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NKT9493

NKT9493

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2021-10-20

This article has its own agenda. Why does the big instructions keep buying? Make your own analysis and don’t believe blindly all these articles which has an agenda of their own.

NIO Stock Is Very Richly Valued, But I Can See Why It Tempts People<blockquote>蔚来股票估值非常高，但我明白为什么它吸引人们</blockquote>

2021-09-28

Sats go go go!

2021-09-28

Wow

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2021-09-27

$Tiger Brokers(TIGR)$Go go go!

2021-09-27

Wow

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2021-09-26

Wow

Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</blockquote>

2021-09-26

$Tiger Brokers(TIGR)$Go go go!

2021-09-26

Ifast go go go!

2021-09-25

Wow

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2021-09-25

Dbs go go go!

2021-09-24

$Tiger Brokers(TIGR)$Go go go!

2021-09-24

Singtel go go go!

2021-09-23

$Tiger Brokers(TIGR)$Go go go!

2021-09-23

Wow

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2021-09-22

$Tiger Brokers(TIGR)$Go go go!

2021-09-22

Wow

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2021-09-21

$Tiger Brokers(TIGR)$Go go go!

2021-09-21

Go go go!

2021-09-21

Wow

抱歉，原内容已删除

2021-09-20

$Tiger Brokers(TIGR)$Go go go!

