auto Partson Wednesday. On Thursday,&nbsp;<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,DocuSign,and&nbsp;Lululemon&nbsp;Athletica release results.</p><p><blockquote>美国股市和债券市场周一因阵亡将士纪念日休市。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将从长周末返回一些著名公司的季度业绩。<a href=\"https://laohu8.com/S/ZM\">Zoom</a>录像<a href=\"https://laohu8.com/S/JCS\">通讯</a>周二，Canopy Growth和Hewlett Packard Enterprise发布了报告，随后是Advance Auto Partson周三发布了报告。周四，<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>、DocuSign和Lululemon Athletica发布结果。</blockquote></p><p>The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down&nbsp;to 5.9%, from 6.1%.</p><p><blockquote>本周经济数据日历上的亮点将是美国劳工统计局周五发布的5月份就业报告。市场普遍预测非农就业人数将增加700,000人，而4月份非农就业人数为令人失望的266,000人。失业率预计将从6.1%降至5.9%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels.&nbsp;The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周二公布的5月份制造业采购经理人指数和周四公布的服务业采购经理人指数。预计两者都与4月份的强劲水平大致持平。经济合作与发展组织周一也发布了最新的经济展望。</blockquote></p><p>Monday 5/31</p><p><blockquote>星期一5/31</blockquote></p><p><b>Stock and fixed-income</b>&nbsp;markets are closed in observance of Memorial Day.</p><p><blockquote><b>股票和固定收益</b>为纪念阵亡将士纪念日，市场休市。</blockquote></p><p><b>The Organization</b>for Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.</p><p><blockquote><b>本组织</b>经济合作与发展部发布了最新的经济展望。经合组织在3月份的中期报告中预计2021年全球国内生产总值增长率为5.6%，较2020年12月的预测上调了整整一个百分点。</blockquote></p><p>Tuesday 6/1</p><p><blockquote>星期二6/1</blockquote></p><p><a href=\"https://laohu8.com/S/BNS\">Bank of Nova Scotia</a>,Canopy Growth, <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a>, and Zoom Video Communications announce quarterly results.</p><p><blockquote><a href=\"https://laohu8.com/S/BNS\">新斯科舍银行</a>、冠层生长、<a href=\"https://laohu8.com/S/HPE\">慧与</a>，Zoom Video通信公布季度业绩。</blockquote></p><p><b>The Institute for Supply</b>Management releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.</p><p><blockquote><b>供应研究所</b>管理层发布5月份制造业采购经理人指数。普遍预期为60.8，与4月份数据大致持平。</blockquote></p><p><b>The Census Bureau</b>reports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.</p><p><blockquote><b>人口普查局</b>报告四月份建筑支出。预计环比增长0.6%，经季节调整后的年率为1.52万亿美元。建筑支出仍略低于今年1月的历史峰值。</blockquote></p><p>Wednesday 6/2</p><p><blockquote>星期三6/2</blockquote></p><p><a href=\"https://laohu8.com/S/AAP\">Advance Auto Parts</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>,and PVH report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/AAP\">高级汽车零部件</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>和PVH报告收益。</blockquote></p><p><a href=\"https://laohu8.com/S/PM\">Philip Morris</a> Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.</p><p><blockquote><a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>Internationalhosts由首席执行官Jacek Olczak主持网络广播，讨论公司的可持续发展战略。</blockquote></p><p><b>The Federal Reserve</b>releases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第四次。该报告提供了12个美联储银行区收集的有关经济健康状况的轶事数据。</blockquote></p><p>Thursday 6/3</p><p><blockquote>星期四6/3</blockquote></p><p><b>ADP releases its <a href=\"https://laohu8.com/S/NHLD\">National</a> Employment</b>report for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.</p><p><blockquote><b>ADP发布其<a href=\"https://laohu8.com/S/NHLD\">国家的</a>就业</b>五月份的报告。市场普遍估计非农私营部门就业人数将增加610,000人，而4月份增加了742,000人。</blockquote></p><p>Broadcom,CooperCos., DocuSign,J.M. Smucker,and <a href=\"https://laohu8.com/S/LULU\">Lululemon Athletica</a> hold conference calls to discuss earnings.</p><p><blockquote>博通，库珀科斯。，DocuSign，J.M。Smucker，和<a href=\"https://laohu8.com/S/LULU\">露露柠檬运动</a>召开会议评级讨论收益。</blockquote></p><p><b>The Bureau of Economic Analysis</b>reports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.</p><p><blockquote><b>经济分析局</b>报告5月份轻型汽车总销量。4月份，经季节调整后的年增长率达到1850万辆，为2005年7月以来的最高数字。