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2022-01-03

Nice

U.S. stock market opens modestly higher on Monday to kick off first trade in 2022<blockquote>美国股市周一小幅开盘走高，开启 2022 年首次交易</blockquote>

2021-12-30

Cool

Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>

2021-12-28

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2021-12-27

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Novavax shares dropped 8% in morning trading<blockquote>Novavax 股价早盘下跌 8%</blockquote>

2021-12-23

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Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>

2021-12-22

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2021-12-19

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2021-12-17

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2021-12-16

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Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%</blockquote>

2021-12-14

Nice

Why Stocks' Next Rally Could Be Coming Soon<blockquote>为什么股市的下一次反弹可能很快就会到来</blockquote>

2021-12-08

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DocuSign stock climbed 5% in morning trading<blockquote>DocuSign 股价早盘上涨 5%</blockquote>

2021-12-02

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2021-11-30

Cool

5 Vaccine Stocks to Watch as New Covid-19 Variant Strikes the Market<blockquote>随着新的 Covid-19 变种袭击市场，值得关注的 5 只疫苗股</blockquote>

2021-11-29

Nice

Moderna, Pfizer, and Novavax Are Must-Own Stocks This Week<blockquote>Moderna、辉瑞和 Novavax 是本周必备股票</blockquote>

2021-11-24

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2021-11-23

Like

Stocks open little changed after Monday’s afternoon slide<blockquote>周一下午下跌后，股市开盘变化不大</blockquote>

2021-11-22

Nice

NIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</blockquote>

2021-11-09

Cool

Palantir Expects 40% Revenue Growth in FY 2021; Q3 US Commercial Revenue up 103% Y/Y<blockquote>Palantir 预计 2021 财年收入增长 40%；第三季度美国商业收入同比增长103%</blockquote>