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Why does the big instructions keep buying? Make your own analysis and don’t believe blindly all these articles which has an agenda of their own.&nbsp;","listText":"This article has its own agenda. Why does the big instructions keep buying? Make your own analysis and don’t believe blindly all these articles which has an agenda of their own.&nbsp;","text":"This article has its own agenda. Why does the big instructions keep buying? Make your own analysis and don’t believe blindly all these articles which has an agenda of their own.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859289226","repostId":"1150534887","repostType":2,"repost":{"id":"1150534887","kind":"news","pubTimestamp":1634643082,"share":"https://www.laohu8.com/m/news/1150534887?lang=zh_CN&edition=full","pubTime":"2021-10-19 19:31","market":"us","language":"en","title":"NIO Stock Is Very Richly Valued, But I Can See Why It Tempts People<blockquote>蔚来股票估值非常高，但我明白为什么它吸引人们</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150534887","media":"InvestorPlace","summary":"Nio stock would be much more appealing if it caught up to its valuation.\n\nNIO Inc. stock deserves to","content":"<p><div> Nio stock would be much more appealing if it caught up to its valuation.  NIO Inc. stock deserves to be valued as it has been, and it may still be worth a buy. The Chinese electric vehicle maker ...</p><p><blockquote><div>如果蔚来的股票赶上其估值，它将更具吸引力。蔚来股票值得像现在这样估值，而且可能仍然值得买入。中国电动汽车制造商...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/\">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>NIO Stock Is Very Richly Valued, But I Can See Why It Tempts People<blockquote>蔚来股票估值非常高，但我明白为什么它吸引人们</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 Stock Is Very Richly Valued, But I Can See Why It Tempts People<blockquote>蔚来股票估值非常高，但我明白为什么它吸引人们</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-10-19 19:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Nio stock would be much more appealing if it caught up to its valuation.  NIO Inc. stock deserves to be valued as it has been, and it may still be worth a buy. The Chinese electric vehicle maker ...</p><p><blockquote><div>如果蔚来的股票赶上其估值，它将更具吸引力。蔚来股票值得像现在这样估值，而且可能仍然值得买入。中国电动汽车制造商...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/\">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/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/\">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":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/10/nio-stock-is-very-richly-valued-but-i-can-see-why-it-tempts-people/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150534887","content_text":"Nio stock would be much more appealing if it caught up to its valuation.\n\nNIO Inc. stock deserves to be valued as it has been, and it may still be worth a buy.\nThe Chinese electric vehicle maker rolled 50,000 cars off the assembly linein July 2020, in the teeth of the pandemic.\nIn early April of this year, it passed the 100,000 mark, and sales are brisk as demand continues to rise, as does NIO stock.\nAs with many Chinese companies that don’t operate – for now – in the U.S., many people use metaphors to describe the Chinese firms. In NIO’s case, you may want to call it China’s Tesla (NASDAQ:TSLA).\nThat may be true to a certain extent, as many of these comparisons are, but China’s EV market is different. For example, the Chinese middle class isbigger than the entire populationof the U.S.\nThat’s a pretty good initial market. Plus, all the political and economic tussling between the U.S. and China means buying local Chinese companies makes a lot more sense now than it did a few years ago.\nCurrent supply chain issues are a perfect example of that logic.\nNIO Stock Shows Potential\nOne of the clearest examples of the success of NIO stock  is its astronomical market cap for a company that hasn’t turned a profit. At a$58 billion market cap, that’s about $580,000 per vehicle. And that’s for its U.S.-listed shares.\nOf course, that’s not a great comparison. Comparing it to companies with similar market caps, Nio is in the same league as Mexico’s leading mobile telecomAmerica Movil(NYSE:AMX), video game makerActivision Blizzard(NASDAQ:ATVI),Regeneron Pharmaceuticals(NASDAQ:RGEN), andThomson Reuters(NYSE:TRI).\nFord has a market cap of about $61 billion.\nSo, yes, it’s wildly valued, but NIO continues to grow its product line in China as well as in Europe.\nBecause European Union countries have a number of reciprocal deals with Chinese firms, those two markets continue to trade with one another. European cars are sold and manufactured in China and vice versa, not unlike the EU’s deal with the U.S.\nThis is part of the sky-high valuation. It’s a way for U.S. investors to diversify their “green” portfolios with an EV company that’s actually making and selling vehicles.\nDotcom vs EV Booms\nI’m old enough to remember the dotcom boom (and bust). Brokers – remember them? – were literally telling clients that if a stock didn’t have a PE in the triple digits it wasn’t worth buying.\nNear the top, they were telling their income investing clients that had been sitting in utilities and Old School blue chips that growth was the new income.\nI’m not kidding.\nThat’s the kind of feeling I get about EV stocks right now. Most don’t even have earnings or a finished product but have billions in market cap.\nThis “been there, done that” side of me says it’s cold comfort that NIO stock actually has customers and three models rolling off its assembly lines.\nThe Rubber Hits the Road\nAs for NIO cars, it started with its ES-8, a high-range luxury 7-passenger SUV in 2018. It then rolled out its EC-6 luxury coupe in 2019 and its ES-6 high-range 5-passenger SUV in 2020.\nThe company is moving into lower price points although it does have an EV Formula 1 race car.\nIt also has its own charging units and has more thantwo dozen smart homesbuilt using its technologies around China.\nWhat’s more, NIO has adopted a battery swapping system. There are service centers around China that you drive into and they swap out your old battery for a new one in about 10-15 minutes.\nThat means when you’re on a long trip, you aren’t limited by mileage. You simply drop off your old battery and get a new one without waiting for a full charge.\nNIO justswapped out its four millionth batteryat the beginning of October. This was something TSLA thought about doing but decided against. It will be interesting to see if this ends up working better than the EV “filling station”.\nAll that said, NIO stock is still expensive. It isn’t a practical pick but more a “no guts, no glory” pick at this point.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866541331,"gmtCreate":1632793029223,"gmtModify":1632797575282,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Sats go go go!","listText":"Sats go go go!","text":"Sats go go go!","images":[{"img":"https://static.tigerbbs.com/081600877b8c5492ef652883dfcbf709","width":"1125","height":"2875"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866541331","isVote":1,"tweetType":1,"viewCount":3035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":866540375,"gmtCreate":1632792882697,"gmtModify":1632797575840,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/866540375","repostId":"1112226714","repostType":4,"isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868479444,"gmtCreate":1632702828688,"gmtModify":1632798509490,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger Brokers(TIGR)$Go go go!","images":[{"img":"https://static.tigerbbs.com/46c068c4fc5a2b4329c26f00d073ddd0","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868479444","isVote":1,"tweetType":1,"viewCount":2025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":868479117,"gmtCreate":1632702785139,"gmtModify":1632798510325,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868479117","repostId":"2170614570","repostType":4,"isVote":1,"tweetType":1,"viewCount":2112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868289116,"gmtCreate":1632653658535,"gmtModify":1632798753681,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868289116","repostId":"1142057327","repostType":4,"repost":{"id":"1142057327","kind":"news","pubTimestamp":1632643246,"share":"https://www.laohu8.com/m/news/1142057327?lang=zh_CN&edition=full","pubTime":"2021-09-26 16:00","market":"us","language":"en","title":"Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142057327","media":"The street","summary":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to","content":"<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项200亿美元项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>INTC</b>)-获取英特尔公司(INTC)报告周五在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资200亿美元的项目的一部分，旨在帮助缓解美国半导体的严重短缺。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商首席执行官帕特·基辛格(Pat Gelsinger)在该公司位于亚利桑那州钱德勒的奥科蒂洛园区主持了该项目的奠基仪式，标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于2024年全面投入运营，生产该公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>基辛格在公司声明中表示：“今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能并满足对半导体的难以置信的需求：半导体是万物数字化的基础技术。我们正在开创一个创新的新时代——对英特尔、对亚利桑那州和对全世界都是如此。自40多年前开业以来，这项200亿美元的扩建将使我们在亚利桑那州的总投资超过500亿美元。”</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>Gelsinger表示：“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领先地位。”</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>周五盘后英特尔股价上涨0.18%，至54.32美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，该问题干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两个新工厂将被命名为Fab 52和Fab 62，将容纳总共六个半导体晶圆厂。该项目将创造3,000多个高科技、高工资的英特尔工作岗位、3,000个建筑工作岗位，并为当地社区提供约15,000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔的竞争对手台积电公司计划也在亚利桑那州建造其在美国的第二家芯片工厂，目标是2024年开始生产。