</blockquote></p><p><b>The ISM releases</b>its Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.</p><p><blockquote><b>ISM发布</b>其5月份服务业PMI。普遍预期为63.2，而4月份为62.7。</blockquote></p><p>Friday 6/4</p><p><blockquote>星期五6/4</blockquote></p><p>Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 <a href=\"https://laohu8.com/S/AFG\">American</a> Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.</p><p><blockquote>安进举办了一次电话会议，讨论其肿瘤学管道的药物试验数据。该信息将在2021年<a href=\"https://laohu8.com/S/AFG\">美国的</a>临床肿瘤学会年会，从6月4日持续到6月8日。</blockquote></p><p><b>The Bureau of Labor</b>Statistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the <a href=\"https://laohu8.com/S/AONE\">one</a> million jump expected by some economists.</p><p><blockquote><b>劳工局</b>统计局发布五月份就业报告。经济学家预测非农就业人数将增加700,000人，而4月份非农就业人数相对温和地增加了266,000人。失业率预计将从6.1%小幅降至5.9%。四月份的增幅与<a href=\"https://laohu8.com/S/AONE\">一</a>一些经济学家预计将增加100万美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/zoom-lululemon-canopy-growth-and-other-stocks-for-investors-to-watch-this-week-51622401200\">Barron's</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":{"ZM":"Zoom",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","CGC":"Canopy Growth Corporation","LULU":"lululemon athletica","ISBC":"投资者银行"},"source_url":"https://www.barrons.com/articles/zoom-lululemon-canopy-growth-and-other-stocks-for-investors-to-watch-this-week-51622401200","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127487048","content_text":"U.S. stock and bond markets are closed Monday for Memorial Day. Investors will return from the long weekend to a handful of notable companies’ quarterly results. Zoom Video Communications,Canopy Growth,and Hewlett Packard Enterprisereport on Tuesday, followed by Advance Auto Partson Wednesday. On Thursday, Broadcom,DocuSign,and Lululemon Athletica release results.The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down to 5.9%, from 6.1%.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels. The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.Monday 5/31Stock and fixed-income markets are closed in observance of Memorial Day.The Organizationfor Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.Tuesday 6/1Bank of Nova Scotia,Canopy Growth, Hewlett Packard Enterprise, and Zoom Video Communications announce quarterly results.The Institute for SupplyManagement releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.The Census Bureaureports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.Wednesday 6/2Advance Auto Parts,NetApp,and PVH report earnings.Philip Morris Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.The Federal Reservereleases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.Thursday 6/3ADP releases its National Employmentreport for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.Broadcom,CooperCos., DocuSign,J.M. Smucker,and Lululemon Athletica hold conference calls to discuss earnings.The Bureau of Economic Analysisreports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.The ISM releasesits Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.Friday 6/4Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 American Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.The Bureau of LaborStatistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the one million jump expected by some economists.","news_type":1,"symbols_score_info":{".SPX":0.9,"CGC":0.9,"ZM":0.9,".DJI":0.9,"ISBC":0.9,".IXIC":0.9,"LULU":0.9}},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131018164,"gmtCreate":1621816280158,"gmtModify":1634186445462,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/131018164","repostId":"1147158011","repostType":4,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}