2021-11-05

Nice

Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</blockquote>

2021-11-03

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1641220222,"share":"https://www.laohunote.com/m/news/1117854838?lang=zh_CN&edition=full","pubTime":"2022-01-03 22:30","market":"us","language":"en","title":"U.S. stock market opens modestly higher on Monday to kick off first trade in 2022<blockquote>美国股市周一小幅开盘走高，开启 2022 年首次交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117854838","media":"Tiger Newspress","summary":"U.S. stock market opens modestly higher on Monday to kick off first trade in 2022.The Dow Jones Indu","content":"<p><html><head></head><body>U.S. stock market opens modestly higher on Monday to kick off first trade in 2022.</p><p><blockquote><html><head></head><body>美国股市周一小幅开盘走高，开启 2022 年首次交易。</body></html></blockquote></p><p>The Dow Jones Industrial Average jumped 60 points, or about 0.1%. The S&amp;P 500 added 0.4% and the Nasdaq Composite advanced about 0.8%.</p><p><blockquote>道琼斯工业平均指数上涨60点，涨幅约为0.1%。标普500指数上涨0.4%，纳斯达克综合指数上涨约0.8%。</blockquote></p><p>Stocks have a tendency to gain in the start of a new year as investors look to put new money to work, Bank of America noted on Monday. The S&amp;P 500 was up in the first week of the calendar year in 11 of the last 13 years, with an average gain of about 1.6%, the firm found.</p><p><blockquote>美国银行周一指出，随着投资者希望将新资金投入工作，股市往往会在新年伊始上涨。该公司发现，在过去 13 年中的 11 年中，标普500在日历年的第一周上涨，平均涨幅约为 1.6%。</blockquote></p><p>Tesla helped the market generate some early momentum Monday, rising 6.8% after theelectric vehicle company reported 308,600 deliveries in the fourth quarter, beating expectations.</p><p><blockquote>特斯拉周一帮助市场产生了一些早期动力，这家电动汽车公司公布第四季度交付量为 308,600 辆，超出预期，股价上涨 6.8%。</blockquote></p><p>Along with Tesla, big automakers also saw their shares climb, with Ford Motor and General Motors each rising1.6%.</p><p><blockquote>除了特斯拉之外，大型汽车制造商的股价也出现上涨，福特汽车公司和通用汽车公司的股价均上涨了 1.6%。</blockquote></p><p>Reopening stocks also pushed higher. Airlines edged higher as investors shrugged off concerns about holiday flight cancelations that have extended into Monday. United Airlines gained 1% and Alaska Air rose 2.3%. Meanwhile, casino stocks including Las Vegas Sands and Wynn Resorts gained about 1% apiece.</p><p><blockquote>股市重新开盘也推高了股价。由于投资者对延长至周一的假日航班取消的担忧不屑一顾，航空公司股价小幅走高。联合航空上涨 1%，阿拉斯加航空上涨 2.3%。与此同时，拉斯维加斯金沙集团和永利度假村等赌场股均上涨约 1%。</blockquote></p><p>The moves come after markets closed out a strong 2021 last week. TheS&amp;P 500 rose nearly 27% for the year, with the Nasdaq Composite and Dow also posting large returns. Stocks fell slightly on Friday, but the S&amp;P 500 and Dow were positive for the final week of the year.</p><p><blockquote>这些举措是在市场上周结束了强劲的 2021 年之后出台的。标准普尔 500 指数今年上涨近 27%，纳斯达克综合指数和道琼斯指数也获得了丰厚的回报。周五股市小幅下跌，但标普500和道琼斯指数在今年最后一周表现积极。</blockquote></p><p>The new year starts with continued uncertainty around the Covid-19 pandemic. The rise of the omicron variant helped lead to the thousands of flight cancellations during the holiday season and has led some businesses and schools to consider temporary closures. Also, several major Wall Street banks have asked employees to work from home for the first few weeks of January.</p><p><blockquote>新年伊始，围绕新冠肺炎疫情的持续不确定性。奥密克戎变种的兴起导致假期期间数千个航班取消，并导致一些企业和学校考虑暂时关闭。此外，几家华尔街主要银行已要求员工在一月份的前几周在家工作。</blockquote></p><p>Infectious disease expert Dr. Anthony Fauci told ABC&#39;s &#34;This Week&#34; on Sunday that U.S. health officials may soon update guidelines to include a testing recommendation to signal when a person who previously tested positive for Covid can leave isolation.</p><p><blockquote>传染病专家安东尼·福奇博士周日告诉美国广播公司的“本周”节目，美国卫生官员可能很快就会更新指导方针，包括一项检测建议，以表明之前新冠病毒检测呈阳性的人何时可以离开隔离。</blockquote></p><p>Inflation and monetary policy are also expected to be key themes for 2022, as investors expect the Federal Reserve to hike rates multiple times in the coming year to help cool the rise in prices for consumers.</p><p><blockquote>通胀和货币政策预计也将成为2022年的关键主题，因为投资者预计美联储将在未来一年多次加息，以帮助降低消费者价格上涨的速度。</blockquote></p><p>“Just as for the economy as a whole, the market story for 2022 will be a return to normal. As hiring continues, spending grows, and businesses hire and invest, the economy will be normal. The government is normalizing policy on the same expectations. When you look at the macro picture, the overarching theme is 2022 will bring us back to something like normal,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said in a note to clients on Friday.</p><p><blockquote>“就像整个经济一样，2022 年的市场故事将是恢复正常。随着招聘的继续、支出的增长以及企业的招聘和投资，经济将恢复正常。政府正在基于同样的预期使政策正常化。联邦金融网络（Commonwealth Financial Network）首席投资官布拉德-麦克米兰（Brad McMillan）周五在给客户的一份报告中说：”从宏观角度来看，总体主题是 2022 年将使我们恢复正常。</blockquote></p><p>The first week of the year will be a busy one for economic data, with the key December jobs report slated for a Friday morning release. On Monday, investors will get updated looks at manufacturing activity and construction spending.</p><p><blockquote>今年的第一周将是经济数据繁忙的一周，关键的 12 月就业报告定于周五上午发布。周一，投资者将获得制造业活动和建筑支出的最新情况。</blockquote></p><p></body></html></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>U.S. stock market opens modestly higher on Monday to kick off first trade in 2022<blockquote>美国股市周一小幅开盘走高，开启 2022 年首次交易</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\">\nU.S. stock market opens modestly higher on Monday to kick off first trade in 2022<blockquote>美国股市周一小幅开盘走高，开启 2022 年首次交易</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\">2022-01-03 22:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stock market opens modestly higher on Monday to kick off first trade in 2022.</p><p><blockquote><html><head></head><body>美国股市周一小幅开盘走高，开启 2022 年首次交易。</body></html></blockquote></p><p>The Dow Jones Industrial Average jumped 60 points, or about 0.1%. The S&amp;P 500 added 0.4% and the Nasdaq Composite advanced about 0.8%.</p><p><blockquote>道琼斯工业平均指数上涨60点，涨幅约为0.1%。标普500指数上涨0.4%，纳斯达克综合指数上涨约0.8%。</blockquote></p><p>Stocks have a tendency to gain in the start of a new year as investors look to put new money to work, Bank of America noted on Monday. The S&amp;P 500 was up in the first week of the calendar year in 11 of the last 13 years, with an average gain of about 1.6%, the firm found.</p><p><blockquote>美国银行周一指出，随着投资者希望将新资金投入工作，股市往往会在新年伊始上涨。该公司发现，在过去 13 年中的 11 年中，标普500在日历年的第一周上涨，平均涨幅约为 1.6%。</blockquote></p><p>Tesla helped the market generate some early momentum Monday, rising 6.8% after theelectric vehicle company reported 308,600 deliveries in the fourth quarter, beating expectations.</p><p><blockquote>特斯拉周一帮助市场产生了一些早期动力，这家电动汽车公司公布第四季度交付量为 308,600 辆，超出预期，股价上涨 6.8%。</blockquote></p><p>Along with Tesla, big automakers also saw their shares climb, with Ford Motor and General Motors each rising1.6%.</p><p><blockquote>除了特斯拉之外，大型汽车制造商的股价也出现上涨，福特汽车公司和通用汽车公司的股价均上涨了 1.6%。</blockquote></p><p>Reopening stocks also pushed higher. Airlines edged higher as investors shrugged off concerns about holiday flight cancelations that have extended into Monday. United Airlines gained 1% and Alaska Air rose 2.3%. Meanwhile, casino stocks including Las Vegas Sands and Wynn Resorts gained about 1% apiece.</p><p><blockquote>股市重新开盘也推高了股价。由于投资者对延长至周一的假日航班取消的担忧不屑一顾，航空公司股价小幅走高。联合航空上涨 1%，阿拉斯加航空上涨 2.3%。与此同时，拉斯维加斯金沙集团和永利度假村等赌场股均上涨约 1%。</blockquote></p><p>The moves come after markets closed out a strong 2021 last week. TheS&amp;P 500 rose nearly 27% for the year, with the Nasdaq Composite and Dow also posting large returns. Stocks fell slightly on Friday, but the S&amp;P 500 and Dow were positive for the final week of the year.</p><p><blockquote>这些举措是在市场上周结束了强劲的 2021 年之后出台的。标准普尔 500 指数今年上涨近 27%，纳斯达克综合指数和道琼斯指数也获得了丰厚的回报。周五股市小幅下跌，但标普500和道琼斯指数在今年最后一周表现积极。</blockquote></p><p>The new year starts with continued uncertainty around the Covid-19 pandemic. The rise of the omicron variant helped lead to the thousands of flight cancellations during the holiday season and has led some businesses and schools to consider temporary closures. Also, several major Wall Street banks have asked employees to work from home for the first few weeks of January.</p><p><blockquote>新年伊始，围绕新冠肺炎疫情的持续不确定性。奥密克戎变种的兴起导致假期期间数千个航班取消，并导致一些企业和学校考虑暂时关闭。此外，几家华尔街主要银行已要求员工在一月份的前几周在家工作。</blockquote></p><p>Infectious disease expert Dr. Anthony Fauci told ABC&#39;s &#34;This Week&#34; on Sunday that U.S. health officials may soon update guidelines to include a testing recommendation to signal when a person who previously tested positive for Covid can leave isolation.</p><p><blockquote>传染病专家安东尼·福奇博士周日告诉美国广播公司的“本周”节目，美国卫生官员可能很快就会更新指导方针，包括一项检测建议，以表明之前新冠病毒检测呈阳性的人何时可以离开隔离。</blockquote></p><p>Inflation and monetary policy are also expected to be key themes for 2022, as investors expect the Federal Reserve to hike rates multiple times in the coming year to help cool the rise in prices for consumers.</p><p><blockquote>通胀和货币政策预计也将成为2022年的关键主题，因为投资者预计美联储将在未来一年多次加息，以帮助降低消费者价格上涨的速度。</blockquote></p><p>“Just as for the economy as a whole, the market story for 2022 will be a return to normal. As hiring continues, spending grows, and businesses hire and invest, the economy will be normal. The government is normalizing policy on the same expectations. When you look at the macro picture, the overarching theme is 2022 will bring us back to something like normal,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said in a note to clients on Friday.</p><p><blockquote>“就像整个经济一样，2022 年的市场故事将是恢复正常。随着招聘的继续、支出的增长以及企业的招聘和投资，经济将恢复正常。政府正在基于同样的预期使政策正常化。联邦金融网络（Commonwealth Financial Network）首席投资官布拉德-麦克米兰（Brad McMillan）周五在给客户的一份报告中说：”从宏观角度来看，总体主题是 2022 年将使我们恢复正常。</blockquote></p><p>The first week of the year will be a busy one for economic data, with the key December jobs report slated for a Friday morning release. On Monday, investors will get updated looks at manufacturing activity and construction spending.</p><p><blockquote>今年的第一周将是经济数据繁忙的一周，关键的 12 月就业报告定于周五上午发布。周一，投资者将获得制造业活动和建筑支出的最新情况。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\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":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117854838","content_text":"U.S. stock market opens modestly higher on Monday to kick off first trade in 2022.The Dow Jones Industrial Average jumped 60 points, or about 0.1%. The S&P 500 added 0.4% and the Nasdaq Composite advanced about 0.8%.Stocks have a tendency to gain in the start of a new year as investors look to put new money to work, Bank of America noted on Monday. The S&P 500 was up in the first week of the calendar year in 11 of the last 13 years, with an average gain of about 1.6%, the firm found.Tesla helped the market generate some early momentum Monday, rising 6.8% after theelectric vehicle company reported 308,600 deliveries in the fourth quarter, beating expectations.Along with Tesla, big automakers also saw their shares climb, with Ford Motor and General Motors each rising1.6%.Reopening stocks also pushed higher. Airlines edged higher as investors shrugged off concerns about holiday flight cancelations that have extended into Monday. United Airlines gained 1% and Alaska Air rose 2.3%. Meanwhile, casino stocks including Las Vegas Sands and Wynn Resorts gained about 1% apiece.The moves come after markets closed out a strong 2021 last week. TheS&P 500 rose nearly 27% for the year, with the Nasdaq Composite and Dow also posting large returns. Stocks fell slightly on Friday, but the S&P 500 and Dow were positive for the final week of the year.The new year starts with continued uncertainty around the Covid-19 pandemic. The rise of the omicron variant helped lead to the thousands of flight cancellations during the holiday season and has led some businesses and schools to consider temporary closures. Also, several major Wall Street banks have asked employees to work from home for the first few weeks of January.Infectious disease expert Dr. Anthony Fauci told ABC's \"This Week\" on Sunday that U.S. health officials may soon update guidelines to include a testing recommendation to signal when a person who previously tested positive for Covid can leave isolation.Inflation and monetary policy are also expected to be key themes for 2022, as investors expect the Federal Reserve to hike rates multiple times in the coming year to help cool the rise in prices for consumers.“Just as for the economy as a whole, the market story for 2022 will be a return to normal. As hiring continues, spending grows, and businesses hire and invest, the economy will be normal. The government is normalizing policy on the same expectations. When you look at the macro picture, the overarching theme is 2022 will bring us back to something like normal,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said in a note to clients on Friday.The first week of the year will be a busy one for economic data, with the key December jobs report slated for a Friday morning release. On Monday, investors will get updated looks at manufacturing activity and construction spending.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692123799,"gmtCreate":1640877952218,"gmtModify":1640877979580,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/692123799","repostId":"1106092668","repostType":4,"repost":{"id":"1106092668","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":1640876653,"share":"https://www.laohunote.com/m/news/1106092668?lang=zh_CN&edition=full","pubTime":"2021-12-30 23:04","market":"us","language":"en","title":"Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106092668","media":"Tiger Newspress","summary":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde","content":"<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读：</b><b>Sea Limited：深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p></p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层，加上 Garena 资助新细分市场并推动其病毒式采用的能力，使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高16倍。事实上，这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></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>Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-30 23:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读：</b><b>Sea Limited：深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老，仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p></p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此，我很乐意支付 16 倍市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层，加上 Garena 资助新细分市场并推动其病毒式采用的能力，使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多（2020年，金融科技占MercadoLibre收入的36%），那么今天仅以7%的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高16倍。事实上，这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106092668","content_text":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Understand The Recent SelloffSummarySea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.I dive into each of its segments to understand the recent selloff and justify the current valuation.I consider Sea one of my ten highest conviction investments.kokkai/iStock Unreleased via Getty ImagesThesisA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.IntroductionI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.GamingSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.Source: Earnings Call PresentationIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.This means Garena is worth $23.5B based on the high end of management's guidance.I believe this valuation is actually conservative for a few reasons:Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.E-CommerceSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.Source: The Author, compiled from AlexaShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.Source: The Author, compiled from AppAnnieOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.So why would a company with so much potential sell off?After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.FinTech & InvestmentsThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.ConclusionLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696235672,"gmtCreate":1640700782461,"gmtModify":1640700962424,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696235672","repostId":"2194480705","repostType":4,"isVote":1,"tweetType":1,"viewCount":2958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696320308,"gmtCreate":1640620462229,"gmtModify":1640620498401,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696320308","repostId":"1103486686","repostType":4,"repost":{"id":"1103486686","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":1640616531,"share":"https://www.laohunote.com/m/news/1103486686?lang=zh_CN&edition=full","pubTime":"2021-12-27 22:48","market":"us","language":"en","title":"Novavax shares dropped 8% in morning trading<blockquote>Novavax 股价早盘下跌 8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103486686","media":"Tiger Newspress","summary":"Novavax shares dropped 8% in morning trading.The stock fell 3.3% in the previous trading day.","content":"<p>Novavax shares dropped 8% in morning trading.The stock fell 3.3% in the previous trading day.</p><p><blockquote>Novavax 股价在早盘交易中下跌 8%。该股前一交易日下跌3.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d6627c5ec391aa02c9ec15dfc36c8f87\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></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>Novavax shares dropped 8% in morning trading<blockquote>Novavax 股价早盘下跌 8%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovavax shares dropped 8% in morning trading<blockquote>Novavax 股价早盘下跌 8%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-27 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Novavax shares dropped 8% in morning trading.The stock fell 3.3% in the previous trading day.</p><p><blockquote>Novavax 股价在早盘交易中下跌 8%。该股前一交易日下跌3.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d6627c5ec391aa02c9ec15dfc36c8f87\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103486686","content_text":"Novavax shares dropped 8% in morning trading.The stock fell 3.3% in the previous trading day.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":3112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691792355,"gmtCreate":1640239147889,"gmtModify":1640239148156,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691792355","repostId":"1164467804","repostType":4,"repost":{"id":"1164467804","kind":"news","pubTimestamp":1640230809,"share":"https://www.laohunote.com/m/news/1164467804?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:40","market":"us","language":"en","title":"Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164467804","media":"Seeking Alpha","summary":"Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.This has led some to say that the stock is in a bubble, as its price is rising rapidly.However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.Apple Inc. stock has delivered a solid performance in 2021. U","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨 34%，远远超过纳斯达克 100 指数。</li><li>这导致一些人说该股处于泡沫中，因为其价格正在快速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上低于最近一个季度的每股收益增长。</li><li>在本文中，我将阐述一个看好苹果的论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL) 股票在 2021 年表现强劲。今年上涨了 35%，表现稳步优于纳斯达克 100 指数和标普500指数。苹果的 2021 年是该公司连续多年获胜的最新一年，这表明一只股票永远不会太大，无法战胜市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>尽管如此，仍有不少人认为苹果的连胜需要修正。最近几周，我们看到大量文章声称 AAPL 被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是一个泡沫”。</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个随时可能破裂的泡沫”。</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“卖掉苹果？这位专家为何认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都是明确的悲观。少数人提到了积极的一面和消极的一面。但总的来说，认为苹果是一个泡沫，或者至少被高估的观点正在变得普遍。如果你看看 TipRanks 的情绪图，就会发现对苹果股票的负面情绪明显。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks 的情绪图表</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的看跌情绪与对<b>元平台</b>（脸书）。Meta 是一家因违反反垄断规定而被起诉并每天受到媒体攻击的公司，其情绪得分近乎完美。因此，没有特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是它自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只护城河宽阔的股票，是少数几家同时为大多数用户控制硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的战略，但成功的公司寥寥无几。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，以至于愿意为苹果的产品支付高价。很少有其他科技公司拥有这种优势——<b>任天堂</b>（OTCPK：NTDOY）如果你把游戏算作技术，这是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只宽护城河股票。你需要苹果硬件来运行苹果软件，而人们喜欢苹果软件。这使得苹果对某些软件体验集合拥有了 “垄断权”。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，是第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍有巨大的盈利能力和增长潜力。因此，我将在本文中阐述一个看涨苹果的论点，认为其坚实的经济护城河为其股票未来的升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的事情之一是它的竞争地位。该公司在各种各样的不同市场开展业务，因此很难将其业务局限于 “技术 ”之外。从技术上讲，该公司的 SIC 代码（行业分类）是 7372，表示 “预打包软件”。然而，这并没有反映苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐等领域。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得关注的竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）- 笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>由于该公司在许多不同的垂直领域开展业务，因此不可能列出苹果竞争对手的全面名单。除了上面所有的名字，苹果可以说是在与大型半导体公司竞争，因为它销售带有苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，与数十家公司进行默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据 Counterpoint Research 和 Statista 的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国47%，全球14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量上落后于三星，但在手表和平板电脑销量上领先。这是一个相当不错的市场地位。它会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才进军智能手表领域，该类别的销售额正以 50% 的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，苹果最有前途的两个类别值得探讨：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在真的是M1系列芯片）是苹果基于ARM架构设计的一款新芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16千兆字节的RAM（物理内置于芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。最重要的是，还有两款新机型——M1 Pro和M1 Max——在基础机型的基础上进行了改进。列出这些高端机型的详细规格表会很乏味，但一个令人瞠目结舌的数据是 M1 Max 的 570 亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的Mac电脑本身可以作为游戏机。苹果已经在笔记本电脑和台式机领域占据了相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说难以捉摸。因此，苹果的计算机产品线有很大的加速增长潜力。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并有可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，后者为 25%，而后者为 30%。然而，服务是很有前途的，因为即使在硬件产品达到其总目标市场之后，服务这一类别仍有可能继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，指望苹果的硬件销售额能像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，即使硬件销售不佳，苹果也能继续增长总收入。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以看看苹果的财务状况了。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均不佳；然而，从绝对角度来看，结果是强劲的。本季度，苹果实现了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>收入 830 亿美元，增长 29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>经营利润273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为 1.24 美元，上涨 69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告称，运营产生了 1040 亿美元的 TTM 现金。这比上一年增长了 28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。苹果是世界上市值最大的公司，但其收入和盈利均高于成长型股票的水平。这一季度并非侥幸。根据 Seeking Alpha Quant 的数据，苹果在上述指标中的五年复合年增长率如下：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>经营利润：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这又是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这正是本文论文的核心所在：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。它的估值相当高，因为它的交易价格是市盈率的 30 倍、销售额的 7.7 倍和现金流的 26 倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利增长率为 22%，正如最近一个季度所显示的那样，它还有加速增长的空间。如果同时考虑增长和价值，过去 12 个月的 PEG 比率仅为 0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超高利润公司，但其股票并非没有风险。作为一家大型硬件公司，它很容易受到供应链问题和其他冲击。本文概述的看涨论点的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技零部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司削减了iPhone的产量。就在关键的假期之前。对于像苹果这样依赖现成的原材料供应来保持销售的硬件公司来说，这类问题是一个无处不在的威胁。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某件事变得越大，就需要更大的增长来推动与过去相同的百分比增长。如果你开始销售1000美元的小部件，并在第一年卖出一个，那么第二年只要卖出价值2000美元的小部件，你的销售额就会翻一番。然而，如果十年后，你的销售额达到了 3320 亿美元，那么你需要客户在第 11 年拿出 6640 亿美元，才能实现同样的增长。这在数学上是不太可能的。巧合的是，苹果第四季度 830 亿美元的收入年化达到了 3320 亿美元。因此，未来实现增长将更加困难。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求其始终处于技术创新的前沿。如果另一家公司推出明显优于 iPhone 的产品，那可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，<b>黑莓</b>（BB），命运多舛的黑莓智能手机的制造商。