</blockquote></p><p></p>","source":"lsy1610613172068","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>Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</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\">\nIntel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始建设亚利桑那州两家计算机芯片工厂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The street</strong><span class=\"h-time small\">2021-09-26 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项200亿美元项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>INTC</b>)-获取英特尔公司(INTC)报告周五在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资200亿美元的项目的一部分，旨在帮助缓解美国半导体的严重短缺。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商首席执行官帕特·基辛格(Pat Gelsinger)在该公司位于亚利桑那州钱德勒的奥科蒂洛园区主持了该项目的奠基仪式，标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于2024年全面投入运营，生产该公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>基辛格在公司声明中表示：“今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能并满足对半导体的难以置信的需求：半导体是万物数字化的基础技术。我们正在开创一个创新的新时代——对英特尔、对亚利桑那州和对全世界都是如此。自40多年前开业以来，这项200亿美元的扩建将使我们在亚利桑那州的总投资超过500亿美元。”</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>Gelsinger表示：“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领先地位。”</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>周五盘后英特尔股价上涨0.18%，至54.32美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，该问题干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两个新工厂将被命名为Fab 52和Fab 62，将容纳总共六个半导体晶圆厂。该项目将创造3,000多个高科技、高工资的英特尔工作岗位、3,000个建筑工作岗位，并为当地社区提供约15,000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔的竞争对手台积电公司计划也在亚利桑那州建造其在美国的第二家芯片工厂，目标是2024年开始生产。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories\">The street</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":{"INTC":"英特尔"},"source_url":"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142057327","content_text":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.\nIntel (INTC) -Get Intel Corporation (INTC) Report on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help alleviate the severe shortage of semiconductors in the U.S.\nThe Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.\nIntel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.\n“Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.\n\"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.\nShares of Intel on Friday traded 0.18% higher to $54.32 after hours.\nGelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.\nThe two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.\nIntel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868289091,"gmtCreate":1632653635313,"gmtModify":1632798753929,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger Brokers(TIGR)$Go go go!","images":[{"img":"https://static.tigerbbs.com/46c068c4fc5a2b4329c26f00d073ddd0","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868289091","isVote":1,"tweetType":1,"viewCount":3110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":868280406,"gmtCreate":1632653611805,"gmtModify":1632798754172,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Ifast go go go!","listText":"Ifast go go go!","text":"Ifast go go 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go go go!","listText":"Dbs go go go!","text":"Dbs go go go!","images":[{"img":"https://static.tigerbbs.com/6c271841bc938f848244bb5ff79be4de","width":"1125","height":"2875"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861745669","isVote":1,"tweetType":1,"viewCount":2768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":861321554,"gmtCreate":1632460139578,"gmtModify":1632464975949,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger 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go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861323500","isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863802646,"gmtCreate":1632369762685,"gmtModify":1632800849382,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger Brokers(TIGR)$Go go 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09:31","market":"us","language":"en","title":"Is GE Stock A Buy After Q2 Earnings Beat?<blockquote>第二季度盈利超出预期后，GE股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112226714","media":"investors","summary":"General Electric's (GE) turnaround continues to gain traction as the aviation sector slowly recovers","content":"<p><b>General Electric</b>'s (GE) turnaround continues to gain traction as the aviation sector slowly recovers from the coronavirus pandemic. Is GE stock a buy right now?</p><p><blockquote><b>通用电气</b>随着航空业从冠状病毒大流行中缓慢复苏，通用电气(GE)的扭亏为盈继续获得牵引力。GE股票现在值得买入吗？</blockquote></p><p> In the second quarter, GE beat earnings views, while warning on inflationary pressures ahead. Wall Street generally took the view that General Electric continues to transform into a simpler and stronger company.</p><p><blockquote>第二季度，通用电气的盈利超出预期，同时警告未来的通胀压力。华尔街普遍认为，通用电气将继续向一家更简单、更强大的公司转型。</blockquote></p><p> <b>GE Stock Technical Analysis</b></p><p><blockquote><b>GE股票技术分析</b></blockquote></p><p> Shares are forming a cup-shaped base with a 115.30buy point, according toMarketSmith chart analysis. GE stock sits 9% below the entry, meaning it is far from a proper buying zone still. The industrial stock based around the 10-week line, but is back above that support level on thestock market today.</p><p><blockquote>根据MarketSmith图表分析，股价正在形成杯形底部，买入点为115.30。GE股价较入场点低9%，这意味着它仍远未达到适当的买入区域。工业股位于10周线附近，但今天又回到了股市的支撑位之上。</blockquote></p><p> Therelative strength linefor GE stock is falling again. It rallied late last year and in early 2021, within a multi-year downtrend. A rising RS line means that a stock is outperforming the S&amp;P 500 index. It is the blue line in the chart shown.</p><p><blockquote>通用电气股票的相对强弱线再次下跌。它在去年年底和2021年初反弹，处于多年的下降趋势中。RS线上升意味着股票的表现优于标普500指数。它是所示图表中的蓝线。</blockquote></p><p> The industrial giant earns a dull&nbsp;IBD Composite Ratingof 60 out of 99. The rating combines key technical and fundamental metrics in a single score.</p><p><blockquote>这家工业巨头的IBD综合评级为60分（满分99分）。该评级将关键技术和基本指标结合在一个分数中。</blockquote></p><p> General Electric owns anRS Ratingof 83, meaning it has outperformed 83% of all stocks over the past year. TheAccumulation/Distribution Ratingis a C+, on a scale of A+ to a worst E. It's a sign of roughly equal buying and selling of GE shares by big institutions over the past 13 weeks.</p><p><blockquote>通用电气的anRS评级为83，这意味着它在过去一年中的表现优于所有股票的83%。积累/分配评级为C+，范围为A+至最差E。这表明过去13周大型机构对GE股票的买卖大致相等。</blockquote></p><p> GE remains a popular stock with strong institutional support. As of June, 1,914 funds owned shares. GE stock shows three quarters of rising fund ownership, according to theIBD Stock Checkup tool.</p><p><blockquote>通用电气仍然是一只受欢迎的股票，拥有强大的机构支持。截至6月，1914只基金持股。根据IBD股票检查工具，GE股票显示四分之三的基金持股量增加。</blockquote></p><p> <b>GE Earnings And Fundamental Analysis</b></p><p><blockquote><b>GE盈利和基本面分析</b></blockquote></p><p> On key earnings and sales metrics, GE stock earns anEPS Ratingof 45 out of a best-possible 99, and anSMR Ratingof E, on a scale of A+ (best) to E (worst). The EPS Rating compares a company's earnings per share growth vs. all other companies, and its SMR Rating reflects sales growth, profit margins and return on equity.</p><p><blockquote>在关键盈利和销售指标方面，GE股票的anEPS评级为45分（满分为99分），anSMR评级为E，范围为A+（最佳）到E（最差）。EPS评级将公司的每股收益增长与所有其他公司进行比较，其SMR评级反映了销售增长、利润率和股本回报率。</blockquote></p><p> In recent years, GE shed a biotech unit, its light bulb business, and a majority stake in its oil field services business. In March, GE announced a $30 billion deal merging its aircraft-leasing unit with<b>AerCap</b>(AER), using proceeds to lower debt. The deal is set to close by the end of 2021.</p><p><blockquote>近年来，通用电气剥离了一个生物技术部门、灯泡业务以及油田服务业务的多数股权。今年3月，通用电气宣布了一项300亿美元的交易，将其飞机租赁部门与<b>AerCap</b>（AER），利用收益降低债务。该交易预计将于2021年底完成。</blockquote></p><p> For Q2,GE earned five cents a share, beating views. Revenue rose 9% and also beat. In GE's business segments, revenue increased 10% in aviation, 3% in power, 14% in health care and 16% in renewable energy segment. And GE's industrial businesses generated roughly $400 million in cash vs. a year-ago cash burn of $2.068 billion, highlighting progress in its turnaround strategy.</p><p><blockquote>第二季度，通用电气每股盈利5美分，超出预期。收入增长9%，也超出预期。在GE的业务部门中，航空部门的收入增长了10%，电力部门的收入增长了3%，医疗保健部门的收入增长了14%，可再生能源部门的收入增长了16%。通用电气的工业业务产生了约4亿美元的现金，而去年同期的现金消耗为20.68亿美元，突显了其扭亏为盈战略的进展。</blockquote></p><p> \"Momentum is building across our businesses, driven by health care and services overall, with aviation showing early signs of recovery,\" CEO Larry Culp said in a statement. GE also raised its free cash flow outlook for the full year to $3.5 billion-$5 billion, while keeping EPS guidance steady. But General Electric faces intensifying inflationary pressure, Culp warned.</p><p><blockquote>首席执行官拉里·卡尔普(Larry Culp)在一份声明中表示：“在医疗保健和整体服务的推动下，我们的业务势头正在增强，航空业显示出复苏的早期迹象。”通用电气还将全年自由现金流预期上调至35亿至50亿美元，同时保持每股收益指引稳定。但卡尔普警告说，通用电气面临着日益加剧的通胀压力。</blockquote></p><p> The FCF measure is closely watched as a sign of the health of GE's operations and its ability to pay down debts. In 2020, GE generated $606 million in FCF, down 66%, but beating its own guidance. In fact, General Electric turned cash-positive a year ahead of schedule.</p><p><blockquote>自由现金流指标作为通用电气运营健康状况及其偿还债务能力的标志而受到密切关注。2020年，GE的自由现金流为6.06亿美元，下降了66%，但超出了自己的指导。事实上，通用电气提前一年实现了现金盈余。</blockquote></p><p> For full-year 2021, analysts forecast GE earnings of $1.97 per share, up from just eight cents a share in 2020. But that would still be below 2019 EPS of $5.20, FactSet says. GE earnings are likely to more than double to $4.10 a share in 2022 as sales increase 6%.</p><p><blockquote>分析师预测通用电气2021年全年每股收益为1.97美元，高于2020年的每股8美分。但FactSet表示，这仍将低于2019年每股收益5.20美元。