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Jefflim

Jefflim

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2021-05-11

Comment and like pls

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2021-04-26

Comment and like 🙏

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2021-04-25

How to clear receive a response from my comments?

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2021-04-23

Like and comment 😊

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2021-12-24

H

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2021-11-20

Hello

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2021-08-23

Hello

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2021-05-13

Pls comment and like pls

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2021-05-12

Like and comment pls

Opinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点：华尔街的“弥天大谎”：越来越令人难以置信的业绩声明</blockquote>

2021-04-19

Sad to see it keep dropping but a better day will come.

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2021-12-09

Hello

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2021-10-14

Hello

U.S. supply chain too snarled for Biden Christmas fix, experts say<blockquote>专家表示，美国供应链过于混乱，无法解决拜登的圣诞节问题</blockquote>

2021-08-27

Hello

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2021-07-08

Hello

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2021-07-02

Hello

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2021-05-01

Help to respond 🙏

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2021-12-03

Hello

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2021-11-26

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Traders Unwind Rate-Hike Bets as New Covid Fears Spread<blockquote>随着新冠疫情担忧蔓延，交易员解除加息押注</blockquote>

2021-11-13

Hello

Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>

2021-10-30

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Try These 2 Stocks for Stability.<blockquote>股市一路坎坷。尝试这两只股票以获得稳定性。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122948042","media":"Barrons","summary":"Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something","content":"<p><html><head></head><body>Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.</p><p><blockquote><html><head></head><body>不要试图理解股市正在发生的事情。这是一种有趣的消遣，也是一种全国性的痴迷，但很少有人擅长。</body></html></blockquote></p><p>Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.</p><p><blockquote>相反，寻找长期牛市中的公司——那些产品和策略看起来如此强大，以至于它们的股票可能不会受到大盘日益不稳定的行为的影响。</blockquote></p><p>Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.</p><p><blockquote>电动汽车巨头特斯拉（股票代码：TSLA）在长期牛市主题上看起来很有趣，尽管存在争议。该股在2021年上涨50%后，今年下跌了约6%。该公司将于1月26日收盘后公布第四季度收益。</blockquote></p><p>NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&amp;P 500 index in 2021. The company reports earnings Feb. 4 during market hours.</p><p><blockquote>生产石油和天然气钻探和勘探设备的NOV(NOV)可能会从能源价格上涨中受益。该股在2021年大幅落后于标普500指数后，今年上涨了约20%。该公司将于2月4日在市场时间公布收益。</blockquote></p><p>It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.</p><p><blockquote>强调彼此如此不和的公司是具有讽刺意味的。特斯拉正在引领电动汽车革命。NOV向石油和天然气行业提供钻井设备和工具——许多人认为这些行业正处于大宗商品超级周期的开始。</blockquote></p><p>But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.</p><p><blockquote>但这两家公司都有一些品质，可能会让它们成为自己的一个世界。随着股市持续暴跌，这两个项目都很有趣。</blockquote></p><p>With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.</p><p><blockquote>由于特斯拉股价为995.65美元，激进的投资者可以以约22.50美元的价格出售1月28日到期的1月925美元看跌期权，并以约45美元的价格购买相同到期日的1月1,010美元看涨期权期权。</blockquote></p><p>This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.</p><p><blockquote>这种风险逆转策略——即卖出看跌期权并买入执行价格更高但到期日相同的看涨期权——使投资者以925美元的价格买入特斯拉股票。如果该股因盈利而飙升，并反弹至1,200美元，那么看涨期权的价值将达到190美元。</blockquote></p><p>The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.</p><p><blockquote>这一战略——诚然是一个非常激进的战略——表达了对特斯拉令人惊讶的强劲第四季度销售数据预示着令人印象深刻的收益报告和对未来的建设性评论的信心。如果事实证明这是错误的并且股价暴跌，投资者将不得不以925美元的看跌期权执行价购买特斯拉股票，或者调整期权市场的头寸以避免转让。</blockquote></p><p>During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.</p><p><blockquote>在过去52周内，特斯拉股价从539.49美元到1,243.49美元不等。</blockquote></p><p>NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.</p><p><blockquote>11月，每股价格低于20美元，是一个不太大胆的举动。交易股票期权所需的资金可以忽略不计。</blockquote></p><p>With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.</p><p><blockquote>由于NOV股票价格为16.21美元，激进的投资者可以以约35美分的价格出售3月4日到期的3月14美元看跌期权，并以约35美分的价格购买3月19美元相同到期的看涨期权。</blockquote></p><p>The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.</p><p><blockquote>该行业表示相信，石油和天然气价格上涨将推动更多投资者进入能源行业。当他们到达时，11月可能会被证明是一种有趣的定位方式。如果11月份的收益报告伴随着良好的商业前景，投资者可能会注意到——这将有利于该股。</blockquote></p><p>During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.</p><p><blockquote>在过去52周内，NOV股票的波动范围为11.46美元至18.02美元。</blockquote></p><p>The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.</p><p><blockquote>选择风险逆转策略是为了利用随着股市下跌而扭曲期权溢价的一些恐惧和贪婪。</blockquote></p><p>The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.</p><p><blockquote>评级只是廉价的上行代表，如果特斯拉和NOV的收益报告证实这些股票处于长期牛市，因此不那么容易受到大盘当前困境的影响，那么这些股票可能会盈利。随着市场波动，卖出低于相关股价的看跌期权——即使只是一点点——似乎是谨慎的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Is on a Bumpy Ride. 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Try These 2 Stocks for Stability.<blockquote>股市一路坎坷。尝试这两只股票以获得稳定性。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-24 14:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.</p><p><blockquote><html><head></head><body>不要试图理解股市正在发生的事情。这是一种有趣的消遣，也是一种全国性的痴迷，但很少有人擅长。</body></html></blockquote></p><p>Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.</p><p><blockquote>相反，寻找长期牛市中的公司——那些产品和策略看起来如此强大，以至于它们的股票可能不会受到大盘日益不稳定的行为的影响。</blockquote></p><p>Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.</p><p><blockquote>电动汽车巨头特斯拉（股票代码：TSLA）在长期牛市主题上看起来很有趣，尽管存在争议。该股在2021年上涨50%后，今年下跌了约6%。该公司将于1月26日收盘后公布第四季度收益。</blockquote></p><p>NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&amp;P 500 index in 2021. The company reports earnings Feb. 4 during market hours.</p><p><blockquote>生产石油和天然气钻探和勘探设备的NOV(NOV)可能会从能源价格上涨中受益。该股在2021年大幅落后于标普500指数后，今年上涨了约20%。该公司将于2月4日在市场时间公布收益。</blockquote></p><p>It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.</p><p><blockquote>强调彼此如此不和的公司是具有讽刺意味的。特斯拉正在引领电动汽车革命。NOV向石油和天然气行业提供钻井设备和工具——许多人认为这些行业正处于大宗商品超级周期的开始。</blockquote></p><p>But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.</p><p><blockquote>但这两家公司都有一些品质，可能会让它们成为自己的一个世界。随着股市持续暴跌，这两个项目都很有趣。</blockquote></p><p>With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.</p><p><blockquote>由于特斯拉股价为995.65美元，激进的投资者可以以约22.50美元的价格出售1月28日到期的1月925美元看跌期权，并以约45美元的价格购买相同到期日的1月1,010美元看涨期权期权。</blockquote></p><p>This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.</p><p><blockquote>这种风险逆转策略——即卖出看跌期权并买入执行价格更高但到期日相同的看涨期权——使投资者以925美元的价格买入特斯拉股票。如果该股因盈利而飙升，并反弹至1,200美元，那么看涨期权的价值将达到190美元。</blockquote></p><p>The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.</p><p><blockquote>这一战略——诚然是一个非常激进的战略——表达了对特斯拉令人惊讶的强劲第四季度销售数据预示着令人印象深刻的收益报告和对未来的建设性评论的信心。如果事实证明这是错误的并且股价暴跌，投资者将不得不以925美元的看跌期权执行价购买特斯拉股票，或者调整期权市场的头寸以避免转让。</blockquote></p><p>During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.</p><p><blockquote>在过去52周内，特斯拉股价从539.49美元到1,243.49美元不等。</blockquote></p><p>NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.</p><p><blockquote>11月，每股价格低于20美元，是一个不太大胆的举动。交易股票期权所需的资金可以忽略不计。</blockquote></p><p>With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.