科技行业的历史上充满了公司互相吃掉对方的午餐，虽然苹果有数十亿美元用于研发，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险，非常真实，在几份季度报告中都被列为一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、体面的增长和不合理的估值。这绝对不是一只可以做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们仍然应该是不错的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</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\">2021-12-23 11:40</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>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨 34%，远远超过纳斯达克 100 指数。</li><li>这导致一些人说该股处于泡沫中，因为其价格正在快速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上低于最近一个季度的每股收益增长。</li><li>在本文中，我将阐述一个看好苹果的论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL) 股票在 2021 年表现强劲。今年上涨了 35%，表现稳步优于纳斯达克 100 指数和标普500指数。苹果的 2021 年是该公司连续多年获胜的最新一年，这表明一只股票永远不会太大，无法战胜市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>尽管如此，仍有不少人认为苹果的连胜需要修正。最近几周，我们看到大量文章声称 AAPL 被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是一个泡沫”。</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个随时可能破裂的泡沫”。</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“卖掉苹果？这位专家为何认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都是明确的悲观。少数人提到了积极的一面和消极的一面。但总的来说，认为苹果是一个泡沫，或者至少被高估的观点正在变得普遍。如果你看看 TipRanks 的情绪图，就会发现对苹果股票的负面情绪明显。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks 的情绪图表</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的看跌情绪与对<b>元平台</b>（脸书）。Meta 是一家因违反反垄断规定而被起诉并每天受到媒体攻击的公司，其情绪得分近乎完美。因此，没有特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是它自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只护城河宽阔的股票，是少数几家同时为大多数用户控制硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的战略，但成功的公司寥寥无几。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，以至于愿意为苹果的产品支付高价。很少有其他科技公司拥有这种优势——<b>任天堂</b>（OTCPK：NTDOY）如果你把游戏算作技术，这是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只宽护城河股票。你需要苹果硬件来运行苹果软件，而人们喜欢苹果软件。这使得苹果对某些软件体验集合拥有了 “垄断权”。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，是第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍有巨大的盈利能力和增长潜力。因此，我将在本文中阐述一个看涨苹果的论点，认为其坚实的经济护城河为其股票未来的升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的事情之一是它的竞争地位。该公司在各种各样的不同市场开展业务，因此很难将其业务局限于 “技术 ”之外。从技术上讲，该公司的 SIC 代码（行业分类）是 7372，表示 “预打包软件”。然而，这并没有反映苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐等领域。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得关注的竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）- 笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>由于该公司在许多不同的垂直领域开展业务，因此不可能列出苹果竞争对手的全面名单。除了上面所有的名字，苹果可以说是在与大型半导体公司竞争，因为它销售带有苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，与数十家公司进行默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据 Counterpoint Research 和 Statista 的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国47%，全球14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量上落后于三星，但在手表和平板电脑销量上领先。这是一个相当不错的市场地位。它会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才进军智能手表领域，该类别的销售额正以 50% 的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，苹果最有前途的两个类别值得探讨：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在真的是M1系列芯片）是苹果基于ARM架构设计的一款新芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16千兆字节的RAM（物理内置于芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。最重要的是，还有两款新机型——M1 Pro和M1 Max——在基础机型的基础上进行了改进。列出这些高端机型的详细规格表会很乏味，但一个令人瞠目结舌的数据是 M1 Max 的 570 亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的Mac电脑本身可以作为游戏机。苹果已经在笔记本电脑和台式机领域占据了相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说难以捉摸。因此，苹果的计算机产品线有很大的加速增长潜力。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并有可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，后者为 25%，而后者为 30%。然而，服务是很有前途的，因为即使在硬件产品达到其总目标市场之后，服务这一类别仍有可能继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，指望苹果的硬件销售额能像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，即使硬件销售不佳，苹果也能继续增长总收入。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以看看苹果的财务状况了。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均不佳；然而，从绝对角度来看，结果是强劲的。本季度，苹果实现了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>收入 830 亿美元，增长 29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>经营利润273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为 1.24 美元，上涨 69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告称，运营产生了 1040 亿美元的 TTM 现金。这比上一年增长了 28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。苹果是世界上市值最大的公司，但其收入和盈利均高于成长型股票的水平。这一季度并非侥幸。根据 Seeking Alpha Quant 的数据，苹果在上述指标中的五年复合年增长率如下：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>经营利润：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这又是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这正是本文论文的核心所在：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。它的估值相当高，因为它的交易价格是市盈率的 30 倍、销售额的 7.7 倍和现金流的 26 倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利增长率为 22%，正如最近一个季度所显示的那样，它还有加速增长的空间。如果同时考虑增长和价值，过去 12 个月的 PEG 比率仅为 0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超高利润公司，但其股票并非没有风险。作为一家大型硬件公司，它很容易受到供应链问题和其他冲击。本文概述的看涨论点的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技零部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司削减了iPhone的产量。就在关键的假期之前。对于像苹果这样依赖现成的原材料供应来保持销售的硬件公司来说，这类问题是一个无处不在的威胁。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某件事变得越大，就需要更大的增长来推动与过去相同的百分比增长。如果你开始销售1000美元的小部件，并在第一年卖出一个，那么第二年只要卖出价值2000美元的小部件，你的销售额就会翻一番。然而，如果十年后，你的销售额达到了 3320 亿美元，那么你需要客户在第 11 年拿出 6640 亿美元，才能实现同样的增长。这在数学上是不太可能的。巧合的是，苹果第四季度 830 亿美元的收入年化达到了 3320 亿美元。因此，未来实现增长将更加困难。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求其始终处于技术创新的前沿。如果另一家公司推出明显优于 iPhone 的产品，那可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，<b>黑莓</b>（BB），命运多舛的黑莓智能手机的制造商。科技行业的历史上充满了公司互相吃掉对方的午餐，虽然苹果有数十亿美元用于研发，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险，非常真实，在几份季度报告中都被列为一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、体面的增长和不合理的估值。这绝对不是一只可以做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们仍然应该是不错的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476363-apple-stock-no-bubble\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4476363-apple-stock-no-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164467804","content_text":"Summary\n\nApple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.\nThis has led some to say that the stock is in a bubble, as its price is rising rapidly.\nHowever, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.\nIn this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.\n\nJustin Sullivan/Getty Images News\nApple Inc.(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.\nWith that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:\n\n“Apple Stock is Now a Bubble.”\n“Why Apple Stock May Be a Bubble That’s Ready to Burst.”\n“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”\n\nNot all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.\nSource: TipRanks’ sentiment chart\nThe bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward Meta Platforms(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.\n\nWhich begs the question:\nWhy?\nApple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage – Nintendo(OTCPK:NTDOY) being one exception, if you count gaming as tech.\nThis makes Apple arguably a wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated Apple ecosystem.\nThis advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.\nCompetitive Landscape\nOne of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments and entertainment.\nSome of Apple’s most noteworthy competitors include:\n\nSamsung(OTC:SSNLF) - smartphones.\nHuawei- smartphones.\nAlphabet(GOOG) - smartphones, laptops, and software.\nMicrosoft(MSFT) - laptops.\nDell(NYSE:DELL)- laptops.\nAdobe(ADBE) - creative software.\nAnd many more.\n\nA comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.\nHow is Apple doing in the industries it competes in? According to Counterpoint Research and Statista, Apple’s market shares include:\n\nSmartphones: 47% in the US and 14% globally.\nLaptops: 15% in the US and 7.6% globally.\nSmartwatches: over 50% globally.\nTablets: 35% globally.\n\nOn the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.\nThe M1 Chip and Apple Services\nSpeaking of future growth, it’s worth exploring two of Apple’s most promising categories:\nThe M1 Chip and Apple Services.\nThe M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:\n\nAn 8-core CPU.\nA 7-core GPU.\n8 or 16 gigs of RAM (physically built into the chip).\n5nm process.\n16 billion transistors.\n3.2 GHZ max clock rate.\n\nIncredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.\nNext up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.\nFinancials and Valuation\nNow we can turn to Apple’s financials.\nApple’s most recent quarter was a miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:\n\n$83 billion in revenue, up 29%.\n$27.3 billion in operating income, up 60%.\n$20.5 billion in net income, up 63%.\n$1.24 in diluted EPS, up 69%.\n\nThe company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.\nThese were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:\n\nRevenue: 11%.\nOperating income: 12.7%.\nNet income: 15.7%.\nDiluted EPS: 22%.\nCash flow: 10.7%.\n\nAgain very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:\nApple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a PEG ratio of just 0.43 for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.\nRisks and Challenges\nWhile Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:\n\nSupply chain issues.The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company slashed iPhone production because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.\nScale.Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.\nDisruption.Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself did this once, to BlackBerry(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&D, you never know where the next threat will come from.\n\nThe above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691637739,"gmtCreate":1640182118314,"gmtModify":1640182330297,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691637739","repostId":"1145487385","repostType":4,"isVote":1,"tweetType":1,"viewCount":2782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699540603,"gmtCreate":1639858352973,"gmtModify":1639858353266,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699540603","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":3614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699135817,"gmtCreate":1639754749210,"gmtModify":1639754749491,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699135817","repostId":"2192783759","repostType":4,"isVote":1,"tweetType":1,"viewCount":2820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690231065,"gmtCreate":1639668305226,"gmtModify":1639668324572,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690231065","repostId":"1181686014","repostType":4,"repost":{"id":"1181686014","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":1639666432,"share":"https://www.laohunote.com/m/news/1181686014?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:53","market":"us","language":"en","title":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181686014","media":"Tiger Newspress","summary":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Mode","content":"<p>Tesla&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading&nbsp;though&nbsp;New York police&nbsp;would&nbsp;buy&nbsp;up to 250 all-electric Model 3 cars.<img src=\"https://static.tigerbbs.com/a88f381fe4239d26d1254d4f4745b1f0\" tg-width=\"771\" tg-height=\"568\" width=\"100%\" height=\"auto\">The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.</p><p><blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%。纽约市警察局正在考虑从特斯拉购买多达250辆全电动Model 3汽车，这将使这些高性能汽车能够交付给美国最大的警察部队。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-16 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading&nbsp;though&nbsp;New York police&nbsp;would&nbsp;buy&nbsp;up to 250 all-electric Model 3 cars.<img src=\"https://static.tigerbbs.com/a88f381fe4239d26d1254d4f4745b1f0\" tg-width=\"771\" tg-height=\"568\" width=\"100%\" height=\"auto\">The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.</p><p><blockquote>尽管纽约警方将购买多达 250 辆全电动 Model 3 汽车，但特斯拉在早盘交易中下跌近 1%。纽约市警察局正在考虑从特斯拉购买多达250辆全电动Model 3汽车，这将使这些高性能汽车能够交付给美国最大的警察部队。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181686014","content_text":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars.The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607999751,"gmtCreate":1639468810408,"gmtModify":1639468810665,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607999751","repostId":"1186687745","repostType":4,"repost":{"id":"1186687745","kind":"news","pubTimestamp":1639445704,"share":"https://www.laohunote.com/m/news/1186687745?lang=zh_CN&edition=full","pubTime":"2021-12-14 09:35","market":"us","language":"en","title":"Why Stocks' Next Rally Could Be Coming Soon<blockquote>为什么股市的下一次反弹可能很快就会到来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186687745","media":"Barrons","summary":"Stocks appear to be almost through a difficult stretch brought on by news that the Federal Reserve i","content":"<p>Stocks appear to be almost through a difficult stretch brought on by news that the Federal Reserve is removing support from markets and the economy. History tells us that a sustained rally will likely begin soon.</p><p><blockquote>由于美联储正在取消对市场和经济的支持的消息，股市似乎几乎已经度过了一段困难时期。历史告诉我们，持续的反弹可能很快就会开始。</blockquote></p><p> As of Dec. 1, the&nbsp;S&amp;P 500&nbsp;had fallen 4.1% from the record high it reached on Nov. 18, only to rebound 4.4% to a new closing high of 4712.02 on Friday. Monday, it&nbsp;slipped back, with a loss of 0.9%.</p><p><blockquote>截至12月1日，标普500较11月18日创下的历史新高下跌4.1%，周五才反弹4.4%至4712.02的新收盘高点。周一回落，跌幅为0.9%。</blockquote></p><p> The volatility centers on the Fed’s effort to fight inflation by moving away from the aggressive efforts to bolster growth it put in place as the pandemic ravaged the economy in 2020. Not only is the central bank already reducing its monthly bond purchases by tens of billions of dollars a month, but Chairman Jerome Powell recently indicated even more cuts are on the way. Within months, the Fed will be buying zero dollars in Treasury bonds, compared with $65 billion a month as recently as November.</p><p><blockquote>波动的核心是美联储在 2020 年大流行病肆虐经济时，放弃了为促进经济增长而采取的积极措施，从而对抗通胀。美联储不仅已经每月减少数百亿美元的债券购买，而且主席杰罗姆·鲍威尔最近表示，更多的削减即将到来。几个月内，美联储将购买零美元国债，而就在 11 月份，每月购买 650 亿美元国债。</blockquote></p><p> That could drag bond prices down, lifting their yields and making it more difficult for households and businesses to borrow money. Not only would that likely slow economic growth, but it also would mean less money will be flowing through financial markets, leaving less capital available to bid for stocks and other risky assets. And once the Fed has ended its bond-buying program, it will turn its attention to lifting short-term interest rates.</p><p><blockquote>这可能会拖累债券价格，提高债券收益率，并使家庭和企业更难借钱。这不仅可能会减缓经济增长，还意味着流经金融市场的资金将会减少，从而减少可用于购买股票和其他风险资产的资本。一旦美联储结束债券购买计划，它将把注意力转向提高短期利率。</blockquote></p><p> But it is increasingly looking like the stock market has already factored in those moves. “The market began to discount eventual Fed tightening once supply chain effects became clearer this past spring, and as inflation compares began to accelerate,” Scott Chronert, global head of exchange-traded fund research at Citigroup, wrote in a research note Friday. “Selling the uncertainty ahead of a hawkish Fed change can often lead to buying on the alleviation of that uncertainty.”</p><p><blockquote>但股市似乎已经考虑到了这些走势。“花旗集团（Citigroup）交易所交易基金研究全球主管斯科特-克罗纳特（Scott Chronert）周五在一份研究报告中写道：”去年春天，一旦供应链效应变得更加明显，随着通胀比较开始加速，市场就开始对美联储最终收紧货币政策打折扣。“在美联储鹰派转向之前抛售不确定性，往往会导致在不确定性缓解后买入”。</blockquote></p><p> Buying activity will probably pick up within the next few months, given the market’s behavior in the past four cycles of interest-rate increases. Gains in the S&amp;P 500 from a year before an initial rate boost to six months afterward have averaged almost 15%, according to Credit Suisse data. From the same starting point to 12 months after an initial rate increase, the average gain is 18%.</p><p><blockquote>鉴于市场在过去四个加息周期中的表现，购买活动可能会在未来几个月内回升。根据瑞士信贷的数据，从首次加息前一年到加息后六个月，标普500的平均涨幅接近 15%。从相同的起点到初始加息后的12个月，平均收益为18%。</blockquote></p><p> That doesn’t mean investors should blindly pour money into stocks: More volatility could be ahead. In the few months ahead of an initial rate increase, the market usually rises only minimally, according to Credit Suisse. Those few months are a time when investors tend to still be assessing the damage that tighter monetary policy could inflict on the economy.</p><p><blockquote>这并不意味着投资者应该盲目地将资金投入股市： 未来可能会出现更大的波动。瑞士信贷表示，在首次加息前的几个月里，市场通常只会小幅上涨。在这几个月里，投资者往往仍在评估收紧货币政策可能对经济造成的损害。</blockquote></p><p> That’s especially true today. The bond market is already reflecting that the Fed could make a mistake, raising rates too many times, too quickly, abruptly choking off economic growth.</p><p><blockquote>今天尤其如此。债券市场已经反映出美联储可能会犯错误，加息次数过多、过快，突然扼杀经济增长。</blockquote></p><p> The Fed isn’t used to trying to quell inflation. For the entire era since the 2008-2009 financial crisis era—and certainly during the pandemic-ravaged 2020—the Fed was trying to bring inflation higher by implementing loose monetary policy. Now, it is trying to keep inflation down, and investors are asking themselves whether it will damage economic demand in doing so.</p><p><blockquote>美联储并不习惯试图抑制通胀。自2008-2009年金融危机时代以来的整个时代——当然还有疫情肆虐的2020年——美联储试图通过实施宽松的货币政策来推高通胀。现在，它正试图压低通胀，投资者在问自己这样做是否会损害经济需求。</blockquote></p><p> But one thing does seem like a solid bet. The rough waters in stocks are likely to be fairly temporary: The bull market can probably keep on chugging along—if the Fed doesn’t tighten policy too aggressively.</p><p><blockquote>但有一件事似乎是一个可靠的赌注。股市的波涛汹涌很可能是暂时的： 如果美联储不过于激进地收紧政策，牛市可能会继续下去。</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>Why Stocks' Next Rally Could Be Coming Soon<blockquote>为什么股市的下一次反弹可能很快就会到来</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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\">\nWhy Stocks' Next Rally Could Be Coming Soon<blockquote>为什么股市的下一次反弹可能很快就会到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-14 09:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks appear to be almost through a difficult stretch brought on by news that the Federal Reserve is removing support from markets and the economy. History tells us that a sustained rally will likely begin soon.</p><p><blockquote>由于美联储正在取消对市场和经济的支持的消息，股市似乎几乎已经度过了一段困难时期。历史告诉我们，持续的反弹可能很快就会开始。</blockquote></p><p> As of Dec. 1, the&nbsp;S&amp;P 500&nbsp;had fallen 4.1% from the record high it reached on Nov. 18, only to rebound 4.4% to a new closing high of 4712.02 on Friday. Monday, it&nbsp;slipped back, with a loss of 0.9%.</p><p><blockquote>截至12月1日，标普500较11月18日创下的历史新高下跌4.1%，周五才反弹4.4%至4712.02的新收盘高点。周一回落，跌幅为0.9%。</blockquote></p><p> The volatility centers on the Fed’s effort to fight inflation by moving away from the aggressive efforts to bolster growth it put in place as the pandemic ravaged the economy in 2020. Not only is the central bank already reducing its monthly bond purchases by tens of billions of dollars a month, but Chairman Jerome Powell recently indicated even more cuts are on the way. Within months, the Fed will be buying zero dollars in Treasury bonds, compared with $65 billion a month as recently as November.</p><p><blockquote>波动的核心是美联储在 2020 年大流行病肆虐经济时，放弃了为促进经济增长而采取的积极措施，从而对抗通胀。美联储不仅已经每月减少数百亿美元的债券购买，而且主席杰罗姆·鲍威尔最近表示，更多的削减即将到来。几个月内，美联储将购买零美元国债，而就在 11 月份，每月购买 650 亿美元国债。</blockquote></p><p> That could drag bond prices down, lifting their yields and making it more difficult for households and businesses to borrow money. Not only would that likely slow economic growth, but it also would mean less money will be flowing through financial markets, leaving less capital available to bid for stocks and other risky assets. And once the Fed has ended its bond-buying program, it will turn its attention to lifting short-term interest rates.</p><p><blockquote>这可能会拖累债券价格，提高债券收益率，并使家庭和企业更难借钱。这不仅可能会减缓经济增长，还意味着流经金融市场的资金将会减少，从而减少可用于购买股票和其他风险资产的资本。一旦美联储结束债券购买计划，它将把注意力转向提高短期利率。</blockquote></p><p> But it is increasingly looking like the stock market has already factored in those moves. “The market began to discount eventual Fed tightening once supply chain effects became clearer this past spring, and as inflation compares began to accelerate,” Scott Chronert, global head of exchange-traded fund research at Citigroup, wrote in a research note Friday. “Selling the uncertainty ahead of a hawkish Fed change can often lead to buying on the alleviation of that uncertainty.”</p><p><blockquote>但股市似乎已经考虑到了这些走势。“花旗集团（Citigroup）交易所交易基金研究全球主管斯科特-克罗纳特（Scott Chronert）周五在一份研究报告中写道：”去年春天，一旦供应链效应变得更加明显，随着通胀比较开始加速，市场就开始对美联储最终收紧货币政策打折扣。“在美联储鹰派转向之前抛售不确定性，往往会导致在不确定性缓解后买入”。</blockquote></p><p> Buying activity will probably pick up within the next few months, given the market’s behavior in the past four cycles of interest-rate increases. Gains in the S&amp;P 500 from a year before an initial rate boost to six months afterward have averaged almost 15%, according to Credit Suisse data. From the same starting point to 12 months after an initial rate increase, the average gain is 18%.</p><p><blockquote>鉴于市场在过去四个加息周期中的表现，购买活动可能会在未来几个月内回升。根据瑞士信贷的数据，从首次加息前一年到加息后六个月，标普500的平均涨幅接近 15%。从相同的起点到初始加息后的12个月，平均收益为18%。</blockquote></p><p> That doesn’t mean investors should blindly pour money into stocks: More volatility could be ahead. In the few months ahead of an initial rate increase, the market usually rises only minimally, according to Credit Suisse. Those few months are a time when investors tend to still be assessing the damage that tighter monetary policy could inflict on the economy.</p><p><blockquote>这并不意味着投资者应该盲目地将资金投入股市： 未来可能会出现更大的波动。瑞士信贷表示，在首次加息前的几个月里，市场通常只会小幅上涨。在这几个月里，投资者往往仍在评估收紧货币政策可能对经济造成的损害。</blockquote></p><p> That’s especially true today. The bond market is already reflecting that the Fed could make a mistake, raising rates too many times, too quickly, abruptly choking off economic growth.</p><p><blockquote>今天尤其如此。债券市场已经反映出美联储可能会犯错误，加息次数过多、过快，突然扼杀经济增长。</blockquote></p><p> The Fed isn’t used to trying to quell inflation. For the entire era since the 2008-2009 financial crisis era—and certainly during the pandemic-ravaged 2020—the Fed was trying to bring inflation higher by implementing loose monetary policy. Now, it is trying to keep inflation down, and investors are asking themselves whether it will damage economic demand in doing so.</p><p><blockquote>美联储并不习惯试图抑制通胀。自2008-2009年金融危机时代以来的整个时代——当然还有疫情肆虐的2020年——美联储试图通过实施宽松的货币政策来推高通胀。现在，它正试图压低通胀，投资者在问自己这样做是否会损害经济需求。</blockquote></p><p> But one thing does seem like a solid bet. The rough waters in stocks are likely to be fairly temporary: The bull market can probably keep on chugging along—if the Fed doesn’t tighten policy too aggressively.</p><p><blockquote>但有一件事似乎是一个可靠的赌注。股市的波涛汹涌很可能是暂时的： 如果美联储不过于激进地收紧政策，牛市可能会继续下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-rally-fed-tightening-taper-rate-hike-51639430005?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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stocks-rally-fed-tightening-taper-rate-hike-51639430005?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186687745","content_text":"Stocks appear to be almost through a difficult stretch brought on by news that the Federal Reserve is removing support from markets and the economy. History tells us that a sustained rally will likely begin soon.\nAs of Dec. 1, the S&P 500 had fallen 4.1% from the record high it reached on Nov. 18, only to rebound 4.4% to a new closing high of 4712.02 on Friday. Monday, it slipped back, with a loss of 0.9%.