随着销售额增长6%，通用电气2022年的盈利可能会增长一倍以上，达到每股4.10美元。</blockquote></p><p> Out of 21 analysts on Wall Street, 13 rate GE stock a buy and eight have a hold, while none has a sell, according to FactSet.</p><p><blockquote>FactSet的数据显示，在华尔街的21名分析师中，13名分析师将GE股票评级为买入，8名分析师将其评级为持有，没有人将其评级为卖出。</blockquote></p><p> <b>Headwinds For GE Aviation Lifted</b></p><p><blockquote><b>GE航空集团的不利因素消除</b></blockquote></p><p> GE Aviation makes jet engines for plane makers, such as<b>Boeing</b>(BA) and<b>Airbus</b>(EADSY). It also runs a lucrative aftermarket business for engine repair and maintenance.</p><p><blockquote>GE航空集团为飞机制造商制造喷气发动机，例如<b>波音公司</b>(BA)及<b>空中客车</b>（EADSY）。它还经营利润丰厚的发动机维修和保养售后业务。</blockquote></p><p> In 2020, Boeing halted production of the 737 Max jet for a few months after two fatal flights, which weighed on Leap engine sales. On top of that,airlines parked planes and delayed or canceled ordersdue to the pandemic. Engine shop visits slowed while leasing customers sought short-term deferrals. As a result, GE Aviation slashed jobs by 25% and later warned of more cuts.</p><p><blockquote>2020年，波音公司在两次致命飞行后停止了737 Max喷气式飞机的生产几个月，这给Leap发动机的销售带来了压力。最重要的是，由于疫情，航空公司停飞飞机并延误或取消订单。发动机店访问量放缓，而租赁客户寻求短期延期。结果，GE航空集团裁员25%，后来还警告称将进一步裁员。</blockquote></p><p> Now the Boeing 737 Max is flying again and airlines are starting to order planes again. Meanwhile, the market continues to shift from wide-bodies to longer-range, narrow-body aircraft, benefiting General Electric. A GE joint venture dominates the market for narrow-body jet engines.</p><p><blockquote>现在波音737 Max又开始飞行了，航空公司也开始重新订购飞机。与此同时，市场继续从宽体飞机转向远程窄体飞机，这使通用电气受益。通用电气的一家合资企业主导着窄体喷气发动机市场。</blockquote></p><p> The jet-leasing deal with Ireland's AerCap marks the biggest splash so far in CEO Culp's turnaround campaign.</p><p><blockquote>与爱尔兰AerCap的飞机租赁协议标志着首席执行官卡尔普扭亏为盈活动中迄今为止最大的轰动。</blockquote></p><p> Proceeds from the deal allowed GE to cut debt by $30 billion and bring the total slashed since 2018 to $70 billion. Eventually, General Electric is expected to exit jet leasing altogether, though it's taking a 46% stake in the combined company for now.</p><p><blockquote>这笔交易的收益使通用电气能够削减300亿美元的债务，使自2018年以来削减的债务总额达到700亿美元。最终，通用电气预计将完全退出jet leasing，尽管它目前持有合并后公司46%的股份。</blockquote></p><p></p><p> <b>Growing Momentum For GE Stock</b></p><p><blockquote><b>通用电气股票增长势头</b></blockquote></p><p> CEO Culp's top priorityis improving General Electric's financial position, while strengthening GE's industrial core, as a maker of jet engines, gas turbines, wind turbines and hospital equipment.</p><p><blockquote>首席执行官卡尔普的首要任务是改善通用电气的财务状况，同时加强通用电气作为喷气发动机、燃气轮机、风力涡轮机和医院设备制造商的工业核心。</blockquote></p><p> In 2017, GE began a vast and costly restructuring. Poorly timed acquisitions and some execution missteps caused debt to balloon and GE earnings and cash to crumble.</p><p><blockquote>2017年，GE开始了大规模且代价高昂的重组。不合时宜的收购和一些执行失误导致债务激增，通用电气的盈利和现金崩溃。</blockquote></p><p> The coronavirus pandemic hit GE Aviation — once its \"crown jewel\" — hardest. But GE now touts recovery or stabilization in key business segments, including aviation, gas power and health care.</p><p><blockquote>冠状病毒大流行对GE航空集团（曾经是其“皇冠上的明珠”）的打击最为严重。但通用电气现在吹捧关键业务领域的复苏或稳定，包括航空、天然气发电和医疗保健。</blockquote></p><p> Meanwhile, General Electric settled certain SEC investigations, while slashing billions in costs and debts. Those moves helped to remove legal and financial overhangs, de-risking GE stock.</p><p><blockquote>与此同时，通用电气解决了美国证券交易委员会的某些调查，同时削减了数十亿美元的成本和债务。这些举措有助于消除法律和财务悬而未决的问题，降低通用电气股票的风险。</blockquote></p><p> GE continues to expect an aviation recoveryin the second half of 2021. But it's monitoring the Covid-19 delta variant.</p><p><blockquote>GE继续预计航空业将在2021年下半年复苏。但它正在监控新冠肺炎德尔塔变异毒株。</blockquote></p><p> Other core businesses aren't out of the woods. For example, GE Power is stabilizing after a terrible slump in the market for coal- and gas turbines to generate electricity. But demand continues to shift to wind and solar energy, where GE has an emerging business.</p><p><blockquote>其他核心业务也没有摆脱困境。例如，通用电气电力公司在燃煤和燃气轮机发电市场严重下滑后正在稳定下来。但需求继续转向风能和太阳能，通用电气在这方面有一项新兴业务。</blockquote></p><p> Still, as GE's financial condition improves, hopes for the dividend could follow. In December 2018, a cash-challenged General Electric slashed the quarterly dividend to a token penny a share. An earlier cut, announced in November 2017 along with a broad restructuring, had halved the dividend to 12 cents.</p><p><blockquote>尽管如此，随着通用电气财务状况的改善，派息的希望可能会随之而来。2018年12月，面临现金挑战的通用电气将季度股息削减至每股象征性的一美分。2017年11月宣布的早期削减以及广泛的重组将股息减半至12美分。</blockquote></p><p> The cuts rattled investors, who prized GE stock for its long and reliable history of paying dividends. GE stock's current 4-cent annual payout offers a yield of 0.3%.</p><p><blockquote>此次削减令投资者感到不安，他们珍视通用电气股票长期可靠的派息历史。GE股票目前的年派息为4美分，收益率为0.3%。</blockquote></p><p> <b>Rivals To General Electric</b></p><p><blockquote><b>通用电气的竞争对手</b></blockquote></p><p> Rivals to General Electric include<b>Raytheon Technologies</b>(RTX) and Siemens Energy.</p><p><blockquote>通用电气的竞争对手包括<b>雷神技术公司</b>（RTX）和西门子能源。</blockquote></p><p> Raytheon and Rolls-Royce of Britain are major jet-engine rivals. Siemens Energy competes with GE in power. It emerged in September after<b>Siemens</b>(SIEGY) spun off its low-margin gas turbine business. Japan's Mitsubishi Hitachi is another big power rival.</p><p><blockquote>英国的雷神公司和劳斯莱斯公司是喷气发动机的主要竞争对手。西门子能源公司在电力方面与通用电气竞争。它出现在九月之后<b>西门子</b>（SIEGY）剥离了其低利润的燃气轮机业务。日立是另一个强大的竞争对手。</blockquote></p><p> The diversified operations group ranks No. 109 out of 197 industry groups tracked by IBD. It includes<b>3M</b>(MMM),<b>Honeywell</b>(HON) and<b>Roper Technologies</b>(ROP).</p><p><blockquote>多元化经营集团在IBD追踪的197个行业集团中排名第109位。它包括<b>3M</b>（3M），<b>霍尼韦尔</b>(HON)及<b>罗珀技术公司</b>（ROP）。</blockquote></p><p> <b>Is GE Stock A Buy Now?</b></p><p><blockquote><b>GE股票现在值得买入吗？</b></blockquote></p><p> General Electric is making progress in its long, ambitious turnaround. GE earnings and cash flow are expected to further improve in 2021, with the Boeing 737 Max flying again. Signs continue to mount of a slow recovery in the airline industry, and the broader economy is recovering as well.</p><p><blockquote>通用电气在其漫长而雄心勃勃的扭亏为盈中正在取得进展。随着波音737 Max再次飞行，通用电气的盈利和现金流预计将在2021年进一步改善。航空业缓慢复苏的迹象继续增加，更广泛的经济也在复苏。</blockquote></p><p> Moreover, GE's financial position continues to improve as it lowers debt and costs. The jet-leasing deal with AerCap should further help GE's balance sheet.</p><p><blockquote>此外，随着债务和成本的降低，通用电气的财务状况持续改善。与AerCap的飞机租赁协议应该会进一步帮助通用电气的资产负债表。</blockquote></p><p> Many analysts on Wall Street are bullish about GE's current leadership and improving fundamentals. But others remain on the sidelines. And General Electric does not belong to a leading industry group.</p><p><blockquote>华尔街的许多分析师看好通用电气目前的领导地位和不断改善的基本面。但其他人仍在观望。通用电气并不属于领先的行业集团。</blockquote></p><p> From a technical perspective, GE stock offers a 115.30buy point.&nbsp;But shares are well below the entry and theRS lineis lackluster.</p><p><blockquote>从技术角度来看，通用电气股票的买入点为115.30。但股价远低于入场点，其他线也乏善可陈。</blockquote></p><p> Bottom line: GE stock is not a buy.</p><p><blockquote>底线：通用电气股票不值得买入。</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>Is GE Stock A Buy After Q2 Earnings Beat?<blockquote>第二季度盈利超出预期后，GE股票值得买入吗？</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\">\nIs GE Stock A Buy After Q2 Earnings Beat?<blockquote>第二季度盈利超出预期后，GE股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-09-28 09:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>General Electric</b>'s (GE) turnaround continues to gain traction as the aviation sector slowly recovers from the coronavirus pandemic. Is GE stock a buy right now?</p><p><blockquote><b>通用电气</b>随着航空业从冠状病毒大流行中缓慢复苏，通用电气(GE)的扭亏为盈继续获得牵引力。GE股票现在值得买入吗？</blockquote></p><p> In the second quarter, GE beat earnings views, while warning on inflationary pressures ahead. Wall Street generally took the view that General Electric continues to transform into a simpler and stronger company.</p><p><blockquote>第二季度，通用电气的盈利超出预期，同时警告未来的通胀压力。华尔街普遍认为，通用电气将继续向一家更简单、更强大的公司转型。</blockquote></p><p> <b>GE Stock Technical Analysis</b></p><p><blockquote><b>GE股票技术分析</b></blockquote></p><p> Shares are forming a cup-shaped base with a 115.30buy point, according toMarketSmith chart analysis. GE stock sits 9% below the entry, meaning it is far from a proper buying zone still. The industrial stock based around the 10-week line, but is back above that support level on thestock market today.</p><p><blockquote>根据MarketSmith图表分析，股价正在形成杯形底部，买入点为115.30。GE股价较入场点低9%，这意味着它仍远未达到适当的买入区域。工业股位于10周线附近，但今天又回到了股市的支撑位之上。</blockquote></p><p> Therelative strength linefor GE stock is falling again. It rallied late last year and in early 2021, within a multi-year downtrend. A rising RS line means that a stock is outperforming the S&amp;P 500 index. It is the blue line in the chart shown.</p><p><blockquote>通用电气股票的相对强弱线再次下跌。它在去年年底和2021年初反弹，处于多年的下降趋势中。RS线上升意味着股票的表现优于标普500指数。它是所示图表中的蓝线。</blockquote></p><p> The industrial giant earns a dull&nbsp;IBD Composite Ratingof 60 out of 99. The rating combines key technical and fundamental metrics in a single score.</p><p><blockquote>这家工业巨头的IBD综合评级为60分（满分99分）。该评级将关键技术和基本指标结合在一个分数中。</blockquote></p><p> General Electric owns anRS Ratingof 83, meaning it has outperformed 83% of all stocks over the past year. TheAccumulation/Distribution Ratingis a C+, on a scale of A+ to a worst E. It's a sign of roughly equal buying and selling of GE shares by big institutions over the past 13 weeks.</p><p><blockquote>通用电气的anRS评级为83，这意味着它在过去一年中的表现优于所有股票的83%。积累/分配评级为C+，范围为A+至最差E。这表明过去13周大型机构对GE股票的买卖大致相等。</blockquote></p><p> GE remains a popular stock with strong institutional support. As of June, 1,914 funds owned shares. GE stock shows three quarters of rising fund ownership, according to theIBD Stock Checkup tool.