</p><p><blockquote>由于NOV股票价格为16.21美元，激进的投资者可以以约35美分的价格出售3月4日到期的3月14美元看跌期权，并以约35美分的价格购买3月19美元相同到期的看涨期权。</blockquote></p><p>The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.</p><p><blockquote>该行业表示相信，石油和天然气价格上涨将推动更多投资者进入能源行业。当他们到达时，11月可能会被证明是一种有趣的定位方式。如果11月份的收益报告伴随着良好的商业前景，投资者可能会注意到——这将有利于该股。</blockquote></p><p>During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.</p><p><blockquote>在过去52周内，NOV股票的波动范围为11.46美元至18.02美元。</blockquote></p><p>The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.</p><p><blockquote>选择风险逆转策略是为了利用随着股市下跌而扭曲期权溢价的一些恐惧和贪婪。</blockquote></p><p>The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.</p><p><blockquote>评级只是廉价的上行代表，如果特斯拉和NOV的收益报告证实这些股票处于长期牛市，因此不那么容易受到大盘当前困境的影响，那么这些股票可能会盈利。随着市场波动，卖出低于相关股价的看跌期权——即使只是一点点——似乎是谨慎的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-volatility-tesla-nov-51642667402?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOV":"华高","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/stock-market-volatility-tesla-nov-51642667402?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122948042","content_text":"Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&P 500 index in 2021. The company reports earnings Feb. 4 during market hours.It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NOV":0.9}},"isVote":1,"tweetType":1,"viewCount":3396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630426034,"gmtCreate":1643026478146,"gmtModify":1643026567579,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630426034","repostId":"1106250133","repostType":4,"repost":{"id":"1106250133","kind":"news","pubTimestamp":1642977542,"share":"https://www.laohu8.com/m/news/1106250133?lang=zh_CN&edition=full","pubTime":"2022-01-24 06:39","market":"us","language":"en","title":"Tesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106250133","media":"Barrons","summary":"It will be a packed week offourth-quarterearnings releases, with more than 100S&P 500companies scheduled to report.IBMandHalliburtonare Monday’s highlights, followed byMicrosoft,Verizon Communications","content":"<p><html><head></head><body>It will be a packed week of fourth-quarter earnings releases, with more than 100 S&amp;P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson &amp; Johnson, and Lockheed Martin on Tuesday.</p><p><blockquote><html><head></head><body>这将是第四季度财报发布的繁忙一周，有100多家标普500公司计划发布财报。IBM和哈里伯顿是周一的亮点，其次是微软、Verizon Communications、美国运通、通用电气、强生和洛马周二。</body></html></blockquote></p><p>Tesla, AT&amp;T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.</p><p><blockquote>特斯拉、美国电话电报公司、英特尔和波音周三发布报告。然后苹果、Visa、Comcast、McDonald's和Mastercard都在周四上市，雪佛龙和卡特彼勒周五收盘。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d814c4db504737da550137d499ea1fe\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.</p><p><blockquote>经济日历上的亮点将是周三联邦公开市场委员会一月份会议的结论。美联储货币政策制定机构当天下午发布了一项决定，随后与主席杰罗姆·鲍威尔举行了新闻发布会。两者都将被密切分析，以寻找央行下一步行动的线索。</blockquote></p><p>Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.</p><p><blockquote>本周公布的数据包括周一IHS Markit的1月份制造业和服务业采购经理人指数、周三人口普查局的新住宅销售数据以及周四经济分析局对2021年第四季度国内生产总值的初步估计。</blockquote></p><p><b>Monday 1/24</b></p><p><blockquote><b>星期一1/24</b></blockquote></p><p>Brown &amp; Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.</p><p><blockquote>Brown&amp;Brown、哈里伯顿、IBM、飞利浦和Zions Bancorp报告季度业绩。</blockquote></p><p><b>IHS Markit reports</b> its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.</p><p><blockquote><b>IHS Markit报告</b>1月份制造业和服务业采购经理人指数。普遍估计制造业PMI为56，服务业PMI为54。这两个数字都低于12月份的数据。PMI已脱离去年年中的创纪录峰值，但仍远高于50的扩张水平。</blockquote></p><p><b>Tuesday 1/25</b></p><p><blockquote><b>星期二1/25</b></blockquote></p><p><b>The world’s two largest companies</b> release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.</p><p><blockquote><b>全球最大的两家公司</b>本周发布业绩，投资者期待科技股盈利能够扭转纳斯达克今年9.5%的跌幅。微软在收盘后发布报告，苹果周四紧随其后。</blockquote></p><p>3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson &amp; Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.</p><p><blockquote>3M、美国运通、阿彻-丹尼尔斯-米德兰、第一资本金融、通用电气、景顺、强生、洛克希德·马丁、NextEra Energy、雷神技术、德州仪器和Verizon Communications发布财报。</blockquote></p><p><b>S&amp;P CoreLogic releases</b> its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.</p><p><blockquote><b>S&amp;P CoreLogic发布</b>11月份Case-Shiller全国房价指数。经济学家预测同比增长18%，略低于10月份。如果估计被证明是正确的，这将是房价连续第12个月两位数上涨。</blockquote></p><p><b>Wednesday 1/26</b></p><p><blockquote><b>星期三1/26</b></blockquote></p><p>Abbott Laboratories, Anthem, AT&amp;T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.</p><p><blockquote>雅培实验室、Anthem、AT&amp;T、Automatic Data Processing、波音、Edwards Lifesciences、Freeport-McMoRan、通用动力、英特尔、金佰利、纳斯达克、Norfolk Southern、希捷科技控股、ServiceNow和特斯拉报告季度业绩。</blockquote></p><p><b>The Federal Open Market</b> Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.</p><p><blockquote><b>联邦公开市场</b>委员会宣布其货币政策决定。预计央行将维持联邦基金利率在零附近不变。美联储在过去三个月变得越来越鹰派，华尔街已经消化了FOMC 3月份会议上加息一次25个基点的可能性，以及今年总共加息四次25个基点的可能性。</blockquote></p><p><b>The Census Bureau</b> reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.</p><p><blockquote><b>人口普查局</b>报告新住宅销售数据。市场普遍估计，12月份新单户住宅经季节调整后的年率为762,500套，比11月份增长2.5%。</blockquote></p><p><b>Thursday 1/27</b></p><p><blockquote><b>星期四1/27</b></blockquote></p><p>Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.</p><p><blockquote>奥驰亚集团、康卡斯特、皇冠城堡国际、丹纳赫、陶氏化学、国际纸业、万事达卡、麦当劳、亿滋国际、摩根士丹利资本国际、诺斯罗普·格鲁曼、纽柯、西南航空和Visa在评级召开会议讨论收益。</blockquote></p><p><b>The Bureau of Economic</b>Analysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.</p><p><blockquote><b>经济局</b>分析发布了对2021年第四季度国内生产总值的初步估计。经济学家预测增长率为5.6%，第三季度增长2.3%。</blockquote></p><p><b>Friday 1/28</b></p><p><blockquote><b>星期五1/28</b></blockquote></p><p>Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.</p><p><blockquote>卡特彼勒、Charter Communications、雪佛龙、高露洁棕榄、Phillips 66、V.F.Corp.和惠好公司报告季度业绩。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa等本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-24 06:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>It will be a packed week of fourth-quarter earnings releases, with more than 100 S&amp;P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson &amp; Johnson, and Lockheed Martin on Tuesday.</p><p><blockquote><html><head></head><body>这将是第四季度财报发布的繁忙一周，有100多家标普500公司计划发布财报。IBM和哈里伯顿是周一的亮点，其次是微软、Verizon Communications、美国运通、通用电气、强生和洛马周二。</body></html></blockquote></p><p>Tesla, AT&amp;T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.</p><p><blockquote>特斯拉、美国电话电报公司、英特尔和波音周三发布报告。然后苹果、Visa、Comcast、McDonald's和Mastercard都在周四上市，雪佛龙和卡特彼勒周五收盘。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d814c4db504737da550137d499ea1fe\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.</p><p><blockquote>经济日历上的亮点将是周三联邦公开市场委员会一月份会议的结论。美联储货币政策制定机构当天下午发布了一项决定，随后与主席杰罗姆·鲍威尔举行了新闻发布会。两者都将被密切分析，以寻找央行下一步行动的线索。</blockquote></p><p>Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.</p><p><blockquote>本周公布的数据包括周一IHS Markit的1月份制造业和服务业采购经理人指数、周三人口普查局的新住宅销售数据以及周四经济分析局对2021年第四季度国内生产总值的初步估计。</blockquote></p><p><b>Monday 1/24</b></p><p><blockquote><b>星期一1/24</b></blockquote></p><p>Brown &amp; Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.</p><p><blockquote>Brown&amp;Brown、哈里伯顿、IBM、飞利浦和Zions Bancorp报告季度业绩。</blockquote></p><p><b>IHS Markit reports</b> its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.</p><p><blockquote><b>IHS Markit报告</b>1月份制造业和服务业采购经理人指数。普遍估计制造业PMI为56，服务业PMI为54。这两个数字都低于12月份的数据。PMI已脱离去年年中的创纪录峰值，但仍远高于50的扩张水平。