\nThe volatility centers on the Fed’s effort to fight inflation by moving away from the aggressive efforts to bolster growth it put in place as the pandemic ravaged the economy in 2020. Not only is the central bank already reducing its monthly bond purchases by tens of billions of dollars a month, but Chairman Jerome Powell recently indicated even more cuts are on the way. Within months, the Fed will be buying zero dollars in Treasury bonds, compared with $65 billion a month as recently as November.\nThat could drag bond prices down, lifting their yields and making it more difficult for households and businesses to borrow money. Not only would that likely slow economic growth, but it also would mean less money will be flowing through financial markets, leaving less capital available to bid for stocks and other risky assets. And once the Fed has ended its bond-buying program, it will turn its attention to lifting short-term interest rates.\nBut it is increasingly looking like the stock market has already factored in those moves. “The market began to discount eventual Fed tightening once supply chain effects became clearer this past spring, and as inflation compares began to accelerate,” Scott Chronert, global head of exchange-traded fund research at Citigroup, wrote in a research note Friday. “Selling the uncertainty ahead of a hawkish Fed change can often lead to buying on the alleviation of that uncertainty.”\nBuying activity will probably pick up within the next few months, given the market’s behavior in the past four cycles of interest-rate increases. Gains in the S&P 500 from a year before an initial rate boost to six months afterward have averaged almost 15%, according to Credit Suisse data. From the same starting point to 12 months after an initial rate increase, the average gain is 18%.\nThat doesn’t mean investors should blindly pour money into stocks: More volatility could be ahead. In the few months ahead of an initial rate increase, the market usually rises only minimally, according to Credit Suisse. Those few months are a time when investors tend to still be assessing the damage that tighter monetary policy could inflict on the economy.\nThat’s especially true today. The bond market is already reflecting that the Fed could make a mistake, raising rates too many times, too quickly, abruptly choking off economic growth.\nThe Fed isn’t used to trying to quell inflation. For the entire era since the 2008-2009 financial crisis era—and certainly during the pandemic-ravaged 2020—the Fed was trying to bring inflation higher by implementing loose monetary policy. Now, it is trying to keep inflation down, and investors are asking themselves whether it will damage economic demand in doing so.\nBut one thing does seem like a solid bet. The rough waters in stocks are likely to be fairly temporary: The bull market can probably keep on chugging along—if the Fed doesn’t tighten policy too aggressively.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602379481,"gmtCreate":1638976775867,"gmtModify":1638976776148,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602379481","repostId":"1149846873","repostType":4,"repost":{"id":"1149846873","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":1638975974,"share":"https://www.laohunote.com/m/news/1149846873?lang=zh_CN&edition=full","pubTime":"2021-12-08 23:06","market":"us","language":"en","title":"DocuSign stock climbed 5% in morning trading<blockquote>DocuSign 股价早盘上涨 5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149846873","media":"Tiger Newspress","summary":"DocuSign stock climbed 5% in morning trading after DocuSign Inc. CEO bought nearly $5m in stock foll","content":"<p>DocuSign stock climbed 5% in morning trading&nbsp;after&nbsp;DocuSign Inc. CEO bought nearly $5m in stock following massive sell-off.</p><p><blockquote>DocuSign Inc. 首席执行官在大规模抛售后购买了近 500 万美元的股票，DocuSign 股价在早盘交易中上涨 5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e77953caadaf709eae41dfe416c6a048\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></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>DocuSign stock climbed 5% in morning trading<blockquote>DocuSign 股价早盘上涨 5%</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\">\nDocuSign stock climbed 5% in morning trading<blockquote>DocuSign 股价早盘上涨 5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-08 23:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>DocuSign stock climbed 5% in morning trading&nbsp;after&nbsp;DocuSign Inc. CEO bought nearly $5m in stock following massive sell-off.</p><p><blockquote>DocuSign Inc. 首席执行官在大规模抛售后购买了近 500 万美元的股票，DocuSign 股价在早盘交易中上涨 5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e77953caadaf709eae41dfe416c6a048\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149846873","content_text":"DocuSign stock climbed 5% in morning trading after DocuSign Inc. CEO bought nearly $5m in stock following massive sell-off.","news_type":1,"symbols_score_info":{"DOCU":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603276172,"gmtCreate":1638419525102,"gmtModify":1638419525477,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603276172","repostId":"1196358645","repostType":4,"isVote":1,"tweetType":1,"viewCount":1086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609285730,"gmtCreate":1638286147783,"gmtModify":1638286147943,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609285730","repostId":"1190156196","repostType":4,"repost":{"id":"1190156196","kind":"news","pubTimestamp":1638242388,"share":"https://www.laohunote.com/m/news/1190156196?lang=zh_CN&edition=full","pubTime":"2021-11-30 11:19","market":"us","language":"en","title":"5 Vaccine Stocks to Watch as New Covid-19 Variant Strikes the Market<blockquote>随着新的 Covid-19 变种袭击市场，值得关注的 5 只疫苗股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190156196","media":"InvestorPlace","summary":"Here are the stocks to watch as the omicron variant gives rise to a new vaccine race","content":"<p><div> Here are the stocks to watch as the omicron variant gives rise to a new vaccine race Source: Shutterstock As Black Friday approached, most investors were speculating on what the supply chain crisis ...</p><p><blockquote><div>随着奥密克戎变种引发新疫苗竞赛，以下是值得关注的股票来源：Shutterstock随着黑色星期五的临近，大多数投资者都在猜测供应链危机是什么……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Vaccine Stocks to Watch as New Covid-19 Variant Strikes the Market<blockquote>随着新的 Covid-19 变种袭击市场，值得关注的 5 只疫苗股</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Vaccine Stocks to Watch as New Covid-19 Variant Strikes the Market<blockquote>随着新的 Covid-19 变种袭击市场，值得关注的 5 只疫苗股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-11-30 11:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Here are the stocks to watch as the omicron variant gives rise to a new vaccine race Source: Shutterstock As Black Friday approached, most investors were speculating on what the supply chain crisis ...</p><p><blockquote><div>随着奥密克戎变种引发新疫苗竞赛，以下是值得关注的股票来源：Shutterstock随着黑色星期五的临近，大多数投资者都在猜测供应链危机是什么……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE","PFE":"辉瑞","MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","JNJ":"强生"},"source_url":"https://investorplace.com/2021/11/5-vaccine-stocks-to-watch-as-new-covid-19-variant-strikes-the-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190156196","content_text":"Here are the stocks to watch as the omicron variant gives rise to a new vaccine race\nSource: Shutterstock\nAs Black Friday approached, most investors were speculating on what the supply chain crisis would mean for the year’s biggest shopping holiday. By the time shopping began, though, most minds were on another news story. A new Covid-19 variant had been detected in South Africa and it was quickly spreading to Europe. Labeled the omicron variant, this new Covid-19 strain poses a threat to the pandemic recovery story. Perhaps most importantly, we don’t yet know how big that threat is. Scientists haveindicatedthat it will take at least a few weeks for them to assess the effectiveness of vaccines against the new variant, which features multiple mutations. As investors ponder what this means for markets, focus has shifted to one specific question: What does this mean for vaccine stocks?\nInvestors have expressed concern at what the the emergence of a new variant may mean for markets. It bears noting, though, that such a scenario creates a new opportunity for vaccine stocks, specifically for a new company to pull into the lead.\nWhile Pfizer’s(NYSE:PFE) success in producing a vaccine approved for children has helped it maintain a lead over its competitors, other companies recognize the need for further innovation within the vaccine space. Scientists and researchers have yet to reach a conclusion as to how the new variant will react to current vaccines, but the companies producing them are already working around the clock.\nMany vaccine stocks were trending this morning as the omicron variant dominated news coverage. Let’s take a look at what the most prominent vaccine producers are saying and when we can expect to see progress.\n\nModerna(NASDAQ:MRNA)\nPfizer(NYSE:PFE)\nBioNTech (NASDAQ:BNTX)\nJohnson & Johnson(NYSE:JNJ)\nNovavax(NASDAQ:NVAX)\n\nModerna (MRNA)\nModerna was one of the first companies to have its executive team discuss address the omicron variant.\nOn Sunday, CMO Paul Burton spoke toBBC’sAndrew Marr and said Moderna was hoping to see clinical trials of an omicron-specific booster begin within60 to 90 days. CEO Stephane Bancel recentlyspoketoCNBC’s“Squawk Box” on the topic of an omicron- targeting vaccine. While he stated that it will likely take months for the company to develop, produce and ship a vaccine with the ability to target that specific variant, he noted that a booster shot containing a higher 100-microgram dose could be made available much sooner.\nBancel also floated the possibility of administering higher doses of the current vaccines to particularly high-risk patients, such as those in the elderly or immunocompromised categories.\nThis talk of an effective booster that could take on the new variant has sent MRNA stock shooting up today. As of this writing, vaccine stocks are having a good day and Moderna has risen by more than 10%. Today’s gains have put it up by more than 30% for the past five days.\nWhile 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.'\"\nPfizer (PFE)\nNo pharmaceutical company has received as much positive press for its vaccine innovations as Pfizer. Earlier this month, CEO Albert Bourla wasrecommended by one InvestorPlace contributorfor CEO of the year.\nThe industry leader alsodiscussedthe new variant earlier today, stating that he believed that Pfizer’s Covid-19 pill would prove effective against it. He noted that the treatment method was designed with the thought process that most virus mutations were coming in spikes, exactly what we are seeing so far from the omicron variant. This gives him, he said, a “very high level of confidence” that the oral treatment, Paxlovid, will prove well-suited to help patients with the new Covid-19 strain.\nClinical trials have found that when Paxlovid is taken with HIV drug ritonavir, it reduces hospitalization and death by 89% if taken within three days after symptoms have begun.\nWhile Bourla is still not able to offer much on the effectiveness of the company’s two-dose vaccine against the new variant, he experts it to offer at least some protection. He also said that Pfizer is already at work on a new vaccine and that it produced a DNA template on Friday, speculating that it could be ready within 100 days.\nIt is worth noting that Pfizer has been able to create vaccines for previous variants in that timeframe but did not end up having to administer them, as the previously distributed vaccines remained effective.\nBioNTech (BNTX)\nPfizer’s original vaccine partner isn’t missing a beat, either.\nThe German biotech innovatortoldBusiness Insiderthat it is already at work on the development of an adapted vaccine to combat the omicron variant. According to the company’s spokespeople, the first steps of such a process “overlap with the research necessary” to evaluate the necessity of a new shot. This approach should enable its research team to move forward as quickly as possible.\nLike its competitors, BioNTech expects to acquire the data necessary to determine next steps in roughly two weeks, as medical researchers rush to examine new cases. In an attempt to keep the process as efficient as possible, the company is already testing its existing vaccine doses. Like Pfizer, it claims that it will be able to ship out this adapted vaccine within 100 days should it prove necessary.\nLike other vaccine stocks, BNTX is having a good day as speculation regarding the vaccine mounts. Shares are up almost 4% as of this writing. Not unlike its competitor Moderna, BioNTech is up almost 20% for the week after seeing a period of mostly flatlining. Earlier this Summer,InvestorPlace analyst Louis Navelliercalledit a better buy among vaccine stocks than Pfizer.\nJohnson & Johnson (JNJ)\nLike its competitors, Johnson & Johnson is already at work on ways to combat the new variant. Still waiting on further data, though, the company hasstatedit “will progress [its new vaccine] into clinical studies if needed.”\nMathai Mammen, global head of research and development at J&J subsidiary Janssen Pharmaceuticals, says that the company remains confident in the “robust humoral and cell-mediated responses” that its original vaccine has elicited in patients to date, giving the company confidence in its ability to adapt its current vaccine to handle the omicron variant.\nMammen added that the company has already begun work on a new vaccine for exactly that purpose and will “rapidly progress into clinical trails” if it is deemed necessary. It has beenreportedthat testing has already begun.\nNovavax (NVAX)\nA later player to the vaccine race, Novavax hasn’t had the same success in the U.S. as Pfizer or Moderna.\nHowever, the company recognizes it has a chance to make up the lost ground. In fact, it is already working to develop a vaccine to combat the omicron variant. Novavax hasstatedthat its vaccine will contain the mutated spikes that have experts worried about the variant, thereby enabling recipients to develop necessary immune responses. Its spokespeople have also stated that the testing and developing of the new vaccine will likely take “a few weeks.”\nWhile Novavax has not filed for approval for its initial Covid-19 in the U.S. yet, it received the green light from regulators in both Indonesia and the Philippines.\nAs InvestorPlace Assistant News Writer Eddie Pan reported this morning, NVAX is a name to watch among vaccine stocks as speculation mounts. While no one is likely to know too much for at least two weeks, companies aren’t wasting any time in building on their vaccine innovations in attempt to pull ahead in the vaccine race. Novavax may not have garnered U.S. authorization yet, but it has risen to prominence by way of its global vaccine distribution work, an edge that earned it ahigh rankingamong second-shot vaccine stocks to buy.","news_type":1,"symbols_score_info":{"BNTX":0.9,"NVAX":0.9,"PFE":0.9,"MRNA":0.9,"JNJ":0.9}},"isVote":1,"tweetType":1,"viewCount":1114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600275440,"gmtCreate":1638165790006,"gmtModify":1638165790134,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600275440","repostId":"1119853738","repostType":4,"repost":{"id":"1119853738","kind":"news","pubTimestamp":1638153494,"share":"https://www.laohunote.com/m/news/1119853738?lang=zh_CN&edition=full","pubTime":"2021-11-29 10:38","market":"us","language":"en","title":"Moderna, Pfizer, and Novavax Are Must-Own Stocks This Week<blockquote>Moderna、辉瑞和 Novavax 是本周必备股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119853738","media":"Motley Fool","summary":"The newly emerged omicron coronavirus variant sent shockwaves through U.S. stock markets last Friday","content":"<p>The newly emerged omicron coronavirus variant sent shockwaves through U.S. stock markets last Friday. Omicron has the world on edge because of its unique combination of mutations that might significantly reduce the effectiveness of first-generation COVID-19 vaccines.</p><p><blockquote>上周五，新出现的奥密克戎冠状病毒变种给美国股市带来了冲击波。奥密克戎让世界感到紧张，因为它独特的突变组合可能会显着降低第一代新冠肺炎疫苗的有效性。</blockquote></p><p> While there simply isn't enough data to draw any firm conclusions about the seriousness of the omicron variant yet, politicians across the world were quick to react by imposing travel bans and restrictions on several African nations over the weekend. These rapid-fire travel restrictions make it abundantly clear that the global pandemic -- and its effects on the world economy -- are far from over.</p><p><blockquote>虽然根本没有足够的数据来对奥密克戎变种的严重性得出任何明确的结论，但世界各地的政界人士迅速做出反应，在周末对几个非洲国家实施了旅行禁令和限制。这些快速的旅行限制非常清楚地表明，全球疫情及其对世界经济的影响远未结束。</blockquote></p><p> How should investors protect their portfolios from this latest threat to global supply chains, international travel, and public health? The answer appears to be simple enough: vaccine stocks. On Black Friday, shares of the top COVID-19 vaccine developers&nbsp;<b>Moderna</b>(NASDAQ:MRNA),<b>Pfizer</b>(NYSE:PFE), and&nbsp;<b>Novavax</b>(NASDAQ:NVAX)&nbsp;all&nbsp;vaulted higher. Here's why these threebiopharmaceutical stocksought to continue to their march northward next week and beyond.</p><p><blockquote>投资者应该如何保护他们的投资组合免受这一对全球供应链、国际旅行和公共健康的最新威胁？答案似乎很简单：疫苗库存。黑色星期五，顶级 COVID-19 疫苗开发商的股票<b>现代</b>（纳斯达克股票代码：MRNA），<b>辉瑞</b>（纽约证券交易所代码：PFE），以及<b>诺瓦瓦克斯</b>（纳斯达克股票代码：NVAX）均大幅走高。这就是这三只生物制药股寻求在下周及以后继续北上的原因。</blockquote></p><p> The pandemic's latest twist makes these three stocks screaming buys</p><p><blockquote>大流行的最新转折让这三只股票尖叫着买入</blockquote></p><p> Moderna, Pfizer, and Novavax all enjoyed a sizable jump in their share prices during the holiday-shortened trading session on Friday thanks to their quick reaction to the omicron variant. Specifically, Moderna announced that it is working on an omicron-specific vaccine, as well a unique booster shot regimen, based on its currently authorized COVID-19 vaccine, that may provide a higher level of immune protection against this new variant.</p><p><blockquote>由于对奥密克戎变种的快速反应，Moderna、辉瑞和Novavax的股价在周五假期缩短的交易时段都大幅上涨。具体来说，Moderna宣布，它正在研究一种奥密克戎特异性疫苗，以及一种基于其目前授权的新冠肺炎疫苗的独特加强注射方案，这可能会为这种新变种提供更高水平的免疫保护。</blockquote></p><p> Pfizer, for its part, said that its&nbsp;<b>BioNTech</b>-partnered COVID-19 vaccine can easily be tailored to the omicron variant and be ready for use within 100-days -- that is, if the original version of its vaccine fails to provide adequate protection. Novavax also provided an update on its omicron vaccine strategy last Friday, with the biotech saying that it plans on having an omicron-specific shot ready for testing and manufacturing within the next few weeks.</p><p><blockquote>辉瑞公司则表示，其<b>生物技术</b>-合作的 COVID-19 疫苗可以轻松适应奥密克戎变种，并在 100 天内准备好使用——也就是说，如果其疫苗的原始版本无法提供足够的保护。Novavax 上周五还提供了其奥密克戎疫苗战略的最新情况，该生物技术公司表示，计划在未来几周内准备一种针对奥密克戎的疫苗进行测试和生产。</blockquote></p><p> Why are these omicron-tailored vaccines a huge positive for their developers? The messenger RNA (mRNA) vaccines from Moderna and Pfizer/BioNTech both appeared to be on the back end of the commercial shelf lives prior to this news. As a result, Moderna's stock was in the midst of notable downward trend earlier this month. The sudden need for more potent booster shots and a potential variant-specific vaccine should keep Moderna's top line headed in the right direction in 2022, which ought to light a fire underneath the biotech's shares for the remainder of the year.</p><p><blockquote>为什么这些奥密克戎定制的疫苗对它们的开发者来说是一个巨大的利好？在此消息发布之前，Moderna和辉瑞/BioNTech的信使RNA（mRNA）疫苗似乎都处于商业保质期的后端。因此，Moderna 的股票在本月早些时候处于明显的下跌趋势。对更有效的加强注射和潜在的变异特异性疫苗的突然需求应该会让 Moderna 的营收在 2022 年保持正确的方向，这应该会在今年剩余时间里点燃这家生物技术公司的股价之火。</blockquote></p><p> While Pfizer's equity hasn't skipped a beat of late because of its oral coronavirus pill, the pharma giant now stands to possibly benefit from another year of exceptionally strong COVID-19 vaccine sales. Pfizer's stock, in turn, will probably continue to print ever-increasing record highs heading into 2022.</p><p><blockquote>虽然辉瑞的股价最近没有因为口服冠状病毒药丸而跳动，但这家制药巨头现在可能会受益于又一年异常强劲的 COVID-19 疫苗销售。反过来，辉瑞的股价可能会在 2022 年继续创下不断增长的历史新高。</blockquote></p><p> On the Novavax side of ledger, the biotech's shares are currently down by a whopping 31% from their 52-week highs. The vaccine specialist's shares have&nbsp;dipped in the back half of 2021&nbsp;in response to manufacturing issues, regulatory delays, and a growing concern among investors that the company may have simply missed the boat.</p><p><blockquote>在 ledger 的 Novavax 方面，这家生物技术公司的股价目前较 52 周高点下跌了 31%。由于制造问题、监管延误以及投资者越来越担心该公司可能错失良机，这家疫苗专家的股价在 2021 年下半年下跌。</blockquote></p><p> What's important to understand is that Novavax's COVID-19 vaccine is protein-based, which may appeal to a broad range of folks hesitant about cutting-edge mRNA vaccines. This new variant, therefore, ought to keep this latent demand for Novavax's alternative jab on the high side, as the company slowly completes the regulatory process in the all-important U.S. market.</p><p><blockquote>重要的是要明白，Novavax的新冠肺炎疫苗是基于蛋白质的，这可能会吸引对尖端mRNA疫苗犹豫不决的广大民众。因此，随着该公司在至关重要的美国市场慢慢完成监管流程，这种新变体应该会保持对 Novavax 替代疫苗的潜在需求偏高。</blockquote></p><p> In short, Moderna, Pfizer, and Novavax are all poised to benefit in a big way from their unique vaccine development capabilities, making their stocks exceedingly strong buys this week.</p><p><blockquote>简而言之，Moderna、辉瑞和Novavax都将从其独特的疫苗开发能力中受益匪浅，这使得它们的股票在本周成为极其强劲的买盘。</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>Moderna, Pfizer, and Novavax Are Must-Own Stocks This Week<blockquote>Moderna、辉瑞和 Novavax 是本周必备股票</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\">\nModerna, Pfizer, and Novavax Are Must-Own Stocks This Week<blockquote>Moderna、辉瑞和 Novavax 是本周必备股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-11-29 10:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The newly emerged omicron coronavirus variant sent shockwaves through U.S. stock markets last Friday. Omicron has the world on edge because of its unique combination of mutations that might significantly reduce the effectiveness of first-generation COVID-19 vaccines.</p><p><blockquote>上周五，新出现的奥密克戎冠状病毒变种给美国股市带来了冲击波。奥密克戎让世界感到紧张，因为它独特的突变组合可能会显着降低第一代新冠肺炎疫苗的有效性。</blockquote></p><p> While there simply isn't enough data to draw any firm conclusions about the seriousness of the omicron variant yet, politicians across the world were quick to react by imposing travel bans and restrictions on several African nations over the weekend. These rapid-fire travel restrictions make it abundantly clear that the global pandemic -- and its effects on the world economy -- are far from over.</p><p><blockquote>虽然根本没有足够的数据来对奥密克戎变种的严重性得出任何明确的结论，但世界各地的政界人士迅速做出反应，在周末对几个非洲国家实施了旅行禁令和限制。这些快速的旅行限制非常清楚地表明，全球疫情及其对世界经济的影响远未结束。</blockquote></p><p> How should investors protect their portfolios from this latest threat to global supply chains, international travel, and public health? The answer appears to be simple enough: vaccine stocks. On Black Friday, shares of the top COVID-19 vaccine developers&nbsp;<b>Moderna</b>(NASDAQ:MRNA),<b>Pfizer</b>(NYSE:PFE), and&nbsp;<b>Novavax</b>(NASDAQ:NVAX)&nbsp;all&nbsp;vaulted higher. Here's why these threebiopharmaceutical stocksought to continue to their march northward next week and beyond.</p><p><blockquote>投资者应该如何保护他们的投资组合免受这一对全球供应链、国际旅行和公共健康的最新威胁？答案似乎很简单：疫苗库存。黑色星期五，顶级 COVID-19 疫苗开发商的股票<b>现代</b>（纳斯达克股票代码：MRNA），<b>辉瑞</b>（纽约证券交易所代码：PFE），以及<b>诺瓦瓦克斯</b>（纳斯达克股票代码：NVAX）均大幅走高。这就是这三只生物制药股寻求在下周及以后继续北上的原因。