</p><p><blockquote>通用电气仍然是一只受欢迎的股票，拥有强大的机构支持。截至6月，1914只基金持股。根据IBD股票检查工具，GE股票显示四分之三的基金持股量增加。</blockquote></p><p> <b>GE Earnings And Fundamental Analysis</b></p><p><blockquote><b>GE盈利和基本面分析</b></blockquote></p><p> On key earnings and sales metrics, GE stock earns anEPS Ratingof 45 out of a best-possible 99, and anSMR Ratingof E, on a scale of A+ (best) to E (worst). The EPS Rating compares a company's earnings per share growth vs. all other companies, and its SMR Rating reflects sales growth, profit margins and return on equity.</p><p><blockquote>在关键盈利和销售指标方面，GE股票的anEPS评级为45分（满分为99分），anSMR评级为E，范围为A+（最佳）到E（最差）。EPS评级将公司的每股收益增长与所有其他公司进行比较，其SMR评级反映了销售增长、利润率和股本回报率。</blockquote></p><p> In recent years, GE shed a biotech unit, its light bulb business, and a majority stake in its oil field services business. In March, GE announced a $30 billion deal merging its aircraft-leasing unit with<b>AerCap</b>(AER), using proceeds to lower debt. The deal is set to close by the end of 2021.</p><p><blockquote>近年来，通用电气剥离了一个生物技术部门、灯泡业务以及油田服务业务的多数股权。今年3月，通用电气宣布了一项300亿美元的交易，将其飞机租赁部门与<b>AerCap</b>（AER），利用收益降低债务。该交易预计将于2021年底完成。</blockquote></p><p> For Q2,GE earned five cents a share, beating views. Revenue rose 9% and also beat. In GE's business segments, revenue increased 10% in aviation, 3% in power, 14% in health care and 16% in renewable energy segment. And GE's industrial businesses generated roughly $400 million in cash vs. a year-ago cash burn of $2.068 billion, highlighting progress in its turnaround strategy.</p><p><blockquote>第二季度，通用电气每股盈利5美分，超出预期。收入增长9%，也超出预期。在GE的业务部门中，航空部门的收入增长了10%，电力部门的收入增长了3%，医疗保健部门的收入增长了14%，可再生能源部门的收入增长了16%。通用电气的工业业务产生了约4亿美元的现金，而去年同期的现金消耗为20.68亿美元，突显了其扭亏为盈战略的进展。</blockquote></p><p> \"Momentum is building across our businesses, driven by health care and services overall, with aviation showing early signs of recovery,\" CEO Larry Culp said in a statement. GE also raised its free cash flow outlook for the full year to $3.5 billion-$5 billion, while keeping EPS guidance steady. But General Electric faces intensifying inflationary pressure, Culp warned.</p><p><blockquote>首席执行官拉里·卡尔普(Larry Culp)在一份声明中表示：“在医疗保健和整体服务的推动下，我们的业务势头正在增强，航空业显示出复苏的早期迹象。”通用电气还将全年自由现金流预期上调至35亿至50亿美元，同时保持每股收益指引稳定。但卡尔普警告说，通用电气面临着日益加剧的通胀压力。</blockquote></p><p> The FCF measure is closely watched as a sign of the health of GE's operations and its ability to pay down debts. In 2020, GE generated $606 million in FCF, down 66%, but beating its own guidance. In fact, General Electric turned cash-positive a year ahead of schedule.</p><p><blockquote>自由现金流指标作为通用电气运营健康状况及其偿还债务能力的标志而受到密切关注。2020年，GE的自由现金流为6.06亿美元，下降了66%，但超出了自己的指导。事实上，通用电气提前一年实现了现金盈余。</blockquote></p><p> For full-year 2021, analysts forecast GE earnings of $1.97 per share, up from just eight cents a share in 2020. But that would still be below 2019 EPS of $5.20, FactSet says. GE earnings are likely to more than double to $4.10 a share in 2022 as sales increase 6%.</p><p><blockquote>分析师预测通用电气2021年全年每股收益为1.97美元，高于2020年的每股8美分。但FactSet表示，这仍将低于2019年每股收益5.20美元。随着销售额增长6%，通用电气2022年的盈利可能会增长一倍以上，达到每股4.10美元。</blockquote></p><p> Out of 21 analysts on Wall Street, 13 rate GE stock a buy and eight have a hold, while none has a sell, according to FactSet.</p><p><blockquote>FactSet的数据显示，在华尔街的21名分析师中，13名分析师将GE股票评级为买入，8名分析师将其评级为持有，没有人将其评级为卖出。</blockquote></p><p> <b>Headwinds For GE Aviation Lifted</b></p><p><blockquote><b>GE航空集团的不利因素消除</b></blockquote></p><p> GE Aviation makes jet engines for plane makers, such as<b>Boeing</b>(BA) and<b>Airbus</b>(EADSY). It also runs a lucrative aftermarket business for engine repair and maintenance.</p><p><blockquote>GE航空集团为飞机制造商制造喷气发动机，例如<b>波音公司</b>(BA)及<b>空中客车</b>（EADSY）。它还经营利润丰厚的发动机维修和保养售后业务。</blockquote></p><p> In 2020, Boeing halted production of the 737 Max jet for a few months after two fatal flights, which weighed on Leap engine sales. On top of that,airlines parked planes and delayed or canceled ordersdue to the pandemic. Engine shop visits slowed while leasing customers sought short-term deferrals. As a result, GE Aviation slashed jobs by 25% and later warned of more cuts.</p><p><blockquote>2020年，波音公司在两次致命飞行后停止了737 Max喷气式飞机的生产几个月，这给Leap发动机的销售带来了压力。最重要的是，由于疫情，航空公司停飞飞机并延误或取消订单。发动机店访问量放缓，而租赁客户寻求短期延期。结果，GE航空集团裁员25%，后来还警告称将进一步裁员。</blockquote></p><p> Now the Boeing 737 Max is flying again and airlines are starting to order planes again. Meanwhile, the market continues to shift from wide-bodies to longer-range, narrow-body aircraft, benefiting General Electric. A GE joint venture dominates the market for narrow-body jet engines.</p><p><blockquote>现在波音737 Max又开始飞行了，航空公司也开始重新订购飞机。与此同时，市场继续从宽体飞机转向远程窄体飞机，这使通用电气受益。通用电气的一家合资企业主导着窄体喷气发动机市场。</blockquote></p><p> The jet-leasing deal with Ireland's AerCap marks the biggest splash so far in CEO Culp's turnaround campaign.</p><p><blockquote>与爱尔兰AerCap的飞机租赁协议标志着首席执行官卡尔普扭亏为盈活动中迄今为止最大的轰动。</blockquote></p><p> Proceeds from the deal allowed GE to cut debt by $30 billion and bring the total slashed since 2018 to $70 billion. Eventually, General Electric is expected to exit jet leasing altogether, though it's taking a 46% stake in the combined company for now.</p><p><blockquote>这笔交易的收益使通用电气能够削减300亿美元的债务，使自2018年以来削减的债务总额达到700亿美元。最终，通用电气预计将完全退出jet leasing，尽管它目前持有合并后公司46%的股份。</blockquote></p><p></p><p> <b>Growing Momentum For GE Stock</b></p><p><blockquote><b>通用电气股票增长势头</b></blockquote></p><p> CEO Culp's top priorityis improving General Electric's financial position, while strengthening GE's industrial core, as a maker of jet engines, gas turbines, wind turbines and hospital equipment.</p><p><blockquote>首席执行官卡尔普的首要任务是改善通用电气的财务状况，同时加强通用电气作为喷气发动机、燃气轮机、风力涡轮机和医院设备制造商的工业核心。</blockquote></p><p> In 2017, GE began a vast and costly restructuring. Poorly timed acquisitions and some execution missteps caused debt to balloon and GE earnings and cash to crumble.</p><p><blockquote>2017年，GE开始了大规模且代价高昂的重组。不合时宜的收购和一些执行失误导致债务激增，通用电气的盈利和现金崩溃。</blockquote></p><p> The coronavirus pandemic hit GE Aviation — once its \"crown jewel\" — hardest. But GE now touts recovery or stabilization in key business segments, including aviation, gas power and health care.</p><p><blockquote>冠状病毒大流行对GE航空集团（曾经是其“皇冠上的明珠”）的打击最为严重。但通用电气现在吹捧关键业务领域的复苏或稳定，包括航空、天然气发电和医疗保健。</blockquote></p><p> Meanwhile, General Electric settled certain SEC investigations, while slashing billions in costs and debts. Those moves helped to remove legal and financial overhangs, de-risking GE stock.</p><p><blockquote>与此同时，通用电气解决了美国证券交易委员会的某些调查，同时削减了数十亿美元的成本和债务。这些举措有助于消除法律和财务悬而未决的问题，降低通用电气股票的风险。</blockquote></p><p> GE continues to expect an aviation recoveryin the second half of 2021. But it's monitoring the Covid-19 delta variant.</p><p><blockquote>GE继续预计航空业将在2021年下半年复苏。但它正在监控新冠肺炎德尔塔变异毒株。</blockquote></p><p> Other core businesses aren't out of the woods. For example, GE Power is stabilizing after a terrible slump in the market for coal- and gas turbines to generate electricity. But demand continues to shift to wind and solar energy, where GE has an emerging business.</p><p><blockquote>其他核心业务也没有摆脱困境。例如，通用电气电力公司在燃煤和燃气轮机发电市场严重下滑后正在稳定下来。但需求继续转向风能和太阳能，通用电气在这方面有一项新兴业务。</blockquote></p><p> Still, as GE's financial condition improves, hopes for the dividend could follow. In December 2018, a cash-challenged General Electric slashed the quarterly dividend to a token penny a share. An earlier cut, announced in November 2017 along with a broad restructuring, had halved the dividend to 12 cents.</p><p><blockquote>尽管如此，随着通用电气财务状况的改善，派息的希望可能会随之而来。2018年12月，面临现金挑战的通用电气将季度股息削减至每股象征性的一美分。2017年11月宣布的早期削减以及广泛的重组将股息减半至12美分。</blockquote></p><p> The cuts rattled investors, who prized GE stock for its long and reliable history of paying dividends. GE stock's current 4-cent annual payout offers a yield of 0.3%.</p><p><blockquote>此次削减令投资者感到不安，他们珍视通用电气股票长期可靠的派息历史。GE股票目前的年派息为4美分，收益率为0.3%。</blockquote></p><p> <b>Rivals To General Electric</b></p><p><blockquote><b>通用电气的竞争对手</b></blockquote></p><p> Rivals to General Electric include<b>Raytheon Technologies</b>(RTX) and Siemens Energy.</p><p><blockquote>通用电气的竞争对手包括<b>雷神技术公司</b>（RTX）和西门子能源。</blockquote></p><p> Raytheon and Rolls-Royce of Britain are major jet-engine rivals. Siemens Energy competes with GE in power. It emerged in September after<b>Siemens</b>(SIEGY) spun off its low-margin gas turbine business. Japan's Mitsubishi Hitachi is another big power rival.</p><p><blockquote>英国的雷神公司和劳斯莱斯公司是喷气发动机的主要竞争对手。西门子能源公司在电力方面与通用电气竞争。它出现在九月之后<b>西门子</b>（SIEGY）剥离了其低利润的燃气轮机业务。日立是另一个强大的竞争对手。</blockquote></p><p> The diversified operations group ranks No. 109 out of 197 industry groups tracked by IBD. It includes<b>3M</b>(MMM),<b>Honeywell</b>(HON) and<b>Roper Technologies</b>(ROP).</p><p><blockquote>多元化经营集团在IBD追踪的197个行业集团中排名第109位。它包括<b>3M</b>（3M），<b>霍尼韦尔</b>(HON)及<b>罗珀技术公司</b>（ROP）。</blockquote></p><p> <b>Is GE Stock A Buy Now?</b></p><p><blockquote><b>GE股票现在值得买入吗？</b></blockquote></p><p> General Electric is making progress in its long, ambitious turnaround. GE earnings and cash flow are expected to further improve in 2021, with the Boeing 737 Max flying again. Signs continue to mount of a slow recovery in the airline industry, and the broader economy is recovering as well.</p><p><blockquote>通用电气在其漫长而雄心勃勃的扭亏为盈中正在取得进展。随着波音737 Max再次飞行，通用电气的盈利和现金流预计将在2021年进一步改善。航空业缓慢复苏的迹象继续增加，更广泛的经济也在复苏。</blockquote></p><p> Moreover, GE's financial position continues to improve as it lowers debt and costs. The jet-leasing deal with AerCap should further help GE's balance sheet.</p><p><blockquote>此外，随着债务和成本的降低，通用电气的财务状况持续改善。与AerCap的飞机租赁协议应该会进一步帮助通用电气的资产负债表。</blockquote></p><p> Many analysts on Wall Street are bullish about GE's current leadership and improving fundamentals. But others remain on the sidelines. And General Electric does not belong to a leading industry group.