</blockquote></p><p><b>Tuesday 1/25</b></p><p><blockquote><b>星期二1/25</b></blockquote></p><p><b>The world’s two largest companies</b> release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.</p><p><blockquote><b>全球最大的两家公司</b>本周发布业绩，投资者期待科技股盈利能够扭转纳斯达克今年9.5%的跌幅。微软在收盘后发布报告，苹果周四紧随其后。</blockquote></p><p>3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson &amp; Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.</p><p><blockquote>3M、美国运通、阿彻-丹尼尔斯-米德兰、第一资本金融、通用电气、景顺、强生、洛克希德·马丁、NextEra Energy、雷神技术、德州仪器和Verizon Communications发布财报。</blockquote></p><p><b>S&amp;P CoreLogic releases</b> its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.</p><p><blockquote><b>S&amp;P CoreLogic发布</b>11月份Case-Shiller全国房价指数。经济学家预测同比增长18%，略低于10月份。如果估计被证明是正确的，这将是房价连续第12个月两位数上涨。</blockquote></p><p><b>Wednesday 1/26</b></p><p><blockquote><b>星期三1/26</b></blockquote></p><p>Abbott Laboratories, Anthem, AT&amp;T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.</p><p><blockquote>雅培实验室、Anthem、AT&amp;T、Automatic Data Processing、波音、Edwards Lifesciences、Freeport-McMoRan、通用动力、英特尔、金佰利、纳斯达克、Norfolk Southern、希捷科技控股、ServiceNow和特斯拉报告季度业绩。</blockquote></p><p><b>The Federal Open Market</b> Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.</p><p><blockquote><b>联邦公开市场</b>委员会宣布其货币政策决定。预计央行将维持联邦基金利率在零附近不变。美联储在过去三个月变得越来越鹰派，华尔街已经消化了FOMC 3月份会议上加息一次25个基点的可能性，以及今年总共加息四次25个基点的可能性。</blockquote></p><p><b>The Census Bureau</b> reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.</p><p><blockquote><b>人口普查局</b>报告新住宅销售数据。市场普遍估计，12月份新单户住宅经季节调整后的年率为762,500套，比11月份增长2.5%。</blockquote></p><p><b>Thursday 1/27</b></p><p><blockquote><b>星期四1/27</b></blockquote></p><p>Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.</p><p><blockquote>奥驰亚集团、康卡斯特、皇冠城堡国际、丹纳赫、陶氏化学、国际纸业、万事达卡、麦当劳、亿滋国际、摩根士丹利资本国际、诺斯罗普·格鲁曼、纽柯、西南航空和Visa在评级召开会议讨论收益。</blockquote></p><p><b>The Bureau of Economic</b>Analysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.</p><p><blockquote><b>经济局</b>分析发布了对2021年第四季度国内生产总值的初步估计。经济学家预测增长率为5.6%，第三季度增长2.3%。</blockquote></p><p><b>Friday 1/28</b></p><p><blockquote><b>星期五1/28</b></blockquote></p><p>Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.</p><p><blockquote>卡特彼勒、Charter Communications、雪佛龙、高露洁棕榄、Phillips 66、V.F.Corp.和惠好公司报告季度业绩。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-tesla-apple-microsoft-51642954621?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOW":"ServiceNow","V":"Visa","AXP":"美国运通","MA":"万事达","T":"At&T","AAPL":"苹果","HAL":"哈里伯顿","VZ":"Verizon Comms","MCD":"麦当劳","CMCSA":"康卡斯特","MSFT":"微软","JNJ":"强生","IBM":"IBM",".SPX":"S&P 500 Index","INTC":"英特尔","ADM":"Archer Daniels Midland Co","CAT":"卡特彼勒","BA":"波音","CVX":"雪佛龙","PSX":"Phillips 66","LMT":"洛克希德马丁",".DJI":"道琼斯","MMM":"3M",".IXIC":"NASDAQ Composite","GE":"GE航空航天","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-tesla-apple-microsoft-51642954621?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106250133","content_text":"It will be a packed week of fourth-quarter earnings releases, with more than 100 S&P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson & Johnson, and Lockheed Martin on Tuesday.Tesla, AT&T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.Monday 1/24Brown & Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.IHS Markit reports its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.Tuesday 1/25The world’s two largest companies release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson & Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.S&P CoreLogic releases its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.Wednesday 1/26Abbott Laboratories, Anthem, AT&T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.The Federal Open Market Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.The Census Bureau reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.Thursday 1/27Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.The Bureau of EconomicAnalysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.Friday 1/28Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.","news_type":1,"symbols_score_info":{"LMT":0.9,"CAT":0.9,"IBM":0.9,"VZ":0.9,"NOW":0.9,"V":0.9,"AXP":0.9,".IXIC":0.9,"INTC":0.9,"BA":0.9,"MA":0.9,"T":0.9,"CVX":0.9,"JNJ":0.9,"MMM":0.9,".DJI":0.9,"ADM":0.9,"TSLA":0.9,"PSX":0.9,"MCD":0.9,"AAPL":0.9,"CMCSA":0.9,".SPX":0.9,"MSFT":0.9,"GE":0.9,"HAL":0.9}},"isVote":1,"tweetType":1,"viewCount":3918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630651356,"gmtCreate":1642833479486,"gmtModify":1642833479829,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630651356","repostId":"2205042328","repostType":4,"isVote":1,"tweetType":1,"viewCount":3250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630653682,"gmtCreate":1642833326738,"gmtModify":1642833327086,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630653682","repostId":"2205029158","repostType":2,"repost":{"id":"2205029158","kind":"news","pubTimestamp":1642825560,"share":"https://www.laohu8.com/m/news/2205029158?lang=zh_CN&edition=full","pubTime":"2022-01-22 12:26","market":"us","language":"zh","title":"英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”","url":"https://stock-news.laohu8.com/highlight/detail?id=2205029158","media":"界面新闻","summary":"路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。基辛格指出，半导体行业的年总销售额刚刚超过5000亿美元，预计到2029年将增长一倍。基辛格说，供应缺口可能会持续到明年，甚至可能持续到2024年，但出现了未来几个月有所缓解的迹象。","content":"<div>\n<p>路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持...</p>\n\n<a href=\"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4\">网页链接</a>\n\n</div>\n","source":"sina_tech","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>英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-22 12:26 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4><strong>界面新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持...</p>\n\n<a href=\"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/transform/667/w400h267/20220122/366a-d12505d38281b0c64b2bafa7eb8660f4.jpg/w120h90l50t1bbb.jpg","relate_stocks":{"159813":"芯片","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4141":"半导体产品","INTC":"英特尔","BK4535":"淡马锡持仓","BK4515":"5G概念","BK4554":"元宇宙及AR概念","BK4512":"苹果概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4529":"IDC概念","BK4527":"明星科技股"},"source_url":"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205029158","content_text":"路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持该地区的研究项目。\n基辛格指出，半导体行业的年总销售额刚刚超过5000亿美元，预计到2029年将增长一倍。他说，作为CEO，他的目标是扩大英特尔在这个不断增长的市场上的份额，所以必须以一倍以上的速度进行投资和扩大产能。\n基辛格说，供应缺口可能会持续到明年，甚至可能持续到2024年，但出现了未来几个月有所缓解的迹象。","news_type":1,"symbols_score_info":{"159813":1,"INTC":1}},"isVote":1,"tweetType":1,"viewCount":3072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697732828,"gmtCreate":1642587946028,"gmtModify":1642588059334,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/697732828","repostId":"2204037305","repostType":2,"repost":{"id":"2204037305","kind":"news","pubTimestamp":1642587741,"share":"https://www.laohu8.com/m/news/2204037305?lang=zh_CN&edition=full","pubTime":"2022-01-19 18:22","market":"us","language":"zh","title":"天价收购动视暴雪，微软叫板腾讯、索尼？","url":"https://stock-news.laohu8.com/highlight/detail?id=2204037305","media":"《财经》杂志","summary":"美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权","content":"<div>\n<p>美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml\">网页链接</a>\n\n</div>\n","source":"sina_symbol","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>天价收购动视暴雪，微软叫板腾讯、索尼？