</blockquote></p><p> The pandemic's latest twist makes these three stocks screaming buys</p><p><blockquote>大流行的最新转折让这三只股票尖叫着买入</blockquote></p><p> Moderna, Pfizer, and Novavax all enjoyed a sizable jump in their share prices during the holiday-shortened trading session on Friday thanks to their quick reaction to the omicron variant. Specifically, Moderna announced that it is working on an omicron-specific vaccine, as well a unique booster shot regimen, based on its currently authorized COVID-19 vaccine, that may provide a higher level of immune protection against this new variant.</p><p><blockquote>由于对奥密克戎变种的快速反应，Moderna、辉瑞和Novavax的股价在周五假期缩短的交易时段都大幅上涨。具体来说，Moderna宣布，它正在研究一种奥密克戎特异性疫苗，以及一种基于其目前授权的新冠肺炎疫苗的独特加强注射方案，这可能会为这种新变种提供更高水平的免疫保护。</blockquote></p><p> Pfizer, for its part, said that its&nbsp;<b>BioNTech</b>-partnered COVID-19 vaccine can easily be tailored to the omicron variant and be ready for use within 100-days -- that is, if the original version of its vaccine fails to provide adequate protection. Novavax also provided an update on its omicron vaccine strategy last Friday, with the biotech saying that it plans on having an omicron-specific shot ready for testing and manufacturing within the next few weeks.</p><p><blockquote>辉瑞公司则表示，其<b>生物技术</b>-合作的 COVID-19 疫苗可以轻松适应奥密克戎变种，并在 100 天内准备好使用——也就是说，如果其疫苗的原始版本无法提供足够的保护。Novavax 上周五还提供了其奥密克戎疫苗战略的最新情况，该生物技术公司表示，计划在未来几周内准备一种针对奥密克戎的疫苗进行测试和生产。</blockquote></p><p> Why are these omicron-tailored vaccines a huge positive for their developers? The messenger RNA (mRNA) vaccines from Moderna and Pfizer/BioNTech both appeared to be on the back end of the commercial shelf lives prior to this news. As a result, Moderna's stock was in the midst of notable downward trend earlier this month. The sudden need for more potent booster shots and a potential variant-specific vaccine should keep Moderna's top line headed in the right direction in 2022, which ought to light a fire underneath the biotech's shares for the remainder of the year.</p><p><blockquote>为什么这些奥密克戎定制的疫苗对它们的开发者来说是一个巨大的利好？在此消息发布之前，Moderna和辉瑞/BioNTech的信使RNA（mRNA）疫苗似乎都处于商业保质期的后端。因此，Moderna 的股票在本月早些时候处于明显的下跌趋势。对更有效的加强注射和潜在的变异特异性疫苗的突然需求应该会让 Moderna 的营收在 2022 年保持正确的方向，这应该会在今年剩余时间里点燃这家生物技术公司的股价之火。</blockquote></p><p> While Pfizer's equity hasn't skipped a beat of late because of its oral coronavirus pill, the pharma giant now stands to possibly benefit from another year of exceptionally strong COVID-19 vaccine sales. Pfizer's stock, in turn, will probably continue to print ever-increasing record highs heading into 2022.</p><p><blockquote>虽然辉瑞的股价最近没有因为口服冠状病毒药丸而跳动，但这家制药巨头现在可能会受益于又一年异常强劲的 COVID-19 疫苗销售。反过来，辉瑞的股价可能会在 2022 年继续创下不断增长的历史新高。</blockquote></p><p> On the Novavax side of ledger, the biotech's shares are currently down by a whopping 31% from their 52-week highs. The vaccine specialist's shares have&nbsp;dipped in the back half of 2021&nbsp;in response to manufacturing issues, regulatory delays, and a growing concern among investors that the company may have simply missed the boat.</p><p><blockquote>在 ledger 的 Novavax 方面，这家生物技术公司的股价目前较 52 周高点下跌了 31%。由于制造问题、监管延误以及投资者越来越担心该公司可能错失良机，这家疫苗专家的股价在 2021 年下半年下跌。</blockquote></p><p> What's important to understand is that Novavax's COVID-19 vaccine is protein-based, which may appeal to a broad range of folks hesitant about cutting-edge mRNA vaccines. This new variant, therefore, ought to keep this latent demand for Novavax's alternative jab on the high side, as the company slowly completes the regulatory process in the all-important U.S. market.</p><p><blockquote>重要的是要明白，Novavax的新冠肺炎疫苗是基于蛋白质的，这可能会吸引对尖端mRNA疫苗犹豫不决的广大民众。因此，随着该公司在至关重要的美国市场慢慢完成监管流程，这种新变体应该会保持对 Novavax 替代疫苗的潜在需求偏高。</blockquote></p><p> In short, Moderna, Pfizer, and Novavax are all poised to benefit in a big way from their unique vaccine development capabilities, making their stocks exceedingly strong buys this week.</p><p><blockquote>简而言之，Moderna、辉瑞和Novavax都将从其独特的疫苗开发能力中受益匪浅，这使得它们的股票在本周成为极其强劲的买盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/28/moderna-pfizer-and-novavax-are-must-own-stocks-thi/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","PFE":"辉瑞"},"source_url":"https://www.fool.com/investing/2021/11/28/moderna-pfizer-and-novavax-are-must-own-stocks-thi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119853738","content_text":"The newly emerged omicron coronavirus variant sent shockwaves through U.S. stock markets last Friday. Omicron has the world on edge because of its unique combination of mutations that might significantly reduce the effectiveness of first-generation COVID-19 vaccines.\nWhile there simply isn't enough data to draw any firm conclusions about the seriousness of the omicron variant yet, politicians across the world were quick to react by imposing travel bans and restrictions on several African nations over the weekend. These rapid-fire travel restrictions make it abundantly clear that the global pandemic -- and its effects on the world economy -- are far from over.\nHow should investors protect their portfolios from this latest threat to global supply chains, international travel, and public health? The answer appears to be simple enough: vaccine stocks. On Black Friday, shares of the top COVID-19 vaccine developers Moderna(NASDAQ:MRNA),Pfizer(NYSE:PFE), and Novavax(NASDAQ:NVAX) all vaulted higher. Here's why these threebiopharmaceutical stocksought to continue to their march northward next week and beyond.\nThe pandemic's latest twist makes these three stocks screaming buys\nModerna, Pfizer, and Novavax all enjoyed a sizable jump in their share prices during the holiday-shortened trading session on Friday thanks to their quick reaction to the omicron variant. Specifically, Moderna announced that it is working on an omicron-specific vaccine, as well a unique booster shot regimen, based on its currently authorized COVID-19 vaccine, that may provide a higher level of immune protection against this new variant.\nPfizer, for its part, said that its BioNTech-partnered COVID-19 vaccine can easily be tailored to the omicron variant and be ready for use within 100-days -- that is, if the original version of its vaccine fails to provide adequate protection. Novavax also provided an update on its omicron vaccine strategy last Friday, with the biotech saying that it plans on having an omicron-specific shot ready for testing and manufacturing within the next few weeks.\nWhy are these omicron-tailored vaccines a huge positive for their developers? The messenger RNA (mRNA) vaccines from Moderna and Pfizer/BioNTech both appeared to be on the back end of the commercial shelf lives prior to this news. As a result, Moderna's stock was in the midst of notable downward trend earlier this month. The sudden need for more potent booster shots and a potential variant-specific vaccine should keep Moderna's top line headed in the right direction in 2022, which ought to light a fire underneath the biotech's shares for the remainder of the year.\nWhile Pfizer's equity hasn't skipped a beat of late because of its oral coronavirus pill, the pharma giant now stands to possibly benefit from another year of exceptionally strong COVID-19 vaccine sales. Pfizer's stock, in turn, will probably continue to print ever-increasing record highs heading into 2022.\nOn the Novavax side of ledger, the biotech's shares are currently down by a whopping 31% from their 52-week highs. The vaccine specialist's shares have dipped in the back half of 2021 in response to manufacturing issues, regulatory delays, and a growing concern among investors that the company may have simply missed the boat.\nWhat's important to understand is that Novavax's COVID-19 vaccine is protein-based, which may appeal to a broad range of folks hesitant about cutting-edge mRNA vaccines. This new variant, therefore, ought to keep this latent demand for Novavax's alternative jab on the high side, as the company slowly completes the regulatory process in the all-important U.S. market.\nIn short, Moderna, Pfizer, and Novavax are all poised to benefit in a big way from their unique vaccine development capabilities, making their stocks exceedingly strong buys this week.","news_type":1,"symbols_score_info":{"NVAX":0.9,"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874623640,"gmtCreate":1637767893273,"gmtModify":1637767893396,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874623640","repostId":"2185517963","repostType":4,"isVote":1,"tweetType":1,"viewCount":957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875425805,"gmtCreate":1637680263044,"gmtModify":1637680263205,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875425805","repostId":"1112277303","repostType":4,"repost":{"id":"1112277303","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":1637677887,"share":"https://www.laohunote.com/m/news/1112277303?lang=zh_CN&edition=full","pubTime":"2021-11-23 22:31","market":"us","language":"en","title":"Stocks open little changed after Monday’s afternoon slide<blockquote>周一下午下跌后，股市开盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112277303","media":"Tiger Newspress","summary":"Stocks were mostly lower Tuesday with technology stocks under further pressure, as investors further","content":"<p>Stocks were mostly lower Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.</p><p><blockquote>周二股市大多走低，科技股进一步承压，因为投资者进一步考虑美联储主席杰罗姆-鲍威尔（Jerome Powell）再次被提名为央行行长对市场的影响。</blockquote></p><p> The S&amp;P 500 ticked down. A day earlier, the blue-chip index had set an all-time intraday high before pulling back to end in the red, with a drop in technology stocks weighing.</p><p><blockquote>标普500滴答作响。一天前，蓝筹股指数创下盘中历史新高，随后回调收红，科技股下跌拖累。</blockquote></p><p> U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose after dropping more than 1% earlier in the morning. The move came after theWhite House announced it would be releasing a total of 50 million barrels of oil&nbsp;from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply.</p><p><blockquote>美国西德克萨斯中质原油期货(CL=F)在早盘跌超1%后收复失地上涨。此前，白宫宣布将从战略石油储备（SPR）中释放总计5000万桶石油，中国、日本、印度、韩国和英国也采取了类似举措，试图通过增加供应来缓解不断上涨的能源价格。</blockquote></p><p> Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.</p><p><blockquote>尽管Zoom Video通信公司（ZM）公布了好于预期的季度收入增长和全年指引，但由于视频会议公司软件的使用量在重新开业后放缓，该公司的股价仍在下滑。Nordstrom (JWN)、The Gap (GPS) 和 Autodesk (ADSK) 等公司将于周二公布季度业绩。</blockquote></p><p> Federal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’spreviously telegraphed monetary policy framework would remain in place&nbsp;with Powell's reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）再次被提名为央行最高领导职务，本周引起了市场的关注，许多投资者对鲍威尔再次被任命后美联储此前公布的货币政策框架可能会继续存在的可能性做出了积极反应。其中包括预计明年年中将缩减当前资产购买规模，以及 2022 年底前至少加息一次。</blockquote></p><p> “Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist,told Yahoo Finance Live.“But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”</p><p><blockquote>“均富会计师事务所（Grant Thornton）首席经济学家黛安-斯旺克（Diane Swonk）告诉雅虎财经直播（Yahoo Finance Live）：”在如此不确定的时期，我们之所以面临着非同寻常的不确定性，是因为我们正在摆脱周期阶段，在这个阶段，美联储一直在支撑大流行病引发的衰退中的复苏，而且.它确实避免了金融市场的崩溃。“但现在我们的金融市场状况非常宽松，我们正在应对通货膨胀。必须转向应对通货膨胀，在不破坏经济复苏的情况下抑制通货膨胀--这是一件非常难以实现的事情。自 20 世纪 80 年代初以来，我们还没有看到美联储真正追逐通胀”。</blockquote></p><p> President Joe Biden also nominated Fed Governor Lael Brainard – previously viewed as a potential candidate for the Fed Chair position to replace Powell — as Vice Chair of the Board of Governors for the Fed. With these two nominations in place, market participants have turned their attention to who might fill he three vacant and soon-to-be vacant seats on the Fed Board, which includes the key Vice Chair for Supervision role. Biden said in a press statement Monday morning he expected to announce those appointments “beginning in early December.”</p><p><blockquote>乔·拜登总统还提名美联储理事莱尔·布雷纳德（Lael Brainard）——此前被视为接替鲍威尔的美联储主席职位的潜在候选人——担任美联储理事会副主席。随着这两项提名的到位，市场参与者将注意力转向了谁可能填补美联储董事会中三个空缺和即将空缺的席位，其中包括负责监督角色的关键副主席。拜登在周一上午的一份新闻声明中说，他预计将 “从 12 月初开始 ”宣布这些任命。</blockquote></p><p> “Political decisions like this are competitions between affinity — you like someone in your own party — and convenience — what can you get the Senate to do for you, and will markets receive it well? You have to view the Powell-Brainard picks as part … of a bigger package,” Vincent Reinhart, Dreyfus-Mellon chief economist and macro strategist,told Yahoo Finance Live.“The White House is going to have three new governors to appoint, and presumably that’s going to tilt more progressive. So bottom-line, six months from now, the group of people that Chair Powell has to wrangle to make decisions is going to be more dovish than it is today.”</p><p><blockquote>“像这样的政治决策是亲和力（你喜欢自己党内的某个人）和便利性之间的竞争--你能让参议院为你做什么，市场会接受吗？德雷福斯-梅隆公司（Dreyfus-Mellon）首席经济学家兼宏观策略师文森特-莱因哈特（Vincent Reinhart）对雅虎财经直播说：”你必须把鲍威尔-布雷纳德的人选视为.更大一揽子计划的一部分。“白宫将任命三位新州长，据推测，这将使其更加进步。因此，底线是，六个月后，鲍威尔主席在做出决定时必须争论的人群将比现在更加鸽派。</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>Stocks open little changed after Monday’s afternoon slide<blockquote>周一下午下跌后，股市开盘变化不大</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\">\nStocks open little changed after Monday’s afternoon slide<blockquote>周一下午下跌后，股市开盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-23 22:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks were mostly lower Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.</p><p><blockquote>周二股市大多走低，科技股进一步承压，因为投资者进一步考虑美联储主席杰罗姆-鲍威尔（Jerome Powell）再次被提名为央行行长对市场的影响。</blockquote></p><p> The S&amp;P 500 ticked down. A day earlier, the blue-chip index had set an all-time intraday high before pulling back to end in the red, with a drop in technology stocks weighing.</p><p><blockquote>标普500滴答作响。一天前，蓝筹股指数创下盘中历史新高，随后回调收红，科技股下跌拖累。</blockquote></p><p> U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose after dropping more than 1% earlier in the morning. The move came after theWhite House announced it would be releasing a total of 50 million barrels of oil&nbsp;from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply.</p><p><blockquote>美国西德克萨斯中质原油期货(CL=F)在早盘跌超1%后收复失地上涨。此前，白宫宣布将从战略石油储备（SPR）中释放总计5000万桶石油，中国、日本、印度、韩国和英国也采取了类似举措，试图通过增加供应来缓解不断上涨的能源价格。</blockquote></p><p> Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.</p><p><blockquote>尽管Zoom Video通信公司（ZM）公布了好于预期的季度收入增长和全年指引，但由于视频会议公司软件的使用量在重新开业后放缓，该公司的股价仍在下滑。Nordstrom (JWN)、The Gap (GPS) 和 Autodesk (ADSK) 等公司将于周二公布季度业绩。</blockquote></p><p> Federal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’spreviously telegraphed monetary policy framework would remain in place&nbsp;with Powell's reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.</p><p><blockquote>美联储主席杰罗姆-鲍威尔（Jerome Powell）再次被提名为央行最高领导职务，本周引起了市场的关注，许多投资者对鲍威尔再次被任命后美联储此前公布的货币政策框架可能会继续存在的可能性做出了积极反应。其中包括预计明年年中将缩减当前资产购买规模，以及 2022 年底前至少加息一次。</blockquote></p><p> “Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist,told Yahoo Finance Live.“But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”</p><p><blockquote>“均富会计师事务所（Grant Thornton）首席经济学家黛安-斯旺克（Diane Swonk）告诉雅虎财经直播（Yahoo Finance Live）：”在如此不确定的时期，我们之所以面临着非同寻常的不确定性，是因为我们正在摆脱周期阶段，在这个阶段，美联储一直在支撑大流行病引发的衰退中的复苏，而且.它确实避免了金融市场的崩溃。“但现在我们的金融市场状况非常宽松，我们正在应对通货膨胀。必须转向应对通货膨胀，在不破坏经济复苏的情况下抑制通货膨胀--这是一件非常难以实现的事情。自 20 世纪 80 年代初以来，我们还没有看到美联储真正追逐通胀”。</blockquote></p><p> President Joe Biden also nominated Fed Governor Lael Brainard – previously viewed as a potential candidate for the Fed Chair position to replace Powell — as Vice Chair of the Board of Governors for the Fed. With these two nominations in place, market participants have turned their attention to who might fill he three vacant and soon-to-be vacant seats on the Fed Board, which includes the key Vice Chair for Supervision role. Biden said in a press statement Monday morning he expected to announce those appointments “beginning in early December.”</p><p><blockquote>乔·拜登总统还提名美联储理事莱尔·布雷纳德（Lael Brainard）——此前被视为接替鲍威尔的美联储主席职位的潜在候选人——担任美联储理事会副主席。随着这两项提名的到位，市场参与者将注意力转向了谁可能填补美联储董事会中三个空缺和即将空缺的席位，其中包括负责监督角色的关键副主席。拜登在周一上午的一份新闻声明中说，他预计将 “从 12 月初开始 ”宣布这些任命。</blockquote></p><p> “Political decisions like this are competitions between affinity — you like someone in your own party — and convenience — what can you get the Senate to do for you, and will markets receive it well? You have to view the Powell-Brainard picks as part … of a bigger package,” Vincent Reinhart, Dreyfus-Mellon chief economist and macro strategist,told Yahoo Finance Live.“The White House is going to have three new governors to appoint, and presumably that’s going to tilt more progressive. So bottom-line, six months from now, the group of people that Chair Powell has to wrangle to make decisions is going to be more dovish than it is today.”</p><p><blockquote>“像这样的政治决策是亲和力（你喜欢自己党内的某个人）和便利性之间的竞争--你能让参议院为你做什么，市场会接受吗？德雷福斯-梅隆公司（Dreyfus-Mellon）首席经济学家兼宏观策略师文森特-莱因哈特（Vincent Reinhart）对雅虎财经直播说：”你必须把鲍威尔-布雷纳德的人选视为.更大一揽子计划的一部分。“白宫将任命三位新州长，据推测，这将使其更加进步。因此，底线是，六个月后，鲍威尔主席在做出决定时必须争论的人群将比现在更加鸽派。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112277303","content_text":"Stocks were mostly lower Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.\nThe S&P 500 ticked down. A day earlier, the blue-chip index had set an all-time intraday high before pulling back to end in the red, with a drop in technology stocks weighing.\nU.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose after dropping more than 1% earlier in the morning. The move came after theWhite House announced it would be releasing a total of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply.\nShares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.\nFederal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’spreviously telegraphed monetary policy framework would remain in place with Powell's reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.\n“Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist,told Yahoo Finance Live.“But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”\nPresident Joe Biden also nominated Fed Governor Lael Brainard – previously viewed as a potential candidate for the Fed Chair position to replace Powell — as Vice Chair of the Board of Governors for the Fed. With these two nominations in place, market participants have turned their attention to who might fill he three vacant and soon-to-be vacant seats on the Fed Board, which includes the key Vice Chair for Supervision role. Biden said in a press statement Monday morning he expected to announce those appointments “beginning in early December.”\n“Political decisions like this are competitions between affinity — you like someone in your own party — and convenience — what can you get the Senate to do for you, and will markets receive it well? You have to view the Powell-Brainard picks as part … of a bigger package,” Vincent Reinhart, Dreyfus-Mellon chief economist and macro strategist,told Yahoo Finance Live.“The White House is going to have three new governors to appoint, and presumably that’s going to tilt more progressive. So bottom-line, six months from now, the group of people that Chair Powell has to wrangle to make decisions is going to be more dovish than it is today.”","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875969658,"gmtCreate":1637594860502,"gmtModify":1637594860655,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875969658","repostId":"1170837254","repostType":4,"repost":{"id":"1170837254","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637594462,"share":"https://www.laohunote.com/m/news/1170837254?lang=zh_CN&edition=full","pubTime":"2021-11-22 23:21","market":"us","language":"en","title":"NIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170837254","media":"Tiger Newspress","summary":"NIO shares rose more than 10% in early trading.Nio Inc plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc’s Model S sedan.","content":"<p>NIO&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;10%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/709a7939cec9f7c36227189c8c1eb12f\" tg-width=\"871\" tg-height=\"627\" width=\"100%\" height=\"auto\"><b>Nio Inc</b>&nbsp;plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.</p><p><blockquote>蔚来股价早盘上涨超过10%。<b>蔚来公司</b>CNEVPORT 援引该车型团队的话报道称，计划从 1 月中旬开始接受电动轿车 ET7 的预订。</blockquote></p><p> The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.</p><p><blockquote>ET7 是蔚来电动汽车阵容中第四款上市的车型。</blockquote></p><p> Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it&nbsp;is expected to compete with&nbsp;<b>Tesla Inc’s</b>&nbsp;Model S sedan.</p><p><blockquote>蔚来于今年 1 月在公司年会上推出了旗舰轿车 ET7，配备了第二代电力驱动系统，预计将与<b>特斯拉公司</b>S型轿车。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO shares rose more than 10% in early trading<blockquote>蔚来股价早盘上涨超过10%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-22 23:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NIO&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;10%&nbsp;in&nbsp;early&nbsp;trading.<img src=\"https://static.tigerbbs.com/709a7939cec9f7c36227189c8c1eb12f\" tg-width=\"871\" tg-height=\"627\" width=\"100%\" height=\"auto\"><b>Nio Inc</b>&nbsp;plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.</p><p><blockquote>蔚来股价早盘上涨超过10%。<b>蔚来公司</b>CNEVPORT 援引该车型团队的话报道称，计划从 1 月中旬开始接受电动轿车 ET7 的预订。</blockquote></p><p> The ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.</p><p><blockquote>ET7 是蔚来电动汽车阵容中第四款上市的车型。</blockquote></p><p> Nio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it&nbsp;is expected to compete with&nbsp;<b>Tesla Inc’s</b>&nbsp;Model S sedan.</p><p><blockquote>蔚来于今年 1 月在公司年会上推出了旗舰轿车 ET7，配备了第二代电力驱动系统，预计将与<b>特斯拉公司</b>S型轿车。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170837254","content_text":"NIO shares rose more than 10% in early trading.Nio Inc plans to begin taking bookings for its electric sedan ET7 from mid-January onwards, cnEVportreported, citing the team working on the model.\nThe ET7 is the fourth vehicle to go on sale from Nio’s lineup of electric vehicles.\nNio launched the flagship sedan ET7 in January at the company’s annual day, complete with its second-generation electric drive system, and it is expected to compete with Tesla Inc’s Model S sedan.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847994837,"gmtCreate":1636470825221,"gmtModify":1636470825612,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847994837","repostId":"1105674649","repostType":4,"repost":{"id":"1105674649","kind":"news","pubTimestamp":1636459675,"share":"https://www.laohunote.com/m/news/1105674649?lang=zh_CN&edition=full","pubTime":"2021-11-09 20:07","market":"us","language":"en","title":"Palantir Expects 40% Revenue Growth in FY 2021; Q3 US Commercial Revenue up 103% Y/Y<blockquote>Palantir 预计 2021 财年收入增长 40%；第三季度美国商业收入同比增长103%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105674649","media":"businesswire","summary":"Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended","content":"<p>Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended September 30, 2021.</p><p><blockquote>Palantir Technologies Inc.（纽约证券交易所股票代码：PLTR）今天公布了截至2021年9月30日的第三季度财务业绩。</blockquote></p><p> <b>Q3 2021 Highlights</b></p><p><blockquote><b>2021 年第三季度亮点</b></blockquote></p><p> <ul>  <li>Total revenue grew 36% year-over-year to $392 million</li>  <li>Added 34 net new customers in Q3</li>  <li>Commercial customer count grew 46% quarter-over-quarter</li>  <li>US commercial revenue grew 103% year-over-year</li>  <li>Cash flow from operations of $101 million, representing a 26% margin</li>  <li>Adjusted free cash flow of $119 million, representing a 30% margin</li>  <li>Closed 54 deals of $1 million or more, of which:</li>  <li>Total remaining deal value grew 50% year-over-year to $3.6 billion</li>  <li>GAAP net loss per share, diluted of $(0.05)</li>  <li>Adjusted earnings per share, diluted of $0.04</li> </ul> <b>Q1-Q3 2021 Highlights</b></p><p><blockquote><ul><li>总收入同比增长 36% 至 3.92 亿美元</li><li>第三季度净增34家新客户</li><li>商业客户数量环比增长 46%</li><li>美国商业收入同比增长103%</li><li>经营现金流为 1.01 亿美元，利润率为 26%</li><li>调整后自由现金流为 1.19 亿美元，利润率为 30%</li><li>完成 54 笔 100 万美元或以上的交易，其中：</li><li>剩余交易总价值同比增长 50%，达到 36 亿美元</li><li>GAAP 稀释后每股净亏损为 $(0.05)</li><li>调整后每股收益（稀释后）为 0.04 美元</li></ul><b>2021年第一季度至第三季度亮点</b></blockquote></p><p> <ul>  <li>Total revenue grew 44% year-over-year to $1.1 billion</li>  <li>Commercial customer count increased 135% since December 31, 2020</li>  <li>Cash flow from operations of $240 million, representing a 22% margin</li>  <li>Adjusted free cash flow of $320 million, representing a 29% margin</li> </ul> <b>Q3 2021 Financial Summary</b></p><p><blockquote><ul><li>总收入同比增长 44% 至 11 亿美元</li><li>自2020年12月31日以来，商业客户数量增加了135%</li><li>经营现金流为 2.4 亿美元，利润率为 22%</li><li>调整后自由现金流为 3.2 亿美元，利润率为 29%</li></ul><b>2021 年第三季度财务摘要</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/658b280b0509d4e5fe970e5de61570e5\" tg-width=\"985\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> <b>Outlook</b></p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table><b>世界观</b></blockquote></p><p> For Q4 2021, we expect:</p><p><blockquote>2021 年第四季度，我们预计：</blockquote></p><p> <ul>  <li>$418 million in revenue.