</p><p><blockquote>华尔街的许多分析师看好通用电气目前的领导地位和不断改善的基本面。但其他人仍在观望。通用电气并不属于领先的行业集团。</blockquote></p><p> From a technical perspective, GE stock offers a 115.30buy point.&nbsp;But shares are well below the entry and theRS lineis lackluster.</p><p><blockquote>从技术角度来看，通用电气股票的买入点为115.30。但股价远低于入场点，其他线也乏善可陈。</blockquote></p><p> Bottom line: GE stock is not a buy.</p><p><blockquote>底线：通用电气股票不值得买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/research/ge-stock-buy-or-sell/?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":{"GE":"GE航空航天"},"source_url":"https://www.investors.com/research/ge-stock-buy-or-sell/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112226714","content_text":"General Electric's (GE) turnaround continues to gain traction as the aviation sector slowly recovers from the coronavirus pandemic. Is GE stock a buy right now?\nIn the second quarter, GE beat earnings views, while warning on inflationary pressures ahead. Wall Street generally took the view that General Electric continues to transform into a simpler and stronger company.\nGE Stock Technical Analysis\nShares are forming a cup-shaped base with a 115.30buy point, according toMarketSmith chart analysis. GE stock sits 9% below the entry, meaning it is far from a proper buying zone still. The industrial stock based around the 10-week line, but is back above that support level on thestock market today.\nTherelative strength linefor GE stock is falling again. It rallied late last year and in early 2021, within a multi-year downtrend. A rising RS line means that a stock is outperforming the S&P 500 index. It is the blue line in the chart shown.\nThe industrial giant earns a dull IBD Composite Ratingof 60 out of 99. The rating combines key technical and fundamental metrics in a single score.\nGeneral Electric owns anRS Ratingof 83, meaning it has outperformed 83% of all stocks over the past year. TheAccumulation/Distribution Ratingis a C+, on a scale of A+ to a worst E. It's a sign of roughly equal buying and selling of GE shares by big institutions over the past 13 weeks.\nGE remains a popular stock with strong institutional support. As of June, 1,914 funds owned shares. GE stock shows three quarters of rising fund ownership, according to theIBD Stock Checkup tool.\nGE Earnings And Fundamental Analysis\nOn key earnings and sales metrics, GE stock earns anEPS Ratingof 45 out of a best-possible 99, and anSMR Ratingof E, on a scale of A+ (best) to E (worst). The EPS Rating compares a company's earnings per share growth vs. all other companies, and its SMR Rating reflects sales growth, profit margins and return on equity.\nIn recent years, GE shed a biotech unit, its light bulb business, and a majority stake in its oil field services business. In March, GE announced a $30 billion deal merging its aircraft-leasing unit withAerCap(AER), using proceeds to lower debt. The deal is set to close by the end of 2021.\nFor Q2,GE earned five cents a share, beating views. Revenue rose 9% and also beat. In GE's business segments, revenue increased 10% in aviation, 3% in power, 14% in health care and 16% in renewable energy segment. And GE's industrial businesses generated roughly $400 million in cash vs. a year-ago cash burn of $2.068 billion, highlighting progress in its turnaround strategy.\n\"Momentum is building across our businesses, driven by health care and services overall, with aviation showing early signs of recovery,\" CEO Larry Culp said in a statement. GE also raised its free cash flow outlook for the full year to $3.5 billion-$5 billion, while keeping EPS guidance steady. But General Electric faces intensifying inflationary pressure, Culp warned.\nThe FCF measure is closely watched as a sign of the health of GE's operations and its ability to pay down debts. In 2020, GE generated $606 million in FCF, down 66%, but beating its own guidance. In fact, General Electric turned cash-positive a year ahead of schedule.\nFor full-year 2021, analysts forecast GE earnings of $1.97 per share, up from just eight cents a share in 2020. But that would still be below 2019 EPS of $5.20, FactSet says. GE earnings are likely to more than double to $4.10 a share in 2022 as sales increase 6%.\nOut of 21 analysts on Wall Street, 13 rate GE stock a buy and eight have a hold, while none has a sell, according to FactSet.\nHeadwinds For GE Aviation Lifted\nGE Aviation makes jet engines for plane makers, such asBoeing(BA) andAirbus(EADSY). It also runs a lucrative aftermarket business for engine repair and maintenance.\nIn 2020, Boeing halted production of the 737 Max jet for a few months after two fatal flights, which weighed on Leap engine sales. On top of that,airlines parked planes and delayed or canceled ordersdue to the pandemic. Engine shop visits slowed while leasing customers sought short-term deferrals. As a result, GE Aviation slashed jobs by 25% and later warned of more cuts.\nNow the Boeing 737 Max is flying again and airlines are starting to order planes again. Meanwhile, the market continues to shift from wide-bodies to longer-range, narrow-body aircraft, benefiting General Electric. A GE joint venture dominates the market for narrow-body jet engines.\nThe jet-leasing deal with Ireland's AerCap marks the biggest splash so far in CEO Culp's turnaround campaign.\nProceeds from the deal allowed GE to cut debt by $30 billion and bring the total slashed since 2018 to $70 billion. Eventually, General Electric is expected to exit jet leasing altogether, though it's taking a 46% stake in the combined company for now.\nGrowing Momentum For GE Stock\nCEO Culp's top priorityis improving General Electric's financial position, while strengthening GE's industrial core, as a maker of jet engines, gas turbines, wind turbines and hospital equipment.\nIn 2017, GE began a vast and costly restructuring. Poorly timed acquisitions and some execution missteps caused debt to balloon and GE earnings and cash to crumble.\nThe coronavirus pandemic hit GE Aviation — once its \"crown jewel\" — hardest. But GE now touts recovery or stabilization in key business segments, including aviation, gas power and health care.\nMeanwhile, General Electric settled certain SEC investigations, while slashing billions in costs and debts. Those moves helped to remove legal and financial overhangs, de-risking GE stock.\nGE continues to expect an aviation recoveryin the second half of 2021. But it's monitoring the Covid-19 delta variant.\nOther core businesses aren't out of the woods. For example, GE Power is stabilizing after a terrible slump in the market for coal- and gas turbines to generate electricity. But demand continues to shift to wind and solar energy, where GE has an emerging business.\nStill, as GE's financial condition improves, hopes for the dividend could follow. In December 2018, a cash-challenged General Electric slashed the quarterly dividend to a token penny a share. An earlier cut, announced in November 2017 along with a broad restructuring, had halved the dividend to 12 cents.\nThe cuts rattled investors, who prized GE stock for its long and reliable history of paying dividends. GE stock's current 4-cent annual payout offers a yield of 0.3%.\nRivals To General Electric\nRivals to General Electric includeRaytheon Technologies(RTX) and Siemens Energy.\nRaytheon and Rolls-Royce of Britain are major jet-engine rivals. Siemens Energy competes with GE in power. It emerged in September afterSiemens(SIEGY) spun off its low-margin gas turbine business. Japan's Mitsubishi Hitachi is another big power rival.\nThe diversified operations group ranks No. 109 out of 197 industry groups tracked by IBD. It includes3M(MMM),Honeywell(HON) andRoper Technologies(ROP).\nIs GE Stock A Buy Now?\nGeneral Electric is making progress in its long, ambitious turnaround. GE earnings and cash flow are expected to further improve in 2021, with the Boeing 737 Max flying again. Signs continue to mount of a slow recovery in the airline industry, and the broader economy is recovering as well.\nMoreover, GE's financial position continues to improve as it lowers debt and costs. The jet-leasing deal with AerCap should further help GE's balance sheet.\nMany analysts on Wall Street are bullish about GE's current leadership and improving fundamentals. But others remain on the sidelines. And General Electric does not belong to a leading industry group.\nFrom a technical perspective, GE stock offers a 115.30buy point. But shares are well below the entry and theRS lineis lackluster.\nBottom line: GE stock is not a buy.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":3088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":818302843,"gmtCreate":1630373911282,"gmtModify":1704959295630,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/818302843","repostId":"2163833181","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813629962,"gmtCreate":1630199568256,"gmtModify":1704956881003,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813629962","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175028011,"gmtCreate":1626999329533,"gmtModify":1633768973985,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/175028011","repostId":"2153978603","repostType":4,"isVote":1,"tweetType":1,"viewCount":805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":861321554,"gmtCreate":1632460139578,"gmtModify":1632464975949,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger Brokers(TIGR)$Go go go!","images":[{"img":"https://static.tigerbbs.com/7d777f099cf1490459af64ee4cff6064","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/861321554","isVote":1,"tweetType":1,"viewCount":1902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":816045755,"gmtCreate":1630457704277,"gmtModify":1633677941789,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816045755","repostId":"2164869989","repostType":4,"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836577406,"gmtCreate":1629511298505,"gmtModify":1633684351953,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"&nbsp;Wow","listText":"&nbsp;Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836577406","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.