</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n天价收购动视暴雪，微软叫板腾讯、索尼？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-19 18:22 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml><strong>《财经》杂志</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63bcdd40747dbacf61bd55b0f5f96a16","relate_stocks":{"BK4535":"淡马锡持仓","BK4504":"桥水持仓","BK4085":"互动家庭娱乐","BK1531":"手游股","BK4078":"消费电子产品","BK4538":"云计算","BK1502":"双十一","BK1589":"北水核心资产","BK4550":"红杉资本持仓","BK4548":"巴美列捷福持仓","ATVI":"动视暴雪","BK4525":"远程办公概念","TCEHY":"腾讯控股ADR","BK4561":"索罗斯持仓","BK1526":"科网股","BK4097":"系统软件","00700":"腾讯控股","BK1517":"云办公","BK4524":"宅经济概念","SONY":"索尼","MSFT":"微软","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","BK4527":"明星科技股","BK4077":"互动媒体与服务","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK1591":"就地过年概念","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK1521":"挪威政府全球养老基金持仓","BK4528":"SaaS概念","BK4516":"特朗普概念","BK1586":"云计算"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204037305","content_text":"美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。有美国暴雪公司的员工对《财经》记者表示，即便到一定级别的员工事先也毫不知情。此前，微软最大的收购是2016年以262亿美元收购社交Linkedin。而在游戏界，这笔收购则大幅刷新了上周Take Two对社交网络游戏公司Zynga 127亿美元的收购记录。Take Two是著名的《侠盗猎车》（GTA）系列的发行商，Zynga则开发了著名的社交游戏FarmVille。95美元每股的价格较动视暴雪前一交易日的股价溢价45%。交易公布后，动视暴雪股价较前一交易日上涨25.88%，收于82.31亿美元每股。微软则在大盘影响下下跌2.43%，收于302.65美元每股。当天，微软在游戏业务上最直接的竞争对手索尼股价暴跌12.58%，收于12440日元每股，这某种程度上也反映了收购的价值。游戏业务主要在移动端的腾讯股价则影响不大，当日收于455.8港币美股，较前一交易日微涨0.66%。微软大手笔收购缘由微软CEO萨提亚·纳德拉在收购后的电话会上表示，游戏是娱乐业里增长最快的市场，过去两年，人们大多彼此分开，游戏在帮助人们保持社区和归属感上起到关键作用。现在全世界有30亿游戏玩家，预计到2030年将达到45亿。纳德拉也将这笔交易和“元宇宙”拉上关系，他表示，元宇宙的前景不应该是单一、中心化的，而是要支持多个元宇宙平台，以及强大的内容、商业和应用的生态系统。在游戏领域，元宇宙是以内容为基础的社区和个人身份的集合，可以在任何设备上访问。将优秀的娱乐内容和新技术、社区、商业模式结合到一起，正是这笔交易的目的。以营收计，此次收购将使微软的游戏业务壮大超过一半。根据微软2021财年（2020年7月至2021年6月）的数据，其游戏业务营收为153.7亿美元，而动视暴雪在2021年11月的展望中预计2021年净营收将达到86.6亿美元。这笔交易震动游戏圈。动视暴雪旗下拥有多个在全球有广泛影响力的游戏品牌，最新的2021年三季报披露的月活玩家高达3.9亿人。动视暴雪是原动视公司在2007年与法国娱乐公司维旺迪合并，成立动视暴雪，由维旺迪控股。其后在2013年从维旺迪收购大部分股份后独立，并在2015年以59亿美元收购游戏公司国王公司（King）。这一系列并购重组也构成了动视暴雪当前旗下包括三大子板块，动视（Activision），代表作是射击游戏《使命召唤》（Call of Duty）系列；暴雪（Blizzard），开发了《星际争霸》、《魔兽争霸》、《暗黑破坏神》、《魔兽世界》、《炉石传说》、《守望先锋》等多个游戏史上有广泛影响力的游戏；国王公司开发了风靡全球的《糖果传奇》（Candy Crush），国王公司也是动视暴雪旗下月活最高的板块，2021年三季度月活高达2.45亿人。对于微软而言，此次收购进一步扩大了其游戏版图。自从纳德拉2014年初上任CEO之后，微软持续在游戏领域布局，此前典型的收购包括2014年以25亿美元收购Minecraft的开发商Mojang；2019年以75亿美元收购游戏发行商Zenimax Medix旗下的游戏开发公司Bethesda Softworks，后者开发了著名的开放世界游戏《上古卷轴》和《辐射》。此前，微软的游戏版图以主机、PC端游戏为主，收购动视暴雪后，借助国王公司的《糖果传奇》，其游戏触角将延伸至移动端。游戏竞争核心依然是内容值得一提的是，微软近年来在游戏领域的重要战略是跨平台体验和订阅服务。玩家只要付费成为Xbox Game Pass（XGP）订阅会员，就不必再单独为纳入XGP会员上的游戏付费，主机、PC可以通用，且微软第一方的游戏都会第一时间登陆XGP会员平台。而传统的单机游戏商业模式则是付费购买单独的游戏，且许多游戏是某一平台主机“独占”，并不会跨平台登陆。这种新型的商业模式，为微软争取到了更多玩家，XGP会员的订阅数在2021年增长38%，目前有2500多万订阅用户。另一方面，玩家决定是否加入XGP会员，最核心的原因就是平台上是否有足够吸引人的游戏。因此，尽管有着“元宇宙”的宏大前景，游戏市场竞争的核心依然是优质内容——也就是好游戏，这也是微软近年来不断出手收购第三方工作室的原因。对于国内的80后、90初生人的玩家而言，动视暴雪是一家有特殊情怀的公司。合并之前的暴雪娱乐，在90年代末年到2010年间发行多个游戏，都因领先业界的游戏品质和广泛的影响力，在玩家心中有着“暴雪出品，必属精品”的口碑。但近年暴雪的光环不再。2016年发行《守望先锋》之后，暴雪再也没有发行过具备全球影响力的游戏作品。更糟糕的是，公司管理也陷入泥潭。2021年，动视暴雪陷入了严重的性骚扰和性别待遇不平等丑闻的指控中，公司管理层和员工频繁流动，开发中的《守望先锋2》也不断推迟上市时间。2021年7月，加州监管机构对此向动视暴雪提起诉讼，至此次收购消息前，动视暴雪的股价已经跌去约30%，虽然在此期间动视暴雪的营收依然保持增长。此次消息公布后，前述美国暴雪员工对《财经》记者表示，关于收购案对公司的影响，他持“保守乐观”态度。目前，这一收购已经经过微软和暴雪董事会的批准，下一步还需通过监管审查和两家公司股东批准，预计在微软2023财年内完成。","news_type":1,"symbols_score_info":{"00700":1,"MSFT":1,"SONY":1,"ATVI":1,"SNE":1,"TCEHY":1}},"isVote":1,"tweetType":1,"viewCount":2913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697736679,"gmtCreate":1642587835210,"gmtModify":1642588057181,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/.100.UK\">富时100指数</a>涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。</p><p><b>国际原油期货结算价小幅收涨，布油涨0.49%</b></p><p>国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。</p><p><b>金价持稳，投资者在加息前景和Omicron威胁之间进行权衡</b></p><p>黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。</p><p><b>国际宏观</b></p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束</b></a></p><p>美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。</p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急</b></a></p><p>对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。</p><p><b>国际劳工组织下调2022年全球劳动力市场复苏预测</b></p><p>总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。</p><p><b>欧元区国家财长会议同意对各国减债计划作出新安排</b></p><p>欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。</p><p><b>17日美国东部超过5000万人收到冬季风暴警报</b></p><p>据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。</p><p><a href=\"https://laohu8.com/NW/1193920087\" target=\"_blank\"><b>汤加火山大爆发：对全球气候、经济有多大影响？</b></a></p><p>奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。</p><p><b>公司新闻</b></p><p><a href=\"https://laohu8.com/NW/1126003111\" 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target=\"_blank\"><b>扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药</b></a></p><p>法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。</p><p><a href=\"https://laohu8.com/NW/1172039194\" target=\"_blank\"><b>联合利华雄心勃勃搞收购，华尔街齐泼冷水</b></a></p><p>在500亿英镑（680亿美元）收购要约遭<a href=\"https://laohu8.com/S/GSK\">葛兰素史克</a>拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。</p><p><a href=\"https://laohu8.com/NW/2204776320\" target=\"_blank\"><b>用工荒又来了！麦当劳在美国被迫缩短营业时间</b></a></p><p>麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。</p><p><a href=\"https://laohu8.com/NW/2204577650\" target=\"_blank\"><b>美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺</b></a></p><p>辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。</p></body></html>","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>昨夜今晨：大型科技公司面临新一轮监管潮！国际大行董事长辞职</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n昨夜今晨：大型科技公司面临新一轮监管潮！国际大行董事长辞职\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-01-18 06:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><b>摘要：</b>因马丁路德金纪念日假期影响，美股周一休市一天；布油触及逾三年新高，美油升破84美元至两个月高位；黄金尝试上破1820美元；苹果被迫放宽支付规定，荷兰监管机构：将审查整改措施；瑞信风波不断！董事长因违反防疫规定下台&gt;&gt;&gt;</blockquote><p><b>国际市场</b></p><p><b>1月17日因马丁·路德·金纪念日，美股休市一天</b></p><p>1月17日（周一）为“马丁·路德·金纪念日”，美股休市一天，1月18日（周二）恢复正常交易。</p><p><b>欧股全线收涨，<a href=\"https://laohu8.com/S/VUKE.UK\">英国富时100</a>指数涨0.91%</b></p><p>德国DAX30指数涨0.34%，法国CAC40指数涨0.82%，英国<a href=\"https://laohu8.com/S/.100.UK\">富时100指数</a>涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。</p><p><b>国际原油期货结算价小幅收涨，布油涨0.49%</b></p><p>国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。</p><p><b>金价持稳，投资者在加息前景和Omicron威胁之间进行权衡</b></p><p>黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。</p><p><b>国际宏观</b></p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束</b></a></p><p>美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。</p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急</b></a></p><p>对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。</p><p><b>国际劳工组织下调2022年全球劳动力市场复苏预测</b></p><p>总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。</p><p><b>欧元区国家财长会议同意对各国减债计划作出新安排</b></p><p>欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。</p><p><b>17日美国东部超过5000万人收到冬季风暴警报</b></p><p>据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。</p><p><a href=\"https://laohu8.com/NW/1193920087\" target=\"_blank\"><b>汤加火山大爆发：对全球气候、经济有多大影响？</b></a></p><p>奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。</p><p><b>公司新闻</b></p><p><a href=\"https://laohu8.com/NW/1126003111\" target=\"_blank\"><b>美国大型科技公司面临新一轮监管潮！这次影响有多大？</b></a></p><p>欧洲、亚洲和美国正在考虑出台新的法律，以防止大型科技公司利用自身市场力量抑制竞争，此外，新法律可能会涉及限制人脸识别等人工智能技术的使用。