</li>  <li>Adjusted operating margin of 22%.</li> </ul> For full year 2021:</p><p><blockquote><ul><li>收入4.18亿美元。</li><li>调整后营业利润率为 22%。</li></ul>二零二一年全年：</blockquote></p><p> <ul>  <li>We expect revenue growth of 40% to $1.527 billion.</li>  <li>We are raising our outlook for adjusted free cash flow to in excess of $400 million, up from in excess of $300 million.</li> </ul> Per long-term guidance policy, as provided by our Chief Executive Officer, Alex Karp, we continue to expect:</p><p><blockquote><ul><li>我们预计收入将增长 40%，达到 15.27 亿美元。</li><li>我们将调整后自由现金流的预期从超过 3 亿美元上调至超过 4 亿美元。</li></ul>根据我们首席执行官 Alex Karp 提供的长期指导政策，我们继续预计：</blockquote></p><p> <ul>  <li>Annual revenue growth of 30% or greater for 2021 through 2025.</li> </ul> Palantir&nbsp;shares&nbsp;once&nbsp;rose&nbsp;nearly&nbsp;5%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca256a464d04c12064d041bcfbdf1049\" tg-width=\"894\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>从2021年到2025年，年收入增长30%或更高。</li></ul>Palantir 股价在盘前交易中一度上涨近 5%。</blockquote></p><p></p>","source":"lsy1584686423112","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>Palantir Expects 40% Revenue Growth in FY 2021; Q3 US Commercial Revenue up 103% Y/Y<blockquote>Palantir 预计 2021 财年收入增长 40%；第三季度美国商业收入同比增长103%</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\">\nPalantir Expects 40% Revenue Growth in FY 2021; Q3 US Commercial Revenue up 103% Y/Y<blockquote>Palantir 预计 2021 财年收入增长 40%；第三季度美国商业收入同比增长103%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">businesswire</strong><span class=\"h-time small\">2021-11-09 20:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended September 30, 2021.</p><p><blockquote>Palantir Technologies Inc.（纽约证券交易所股票代码：PLTR）今天公布了截至2021年9月30日的第三季度财务业绩。</blockquote></p><p> <b>Q3 2021 Highlights</b></p><p><blockquote><b>2021 年第三季度亮点</b></blockquote></p><p> <ul>  <li>Total revenue grew 36% year-over-year to $392 million</li>  <li>Added 34 net new customers in Q3</li>  <li>Commercial customer count grew 46% quarter-over-quarter</li>  <li>US commercial revenue grew 103% year-over-year</li>  <li>Cash flow from operations of $101 million, representing a 26% margin</li>  <li>Adjusted free cash flow of $119 million, representing a 30% margin</li>  <li>Closed 54 deals of $1 million or more, of which:</li>  <li>Total remaining deal value grew 50% year-over-year to $3.6 billion</li>  <li>GAAP net loss per share, diluted of $(0.05)</li>  <li>Adjusted earnings per share, diluted of $0.04</li> </ul> <b>Q1-Q3 2021 Highlights</b></p><p><blockquote><ul><li>总收入同比增长 36% 至 3.92 亿美元</li><li>第三季度净增34家新客户</li><li>商业客户数量环比增长 46%</li><li>美国商业收入同比增长103%</li><li>经营现金流为 1.01 亿美元，利润率为 26%</li><li>调整后自由现金流为 1.19 亿美元，利润率为 30%</li><li>完成 54 笔 100 万美元或以上的交易，其中：</li><li>剩余交易总价值同比增长 50%，达到 36 亿美元</li><li>GAAP 稀释后每股净亏损为 $(0.05)</li><li>调整后每股收益（稀释后）为 0.04 美元</li></ul><b>2021年第一季度至第三季度亮点</b></blockquote></p><p> <ul>  <li>Total revenue grew 44% year-over-year to $1.1 billion</li>  <li>Commercial customer count increased 135% since December 31, 2020</li>  <li>Cash flow from operations of $240 million, representing a 22% margin</li>  <li>Adjusted free cash flow of $320 million, representing a 29% margin</li> </ul> <b>Q3 2021 Financial Summary</b></p><p><blockquote><ul><li>总收入同比增长 44% 至 11 亿美元</li><li>自2020年12月31日以来，商业客户数量增加了135%</li><li>经营现金流为 2.4 亿美元，利润率为 22%</li><li>调整后自由现金流为 3.2 亿美元，利润率为 29%</li></ul><b>2021 年第三季度财务摘要</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/658b280b0509d4e5fe970e5de61570e5\" tg-width=\"985\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> <b>Outlook</b></p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table><b>世界观</b></blockquote></p><p> For Q4 2021, we expect:</p><p><blockquote>2021 年第四季度，我们预计：</blockquote></p><p> <ul>  <li>$418 million in revenue.</li>  <li>Adjusted operating margin of 22%.</li> </ul> For full year 2021:</p><p><blockquote><ul><li>收入4.18亿美元。</li><li>调整后营业利润率为 22%。</li></ul>二零二一年全年：</blockquote></p><p> <ul>  <li>We expect revenue growth of 40% to $1.527 billion.</li>  <li>We are raising our outlook for adjusted free cash flow to in excess of $400 million, up from in excess of $300 million.</li> </ul> Per long-term guidance policy, as provided by our Chief Executive Officer, Alex Karp, we continue to expect:</p><p><blockquote><ul><li>我们预计收入将增长 40%，达到 15.27 亿美元。</li><li>我们将调整后自由现金流的预期从超过 3 亿美元上调至超过 4 亿美元。</li></ul>根据我们首席执行官 Alex Karp 提供的长期指导政策，我们继续预计：</blockquote></p><p> <ul>  <li>Annual revenue growth of 30% or greater for 2021 through 2025.</li> </ul> Palantir&nbsp;shares&nbsp;once&nbsp;rose&nbsp;nearly&nbsp;5%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca256a464d04c12064d041bcfbdf1049\" tg-width=\"894\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>从2021年到2025年，年收入增长30%或更高。</li></ul>Palantir 股价在盘前交易中一度上涨近 5%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesswire.com/news/home/20211109005487/en/Palantir-Expects-40-Revenue-Growth-in-FY-2021-Q3-US-Commercial-Revenue-up-103-YY\">businesswire</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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://www.businesswire.com/news/home/20211109005487/en/Palantir-Expects-40-Revenue-Growth-in-FY-2021-Q3-US-Commercial-Revenue-up-103-YY","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105674649","content_text":"Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended September 30, 2021.\nQ3 2021 Highlights\n\nTotal revenue grew 36% year-over-year to $392 million\nAdded 34 net new customers in Q3\nCommercial customer count grew 46% quarter-over-quarter\nUS commercial revenue grew 103% year-over-year\nCash flow from operations of $101 million, representing a 26% margin\nAdjusted free cash flow of $119 million, representing a 30% margin\nClosed 54 deals of $1 million or more, of which:\nTotal remaining deal value grew 50% year-over-year to $3.6 billion\nGAAP net loss per share, diluted of $(0.05)\nAdjusted earnings per share, diluted of $0.04\n\nQ1-Q3 2021 Highlights\n\nTotal revenue grew 44% year-over-year to $1.1 billion\nCommercial customer count increased 135% since December 31, 2020\nCash flow from operations of $240 million, representing a 22% margin\nAdjusted free cash flow of $320 million, representing a 29% margin\n\nQ3 2021 Financial Summary\n\n\n\n\n\n\n\nOutlook\nFor Q4 2021, we expect:\n\n$418 million in revenue.\nAdjusted operating margin of 22%.\n\nFor full year 2021:\n\nWe expect revenue growth of 40% to $1.527 billion.\nWe are raising our outlook for adjusted free cash flow to in excess of $400 million, up from in excess of $300 million.\n\nPer long-term guidance policy, as provided by our Chief Executive Officer, Alex Karp, we continue to expect:\n\nAnnual revenue growth of 30% or greater for 2021 through 2025.\n\nPalantir shares once rose nearly 5% in premarket trading.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842031056,"gmtCreate":1636119837177,"gmtModify":1636119837519,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842031056","repostId":"1156660858","repostType":4,"repost":{"id":"1156660858","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":1636113788,"share":"https://www.laohunote.com/m/news/1156660858?lang=zh_CN&edition=full","pubTime":"2021-11-05 20:03","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156660858","media":"Tiger Newspress","summary":"Futures tracking the S&P 500 and Nasdaq indexes hit a record high on Friday, boosted by a batch of s","content":"<p>Futures tracking the S&amp;P 500 and Nasdaq indexes hit a record high on Friday, boosted by a batch of strong earnings reports and Pfizer, while investors looked to monthly employment data for clues on the pace of economic growth.</p><p><blockquote>追踪标普500和纳斯达克指数的期货周五创下历史新高，受到一批强劲财报和辉瑞公司的提振，而投资者则从月度就业数据中寻找经济增长速度的线索。</blockquote></p><p> At 08:00 a.m. ET, Dow e-minis were up 54 points, or 0.15%, S&amp;P 500 e-minis were up 10.75 points, or 0.23%, and Nasdaq 100 e-minis were up 23.75 points, or 0.15%.</p><p><blockquote>美国东部时间上午 08:00，道琼斯电子迷你指数上涨 54 点，涨幅 0.15%，标普500电子迷你指数上涨 10.75 点，涨幅 0.23%，纳斯达克 100 电子迷你指数上涨 23.75 点，涨幅 0.15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e1332bf1b10c768776f84a7da4d481e\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Travel stocks rose following the news, with American Airline , United Airlines, Delta Air Lines, cruise operators Carnival Corp and Norwegian Cruise rising between 2% and 4%.</p><p><blockquote>消息传出后，旅游股上涨，美国航空、联合航空、达美航空、邮轮运营商嘉年华公司和挪威邮轮上涨 2% 至 4%。</blockquote></p><p> The U.S. economy added more jobs than expected in October while the unemployment rate fell to 4.6%, the Labor Department reported Friday.Nonfarm payrolls increased by 531,000 for the month, compared to the Dow Jones estimate of 450,000. The unemployment rate had been expected to edge down to 4.7%.</p><p><blockquote>美国劳工部周五报告称，10 月份美国经济新增就业岗位超出预期，失业率降至 4.6%。当月非农就业人数增加 53.1 万人，而道琼斯预期为 45 万人。失业率预计将小幅下降至4.7%。</blockquote></p><p> Meanwhile, the U.S. House of Representatives is expected to vote on Friday on the social policy and climate-change bill and a bipartisan infrastructure bill.</p><p><blockquote>与此同时，美国众议院预计将于周五就社会政策和气候变化法案以及两党基础设施法案进行投票。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b>Pfizer(PFE)</b> – The drug maker's shares surged 10.4% in premarket trading after a study showed that its experimental Covid-19 antiviral pill reduced the risk of hospitalization and death by nearly 90%. Pfizer said it will ask regulators to approve the pill as soon as possible.</p><p><blockquote><b>辉瑞(PFE)</b>– 一项研究显示，该制药商的实验性 Covid-19 抗病毒药丸可将住院和死亡风险降低近 90%，该制药商的股价在盘前交易中飙升 10.4%。辉瑞公司表示，将要求监管机构尽快批准该药丸。</blockquote></p><p> <b>DraftKings(DKNG)</b> – The sports betting company’s stock slid 10% in the premarket after it reported a wider-than-expected loss and revenue that fell short of Street forecasts. DraftKings did raise the midpoint of its fiscal 2021 revenue guidance and said it expected a strong 2022.</p><p><blockquote><b>DraftKings（DKNG）</b>- 这家体育博彩公司的股价在盘前下跌了 10%，此前该公司公布的亏损幅度超出预期，收入也低于华尔街的预测。DraftKings 确实提高了 2021 财年收入指引的中点，并表示预计 2022 年将表现强劲。</blockquote></p><p> <b>Nvidia(NVDA)&nbsp;</b>–&nbsp;Nvidia shares rose&nbsp;3% in premarket trading Friday&nbsp;after a 12% rise yesterday.Well Fargo Securities analyst Aaron Rakers reiterated an Overweight rating on Nvidia and bumped up the price target from $245 to $320.</p><p><blockquote><b>英伟达(NVDA)</b>– 继昨天上涨 12% 后，英伟达股价在周五盘前交易中上涨 3%。富国银行证券分析师 Aaron Rakers 重申了英伟达的跑赢大盘评级，并将目标价从 245 美元上调至 320 美元。</blockquote></p><p> <b>Peloton(PTON)</b> – Peloton tumbled 33% in the premarket after the fitness equipment maker slashed its full-year sales forecast by $1 billion, amid slowing demand for bikes and treadmills. Peloton also reported a quarterly loss of $1.21 per share, wider than the $1.07 loss expected by analysts, and revenue fell short of estimates as well.</p><p><blockquote><b>排(PTON)</b>– 由于自行车和跑步机需求放缓，这家健身器材制造商将全年销售预期下调了 10 亿美元，Peloton 在盘前暴跌 33%。Peloton 还公布季度亏损每股 1.21 美元，高于分析师预期的 1.07 美元亏损，收入也低于预期。</blockquote></p><p> <b>Expedia(EXPE)</b> – Expedia earned an adjusted $3.53 per share for its latest quarter, well above the $1.65 consensus estimate. Revenue was also higher than expected, with the travel services company benefiting from the surge in travel demand. Expedia soared 13.7% in premarket trading.</p><p><blockquote><b>Expedia</b>– Expedia 最新季度调整后每股收益为 3.53 美元，远高于市场普遍预期的 1.65 美元。收入也高于预期，这家旅游服务公司受益于旅游需求的激增。Expedia 在盘前交易中飙升 13.7%。</blockquote></p><p> <b>Airbnb(ABNB)</b> – Airbnb rallied 5.9% in the premarket as the travel-demand surge lifted sales and earnings beyond Wall Street forecasts. Airbnb earned $1.22 per share for its latest quarter, beating the $0.75 consensus estimate, with sales coming in at a record high. The company also said it expects a strong holiday season.</p><p><blockquote><b>爱彼迎(ABNB)</b>– 由于旅游需求激增提振销售额和盈利超出华尔街预期，爱彼迎在盘前上涨 5.9%。爱彼迎最新季度每股收益为 1.22 美元，超过市场普遍预期的 0.75 美元，销售额创历史新高。该公司还表示，预计假日季将非常强劲。</blockquote></p><p> <b>Uber Technologies(UBER) </b>– Uber reported its first profitable quarter on an adjusted basis, thanks to upbeat performances by its ride-sharing and food delivery services. It did post an overall loss due to the drop in value of its stake in China ride-hailing company&nbsp;Didi(DIDI). Uber rose 2.5% in premarket trading.</p><p><blockquote><b>优步科技（UBER）</b>– Uber 公布了调整后的第一个季度盈利，这得益于其拼车和送餐服务的乐观表现。由于其持有的中国网约车公司滴滴（DIDI）股份价值下降，该公司确实出现了整体亏损。Uber 在盘前交易中上涨 2.5%。</blockquote></p><p> <b>Pinterest(PINS)</b> – Pinterest came in 5 cents above estimates with an adjusted quarterly profit of 28 cents per share, and the image-sharing site operator’s revenue also topped analyst forecasts. It is also predicting an upbeat current quarter as the online retailer spends more on holiday season ads. Pinterest jumped 3.8% in premarket action.</p><p><blockquote><b>Pinterest（针）</b>- Pinterest的调整后季度利润为每股 28 美分，比预期高出 5 美分，这家图片共享网站运营商的收入也超出了分析师的预期。它还预测本季度将乐观，因为这家在线零售商在假日广告上的支出增加。Pinterest在盘前交易中上涨 3.8%。</blockquote></p><p> <b>Square(SQ)</b> -Square matched estimates with quarterly earnings of 37 cents per share, while the mobile payments company’s revenue missed forecasts. Square did see a nearly 60% rise in profit from a year earlier, thanks in large part to a surge in bitcoin transactions, but the stock dropped 3.5% in premarket trading.</p><p><blockquote><b>正方形</b>-Square 的季度收益为每股 37 美分，符合预期，而这家移动支付公司的收入低于预期。Square 的利润确实比去年同期增长了近 60%，这在很大程度上要归功于比特币交易的激增，但该股在盘前交易中下跌了 3.5%。</blockquote></p><p> <b>Canopy Growth(CGC)</b> – The Canadian cannabis producer lost 3 cents per share for its latest quarter, smaller than the 20-cent loss expected by analysts. However, revenue fell short of estimates and the company flagged slower-than-expected revenue growth for the second half of fiscal 2022. The stock fell 2.7% in the premarket.</p><p><blockquote><b>冠层生长(CGC)</b>– 这家加拿大大麻生产商最近一个季度每股亏损 3 美分，低于分析师预期的 20 美分亏损。然而，收入低于预期，该公司 2022 财年下半年的收入增长低于预期。该股盘前下跌2.7%。</blockquote></p><p> <b>Shake Shack(SHAK)</b> – Shake Shack reported a quarterly loss of 5 cents per share, 1 cent less than Wall Street had anticipated, but the restaurant chain’s sales missed analyst forecasts. Despite the revenue miss, Shake Shack rallied 7.6% in the premarket.</p><p><blockquote><b>摇晃小屋（摇晃）</b>- Shake Shack 公布的季度亏损为每股 5 美分，比华尔街预期少 1 美分，但这家连锁餐厅的销售额低于分析师的预测。尽管收入低迷，Shake Shack 在盘前仍上涨了 7.6%。</blockquote></p><p> <b>Canada Goose(GOOS)</b> – The outerwear maker reported an unexpected profit for its latest quarter along with better-than-expected revenue, and also raised its full-year forecast. Canada Goose also said it’s seeing an indication of a strong winter season, and shares jumped 7.4% in the premarket.</p><p><blockquote><b>加拿大鹅</b>– 这家外套制造商公布了最新季度的意外利润以及好于预期的收入，并上调了全年预测。Canada Goose 还表示，它看到了冬季强劲的迹象，股价在盘前大涨 7.4%。</blockquote></p><p></p><p> <b>Live Nation Entertainment(LYV) </b>– Live Nation shares rallied 5.4% in premarket action after the event promoter returned to profit amid a sales surge as live events returned. Results exceeded analyst estimates.</p><p><blockquote><b>Live Nation Entertainment（LYV）</b>– 随着现场活动的回归，活动发起人在销售额激增的情况下恢复盈利，Live Nation 股价在盘前上涨 5.4%。结果超出了分析师的预期。</blockquote></p><p> <b>Lions Gate Entertainment(LGF)</b> – The movie and tv studio is considering a sale or spin-off of its Starz premium cable channel, saying it sees the potential to unlock significant shareholder value. The stock surged 15.1% in the premarket.</p><p><blockquote><b>狮门娱乐 (LGF)</b>– 这家电影和电视工作室正在考虑出售或分拆其 Starz 付费有线电视频道，并表示它看到了释放巨大股东价值的潜力。该股盘前飙升15.1%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-05 20:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Futures tracking the S&amp;P 500 and Nasdaq indexes hit a record high on Friday, boosted by a batch of strong earnings reports and Pfizer, while investors looked to monthly employment data for clues on the pace of economic growth.</p><p><blockquote>追踪标普500和纳斯达克指数的期货周五创下历史新高，受到一批强劲财报和辉瑞公司的提振，而投资者则从月度就业数据中寻找经济增长速度的线索。</blockquote></p><p> At 08:00 a.m. ET, Dow e-minis were up 54 points, or 0.15%, S&amp;P 500 e-minis were up 10.75 points, or 0.23%, and Nasdaq 100 e-minis were up 23.75 points, or 0.15%.</p><p><blockquote>美国东部时间上午 08:00，道琼斯电子迷你指数上涨 54 点，涨幅 0.15%，标普500电子迷你指数上涨 10.75 点，涨幅 0.23%，纳斯达克 100 电子迷你指数上涨 23.75 点，涨幅 0.15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1e1332bf1b10c768776f84a7da4d481e\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Travel stocks rose following the news, with American Airline , United Airlines, Delta Air Lines, cruise operators Carnival Corp and Norwegian Cruise rising between 2% and 4%.</p><p><blockquote>消息传出后，旅游股上涨，美国航空、联合航空、达美航空、邮轮运营商嘉年华公司和挪威邮轮上涨 2% 至 4%。</blockquote></p><p> The U.S. economy added more jobs than expected in October while the unemployment rate fell to 4.6%, the Labor Department reported Friday.Nonfarm payrolls increased by 531,000 for the month, compared to the Dow Jones estimate of 450,000. The unemployment rate had been expected to edge down to 4.7%.</p><p><blockquote>美国劳工部周五报告称，10 月份美国经济新增就业岗位超出预期，失业率降至 4.6%。当月非农就业人数增加 53.1 万人，而道琼斯预期为 45 万人。失业率预计将小幅下降至4.7%。</blockquote></p><p> Meanwhile, the U.S. House of Representatives is expected to vote on Friday on the social policy and climate-change bill and a bipartisan infrastructure bill.</p><p><blockquote>与此同时，美国众议院预计将于周五就社会政策和气候变化法案以及两党基础设施法案进行投票。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b>Pfizer(PFE)</b> – The drug maker's shares surged 10.4% in premarket trading after a study showed that its experimental Covid-19 antiviral pill reduced the risk of hospitalization and death by nearly 90%. Pfizer said it will ask regulators to approve the pill as soon as possible.</p><p><blockquote><b>辉瑞(PFE)</b>– 一项研究显示，该制药商的实验性 Covid-19 抗病毒药丸可将住院和死亡风险降低近 90%，该制药商的股价在盘前交易中飙升 10.4%。辉瑞公司表示，将要求监管机构尽快批准该药丸。</blockquote></p><p> <b>DraftKings(DKNG)</b> – The sports betting company’s stock slid 10% in the premarket after it reported a wider-than-expected loss and revenue that fell short of Street forecasts. DraftKings did raise the midpoint of its fiscal 2021 revenue guidance and said it expected a strong 2022.</p><p><blockquote><b>DraftKings（DKNG）</b>- 这家体育博彩公司的股价在盘前下跌了 10%，此前该公司公布的亏损幅度超出预期，收入也低于华尔街的预测。DraftKings 确实提高了 2021 财年收入指引的中点，并表示预计 2022 年将表现强劲。</blockquote></p><p> <b>Nvidia(NVDA)&nbsp;</b>–&nbsp;Nvidia shares rose&nbsp;3% in premarket trading Friday&nbsp;after a 12% rise yesterday.Well Fargo Securities analyst Aaron Rakers reiterated an Overweight rating on Nvidia and bumped up the price target from $245 to $320.</p><p><blockquote><b>英伟达(NVDA)</b>– 继昨天上涨 12% 后，英伟达股价在周五盘前交易中上涨 3%。富国银行证券分析师 Aaron Rakers 重申了英伟达的跑赢大盘评级，并将目标价从 245 美元上调至 320 美元。</blockquote></p><p> <b>Peloton(PTON)</b> – Peloton tumbled 33% in the premarket after the fitness equipment maker slashed its full-year sales forecast by $1 billion, amid slowing demand for bikes and treadmills. Peloton also reported a quarterly loss of $1.21 per share, wider than the $1.07 loss expected by analysts, and revenue fell short of estimates as well.</p><p><blockquote><b>排(PTON)</b>– 由于自行车和跑步机需求放缓，这家健身器材制造商将全年销售预期下调了 10 亿美元，Peloton 在盘前暴跌 33%。Peloton 还公布季度亏损每股 1.21 美元，高于分析师预期的 1.07 美元亏损，收入也低于预期。</blockquote></p><p> <b>Expedia(EXPE)</b> – Expedia earned an adjusted $3.53 per share for its latest quarter, well above the $1.65 consensus estimate. Revenue was also higher than expected, with the travel services company benefiting from the surge in travel demand. Expedia soared 13.7% in premarket trading.</p><p><blockquote><b>Expedia</b>– Expedia 最新季度调整后每股收益为 3.53 美元，远高于市场普遍预期的 1.65 美元。收入也高于预期，这家旅游服务公司受益于旅游需求的激增。Expedia 在盘前交易中飙升 13.7%。</blockquote></p><p> <b>Airbnb(ABNB)</b> – Airbnb rallied 5.9% in the premarket as the travel-demand surge lifted sales and earnings beyond Wall Street forecasts. Airbnb earned $1.22 per share for its latest quarter, beating the $0.75 consensus estimate, with sales coming in at a record high. The company also said it expects a strong holiday season.</p><p><blockquote><b>爱彼迎(ABNB)</b>– 由于旅游需求激增提振销售额和盈利超出华尔街预期，爱彼迎在盘前上涨 5.9%。爱彼迎最新季度每股收益为 1.22 美元，超过市场普遍预期的 0.75 美元，销售额创历史新高。该公司还表示，预计假日季将非常强劲。</blockquote></p><p> <b>Uber Technologies(UBER) </b>– Uber reported its first profitable quarter on an adjusted basis, thanks to upbeat performances by its ride-sharing and food delivery services. It did post an overall loss due to the drop in value of its stake in China ride-hailing company&nbsp;Didi(DIDI). Uber rose 2.5% in premarket trading.</p><p><blockquote><b>优步科技（UBER）</b>– Uber 公布了调整后的第一个季度盈利，这得益于其拼车和送餐服务的乐观表现。由于其持有的中国网约车公司滴滴（DIDI）股份价值下降，该公司确实出现了整体亏损。Uber 在盘前交易中上涨 2.5%。</blockquote></p><p> <b>Pinterest(PINS)</b> – Pinterest came in 5 cents above estimates with an adjusted quarterly profit of 28 cents per share, and the image-sharing site operator’s revenue also topped analyst forecasts. It is also predicting an upbeat current quarter as the online retailer spends more on holiday season ads. Pinterest jumped 3.8% in premarket action.</p><p><blockquote><b>Pinterest（针）</b>- Pinterest的调整后季度利润为每股 28 美分，比预期高出 5 美分，这家图片共享网站运营商的收入也超出了分析师的预期。它还预测本季度将乐观，因为这家在线零售商在假日广告上的支出增加。Pinterest在盘前交易中上涨 3.8%。</blockquote></p><p> <b>Square(SQ)</b> -Square matched estimates with quarterly earnings of 37 cents per share, while the mobile payments company’s revenue missed forecasts. Square did see a nearly 60% rise in profit from a year earlier, thanks in large part to a surge in bitcoin transactions, but the stock dropped 3.5% in premarket trading.</p><p><blockquote><b>正方形</b>-Square 的季度收益为每股 37 美分，符合预期，而这家移动支付公司的收入低于预期。Square 的利润确实比去年同期增长了近 60%，这在很大程度上要归功于比特币交易的激增，但该股在盘前交易中下跌了 3.5%。</blockquote></p><p> <b>Canopy Growth(CGC)</b> – The Canadian cannabis producer lost 3 cents per share for its latest quarter, smaller than the 20-cent loss expected by analysts. However, revenue fell short of estimates and the company flagged slower-than-expected revenue growth for the second half of fiscal 2022. The stock fell 2.7% in the premarket.</p><p><blockquote><b>冠层生长(CGC)</b>– 这家加拿大大麻生产商最近一个季度每股亏损 3 美分，低于分析师预期的 20 美分亏损。然而，收入低于预期，该公司 2022 财年下半年的收入增长低于预期。该股盘前下跌2.7%。</blockquote></p><p> <b>Shake Shack(SHAK)</b> – Shake Shack reported a quarterly loss of 5 cents per share, 1 cent less than Wall Street had anticipated, but the restaurant chain’s sales missed analyst forecasts. Despite the revenue miss, Shake Shack rallied 7.6% in the premarket.</p><p><blockquote><b>摇晃小屋（摇晃）</b>- Shake Shack 公布的季度亏损为每股 5 美分，比华尔街预期少 1 美分，但这家连锁餐厅的销售额低于分析师的预测。尽管收入低迷，Shake Shack 在盘前仍上涨了 7.6%。</blockquote></p><p> <b>Canada Goose(GOOS)</b> – The outerwear maker reported an unexpected profit for its latest quarter along with better-than-expected revenue, and also raised its full-year forecast. Canada Goose also said it’s seeing an indication of a strong winter season, and shares jumped 7.4% in the premarket.</p><p><blockquote><b>加拿大鹅</b>– 这家外套制造商公布了最新季度的意外利润以及好于预期的收入，并上调了全年预测。Canada Goose 还表示，它看到了冬季强劲的迹象，股价在盘前大涨 7.4%。