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严重。</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%，而标普500、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值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，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，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。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>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——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。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈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表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，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，因此长期增长情况更容易预测。</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”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、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表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。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>他不是在开玩笑。William Blair分析师Greg Scolaro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所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</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>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</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，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。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来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</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远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在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Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</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的高级股票研究分析师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，它们的业绩可能会因为在新管理层的领导下而得到提振：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>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</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，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</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，当像高通和英伟达这样的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\">新思科技</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帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</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放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</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，它在供应做到这一点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>供应过剩</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产品，这样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70%的芯片，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>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</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>令人不安的信号</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>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为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。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</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>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。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，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</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被压抑的大件商品需求等因素，良好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持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严重。</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%，而标普500、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值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，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，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。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>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——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。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈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表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，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，因此长期增长情况更容易预测。</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”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、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表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。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>他不是在开玩笑。William Blair分析师Greg Scolaro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所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</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>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</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，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。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来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</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远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在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Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</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的高级股票研究分析师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，它们的业绩可能会因为在新管理层的领导下而得到提振：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>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</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，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</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，当像高通和英伟达这样的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\">新思科技</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帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</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放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</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，它在供应做到这一点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>供应过剩</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产品，这样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70%的芯片，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>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</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>令人不安的信号</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>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为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。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</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>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。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，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</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被压抑的大件商品需求等因素，良好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持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":{"CDNS":"铿腾电子","SSNLF":"三星电子","GOOG":"谷歌","SOXX":"iShares费城交易所半导体ETF","AMZN":"亚马逊","NVDA":"英伟达","GOOGL":"谷歌A","SNPS":"新思科技","QCOM":"高通","TSM":"台积电","ASML":"阿斯麦","ON":"安森美半导体","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOG":0.9,"CDNS":0.9,"AMZN":0.9,"GOOGL":0.9,"QCOM":0.9,"NVDA":0.9,"TSM":0.9,"ASML":0.9,"SSNLF":0.9,"SNPS":0.9,"ON":0.9,"AAPL":0.9,"SOXX":0.9}},"isVote":1,"tweetType":1,"viewCount":464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836577057,"gmtCreate":1629511273779,"gmtModify":1633684352873,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836577057","repostId":"2161743232","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146310406,"gmtCreate":1626053329605,"gmtModify":1633930632480,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Watch this space","listText":"Watch this space","text":"Watch this space","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146310406","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152154100,"gmtCreate":1625277715800,"gmtModify":1633941855130,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Pls take note","listText":"Pls take note","text":"Pls take note","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152154100","repostId":"1165340887","repostType":4,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115994568,"gmtCreate":1622945181054,"gmtModify":1634096761214,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115994568","repostId":"1128534499","repostType":4,"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884080853,"gmtCreate":1631839597672,"gmtModify":1631888732516,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884080853","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","kind":"news","pubTimestamp":1631833833,"share":"https://www.laohu8.com/m/news/1105376345?lang=zh_CN&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</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>S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</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\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>美国国债收益率上升抵消了强劲的零售数据，标普小幅收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-17 07:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约7月20日电——标普500周四小幅收跌，尾盘收窄跌幅，此前意外强劲的零售销售数据突显美国经济复苏的力度。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元上涨给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司受到商务部报告中强劲的在线销售的提振，帮助推动纳斯达克进入积极区域。