</p><p><a href=\"https://laohu8.com/NW/1166061934\" target=\"_blank\"><b>“苹果税”又遭重创！苹果向荷兰&#34;妥协&#34;</b></a></p><p>日前，苹果公司表示，将遵守荷兰消费者与市场监管局的裁决，允许用户在网上苹果商店下载约会软件时，可以使用除苹果系统外的另外两种支付方式。此外，当地时间1月11日，韩国通信委员会表示，苹果公司已经提交了其合规计划，将允许APP开发商在韩国提供第三方支付选项，并降低佣金费用。</p><p><a href=\"https://laohu8.com/NW/2204771743\" target=\"_blank\"><b>瑞士第二大银行瑞士信贷董事长辞职，曾两次违反新冠防疫规定</b></a></p><p>瑞士信贷银行董事长安东尼奥·奥尔塔-奥索里奥17日辞职，原因是违反了新冠疫情隔离规定。据英国广播公司（BBC）17日报道，瑞信开展的内部调查确认，去年7月奥尔塔-奥索里奥在英国观看温布尔顿网球公开赛决赛，而根据当时英国的新冠疫情旅行限制，他本应处于隔离中。此外，他还违反了瑞士的防疫规定。2021年11月28日，他乘飞机抵达瑞士，并于12月1日离境；而根据瑞士防疫规定，他入境后本应隔离10天。</p><p><a href=\"https://laohu8.com/NW/1198581637\" target=\"_blank\"><b>OYO最快本周获上市许可，寻求90亿美元的IPO估值</b></a></p><p>据报道，知情人士今日称，在与潜在投资者进行了初步的接触后，印度经济型连锁酒店OYO计划在IPO（首次公开招股）中寻求约90亿美元的估值。</p><p><a href=\"https://laohu8.com/NW/2204779576\" target=\"_blank\"><b>扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药</b></a></p><p>法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。</p><p><a href=\"https://laohu8.com/NW/1172039194\" target=\"_blank\"><b>联合利华雄心勃勃搞收购，华尔街齐泼冷水</b></a></p><p>在500亿英镑（680亿美元）收购要约遭<a href=\"https://laohu8.com/S/GSK\">葛兰素史克</a>拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。</p><p><a href=\"https://laohu8.com/NW/2204776320\" target=\"_blank\"><b>用工荒又来了！麦当劳在美国被迫缩短营业时间</b></a></p><p>麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。</p><p><a href=\"https://laohu8.com/NW/2204577650\" target=\"_blank\"><b>美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺</b></a></p><p>辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133140064","content_text":"摘要：因马丁路德金纪念日假期影响，美股周一休市一天；布油触及逾三年新高，美油升破84美元至两个月高位；黄金尝试上破1820美元；苹果被迫放宽支付规定，荷兰监管机构：将审查整改措施；瑞信风波不断！董事长因违反防疫规定下台>>>国际市场1月17日因马丁·路德·金纪念日，美股休市一天1月17日（周一）为“马丁·路德·金纪念日”，美股休市一天，1月18日（周二）恢复正常交易。欧股全线收涨，英国富时100指数涨0.91%德国DAX30指数涨0.34%，法国CAC40指数涨0.82%，英国富时100指数涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。国际原油期货结算价小幅收涨，布油涨0.49%国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。金价持稳，投资者在加息前景和Omicron威胁之间进行权衡黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。国际宏观福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。国际劳工组织下调2022年全球劳动力市场复苏预测总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。欧元区国家财长会议同意对各国减债计划作出新安排欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。17日美国东部超过5000万人收到冬季风暴警报据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。汤加火山大爆发：对全球气候、经济有多大影响？奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。公司新闻美国大型科技公司面临新一轮监管潮！这次影响有多大？欧洲、亚洲和美国正在考虑出台新的法律，以防止大型科技公司利用自身市场力量抑制竞争，此外，新法律可能会涉及限制人脸识别等人工智能技术的使用。“苹果税”又遭重创！苹果向荷兰\"妥协\"日前，苹果公司表示，将遵守荷兰消费者与市场监管局的裁决，允许用户在网上苹果商店下载约会软件时，可以使用除苹果系统外的另外两种支付方式。此外，当地时间1月11日，韩国通信委员会表示，苹果公司已经提交了其合规计划，将允许APP开发商在韩国提供第三方支付选项，并降低佣金费用。瑞士第二大银行瑞士信贷董事长辞职，曾两次违反新冠防疫规定瑞士信贷银行董事长安东尼奥·奥尔塔-奥索里奥17日辞职，原因是违反了新冠疫情隔离规定。据英国广播公司（BBC）17日报道，瑞信开展的内部调查确认，去年7月奥尔塔-奥索里奥在英国观看温布尔顿网球公开赛决赛，而根据当时英国的新冠疫情旅行限制，他本应处于隔离中。此外，他还违反了瑞士的防疫规定。2021年11月28日，他乘飞机抵达瑞士，并于12月1日离境；而根据瑞士防疫规定，他入境后本应隔离10天。OYO最快本周获上市许可，寻求90亿美元的IPO估值据报道，知情人士今日称，在与潜在投资者进行了初步的接触后，印度经济型连锁酒店OYO计划在IPO（首次公开招股）中寻求约90亿美元的估值。扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。联合利华雄心勃勃搞收购，华尔街齐泼冷水在500亿英镑（680亿美元）收购要约遭葛兰素史克拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。用工荒又来了！麦当劳在美国被迫缩短营业时间麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872814,"gmtCreate":1642422140151,"gmtModify":1642422140490,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872814","repostId":"1178880424","repostType":4,"isVote":1,"tweetType":1,"viewCount":3080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872100,"gmtCreate":1642422116362,"gmtModify":1642422116666,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872100","repostId":"2204261607","repostType":4,"repost":{"id":"2204261607","kind":"news","weMediaInfo":{"introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"media_name":"中国基金报","id":"6","head_image":"https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200"},"pubTimestamp":1642386870,"share":"https://www.laohu8.com/m/news/2204261607?lang=zh_CN&edition=full","pubTime":"2022-01-17 10:34","market":"hk","language":"zh","title":"贝莱德基金陆文杰：2022年港股投资窗口已打开","url":"https://stock-news.laohu8.com/highlight/detail?id=2204261607","media":"中国基金报","summary":"贝莱德基金陆文杰： 2022年港股投资窗口已打开中国基金报记者 曹雯璟2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德港股通远景视野获批，2022年1月4日发行。港股投资机会“比比皆是”展望后市，陆文杰认为，2022年港股机会可能优于A股。","content":"<div>\n<p>2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？贝莱德基金投资总监、贝莱德港股通远景视野基金拟任基金经理陆文杰表示，今年，港股的机会可能优于A股；消费、互联网、生物医药等是他重点关注的方向。全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德...</p>\n\n<a href=\"\">网页链接</a>\n\n</div>\n","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\" 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href=\"\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/769dc8865e0dc507ddea5079c2429001","relate_stocks":{"HSCCI":"红筹指数","HSTECH":"恒生科技指数","DSU":"贝莱德基金","HSCEI":"国企指数","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204261607","content_text":"2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？贝莱德基金投资总监、贝莱德港股通远景视野基金拟任基金经理陆文杰表示，今年，港股的机会可能优于A股；消费、互联网、生物医药等是他重点关注的方向。全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德港股通远景视野获批，2022年1月4日发行。该基金由陆文杰、单秀丽拟任基金经理。陆文杰此前曾担任瑞银证券中国股票策略师。陆文杰介绍，贝莱德港股通远景视野基金采用创新投顾模式，贝莱德集团在香港的全球新兴市场团队作为产品的投顾，提供港股市场投资建议。对中国的股票，贝莱德基金则会以全球配置的思路，注重长远，关注基本面。“这个产品非现金资产80%以上是投资港股的。希望能够借助这个产品，把贝莱德全球投研平台的特殊价值带给内地的投资者。”之所以采取“投顾模式”，陆文杰表示，主要是考虑到港股市场与A股市场有差异。港股市场是包括香港本地机构、全球资金、南下资金等多股力量博弈的市场，贝莱德集团在港股市场，作为大机构投资者，经历多轮牛熊考验，积累了丰富的经验。此外，贝莱德集团还有全球投研资源的支持体系。“在全球投资视野下，我们可以横向对比各市场同一行业的投资机会。贝莱德集团的Aladdin（阿拉丁）风险管理系统也能给香港的全球新兴市场股票团队提供强大支持。”港股投资机会“比比皆是”展望后市，陆文杰认为，2022年港股机会可能优于A股。“经过去年的大幅度下跌，港股股票估值已经比较低，大部分行业的估值在历史中位数以下。而且，投资者预期也较低。从PE看，港股是全球主要市场中最低的，港股主板估值比A股低15%~20%。恒生科技的估值只是A股创业板的1/3。陆文杰提到，随着经济回暖，“稳增长”基调明显，政策上可能会推出有利于经济稳定的政策。2022年很多行业的盈利将有所增长。港股市场上市公司以中下游企业为主，去年上游原材料价格上涨，利润被挤压。CPI和PPI剪刀差缩窄，中下游消费品利润会改善。陆文杰强调，估值低、基本面改善不意味着可以炒港股的反弹。配置港股，是资产配置的需要。“港股相对A股有折价，但并不是说A股行情会在港股重新演绎一遍，两个市场逻辑不同。港股的机会是多元宽泛的，各个行业、各个主题都有机会，而A股往往会聚焦在一些特别热门的赛道。”在板块和行业方面，陆文杰看好多个方向，包括消费、互联网、生物医药等。“受疫情、原材料价格上涨等因素影响，2021年消费行业表现不佳。目前原材料价格上涨有所缓解，下游消费品，比如白酒、奶茶店、快递等日用品都在涨价，消费行业有很大的恢复潜力。而且，消费板块有很多好公司，如体育用品、乳业等，成长性好且估值便宜。对于港股的互联网科技类企业，陆文杰认为，他们在2021年受到较严的行业监管政策影响，估值遭到压制，跌得最惨。但目前政策方向转向，稳增长的基调下，有紧缩效应的政策会谨慎出台。“中国互联网企业的核心优势和竞争力在创新能力，它们拥有巨大且有粘性的客户和数据基础，新的创新应该会出现。在目前估值下，如果政策改善，游戏、社区、线上服务，元宇宙等都是可以投资的方向。此外，港股一些传统的被国际金融机构看好的行业，如生物医药，陆文杰认为也存在机会。其中的CXO（医药研发与外包服务）领域，中国的公司在全球药品研发和制造上的成本和质量优势不可替代，疫情带来的医疗和药品研发方面需求很强。最后，陆文杰也看好一些散落在公用事业、金融、原材料等各行业被低估的公司。稳增长政策利好的基建方面的受益企业也是他关注的方向。","news_type":1,"symbols_score_info":{"HSI":0,"HSCEI":0,"HSTECH":0,"HSCCI":0,"DSU":0}},"isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872924,"gmtCreate":1642422094530,"gmtModify":1642422094869,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872924","repostId":"2204261607","repostType":4,"repost":{"id":"2204261607","kind":"news","weMediaInfo":{"introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"media_name":"中国基金报","id":"6","head_image":"https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200"},"pubTimestamp":1642386870,"share":"https://www.laohu8.com/m/news/2204261607?lang=zh_CN&edition=full","pubTime":"2022-01-17 10:34","market":"hk","language":"zh","title":"贝莱德基金陆文杰：2022年港股投资窗口已打开","url":"https://stock-news.laohu8.com/highlight/detail?id=2204261607","media":"中国基金报","summary":"贝莱德基金陆文杰： 2022年港股投资窗口已打开中国基金报记者 曹雯璟2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德港股通远景视野获批，2022年1月4日发行。