</blockquote></p><p></p><p> <b>Live Nation Entertainment(LYV) </b>– Live Nation shares rallied 5.4% in premarket action after the event promoter returned to profit amid a sales surge as live events returned. Results exceeded analyst estimates.</p><p><blockquote><b>Live Nation Entertainment（LYV）</b>– 随着现场活动的回归，活动发起人在销售额激增的情况下恢复盈利，Live Nation 股价在盘前上涨 5.4%。结果超出了分析师的预期。</blockquote></p><p> <b>Lions Gate Entertainment(LGF)</b> – The movie and tv studio is considering a sale or spin-off of its Starz premium cable channel, saying it sees the potential to unlock significant shareholder value. The stock surged 15.1% in the premarket.</p><p><blockquote><b>狮门娱乐 (LGF)</b>– 这家电影和电视工作室正在考虑出售或分拆其 Starz 付费有线电视频道，并表示它看到了释放巨大股东价值的潜力。该股盘前飙升15.1%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LYV":"Live Nation Entertainment",".SPX":"S&P 500 Index","PINS":"Pinterest, Inc.","NVDA":"英伟达","GOOS":"加拿大鹅","PTON":"Peloton Interactive, Inc.","DKNG":"DraftKings Inc.","EXPE":"Expedia","PFE":"辉瑞",".DJI":"道琼斯","UBER":"优步",".IXIC":"NASDAQ Composite","CGC":"Canopy Growth Corporation","SHAK":"Shake Shack Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156660858","content_text":"Futures tracking the S&P 500 and Nasdaq indexes hit a record high on Friday, boosted by a batch of strong earnings reports and Pfizer, while investors looked to monthly employment data for clues on the pace of economic growth.\nAt 08:00 a.m. ET, Dow e-minis were up 54 points, or 0.15%, S&P 500 e-minis were up 10.75 points, or 0.23%, and Nasdaq 100 e-minis were up 23.75 points, or 0.15%.\n\nTravel stocks rose following the news, with American Airline , United Airlines, Delta Air Lines, cruise operators Carnival Corp and Norwegian Cruise rising between 2% and 4%.\nThe U.S. economy added more jobs than expected in October while the unemployment rate fell to 4.6%, the Labor Department reported Friday.Nonfarm payrolls increased by 531,000 for the month, compared to the Dow Jones estimate of 450,000. The unemployment rate had been expected to edge down to 4.7%.\nMeanwhile, the U.S. House of Representatives is expected to vote on Friday on the social policy and climate-change bill and a bipartisan infrastructure bill.\nStocks making the biggest moves premarket:\nPfizer(PFE) – The drug maker's shares surged 10.4% in premarket trading after a study showed that its experimental Covid-19 antiviral pill reduced the risk of hospitalization and death by nearly 90%. Pfizer said it will ask regulators to approve the pill as soon as possible.\nDraftKings(DKNG) – The sports betting company’s stock slid 10% in the premarket after it reported a wider-than-expected loss and revenue that fell short of Street forecasts. DraftKings did raise the midpoint of its fiscal 2021 revenue guidance and said it expected a strong 2022.\nNvidia(NVDA) – Nvidia shares rose 3% in premarket trading Friday after a 12% rise yesterday.Well Fargo Securities analyst Aaron Rakers reiterated an Overweight rating on Nvidia and bumped up the price target from $245 to $320.\nPeloton(PTON) – Peloton tumbled 33% in the premarket after the fitness equipment maker slashed its full-year sales forecast by $1 billion, amid slowing demand for bikes and treadmills. Peloton also reported a quarterly loss of $1.21 per share, wider than the $1.07 loss expected by analysts, and revenue fell short of estimates as well.\nExpedia(EXPE) – Expedia earned an adjusted $3.53 per share for its latest quarter, well above the $1.65 consensus estimate. Revenue was also higher than expected, with the travel services company benefiting from the surge in travel demand. Expedia soared 13.7% in premarket trading.\nAirbnb(ABNB) – Airbnb rallied 5.9% in the premarket as the travel-demand surge lifted sales and earnings beyond Wall Street forecasts. Airbnb earned $1.22 per share for its latest quarter, beating the $0.75 consensus estimate, with sales coming in at a record high. The company also said it expects a strong holiday season.\nUber Technologies(UBER) – Uber reported its first profitable quarter on an adjusted basis, thanks to upbeat performances by its ride-sharing and food delivery services. It did post an overall loss due to the drop in value of its stake in China ride-hailing company Didi(DIDI). Uber rose 2.5% in premarket trading.\nPinterest(PINS) – Pinterest came in 5 cents above estimates with an adjusted quarterly profit of 28 cents per share, and the image-sharing site operator’s revenue also topped analyst forecasts. It is also predicting an upbeat current quarter as the online retailer spends more on holiday season ads. Pinterest jumped 3.8% in premarket action.\nSquare(SQ) -Square matched estimates with quarterly earnings of 37 cents per share, while the mobile payments company’s revenue missed forecasts. Square did see a nearly 60% rise in profit from a year earlier, thanks in large part to a surge in bitcoin transactions, but the stock dropped 3.5% in premarket trading.\nCanopy Growth(CGC) – The Canadian cannabis producer lost 3 cents per share for its latest quarter, smaller than the 20-cent loss expected by analysts. However, revenue fell short of estimates and the company flagged slower-than-expected revenue growth for the second half of fiscal 2022. The stock fell 2.7% in the premarket.\nShake Shack(SHAK) – Shake Shack reported a quarterly loss of 5 cents per share, 1 cent less than Wall Street had anticipated, but the restaurant chain’s sales missed analyst forecasts. Despite the revenue miss, Shake Shack rallied 7.6% in the premarket.\nCanada Goose(GOOS) – The outerwear maker reported an unexpected profit for its latest quarter along with better-than-expected revenue, and also raised its full-year forecast. Canada Goose also said it’s seeing an indication of a strong winter season, and shares jumped 7.4% in the premarket.\nLive Nation Entertainment(LYV) – Live Nation shares rallied 5.4% in premarket action after the event promoter returned to profit amid a sales surge as live events returned. Results exceeded analyst estimates.\nLions Gate Entertainment(LGF) – The movie and tv studio is considering a sale or spin-off of its Starz premium cable channel, saying it sees the potential to unlock significant shareholder value. The stock surged 15.1% in the premarket.","news_type":1,"symbols_score_info":{".DJI":0.9,"PTON":0.9,"LGF":0.9,"CGC":0.9,"SQ":0.9,"SHAK":0.9,"NQmain":0.9,"ESmain":0.9,"UBER":0.9,"YMmain":0.9,"DKNG":0.9,"EXPE":0.9,"PINS":0.9,"NVDA":0.9,"LYV":0.9,".IXIC":0.9,"GOOS":0.9,".SPX":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848900799,"gmtCreate":1635950924602,"gmtModify":1635950924922,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575328629727225","authorIdStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/848900799","repostId":"1150419485","repostType":4,"isVote":1,"tweetType":1,"viewCount":1246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":806227773,"gmtCreate":1627659487492,"gmtModify":1631892075689,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like thx","listText":"Like thx","text":"Like thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/806227773","repostId":"1135561812","repostType":4,"repost":{"id":"1135561812","kind":"news","pubTimestamp":1627637430,"share":"https://www.laohunote.com/m/news/1135561812?lang=zh_CN&edition=full","pubTime":"2021-07-30 17:30","market":"us","language":"en","title":"AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135561812","media":"seekingalpha","summary":"AMD's margin gains are driven by growing strength in end markets.AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors  and Radeon graphic cards. The uptick in g","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</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>AMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</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\">\nAMD: Still Growing, Still Undervalued<blockquote>AMD：仍在增长，仍被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-30 17:30</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>AMD's margin gains are driven by growing strength in end markets.</li>  <li>AMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.</li>  <li>The semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.</li>  <li>AMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e6e179318de667e33987f1b4a2afb27\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Jay_Zynism/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 的利润率增长是由终端市场不断增长的实力推动的。</li><li>AMD 将 2021 财年的收入指引上调了 $1.0B，毛利率接近 50%。</li><li>即使增长放缓，这家半导体公司明年也可能成为价值 60 亿美元的自由现金流业务。</li><li>AMD 的美元销售额增长比 Nvidia 便宜，而且 AMD 甚至可能增长得更快。</li></ul><p class=\"t-img-caption\"><span>Jay_Zynism/iStock 来自盖蒂图片社</span></p></blockquote></p><p> AMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.</p><p><blockquote>AMD (AMD) 昨天引起了轰动，这家半导体公司公布的增长和利润率甚至好于预期。AMD 的收入加速增长和毛利率的强劲扩张为该股上涨提供了有力的理由。</blockquote></p><p> <b>Why AMD is worth $120</b></p><p><blockquote><b>为什么 AMD 值 120 美元</b></blockquote></p><p> Before I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.</p><p><blockquote>在深入探讨 AMD 的最新业绩之前，让我们快速回顾一下该公司上一季度的业绩指引。AMD 预计 21 年第二季度的收入至少为 35 亿美元，“高情况 ”指导意味着收入环比增长 7%，毛利率为 47%。</blockquote></p><p> I expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.</p><p><blockquote>我预计 AMD 的收入将达到指导的上限（37 亿美元），最低自由现金流为 8.95 亿美元（环比增长 8%），自由现金流利润率为 24%。鉴于高价 Ryzen 台式机和笔记本电脑处理器和 GPU 的销售加速，以及终端市场广泛实力推动的平均售价/平均售价上涨，我预计 AMD 将超出自己的利润率指导，在 21 年第二季度的毛利率为 48%。我还预测，由于 CPU 和 GPU 平均售价的强劲，AMD 的毛利率指引将会更新。我在《AMD: 年自由现金流迈向 50 亿美元》一书中详细阐述了我对 AMD 21 年第二季度收益的预测。</blockquote></p><p> Turning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.</p><p><blockquote>从 AMD 的实际业绩来看，这家半导体公司再次证明了它正在全力以赴。AMD 21 年第二季度收入为 38.5 亿美元，比高端指引高出 1.5 亿美元，环比增长 12%，图形/计算和企业市场的收入势头仍在继续。由于客户端和图形处理器销售额的增长以及平均售价的增强，图形/计算收入环比增长 7%，达到 22.5 亿美元。Enterprise 已成为 AMD 近几个季度销售增长的驱动力，21 年第二季度的收入为 16 亿美元，环比增长 19%。继 AMD 在 21 年第一季度实现 5% 的环比收入增长后，21 年第二季度企业收入继续加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ec3e9d1f0b7d59915f9db8790725803\" tg-width=\"1039\" tg-height=\"587\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> The most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.</p><p><blockquote>不过，AMD 21 年第二季度财报中最有趣的发现是毛利率的趋势。AMD 的毛利率跃升 4 个百分点，达到 48%，比指导高出 1 个百分点，原因是价格较高的 Ryzen 处理器（移动和台式机）和 Radeon 显卡的更好组合。21 年第二季度毛利率的上升标志着 AMD 连续第三个季度利润率扩张，我认为 AMD 还没有看到这一趋势的终结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dca6426ffa1332827a6774554d499c36\" tg-width=\"1048\" tg-height=\"566\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> Turning to cash flow.</p><p><blockquote>转向现金流。</blockquote></p><p> AMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.</p><p><blockquote>AMD 报告的经营活动现金流为 9.52 亿美元，自由现金流为 8.88 亿美元，比我的预期少了 700 万美元，但仍几乎是一年前的六倍。随着 AMD 在计算/图形和企业终端市场继续看到强劲的收入增长，我相信到明年年底，AMD 的自由现金流利润率可能会增长到 30%。AMD 将 2021 财年的收入指引（稍后讨论）上调了 $1.0B，这意味着我也在更新今年和明年的自由现金流预期。</blockquote></p><p> AMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.</p><p><blockquote>AMD 预计今年的收入为 15.6B 美元。假设自由现金流利润率稳定在 23-24%，AMD 预计自由现金流为 $3.6B 至 $3.7B。明年的收入预测尚未更新，但 AMD 在 2022 财年的收入至少应为 200 亿美元（假设同比增长 25%），这意味着明年的自由现金流将达到 46 亿至 48 亿美元.这些预测并没有考虑到 AMD 第三代 EPYC Milan 服务器处理器和价格更高的 GPU 可能会提高 AMD 的自由现金流利润率。明年 30% 的自由现金流利润率意味着自由现金流为 $6.0B。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ea23b7429f2edd8ce6dda945a88daa7\" tg-width=\"819\" tg-height=\"593\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> AMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.</p><p><blockquote><table><tbody><tr></tr></tbody></table>AMD 的收入指引为 4.1B 美元 +/- 1 亿美元，该公司更新了 2021 财年收入和毛利率指引（如预期）。AMD 目前预计 2021 财年收入增长 60%（之前为 50%），毛利率为 48%（之前为 47%）。假设收入增长 60%，AMD 目前的全年收入为 156 亿美元（之前为 146 亿美元），因此 AMD 的新指导评级为 10 亿美元的额外收入，而到目前为止，这些收入还没有计入 AMD 的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e5c3c579e4a6472ae2c495a325b9a2b\" tg-width=\"1038\" tg-height=\"572\" width=\"100%\" height=\"auto\"><span>(Source:AMD)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：AMD）</span></p></blockquote></p><p> AMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.</p><p><blockquote>AMD 较高的毛利率和销售指引为该公司股票的估值创造了强大的动力。由于 AMD 股价最近下跌，以及 10 亿美元收入的增加，AMD 的美元销售额增长在财报公布后变得更加便宜。AMD 的美元销售额增长率低于 Nvidia，而且 AMD 的增长速度可能会更快： AMD 的收入指导评级为同比增长 60%，而对 Nvidia 的预测则意味着 2021 财年的收入 “仅 ”同比增长 49%。AMD 的市值与收益比为 42.5，对于一家收入增长 60%、毛利率接近 50% 的公司来说，这个比率很低。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/653c9dd9d37a4abd742703bd87dd3534\" tg-width=\"908\" tg-height=\"312\" width=\"100%\" height=\"auto\"><span>(Source: Author)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：作者）</span></p></blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> Nvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.</p><p><blockquote><table><tbody><tr></tr></tbody></table>根据 2022 财年每股收益 17.29 美元计算，英伟达的市盈率为 44.5。如果 AMD 的盈利增长（2022 财年每股收益为 2.71 美元）与 Nvidia 的估值相同，AMD 的公允价格将为 120 美元（2.71 美元 x 44.5 盈利乘数系数），表明上涨空间为 17%。</blockquote></p><p> <b>Challenges to my price target</b></p><p><blockquote><b>我的价格目标面临的挑战</b></blockquote></p><p> The biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.</p><p><blockquote>AMD 最大的机遇和最大的风险都与毛利率有关。AMD 今年的收入加速和利润率增长强劲，这也是我相信 AMD 可以进行更高估值的主要原因。但毛利率不可能每个季度增长 3-4 个百分点。如果 AMD 的毛利率扩张放缓，或者更糟的是，毛利率回落至 40%，AMD 的股票回报率可能会下降。毛利率趋势的逆转将改变我对 AMD 的看法，并使我 120 美元的股价目标处于危险之中。</blockquote></p><p> Softening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.</p><p><blockquote>CPU 和图形芯片的平均售价疲软可能会成为煤矿中的金丝雀，并可能预示着 AMD 的终端市场疲软。终端市场疲软意味着 AMD 的收入增长将放缓，这可能导致 AMD 利润估值的盈利乘数系数降低。我不认为AMD基于盈利被高估，但市场可能随时不同意我的评估。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> AMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.</p><p><blockquote>AMD 报告第二季度收入增长和毛利率令人印象深刻。AMD 上调的指引和环比收入加速表明 CPU 和 GPU 的终端市场比预期强劲得多。这可能会导致 AMD 的收入再次加速增长，并在平均售价上升的支撑下，继续扩大到 50%。AMD 的风险状况仍然严重偏向上行。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4442955-amd-still-growing-still-undervalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135561812","content_text":"Summary\n\nAMD's margin gains are driven by growing strength in end markets.\nAMD raised its revenue guidance by $1.0B for FY 2021 and gross margins are edging closer to 50%.\nThe semiconductor firm could be a $6.0B free cash flow business next year, even if growth slows down.\nAMD's dollar sales growth is cheaper than Nvidia's and AMD might even grow faster.\n\nJay_Zynism/iStock via Getty Images\nAMD (AMD) made a splash yesterday after the semiconductor company reported growth and margins that were even better than what was expected. AMD’s revenue acceleration and strong gross margin expansion make a strong case for upside in the stock.\nWhy AMD is worth $120\nBefore I dive into AMD’s latestresults, let’s quickly recap what the firm’s guidance was for the last quarter. For Q2’21, AMD expected a minimum of $3.5B in revenues with “high case” guidance implying 7% revenue growth Q/Q and a gross margin of 47%.\nI expected AMD’s revenues to hit the high end of guidance ($3.7B), to have a minimum free cash flow of $895M (8% Q/Q growth) and a free cash flow margin of 24%. Given the acceleration of sales in higher-priced Ryzen desktop and notebook processors and GPUs as well as higher average selling prices/ASPs driven by broad-based strength in end markets, I expected AMD to beat its own margin guidance and report a gross margin of 48% for Q2’21. I also predicted a refreshment of AMD’s gross margin guidance due to strength in CPU and GPU ASPs. I laid out my forecast for AMD’s Q2’21 earnings in detail inAMD: On The Road To $5 Billion In Annual Free Cash Flow.\nTurning to AMD’s actual results, the semiconductor firm proved once more that it is firing on all cylinders. AMD’s Q2’21 revenues were $3,850M, $150M above the high-end of guidance and up 12% Q/Q, with revenue momentum continuing in both Graphics/Computing and Enterprise markets. Graphics/Computing revenues increased 7% Q/Q to $2,250M because of higher client and graphic processor sales as well as strengthening ASPs. Enterprise, which has become the driver of AMD’s sales growth in recent quarters, saw Q2'21 revenues of $1.6B, up 19% Q/Q. Enterprise revenues continued to accelerate in Q2'21, after AMD recorded 5% Q/Q revenue growth in Q1'21.\n(Source:AMD)\nThe most interesting revelation of AMD’s Q2’21 earnings, however, was the trend in gross margins. AMD's gross margin jumped 4 PP to 48%, 1 PP above guidance because of a better mix of higher-priced Ryzen processors (both mobile and desktop) and Radeon graphic cards. The uptick in gross margins in Q2’21 marked the third straight quarter of margin expansion for AMD and I don’t believe AMD has seen the end of this trend yet.\n(Source:AMD)\nTurning to cash flow.\nAMD reported cash flow from operating activities of $952M and free cash flow of $888M, $7M short of my expectation, but still almost six times more than a year ago. As AMD continues to see strong revenue growth tailwinds in both Computing/Graphics and Enterprise end markets, I believe AMD could grow its free cash flow margin to 30% by the end of next year. AMD raised its revenue guidance for FY 2021 (discussed later) by $1.0B which means I am also refreshing my free cash flow expectations for this year and next year.\nAMD expects to have revenues of $15.6B this year. Assuming a stable free cash flow margin of 23-24%, AMD is looking at free cash flow of $3.6B to $3.7B. Revenue estimates for next year are not refreshed yet, but AMD should have revenues of at least $20B in FY 2022 (assuming 25% Y/Y growth), implying free cash flow of $4.6B to $4.8B next year… and these estimates do not account for the possibility that AMD’s 3rd-gen EPYC Milan-powered server processors and higher-priced GPUs improve AMD’s free cash flow margin. A 30% free cash flow margin next year implies a free cash flow of $6.0B.\n(Source: Author)\n\n\n\n\n\nAMD is guiding for $4.1B in revenues +/- $100 million and the firm refreshed its FY 2021 revenue and gross margin guidance (as predicted). AMD now expects 60% revenue growth for FY 2021 (before 50%) and a gross margin of 48% (before 47%). Assuming 60% revenue growth, AMD is now looking at full year revenues of $15.6B (before $14.6B), so AMD's new guidance calls for $1.0B in additional revenues that were so far not priced into AMD’s market value.\n(Source:AMD)\nAMD’s higher gross margins and sales guidance create a potent force for the firm’s stock to revalue higher. Because of the recent dip in AMD’s shares and the addition of $1.0B in revenues, AMD’s dollar sales growth has become even cheaper after earnings. AMD’s dollar sales growth is valued lower than Nvidia’s and AMD is growing potentially at a faster rate: AMD's revenue guidance calls for 60% Y/Y growth and estimates for Nvidia imply \"only\" 49% Y/Y revenue growth for FY 2021. AMD has a market-capitalization-to-earnings ratio of 42.5 which is low for a firm that grows revenues 60% and that has a gross margin closing in on 50%.\n(Source: Author)\n\n\n\n\n\nNvidia’s P-E ratio based on an FY 2022 EPS of $17.29 is 44.5. If AMD earnings growth (FY 2022 EPS of $2.71) was valued the same as Nvidia’s, AMD’s fair price would be $120 ($2.71 x 44.5 earnings multiplier factor), indicating 17% upside.\nChallenges to my price target\nThe biggest opportunities and the biggest risks for AMD are tied to gross margins. AMD is having a year of strong revenue acceleration and margin growth, which is the chief reason why I believe AMD can revalue higher. But gross margins can't grow 3-4 PP every quarter. If AMD's gross margin expansion slows, or worse, gross margins drop back to 40%, decreasing stock returns for AMD are likely. A reversal in the gross margin trend would change my opinion on AMD and put my $120 stock price target in jeopardy.\nSoftening ASPs for CPUs and graphic chips are likely going to be the canary in the coal mine and could indicate weakening end markets for AMD ahead of time. Softer end markets imply AMD's revenue growth will slow which could result in a lower earnings multiplier factor by which AMD's profits are valued. I don't believe AMD is overvalued based on earnings, but the market may disagree with my assessment at any time.\nFinal thoughts\nAMD reported impressive revenue growth and gross margins for Q2. AMD's raised guidance and Q/Q revenue acceleration indicate that end markets for CPUs and GPUs are a lot stronger than expected. This could lead to another year of revenue acceleration and a continual expansion of AMD’s gross margin to 50%, supported by rising ASPs. AMD's risk profile is still heavily skewed to the upside.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168578648,"gmtCreate":1623979748384,"gmtModify":1634024841750,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/168578648","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894082062,"gmtCreate":1628777952756,"gmtModify":1631890188492,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/894082062","repostId":"1182304144","repostType":4,"repost":{"id":"1182304144","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":1628777611,"share":"https://www.laohunote.com/m/news/1182304144?lang=zh_CN&edition=full","pubTime":"2021-08-12 22:13","market":"us","language":"en","title":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.<blockquote>Palantir Technologies 股价在早盘交易中上涨近 12%，原因是政府强有力的支持提高了销售预期。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182304144","media":"Tiger Newspress","summary":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong go","content":"<p>Palantir&nbsp;Technologies&nbsp;shares&nbsp;gain&nbsp;nearly&nbsp;12%&nbsp;in&nbsp;early&nbsp;trading&nbsp;as&nbsp;raising sales forecast on strong government uptake.</p><p><blockquote>Palantir Technologies 股价在早盘交易中上涨近 12%，原因是政府强有力的支持提高了销售预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/548ca8b78dadac26cb4d35346f52e7cb\" tg-width=\"894\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Palantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.</p><p><blockquote>Palantir Technologies Inc. 预测其数据软件的销售额将在第三季度增长 33%，反映出政府机构的需求增加，以及更多公司开始注册。</blockquote></p><p> Revenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.</p><p><blockquote>这家总部位于丹佛的公司周四在一份声明中表示，截至 9 月份的收入将约为 3.85 亿美元。这超过了该公司之前的展望以及彭博社编制的分析师平均预期。</blockquote></p><p> Palantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.</p><p><blockquote>Palantir一直在招募一系列企业盟友，目标是吸引新客户。今年，它与国际商业机器公司和富士通有限公司建立了合作伙伴关系，转售其技术，并与亚马逊网络服务公司建立了合作伙伴关系，为其提供支持。Palantir 还扩大了自己的销售团队。</blockquote></p><p> The search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.</p><p><blockquote>上个月，搜索范围甚至扩大到包括小公司。Palantir开始通过每月订阅少数与前员工有联系的初创公司来销售其软件。该公司还投资了十几家初创公司，并将它们注册为客户，这标志着其之前只追求大宗交易的做法发生了逆转。</blockquote></p><p> “We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”</p><p><blockquote>“我们一直都在投资公司。现在，我们可以用我们的资产负债表来投资，”业务发展主管 Kevin Kawasaki 周四在与分析师的电话会议上说。“这是一项长期战略。”</blockquote></p><p> The shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.</p><p><blockquote>这种转变策略是有代价的。第二季度每股亏损7美分。股票薪酬占很大一部分。</blockquote></p><p> Sales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.</p><p><blockquote>本季度的销售业绩令人鼓舞。Palantir 报告截至 6 月份的收入为 3.76 亿美元，同比增长 49%。</blockquote></p><p> Many government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.</p><p><blockquote>自去年以来，许多政府机构纷纷涌向 Palantir，帮助他们分析 Covid-19 大流行。该公司表示，第二季度政府销售保持健康，增长率为 66%。第一季度为83%。</blockquote></p><p> The U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.</p><p><blockquote>美国国家核安全局、美国海岸警卫队、联邦航空管理局和美国疾病控制与预防中心都在第二季度签署了协议。“首席运营官希亚姆-桑卡尔（Shyam Sankar）说：”政府业务着火了。</blockquote></p><p> Corporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.</p><p><blockquote>企业客户在 Palantir 的收入中所占比例较小，但在这方面的新努力似乎正在取得成效。第二季度美国商业部门的销售额增长了 90%。</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>Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.<blockquote>Palantir Technologies 股价在早盘交易中上涨近 12%，原因是政府强有力的支持提高了销售预期。