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>北卡罗来纳州夏洛特LPL Financial高级市场策略师瑞安·德特里克(Ryan Detrick)表示：“从今天来看，显然我们收到了来自零售销售的积极消息，而且经济大幅放缓似乎并没有像许多人预期的那样成为现实。”</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>德特里克补充道：“这是一个很好的提醒，即使在新冠疫情担忧的情况下，经济仍然每后退一步就向前迈出两步。”</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片是表现优异的股票之一。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠德尔塔变异毒株，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>德特里克表示：“这再次表明美国消费者继续支出并继续帮助经济增长。”</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼工业指数跌63.07点，或0.18%，报34751.32点；标普500下跌6.95点，跌幅0.16%，报4,473.75点；纳斯达克综合指数上涨20.40点，即0.13%，至15,181.92点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11大板块中有8个板块收跌，材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出板块涨幅最大，亚马逊首当其冲。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司Gap Inc上涨1.6%。在线市场Etsy Inc和奢侈品配饰公司Tapestry Inc分别上涨3.1%和1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司股价上涨1.4%，此前该公司宣布计划提高F-150电动皮卡车型的产量。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.27比1；在纳斯达克，1.06比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和1个新低；纳斯达克综合指数录得82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为93.7亿股，而过去20个交易日的平均成交量为94.4亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888036356,"gmtCreate":1631412379675,"gmtModify":1631883626588,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go go!","text":"$Tiger Brokers(TIGR)$Go go go!","images":[{"img":"https://static.tigerbbs.com/e32d739591aeec6fc42f32be39258667","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/888036356","isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837082750,"gmtCreate":1629848277170,"gmtModify":1633682054988,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837082750","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832149679,"gmtCreate":1629600940991,"gmtModify":1633683838140,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832149679","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.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严重。</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%，而标普500、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值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，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，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。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>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——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。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈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表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，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，因此长期增长情况更容易预测。</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”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、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表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。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>他不是在开玩笑。William Blair分析师Greg Scolaro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所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</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>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</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，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。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来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</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远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在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Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</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的高级股票研究分析师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，它们的业绩可能会因为在新管理层的领导下而得到提振：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>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</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，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</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，当像高通和英伟达这样的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\">新思科技</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帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</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放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</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，它在供应做到这一点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>供应过剩</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产品，这样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70%的芯片，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>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</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>令人不安的信号</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>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为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。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</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>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。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，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</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被压抑的大件商品需求等因素，良好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持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严重。</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%，而标普500、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值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，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，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。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>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——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。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈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表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，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，因此长期增长情况更容易预测。</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”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、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表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。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>他不是在开玩笑。William Blair分析师Greg Scolaro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所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</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>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</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，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。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来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</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远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在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Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</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的高级股票研究分析师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，它们的业绩可能会因为在新管理层的领导下而得到提振：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>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</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，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</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，当像高通和英伟达这样的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\">新思科技</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帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</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放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</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，它在供应做到这一点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>供应过剩</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产品，这样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70%的芯片，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>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</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>令人不安的信号</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>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为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。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</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>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。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，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</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被压抑的大件商品需求等因素，良好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持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":{"CDNS":"铿腾电子","SSNLF":"三星电子","GOOG":"谷歌","SOXX":"iShares费城交易所半导体ETF","AMZN":"亚马逊","NVDA":"英伟达","GOOGL":"谷歌A","SNPS":"新思科技","QCOM":"高通","TSM":"台积电","ASML":"阿斯麦","ON":"安森美半导体","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOG":0.9,"CDNS":0.9,"AMZN":0.9,"GOOGL":0.9,"QCOM":0.9,"NVDA":0.9,"TSM":0.9,"ASML":0.9,"SSNLF":0.9,"SNPS":0.9,"ON":0.9,"AAPL":0.9,"SOXX":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143612078,"gmtCreate":1625791446694,"gmtModify":1633937324666,"author":{"id":"3576583202640797","authorId":"3576583202640797","name":"NKT9493","avatar":"https://static.tigerbbs.com/6332e9e73fa2d969a123da1e4579ec09","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576583202640797","idStr":"3576583202640797"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143612078","repostId":"1153646457","repostType":4,"isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}