港股投资机会“比比皆是”展望后市，陆文杰认为，2022年港股机会可能优于A股。","content":"<div>\n<p>2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？贝莱德基金投资总监、贝莱德港股通远景视野基金拟任基金经理陆文杰表示，今年，港股的机会可能优于A股；消费、互联网、生物医药等是他重点关注的方向。全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德...</p>\n\n<a href=\"\">网页链接</a>\n\n</div>\n","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>贝莱德基金陆文杰：2022年港股投资窗口已打开</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; 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n贝莱德基金陆文杰：2022年港股投资窗口已打开\n</h2>\n\n<h4 class=\"meta\">\n\n2022-01-17 10:34 北京时间&nbsp;&nbsp;&nbsp;<strong>中国基金报</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？贝莱德基金投资总监、贝莱德港股通远景视野基金拟任基金经理陆文杰表示，今年，港股的机会可能优于A股；消费、互联网、生物医药等是他重点关注的方向。全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德...</p>\n\n<a href=\"\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/769dc8865e0dc507ddea5079c2429001","relate_stocks":{"HSCCI":"红筹指数","HSTECH":"恒生科技指数","DSU":"贝莱德基金","HSCEI":"国企指数","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204261607","content_text":"2021年，港股市场经历了不小的调整，2022年是否可以迎来调整后的机遇？贝莱德基金投资总监、贝莱德港股通远景视野基金拟任基金经理陆文杰表示，今年，港股的机会可能优于A股；消费、互联网、生物医药等是他重点关注的方向。全球化视角 创新投顾模式公开资料显示，2021年6月，贝莱德基金拿到公募业务牌照，成为首家外资公募：2021年9月，贝莱德基金成立第一只公募基金产品；2021年底，第二只公募产品贝莱德港股通远景视野获批，2022年1月4日发行。该基金由陆文杰、单秀丽拟任基金经理。陆文杰此前曾担任瑞银证券中国股票策略师。陆文杰介绍，贝莱德港股通远景视野基金采用创新投顾模式，贝莱德集团在香港的全球新兴市场团队作为产品的投顾，提供港股市场投资建议。对中国的股票，贝莱德基金则会以全球配置的思路，注重长远，关注基本面。“这个产品非现金资产80%以上是投资港股的。希望能够借助这个产品，把贝莱德全球投研平台的特殊价值带给内地的投资者。”之所以采取“投顾模式”，陆文杰表示，主要是考虑到港股市场与A股市场有差异。港股市场是包括香港本地机构、全球资金、南下资金等多股力量博弈的市场，贝莱德集团在港股市场，作为大机构投资者，经历多轮牛熊考验，积累了丰富的经验。此外，贝莱德集团还有全球投研资源的支持体系。“在全球投资视野下，我们可以横向对比各市场同一行业的投资机会。贝莱德集团的Aladdin（阿拉丁）风险管理系统也能给香港的全球新兴市场股票团队提供强大支持。”港股投资机会“比比皆是”展望后市，陆文杰认为，2022年港股机会可能优于A股。“经过去年的大幅度下跌，港股股票估值已经比较低，大部分行业的估值在历史中位数以下。而且，投资者预期也较低。从PE看，港股是全球主要市场中最低的，港股主板估值比A股低15%~20%。恒生科技的估值只是A股创业板的1/3。陆文杰提到，随着经济回暖，“稳增长”基调明显，政策上可能会推出有利于经济稳定的政策。2022年很多行业的盈利将有所增长。港股市场上市公司以中下游企业为主，去年上游原材料价格上涨，利润被挤压。CPI和PPI剪刀差缩窄，中下游消费品利润会改善。陆文杰强调，估值低、基本面改善不意味着可以炒港股的反弹。配置港股，是资产配置的需要。“港股相对A股有折价，但并不是说A股行情会在港股重新演绎一遍，两个市场逻辑不同。港股的机会是多元宽泛的，各个行业、各个主题都有机会，而A股往往会聚焦在一些特别热门的赛道。”在板块和行业方面，陆文杰看好多个方向，包括消费、互联网、生物医药等。“受疫情、原材料价格上涨等因素影响，2021年消费行业表现不佳。目前原材料价格上涨有所缓解，下游消费品，比如白酒、奶茶店、快递等日用品都在涨价，消费行业有很大的恢复潜力。而且，消费板块有很多好公司，如体育用品、乳业等，成长性好且估值便宜。对于港股的互联网科技类企业，陆文杰认为，他们在2021年受到较严的行业监管政策影响，估值遭到压制，跌得最惨。但目前政策方向转向，稳增长的基调下，有紧缩效应的政策会谨慎出台。“中国互联网企业的核心优势和竞争力在创新能力，它们拥有巨大且有粘性的客户和数据基础，新的创新应该会出现。在目前估值下，如果政策改善，游戏、社区、线上服务，元宇宙等都是可以投资的方向。此外，港股一些传统的被国际金融机构看好的行业，如生物医药，陆文杰认为也存在机会。其中的CXO（医药研发与外包服务）领域，中国的公司在全球药品研发和制造上的成本和质量优势不可替代，疫情带来的医疗和药品研发方面需求很强。最后，陆文杰也看好一些散落在公用事业、金融、原材料等各行业被低估的公司。稳增长政策利好的基建方面的受益企业也是他关注的方向。","news_type":1,"symbols_score_info":{"HSI":0,"HSCEI":0,"HSTECH":0,"HSCCI":0,"DSU":0}},"isVote":1,"tweetType":1,"viewCount":1125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697343772,"gmtCreate":1642313142804,"gmtModify":1642313143093,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697343772","repostId":"1126777532","repostType":4,"isVote":1,"tweetType":1,"viewCount":1189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696961954,"gmtCreate":1640601372843,"gmtModify":1640601545423,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696961954","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohu8.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会观察：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周中回归，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY.AU":"SPDR® S&P 500® ETF Trust","FCEL":"燃料电池能源","BK4541":"氢能源","BK4096":"电气部件与设备"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"SPY.AU":0.9,"FCEL":0.9}},"isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698310824,"gmtCreate":1640303526780,"gmtModify":1640303527878,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698310824","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698006426,"gmtCreate":1640254351872,"gmtModify":1640254352152,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698006426","repostId":"2193422197","repostType":4,"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691821824,"gmtCreate":1640169769644,"gmtModify":1640169770812,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691821824","repostId":"1143400646","repostType":4,"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691035278,"gmtCreate":1640096960926,"gmtModify":1640096961246,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691035278","repostId":"1172622709","repostType":4,"repost":{"id":"1172622709","kind":"news","pubTimestamp":1640096106,"share":"https://www.laohu8.com/m/news/1172622709?lang=zh_CN&edition=full","pubTime":"2021-12-21 22:15","market":"us","language":"en","title":"U.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172622709","media":"Reuters","summary":"WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarte","content":"<p>WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.</p><p><blockquote>华盛顿（路透社）-美国第三季度经常账户赤字飙升至15年高点，因企业急于补充耗尽的库存，进口创纪录增长。</blockquote></p><p> The Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.</p><p><blockquote>美国商务部周二表示，衡量商品、服务和投资进出该国的经常账户赤字上季度加速8.3%至2,148亿美元。这是自2006年第三季度以来最大的缺口。</blockquote></p><p> Data for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.</p><p><blockquote>第二季度数据修正后显示赤字为1983亿美元，而不是之前报道的1903亿美元。路透社调查的经济学家此前预测上季度赤字为2050亿美元。</blockquote></p><p> The current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.</p><p><blockquote>经常账户缺口占国内生产总值的3.7%。这是自2008年第四季度以来的最大份额，高于4月至6月季度的3.5%。</blockquote></p><p> Still, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.</p><p><blockquote>尽管如此，赤字仍低于2005年第四季度GDP 6.3%的峰值，因为美国现在是原油和燃料的净出口国。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-21 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.</p><p><blockquote>华盛顿（路透社）-美国第三季度经常账户赤字飙升至15年高点，因企业急于补充耗尽的库存，进口创纪录增长。</blockquote></p><p> The Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.</p><p><blockquote>美国商务部周二表示，衡量商品、服务和投资进出该国的经常账户赤字上季度加速8.3%至2,148亿美元。这是自2006年第三季度以来最大的缺口。</blockquote></p><p> Data for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.</p><p><blockquote>第二季度数据修正后显示赤字为1983亿美元，而不是之前报道的1903亿美元。路透社调查的经济学家此前预测上季度赤字为2050亿美元。</blockquote></p><p> The current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.</p><p><blockquote>经常账户缺口占国内生产总值的3.7%。这是自2008年第四季度以来的最大份额，高于4月至6月季度的3.5%。</blockquote></p><p> Still, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.</p><p><blockquote>尽管如此，赤字仍低于2005年第四季度GDP 6.3%的峰值，因为美国现在是原油和燃料的净出口国。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/u-current-account-deficit-widens-135406392.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/u-current-account-deficit-widens-135406392.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172622709","content_text":"WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.\nThe Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.\nData for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.\nThe current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.\nStill, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693386204,"gmtCreate":1639971248282,"gmtModify":1639971274883,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693386204","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohu8.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数的15%左右。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并为最早在3月份加息做准备。</li><li>尽管由于担心估值前景受到侵蚀，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍保持弹性。</li><li>在对其现有产品的强劲需求以及AR/VR和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现更多增长。