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nPalantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.<blockquote>Palantir Technologies 股价在早盘交易中上涨近 12%，原因是政府强有力的支持提高了销售预期。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-12 22:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Palantir&nbsp;Technologies&nbsp;shares&nbsp;gain&nbsp;nearly&nbsp;12%&nbsp;in&nbsp;early&nbsp;trading&nbsp;as&nbsp;raising sales forecast on strong government uptake.</p><p><blockquote>Palantir Technologies 股价在早盘交易中上涨近 12%，原因是政府强有力的支持提高了销售预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/548ca8b78dadac26cb4d35346f52e7cb\" tg-width=\"894\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Palantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.</p><p><blockquote>Palantir Technologies Inc. 预测其数据软件的销售额将在第三季度增长 33%，反映出政府机构的需求增加，以及更多公司开始注册。</blockquote></p><p> Revenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.</p><p><blockquote>这家总部位于丹佛的公司周四在一份声明中表示，截至 9 月份的收入将约为 3.85 亿美元。这超过了该公司之前的展望以及彭博社编制的分析师平均预期。</blockquote></p><p> Palantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.</p><p><blockquote>Palantir一直在招募一系列企业盟友，目标是吸引新客户。今年，它与国际商业机器公司和富士通有限公司建立了合作伙伴关系，转售其技术，并与亚马逊网络服务公司建立了合作伙伴关系，为其提供支持。Palantir 还扩大了自己的销售团队。</blockquote></p><p> The search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.</p><p><blockquote>上个月，搜索范围甚至扩大到包括小公司。Palantir开始通过每月订阅少数与前员工有联系的初创公司来销售其软件。该公司还投资了十几家初创公司，并将它们注册为客户，这标志着其之前只追求大宗交易的做法发生了逆转。</blockquote></p><p> “We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”</p><p><blockquote>“我们一直都在投资公司。现在，我们可以用我们的资产负债表来投资，”业务发展主管 Kevin Kawasaki 周四在与分析师的电话会议上说。“这是一项长期战略。”</blockquote></p><p> The shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.</p><p><blockquote>这种转变策略是有代价的。第二季度每股亏损7美分。股票薪酬占很大一部分。</blockquote></p><p> Sales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.</p><p><blockquote>本季度的销售业绩令人鼓舞。Palantir 报告截至 6 月份的收入为 3.76 亿美元，同比增长 49%。</blockquote></p><p> Many government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.</p><p><blockquote>自去年以来，许多政府机构纷纷涌向 Palantir，帮助他们分析 Covid-19 大流行。该公司表示，第二季度政府销售保持健康，增长率为 66%。第一季度为83%。</blockquote></p><p> The U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.</p><p><blockquote>美国国家核安全局、美国海岸警卫队、联邦航空管理局和美国疾病控制与预防中心都在第二季度签署了协议。“首席运营官希亚姆-桑卡尔（Shyam Sankar）说：”政府业务着火了。</blockquote></p><p> Corporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.</p><p><blockquote>企业客户在 Palantir 的收入中所占比例较小，但在这方面的新努力似乎正在取得成效。第二季度美国商业部门的销售额增长了 90%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182304144","content_text":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.\nPalantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.\nRevenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.\nPalantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.\nThe search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.\n“We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”\nThe shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.\nSales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.\nMany government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.\nThe U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.\nCorporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862392180,"gmtCreate":1632836531750,"gmtModify":1632836531884,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862392180","repostId":"1132921618","repostType":4,"isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":811378419,"gmtCreate":1630292986831,"gmtModify":1704957948187,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/811378419","repostId":"1111636215","repostType":4,"isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835441224,"gmtCreate":1629735057168,"gmtModify":1631890188470,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/835441224","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohunote.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦","AAPL":"苹果","AMZN":"亚马逊","CDNS":"铿腾电子","SNPS":"新思科技","SSNLF":"三星电子","TSM":"台积电","GOOG":"谷歌","SOXX":"iShares费城交易所半导体ETF","NVDA":"英伟达","ON":"安森美半导体","QCOM":"高通","GOOGL":"谷歌A"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"TSM":0.9,"SSNLF":0.9,"ASML":0.9,"ON":0.9,"QCOM":0.9,"CDNS":0.9,"SOXX":0.9,"SNPS":0.9,"NVDA":0.9,"AMZN":0.9,"AAPL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149747001,"gmtCreate":1625751059803,"gmtModify":1633937732051,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/149747001","repostId":"1197668591","repostType":4,"repost":{"id":"1197668591","kind":"news","pubTimestamp":1625749319,"share":"https://www.laohunote.com/m/news/1197668591?lang=zh_CN&edition=full","pubTime":"2021-07-08 21:01","market":"us","language":"en","title":"Auto Giant Looks To Catch Up To GM, Tesla On EVs With $35.5 Billion Move<blockquote>汽车巨头希望斥资 355 亿美元在电动汽车领域赶上通用汽车和特斯拉</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197668591","media":"investors","summary":"Stellantis(STLA) detailed its strategy for electric vehicles Thursday, with the global EV market poi","content":"<p><b>Stellantis</b>(STLA) detailed its strategy for electric vehicles Thursday, with the global EV market poised to boom this decade. Stellantis stock fell.</p><p><blockquote><b>斯特兰蒂斯</b>(STLA) 周四详细介绍了其电动汽车战略，全球电动汽车市场有望在本十年蓬勃发展。Stellantis股价下跌。</blockquote></p><p> At the automaker's EV day, management announced 30 billion euros ($35.5 billion) of investments in electrification and software. It also sees more than 70% of its sales in Europe being \"low emission vehicles\" by 2030 and more than 40% in the U.S., with all 14 of its brands offering \"electrified\" models. Meanwhile, battery electric vehicles will have ranges of 300-500 miles per charge.</p><p><blockquote>在该汽车制造商的电动汽车日上，管理层宣布在电气化和软件方面投资 300 亿欧元（355 亿美元）。该公司还预计，到 2030 年，其在欧洲 70% 以上的销量将是“低排放汽车”，在美国 40% 以上的销量将是“低排放汽车”，其所有 14 个品牌都提供“电动”车型。与此同时，纯电动汽车每次充电的续航里程为 300-500 英里。</blockquote></p><p> The stakes are high for Stellantis, formerly Fiat Chrysler. It's seen lagging&nbsp;<b>General Motors</b>(GM),<b>Ford Motor</b>(F) and&nbsp;<b>Volkswagen</b>(VWAGY) that have rushed to bring their first all-electric SUVs, trucks and vans to market. And&nbsp;<b>Tesla</b>(TSLA) continues to dominate despite the proliferation of new EV stocks.</p><p><blockquote>对于前身为菲亚特克莱斯勒的 Stellantis 来说，风险很高。它被视为滞后<b>通用汽车</b>（通用汽车），<b>福特汽车</b>(F)和<b>大众汽车</b>(VWAGY) 急于将首款全电动 SUV、卡车和货车推向市场。和<b>特斯拉</b>尽管新电动汽车股票激增，（TSLA）仍继续占据主导地位。</blockquote></p><p> Meanwhile, rivals are also bringing electric trucks and vans to market soon. Ford's F-150 Lightning quickly racked up more than 100,000 reservations after launching in May. It arrives at dealers in the summer of 2022. And the electric Ford E-Transit commercial van, arriving later this year, has more than 20,000 reservations. Reservations for GM's initial Hummer EV pickup trucks and SUVs also sold out rapidly.</p><p><blockquote>与此同时，竞争对手也很快将电动卡车和货车推向市场。福特 F-150 Lightning 于 5 月份推出后，很快就获得了超过 10 万辆预订。它将于 2022 年夏天到达经销商处。电动福特 E-Transit 商用货车将于今年晚些时候上市，预订量已超过 20,000 辆。通用汽车最初的悍马电动皮卡和SUV的预订也很快售罄。</blockquote></p><p> In April, CEO Carlos Tavares vowed Stellantis is accelerating on electrification, committing to an all-electric or hybrid-electric version of almost its entire lineup of vehicles by 2025.</p><p><blockquote>今年 4 月，首席执行官卡洛斯·塔瓦雷斯 (Carlos Tavares) 誓言 Stellantis 正在加速电气化进程，承诺到 2025 年几乎所有车型都将采用全电动或混合动力电动版本。</blockquote></p><p> Stellantis's Fiat brand has already signaled switching to an all-electric lineup by 2030. The luxury Alfa Romeo and Maserati brands are expected to follow.</p><p><blockquote>Stellantis 的菲亚特品牌已经表示将在 2030 年转向全电动阵容。豪华阿尔法罗密欧和玛莎拉蒂品牌预计也将紧随其后。</blockquote></p><p> Stellantis Stock Falls</p><p><blockquote>Stellantis 股价下跌</blockquote></p><p> Shares fell 2.6% to 19.01 in premarket trading on thestock market today. Ahead of the EV day, the company said adjusted operating margins in the first half of the year will top the annual target of 5.5%-7.5%, despite lost production from the global chip shortage. It also projected negative industrial free cash flow in the first half but positive cash flow for the whole year as synergies from the merger are exceeding targets.</p><p><blockquote>今天股市盘前交易中，股价下跌 2.6%，至 19.01 点。在电动汽车日之前，该公司表示，尽管全球芯片短缺导致产量损失，但上半年调整后的营业利润率将超过 5.5%-7.5% 的年度目标。它还预计上半年工业自由现金流为负，但由于合并产生的协同效应超过了目标，全年现金流为正。</blockquote></p><p> Stellantis stock cleared an 18.62 flat-base buy point in May but is now pulling back to the 50-day line, according toMarketSmith chart analysis. The relative strength line is just below June highs after rallying in the past year.</p><p><blockquote>根据 MarketSmith 图表分析，Stellantis 股票在 5 月份清除了 18.62 的平底买入点，但现在正在回落至 50 日线。在过去一年反弹后，相对强弱线略低于 6 月高点。</blockquote></p><p> GM stockfell 2.5% early Thursday,Ford stocklost 2.8% andTeslaeased 2.6%.</p><p><blockquote>通用汽车股价周四早盘下跌 2.5%，福特股价下跌 2.8%，特斯拉股价下跌 2.6%。</blockquote></p><p> After years of sluggish sales, the adoption of electric vehicles is at an inflection point.</p><p><blockquote>经过多年的销售低迷，电动汽车的采用正处于拐点。</blockquote></p><p> The number of electric cars, buses, vans and trucks on the world's roads will hit 145 million by 2030, the International Energy Agency estimated in April. That would be up from 10 million in 2020, a year that saw EV sales increase though overall sales fell due to the coronavirus pandemic.</p><p><blockquote>国际能源署 (International Energy Agency) 4 月份估计，到 2030 年，全球道路上的电动汽车、公共汽车、货车和卡车数量将达到 1.45 亿辆。这将高于 2020 年的 1000 万辆，这一年电动汽车销量有所增加，尽管由于冠状病毒大流行，整体销量有所下降。</blockquote></p><p> For now, however, electric vehicles remain a relatively tough sell in the U.S. compared with China and Europe.</p><p><blockquote>然而，就目前而言，与中国和欧洲相比，电动汽车在美国的销售仍然相对困难。</blockquote></p><p></p>","source":"lsy1610449120050","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>Auto Giant Looks To Catch Up To GM, Tesla On EVs With $35.5 Billion Move<blockquote>汽车巨头希望斥资 355 亿美元在电动汽车领域赶上通用汽车和特斯拉</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\">\nAuto Giant Looks To Catch Up To GM, Tesla On EVs With $35.5 Billion Move<blockquote>汽车巨头希望斥资 355 亿美元在电动汽车领域赶上通用汽车和特斯拉</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-07-08 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Stellantis</b>(STLA) detailed its strategy for electric vehicles Thursday, with the global EV market poised to boom this decade. Stellantis stock fell.</p><p><blockquote><b>斯特兰蒂斯</b>(STLA) 周四详细介绍了其电动汽车战略，全球电动汽车市场有望在本十年蓬勃发展。Stellantis股价下跌。</blockquote></p><p> At the automaker's EV day, management announced 30 billion euros ($35.5 billion) of investments in electrification and software. It also sees more than 70% of its sales in Europe being \"low emission vehicles\" by 2030 and more than 40% in the U.S., with all 14 of its brands offering \"electrified\" models. Meanwhile, battery electric vehicles will have ranges of 300-500 miles per charge.</p><p><blockquote>在该汽车制造商的电动汽车日上，管理层宣布在电气化和软件方面投资 300 亿欧元（355 亿美元）。该公司还预计，到 2030 年，其在欧洲 70% 以上的销量将是“低排放汽车”，在美国 40% 以上的销量将是“低排放汽车”，其所有 14 个品牌都提供“电动”车型。与此同时，纯电动汽车每次充电的续航里程为 300-500 英里。</blockquote></p><p> The stakes are high for Stellantis, formerly Fiat Chrysler. It's seen lagging&nbsp;<b>General Motors</b>(GM),<b>Ford Motor</b>(F) and&nbsp;<b>Volkswagen</b>(VWAGY) that have rushed to bring their first all-electric SUVs, trucks and vans to market. And&nbsp;<b>Tesla</b>(TSLA) continues to dominate despite the proliferation of new EV stocks.</p><p><blockquote>对于前身为菲亚特克莱斯勒的 Stellantis 来说，风险很高。它被视为滞后<b>通用汽车</b>（通用汽车），<b>福特汽车</b>(F)和<b>大众汽车</b>(VWAGY) 急于将首款全电动 SUV、卡车和货车推向市场。和<b>特斯拉</b>尽管新电动汽车股票激增，（TSLA）仍继续占据主导地位。</blockquote></p><p> Meanwhile, rivals are also bringing electric trucks and vans to market soon. Ford's F-150 Lightning quickly racked up more than 100,000 reservations after launching in May. It arrives at dealers in the summer of 2022. And the electric Ford E-Transit commercial van, arriving later this year, has more than 20,000 reservations. Reservations for GM's initial Hummer EV pickup trucks and SUVs also sold out rapidly.</p><p><blockquote>与此同时，竞争对手也很快将电动卡车和货车推向市场。福特 F-150 Lightning 于 5 月份推出后，很快就获得了超过 10 万辆预订。它将于 2022 年夏天到达经销商处。电动福特 E-Transit 商用货车将于今年晚些时候上市，预订量已超过 20,000 辆。通用汽车最初的悍马电动皮卡和SUV的预订也很快售罄。</blockquote></p><p> In April, CEO Carlos Tavares vowed Stellantis is accelerating on electrification, committing to an all-electric or hybrid-electric version of almost its entire lineup of vehicles by 2025.</p><p><blockquote>今年 4 月，首席执行官卡洛斯·塔瓦雷斯 (Carlos Tavares) 誓言 Stellantis 正在加速电气化进程，承诺到 2025 年几乎所有车型都将采用全电动或混合动力电动版本。</blockquote></p><p> Stellantis's Fiat brand has already signaled switching to an all-electric lineup by 2030. The luxury Alfa Romeo and Maserati brands are expected to follow.</p><p><blockquote>Stellantis 的菲亚特品牌已经表示将在 2030 年转向全电动阵容。豪华阿尔法罗密欧和玛莎拉蒂品牌预计也将紧随其后。</blockquote></p><p> Stellantis Stock Falls</p><p><blockquote>Stellantis 股价下跌</blockquote></p><p> Shares fell 2.6% to 19.01 in premarket trading on thestock market today. Ahead of the EV day, the company said adjusted operating margins in the first half of the year will top the annual target of 5.5%-7.5%, despite lost production from the global chip shortage. It also projected negative industrial free cash flow in the first half but positive cash flow for the whole year as synergies from the merger are exceeding targets.</p><p><blockquote>今天股市盘前交易中，股价下跌 2.6%，至 19.01 点。在电动汽车日之前，该公司表示，尽管全球芯片短缺导致产量损失，但上半年调整后的营业利润率将超过 5.5%-7.5% 的年度目标。它还预计上半年工业自由现金流为负，但由于合并产生的协同效应超过了目标，全年现金流为正。</blockquote></p><p> Stellantis stock cleared an 18.62 flat-base buy point in May but is now pulling back to the 50-day line, according toMarketSmith chart analysis. The relative strength line is just below June highs after rallying in the past year.</p><p><blockquote>根据 MarketSmith 图表分析，Stellantis 股票在 5 月份清除了 18.62 的平底买入点，但现在正在回落至 50 日线。在过去一年反弹后，相对强弱线略低于 6 月高点。</blockquote></p><p> GM stockfell 2.5% early Thursday,Ford stocklost 2.8% andTeslaeased 2.6%.</p><p><blockquote>通用汽车股价周四早盘下跌 2.5%，福特股价下跌 2.8%，特斯拉股价下跌 2.6%。</blockquote></p><p> After years of sluggish sales, the adoption of electric vehicles is at an inflection point.</p><p><blockquote>经过多年的销售低迷，电动汽车的采用正处于拐点。</blockquote></p><p> The number of electric cars, buses, vans and trucks on the world's roads will hit 145 million by 2030, the International Energy Agency estimated in April. That would be up from 10 million in 2020, a year that saw EV sales increase though overall sales fell due to the coronavirus pandemic.</p><p><blockquote>国际能源署 (International Energy Agency) 4 月份估计，到 2030 年，全球道路上的电动汽车、公共汽车、货车和卡车数量将达到 1.45 亿辆。这将高于 2020 年的 1000 万辆，这一年电动汽车销量有所增加，尽管由于冠状病毒大流行，整体销量有所下降。</blockquote></p><p> For now, however, electric vehicles remain a relatively tough sell in the U.S. compared with China and Europe.</p><p><blockquote>然而，就目前而言，与中国和欧洲相比，电动汽车在美国的销售仍然相对困难。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/news/stellantis-stock-ev-day-fiat-chrysler-parent-trails-gm-ford-tesla/?src=A00220\">investors</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":{"GM":"通用汽车","STLA":"Stellantis NV","TSLA":"特斯拉","F":"福特汽车","VWAGY":"大众汽车ADR"},"source_url":"https://www.investors.com/news/stellantis-stock-ev-day-fiat-chrysler-parent-trails-gm-ford-tesla/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197668591","content_text":"Stellantis(STLA) detailed its strategy for electric vehicles Thursday, with the global EV market poised to boom this decade. Stellantis stock fell.\nAt the automaker's EV day, management announced 30 billion euros ($35.5 billion) of investments in electrification and software. It also sees more than 70% of its sales in Europe being \"low emission vehicles\" by 2030 and more than 40% in the U.S., with all 14 of its brands offering \"electrified\" models. Meanwhile, battery electric vehicles will have ranges of 300-500 miles per charge.\nThe stakes are high for Stellantis, formerly Fiat Chrysler. It's seen lagging General Motors(GM),Ford Motor(F) and Volkswagen(VWAGY) that have rushed to bring their first all-electric SUVs, trucks and vans to market. And Tesla(TSLA) continues to dominate despite the proliferation of new EV stocks.\nMeanwhile, rivals are also bringing electric trucks and vans to market soon. Ford's F-150 Lightning quickly racked up more than 100,000 reservations after launching in May. It arrives at dealers in the summer of 2022. And the electric Ford E-Transit commercial van, arriving later this year, has more than 20,000 reservations. Reservations for GM's initial Hummer EV pickup trucks and SUVs also sold out rapidly.\nIn April, CEO Carlos Tavares vowed Stellantis is accelerating on electrification, committing to an all-electric or hybrid-electric version of almost its entire lineup of vehicles by 2025.\nStellantis's Fiat brand has already signaled switching to an all-electric lineup by 2030. The luxury Alfa Romeo and Maserati brands are expected to follow.\nStellantis Stock Falls\nShares fell 2.6% to 19.01 in premarket trading on thestock market today. Ahead of the EV day, the company said adjusted operating margins in the first half of the year will top the annual target of 5.5%-7.5%, despite lost production from the global chip shortage. It also projected negative industrial free cash flow in the first half but positive cash flow for the whole year as synergies from the merger are exceeding targets.\nStellantis stock cleared an 18.62 flat-base buy point in May but is now pulling back to the 50-day line, according toMarketSmith chart analysis. The relative strength line is just below June highs after rallying in the past year.\nGM stockfell 2.5% early Thursday,Ford stocklost 2.8% andTeslaeased 2.6%.\nAfter years of sluggish sales, the adoption of electric vehicles is at an inflection point.\nThe number of electric cars, buses, vans and trucks on the world's roads will hit 145 million by 2030, the International Energy Agency estimated in April. That would be up from 10 million in 2020, a year that saw EV sales increase though overall sales fell due to the coronavirus pandemic.\nFor now, however, electric vehicles remain a relatively tough sell in the U.S. compared with China and Europe.","news_type":1,"symbols_score_info":{"STLA":0.9,"TSLA":0.9,"GM":0.9,"VWAGY":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":866847036,"gmtCreate":1632756383525,"gmtModify":1632798043027,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/866847036","repostId":"1121875407","repostType":4,"repost":{"id":"1121875407","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":1632754841,"share":"https://www.laohunote.com/m/news/1121875407?lang=zh_CN&edition=full","pubTime":"2021-09-27 23:00","market":"us","language":"en","title":"EV stocks rose in Monday morning trading<blockquote>电动汽车股票在周一早盘交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121875407","media":"Tiger Newspress","summary":"EV stocks rose in Monday morning trading.Tesla,Nio,Li Auto,Lucid,Fisker,Tusimple and Nikola shares c","content":"<p>EV stocks rose in Monday morning trading.Tesla,Nio,Li Auto,Lucid,Fisker,Tusimple&nbsp;and&nbsp;Nikola&nbsp;shares&nbsp;climbed between 1% and 6%.&nbsp;</p><p><blockquote>电动汽车股票在周一早盘交易中上涨.特斯拉、蔚来、理想汽车、Lucid、Fisker、图森未来和尼古拉的股价上涨了1%至6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc6034adf0ec1a0d3f13f4e2cb4a2b57\" tg-width=\"408\" tg-height=\"722\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla Inc.’s Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, Reuters&nbsp;reported, citing two unidentified sources.</p><p><blockquote>路透社援引两名身份不明的消息人士的话报道称，特斯拉上海工厂预计今年前九个月将生产 30 万辆汽车。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks rose in Monday morning trading<blockquote>电动汽车股票在周一早盘交易中上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks rose in Monday morning trading<blockquote>电动汽车股票在周一早盘交易中上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-27 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks rose in Monday morning trading.Tesla,Nio,Li Auto,Lucid,Fisker,Tusimple&nbsp;and&nbsp;Nikola&nbsp;shares&nbsp;climbed between 1% and 6%.&nbsp;</p><p><blockquote>电动汽车股票在周一早盘交易中上涨.特斯拉、蔚来、理想汽车、Lucid、Fisker、图森未来和尼古拉的股价上涨了1%至6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc6034adf0ec1a0d3f13f4e2cb4a2b57\" tg-width=\"408\" tg-height=\"722\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Tesla Inc.’s Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, Reuters&nbsp;reported, citing two unidentified sources.</p><p><blockquote>路透社援引两名身份不明的消息人士的话报道称，特斯拉上海工厂预计今年前九个月将生产 30 万辆汽车。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","LCID":"Lucid Group Inc","FSR":"菲斯克","NIO":"蔚来","NIU":"小牛电动","XPEV":"小鹏集团","TSLA":"特斯拉","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121875407","content_text":"EV stocks rose in Monday morning trading.Tesla,Nio,Li Auto,Lucid,Fisker,Tusimple and Nikola shares climbed between 1% and 6%. \n\nTesla Inc.’s Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, Reuters reported, citing two unidentified sources.","news_type":1,"symbols_score_info":{"WKHS":0.9,"NIU":0.9,"ARVL":0.9,"LI":0.9,"LCID":0.9,"NKLA":0.9,"NIO":0.9,"XPEV":0.9,"TSP":0.9,"FSR":0.9,"RIDE":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886912793,"gmtCreate":1631543323812,"gmtModify":1631890188404,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886912793","repostId":"1170383544","repostType":4,"repost":{"id":"1170383544","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":1631542185,"share":"https://www.laohunote.com/m/news/1170383544?lang=zh_CN&edition=full","pubTime":"2021-09-13 22:09","market":"us","language":"en","title":"Hot chinese concept stocks dipped in morning trading<blockquote>热门中国概念股早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170383544","media":"Tiger Newspress","summary":"Hot chinese concept stocks dipped in morning trading.Alibaba,Pinduoduo,JD.COM,Baidu,DIDI,Bilibili,RL","content":"<p>Hot chinese concept stocks dipped in morning trading.Alibaba,Pinduoduo,JD.COM,Baidu,DIDI,Bilibili,RLX Technology&nbsp;and&nbsp;Tencent music&nbsp;between 1% and 9%.</p><p><blockquote>热门中概股早盘下跌.阿里巴巴、拼多多、京东、百度、滴滴、哔哩哔哩、RLX科技和腾讯控股音乐跌幅在1%至9%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/634dbf9be8ba7edcb7ca8b9b2e7f1e6a\" tg-width=\"362\" tg-height=\"715\" width=\"100%\" height=\"auto\"></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>Hot chinese concept stocks dipped in morning trading<blockquote>热门中国概念股早盘下跌</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\">\nHot chinese concept stocks dipped in morning trading<blockquote>热门中国概念股早盘下跌</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\">2021-09-13 22:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot chinese concept stocks dipped in morning trading.Alibaba,Pinduoduo,JD.COM,Baidu,DIDI,Bilibili,RLX Technology&nbsp;and&nbsp;Tencent music&nbsp;between 1% and 9%.</p><p><blockquote>热门中概股早盘下跌.阿里巴巴、拼多多、京东、百度、滴滴、哔哩哔哩、RLX科技和腾讯控股音乐跌幅在1%至9%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/634dbf9be8ba7edcb7ca8b9b2e7f1e6a\" tg-width=\"362\" tg-height=\"715\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)","BIDU":"百度","PDD":"拼多多","TME":"腾讯音乐","RLX":"雾芯科技","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170383544","content_text":"Hot chinese concept stocks dipped in morning trading.Alibaba,Pinduoduo,JD.COM,Baidu,DIDI,Bilibili,RLX Technology and Tencent music between 1% and 9%.","news_type":1,"symbols_score_info":{"RLX":0.9,"BABA":0.9,"TME":0.9,"PDD":0.9,"DIDI":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":848900799,"gmtCreate":1635950924602,"gmtModify":1635950924922,"author":{"id":"3575328629727225","authorId":"3575328629727225","name":"TradingVest","avatar":"https://static.tigerbbs.com/3055a5262208b8d6fdb51c32c0b5aa1e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575328629727225","idStr":"3575328629727225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/848900799","repostId":"1150419485","repostType":4,"isVote":1,"tweetType":1,"viewCount":1246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}