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但随着苹果估值接近3万亿美元，其看涨论点仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock未通过Getty Images发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克：AAPL）今年以来涨幅接近40%。该股不久前曾达到182.13美元的峰值，目前距离成为第一家市值达到3万亿美元的美国上市公司还不到7%，仅占以科技股为主的纳斯达克100指数的15%左右。自20世纪90年代末以来，苹果的市值增长了220倍以上，这得益于该公司不断抓住对其创新产品和服务组合的强劲需求的能力。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面预计将帮助该股抵御明年即将加息的不利影响。随着通胀达到近四十年来最热的水平，美联储周三决定将加快缩减每月1200亿美元债券回购计划的步伐，从11月开始的每月150亿美元减少到每月300亿美元。这将有效地结束刺激计划，该计划是在3月份大流行开始时实施的，而不是最初计划的7月份。预计加息将很快开始，以应对不断上涨的物价压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减结束后才会以渐进的速度开始。最新的点阵图显示，从2022年初开始，联邦基金利率有可能从接近零的水平上升三个25个百分点，2023年再上升三个百分点，2024年再上升两个百分点。如果实现，这一过程将在2024年将基金利率提高至2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者转向规避风险，因为他们担心未来收益的价值会加速侵蚀，以及资本成本上升导致业务增长停滞，尤其是高增长股票，但苹果在美联储发布后上涨了近3%关于政策收紧的最新消息。该股12月15日收于179.30美元，接近周一182美元的峰值。美联储更新后，苹果的上涨以及其他大型科技股的类似上涨趋势推动纳斯达克100指数盘中上涨2.4%，这表明投资者更愿意将资金投资于增长前景强劲的公司以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假期对苹果12月季度销售有利，该股估值预计将比预期更早进入3万亿美元区间。苹果整个产品线的持续强劲需求、慷慨的股票回购以及新的尖端产品预计在可预见的未来带来的额外收入贡献也将成为支持公司持续强劲的基本面并保持该股的关键催化剂尽管即将加息，但估值仍高于3万亿美元。考虑到大盘的近期发展和苹果的增长前景，我们将该股12个月目标价上调至209.43美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年基本面前景概述和回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致商店断断续续关闭，导致销售额损失超过90亿美元，但该公司今年的收入较2020财年增长了33%，达到3660亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年增长了20%以上。本年度的成功主要归功于一系列新产品的推出和功能升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone销量今年增长了39%，是其他细分市场中增长最快的，占苹果2021财年收入的一半以上。这一结果与去年移动设备需求下滑形成鲜明对比，当时消费者准备应对大流行带来的经济不确定性。随着全球5G设备升级步伐不断加快，预计未来几年iPhone销量将保持强劲。2022年可能推出的更实惠的支持5G的iPhone SE预计也将通过吸引“超过10亿非高端Android用户”的切换者来进一步提高苹果的市场份额，并将活跃安装基数推向另一个历史新高。在推出支持5G的iPhone 12s和iPhone 13s后，最近几个季度观察到的iPhone销售模式进一步证实了预期的势头，升级者和转换者的数量以两位数强劲增长。苹果与手机运营商的紧密联系预计也将在未来几年推动iPhone的销售贡献。Verizon和AT&amp;T等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励迁移到他们在全国范围内花费数十亿美元建设的5G网络。预计全球电信公司将在未来五年内斥资超过7000亿美元建设5G网络，这突显出随着运营商推动十年来最强劲的多年升级周期以收回成本，iPhone市场未来将面临巨大的额外增长机会。他们的投资。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac和iPad的销售额在2021财年也大幅增长，收入分别达到创纪录的352亿美元和319亿美元。继今年早些时候推出全新的M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的M1处理器使最新的MacBook“在游戏之外的几乎所有生产力用例上都比任何基于英特尔的设备都好”。这相应地推动了不同消费者群体对便携式工作站的难以置信的需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在9月份季度的Mac产品出货量超过320万台，这推动了该部门创纪录的收入，同时将其在全球PC销量中的排名提升至其他供应商中的第四位。在苹果的计算产品中引入M1处理器也增强了其在利用全球对个人电脑和多功能平板电脑需求激增方面的地位，使该公司能够构建具有创新功能的设备，这些设备可以无缝集成到其周边配件和服务生态系统中，以吸引邻近收入。随着后大流行时代混合工作和学习安排的加速采用，全球对个人电脑和多功能平板电脑等便携式工作站的需求预计将在未来几年保持高位——预计到2025年，这些行业的市场规模将分别增长到2243亿美元和6000亿美元，这为苹果的Mac和iPad市场带来了有利的趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近关于苹果打算加强其内部芯片开发能力的猜测可能会在未来几年进一步推进其技术的进步，并吸引对其产品的额外需求。该公司目前正在寻找工程师来增强其在“无线电、射频集成电路和无线片上系统（“SoC”）”以及“用于连接蓝牙和Wi-Fi的半导体”的开发能力。这些发展预计将进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为该公司“最宝贵的资产”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务业的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户基础使该部门在2021财年的收入达到创纪录的超过684亿美元，比上一年增长27%。迄今为止，苹果的高利润服务已吸引了超过7.45亿付费用户，比过去五年增长了五倍。苹果在其各种服务平台（从苹果音乐到iCloud存储解决方案）中不断推动基于订阅的商业模式，再加上近年来针对关键消费者趋势的有吸引力的新产品，一直是该公司快速增长的关键驱动力。-扩大利润。为现有服务平台推出的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品预计将进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品在全球使用不断增加所带来的邻近机会的覆盖范围，例如，全球音乐流媒体市场预计将以16%的复合年增长率扩张，预计未来五年价值将达到610亿美元，凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果One捆绑包预计将成为未来几年促进服务部门销售的关键贡献者，吸引新用户为订阅服务付费，如果没有捆绑折扣，他们就不会这样做。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将利好苹果快速增长的服务板块。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于AAPL拥有世界上最大和使用最多的应用商店之一，有理由假设相关收入将以类似的速度增长。尽管全球监管机构对苹果App Store涉嫌违反反垄断的审查越来越多——其中最引人注目的是与Epic Games正在进行的法律斗争——但该公司对确保用户隐私、安全和交易便利性的持续关注可能会挽救局面。根据Morgan Stanley对美国和中国4000名苹果产品用户进行的一项调查，尽管开发者正在争取在苹果生态系统之外进行交易的权利，但大多数用户都表示对苹果应用商店的忠诚度，因为它提供了“安全、隐私和交易便利性的价值”。作为Epic Games提起的长达一年的诉讼的一部分，苹果最近成功推迟了美国地区法官Yvonne Gonzalez Rogers在9月份下令的App Store变更，这是App Store持续强劲的另一个迹象。该公司辩称，法院授权的允许App Store用户“直接从网络上的开发者那里购买”的命令将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达所有购买30%的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施App Store变更的最终决定可能至少还需要一年时间。但即使做出不利的裁决，即苹果必须允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到App Store用户对苹果通过该平台提供的安全性和便利性水平的重视，实际的量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基础和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子和设备的先驱预计将在2023年初推出VR耳机和AR眼镜，这是一项新兴技术，近几个月来，随着有关元宇宙的讨论越来越多，这项技术的发展势头越来越大。与市场上已有的大多数VR头显类似，苹果的将配备3D显示屏，为从游戏到交流的各种活动提供身临其境的环境。差异化因素将是该公司计划在设备中实现一流的图形芯片，以促进超高分辨率显示。即将推出的VR头显最终将为其AR眼镜奠定基础，苹果预计这将是“更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为8000亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的70%以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的AR/VR耳机来利用不断增长的元宇宙机会，还可以利用与相关应用程序、软件和服务平台使用相关的邻近收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>对苹果正在开发自动驾驶电动汽车的猜测预计也将在可预见的未来为该股带来有意义的上涨。该公司现在计划到2025年推出新的产品类别，届时全球自动驾驶汽车市场的价值预计将达到2000亿美元以上。最终的汽车可能会向其现有产品组合致敬，例如“类似iPad的触摸屏”信息娱乐系统。在技术方面，据信苹果已经完成了定制芯片的开发，用于为车辆的自动驾驶功能提供动力。据该州DMV称，最新的芯片将很快应用到其现有的改装SUV车队中，以便在加利福尼亚州进行测试，这表明即将推出的芯片即将推出。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了“随着时间的推移，新产品和服务对材料收入的持续贡献”，但上述新产品类别发布的额外上行空间仍然缺失。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期AR/VR设备销售的近期预测预计将使苹果的估值至少提高1500亿美元。随着时间的推移，当元宇宙趋势继续获得主流关注时，苹果预计将从AR/VR领域获得超过2000亿美元的年收入，这可能会在其当前市值的基础上再增加15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>估值前景和即将加息的潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果2021财年年终业绩和12月季度指引的最新预测，我们的基本情况预测预计到2022财年末总净销售额为4393亿美元，到2026财年将进一步增长至6685亿美元。我们预测中应用于各部门收入的增长假设与我们对该股的最新分析基本保持不变，并额外考虑了管理层对供应限制影响和即将加息的近期前景。具体来说，2021财年下半年由于全行业芯片短缺和大流行导致的制造延迟造成的90亿美元收入损失（即6月季度约30亿美元，9月季度约60亿美元）预计将恶化2022财年上半年。尽管供应链挑战有所改善，但对苹果产品的持续强劲需求将导致未来几个季度销量损失更大。尽管如此，苹果仍为未来强劲的基本面做好了准备，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i.基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（苹果_-_Forecasted_Financial_Information.pdf）。有关所应用的材料增长假设的更多详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们将苹果股票的12个月目标价修正为209.43美元。基于12月17日171.14美元的最后交易价格，这意味着超过22%的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期内的贴现现金流（“DCF”）分析得出的，并结合前几节中分析的针对苹果近期发展更新的财务预测。与我们最初的估值分析类似，我们采用了8%的WACC来贴现苹果的预计自由现金流。考虑到公司当前的资本结构和强劲的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务的很大一部分是固定利率票据，预计其增长资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在加息之前部署以实现额外增长，而不必产生增量资本成本。预计这将进一步巩固投资者对苹果股票的信心，因为他们在担心利率上升带来的更广泛市场压力的情况下继续“转向优质股票”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为19.8倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品领域即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将加息的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>二、敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>基于上述分析，预计未来两年在当前接近零的联邦基金利率基础上增加175至200个基点，从基本面和估值角度来看，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步增强该公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步增强其抵御更广泛的宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能会推动苹果的估值增长势头。考虑到这些因素，苹果仍然是表现最好的科技股之一，尽管加息即将到来，但其近期仍强劲上涨至3万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699531788,"gmtCreate":1639834899301,"gmtModify":1639834899621,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699531788","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohu8.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对通胀飙升后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-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1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对通胀飙升后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-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1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":199454121,"gmtCreate":1620729581363,"gmtModify":1631889285593,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Comment and like pls","listText":"Comment and like pls","text":"Comment and like 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comment and like pls","listText":"Pls comment and like pls","text":"Pls comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/191293571","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193702692,"gmtCreate":1620816337916,"gmtModify":1631889285614,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/193702692","repostId":"1174599088","repostType":4,"repost":{"id":"1174599088","kind":"news","pubTimestamp":1620814183,"share":"https://www.laohu8.com/m/news/1174599088?lang=zh_CN&edition=full","pubTime":"2021-05-12 18:09","market":"us","language":"en","title":"Opinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点：华尔街的“弥天大谎”：越来越令人难以置信的业绩声明</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174599088","media":"MarketWatch","summary":"So you think it’s easy to multiply your money 10 times?I’m referring to a propaganda technique of ma","content":"<p><b>So you think it’s easy to multiply your money 10 times?</b>I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.</p><p><blockquote><b>所以你认为让你的钱翻10倍很容易？</b>我指的是一种宣传技巧，这种技巧使声明如此离谱，以至于人们认为它们一定有一定的真实性。小谎言被驳回，但大谎言被相信。</blockquote></p><p>Consider this bit of clickbait in my inbox that caught my eye over the weekend: <i>“</i>Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”</p><p><blockquote>想想我收件箱中的这个点击诱饵，它在周末引起了我的注意：<i>“</i>使用这种加密货币，您的钱可以轻松增加10倍。”它引起我注意的一个原因是，它是由一个人写的，他三个月前写了一篇类似的引人注目的文章，题为“用这种加密货币让你的钱增加100倍”。</blockquote></p><p>The particular cryptocurrency he was championing in February is 13% lower today.</p><p><blockquote>他在2月份倡导的特定加密货币今天下跌了13%。</blockquote></p><p>For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.</p><p><blockquote>郑重声明，我不知道这个人是否故意歪曲事实。但事实仍然是，无论是股票还是比特币和其他加密货币等投资，没有人能产生超过两位数百分比的长期年化回报率。</blockquote></p><p>No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.</p><p><blockquote>没有人。声称产生10倍或100倍的回报“很容易”在功能上相当于撒谎——即使这种说法的实施者并不打算这样做。</blockquote></p><p>That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.</p><p><blockquote>这并不是说三位数甚至四位数的回报不会偶尔——非常偶尔——产生。但拉斯维加斯的累积奖金也是如此。因为即使有可能产生如此大的短期收益的策略也是非常危险的，回归均值将不可避免地迅速将这种回报带回现实。</blockquote></p><p>Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.</p><p><blockquote>想想我四十年来跟踪投资通讯表现的证据。随附的图表报告了在不同持有期内受监控的时事通讯中最高的投资组合回报。过去12个月，记分牌最高的回报率为248%。相比之下，将持有期延长至过去五年，记分牌顶部的回报率要低得多，年化回报率为33%。</blockquote></p><p>This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.</p><p><blockquote>如图所示，随着持有期的延长，这种下降趋势仍在继续。当我们关注过去40年时，现在的最佳年化回报率为14.0%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e72f13ee9de2c745913ad0debd3b6c0\" tg-width=\"620\" tg-height=\"418\"></p><p><blockquote></blockquote></p><p>Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.</p><p><blockquote>不要以为这种模式是投资通讯行业独有的。共同基金和对冲基金也出现了几乎相同的结果。</blockquote></p><p>The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&amp;P 500 index&nbsp;That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”</p><p><blockquote>据我所知，记录最好的长期回报是由Renaissance Technologies的私人奖章基金产生的。加州大学洛杉矶分校名誉教授Brad Cornell报告称，该基金在1988年至2018年间的年化回报率（扣除费用后）为39.2%，而标普500指数的年化回报率为10.0%，该基金的回报率远好于华尔街的任何人康奈尔承认“目瞪口呆”；他说，这种回归在功能上相当于“太阳从西边升起”。</blockquote></p><p>And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.</p><p><blockquote>然而，请注意，令人难以置信的大奖章基金的年化回报率“仅”为39%。这距离加密货币“轻松”100倍回报还有很长的路要走。</blockquote></p><p>If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.</p><p><blockquote>如果你是婴儿潮一代，你已经知道并接受了这些教训。相比之下，如果你来自Z世代，艰难的学校还没有教你这些课程。</blockquote></p><p>I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.</p><p><blockquote>一个月前，我专门写了一篇专栏文章，探讨了牛市后期年龄与冒险行为之间的相关性。在最年轻的投资者经历第一次重大熊市之前，他们都是无所畏惧的冒险家，坚信赚钱很容易。经历过一次或多次严重熊市的老年投资者年龄更大、更明智。</blockquote></p><p>This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)</p><p><blockquote>这种对比在GamblersPick最近的一份报告中再次得到证实，GamblersPick是一个评论在线赌场的网站。该网站调查了872名投资者的风险承受能力；受访者在下表所列的四代人中几乎平分秋色。（未反映在表中的百分比中的那些人的余额表明他们是“中性的”，既不容忍风险也不厌恶风险。）</blockquote></p><p><table><tbody><tr><td>Generation</td><td>Risk-tolerant</td><td>Risk-averse</td></tr><tr><td>Gen Z</td><td>57%</td><td>25%</td></tr><tr><td>Millennials</td><td>49%</td><td>32%</td></tr><tr><td>Gen X</td><td>38%</td><td>44%</td></tr><tr><td>Baby boomers and older</td><td>36%</td><td>46%</td></tr></tbody></table>In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.</p><p><blockquote><table><tbody><tr><td>代</td><td>风险承受能力</td><td>规避风险</td></tr><tr><td>Z世代</td><td>57%</td><td>25%</td></tr><tr><td>千禧一代</td><td>49%</td><td>32%</td></tr><tr><td>X世代</td><td>38%</td><td>44%</td></tr><tr><td>婴儿潮一代及老年人</td><td>36%</td><td>46%</td></tr></tbody></table>根据我的经验，再多的学术教育（“书本学习”）也无法完全替代从熊市中实际生活中学到的东西。这意味着今天能够承受风险的年轻投资者有一天会成为我们其他人今天看起来的老古董。</blockquote></p><p>In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.</p><p><blockquote>与此同时，他们和市场都如履薄冰。虽然我们不知道未来几个月牛市的故事将如何展开，但我们确实知道它最终将如何结束。</blockquote></p><p>It’s not a happy one.</p><p><blockquote>这不是一个快乐的故事。</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>Opinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点：华尔街的“弥天大谎”：越来越令人难以置信的业绩声明</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\">\nOpinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点：华尔街的“弥天大谎”：越来越令人难以置信的业绩声明</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-12 18:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>So you think it’s easy to multiply your money 10 times?</b>I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.</p><p><blockquote><b>所以你认为让你的钱翻10倍很容易？</b>我指的是一种宣传技巧，这种技巧使声明如此离谱，以至于人们认为它们一定有一定的真实性。小谎言被驳回，但大谎言被相信。</blockquote></p><p>Consider this bit of clickbait in my inbox that caught my eye over the weekend: <i>“</i>Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”</p><p><blockquote>想想我收件箱中的这个点击诱饵，它在周末引起了我的注意：<i>“</i>使用这种加密货币，您的钱可以轻松增加10倍。”它引起我注意的一个原因是，它是由一个人写的，他三个月前写了一篇类似的引人注目的文章，题为“用这种加密货币让你的钱增加100倍”。</blockquote></p><p>The particular cryptocurrency he was championing in February is 13% lower today.</p><p><blockquote>他在2月份倡导的特定加密货币今天下跌了13%。</blockquote></p><p>For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.</p><p><blockquote>郑重声明，我不知道这个人是否故意歪曲事实。但事实仍然是，无论是股票还是比特币和其他加密货币等投资，没有人能产生超过两位数百分比的长期年化回报率。</blockquote></p><p>No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.</p><p><blockquote>没有人。声称产生10倍或100倍的回报“很容易”在功能上相当于撒谎——即使这种说法的实施者并不打算这样做。</blockquote></p><p>That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.</p><p><blockquote>这并不是说三位数甚至四位数的回报不会偶尔——非常偶尔——产生。但拉斯维加斯的累积奖金也是如此。因为即使有可能产生如此大的短期收益的策略也是非常危险的，回归均值将不可避免地迅速将这种回报带回现实。</blockquote></p><p>Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.</p><p><blockquote>想想我四十年来跟踪投资通讯表现的证据。随附的图表报告了在不同持有期内受监控的时事通讯中最高的投资组合回报。过去12个月，记分牌最高的回报率为248%。相比之下，将持有期延长至过去五年，记分牌顶部的回报率要低得多，年化回报率为33%。</blockquote></p><p>This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.</p><p><blockquote>如图所示，随着持有期的延长，这种下降趋势仍在继续。当我们关注过去40年时，现在的最佳年化回报率为14.0%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e72f13ee9de2c745913ad0debd3b6c0\" tg-width=\"620\" tg-height=\"418\"></p><p><blockquote></blockquote></p><p>Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.</p><p><blockquote>不要以为这种模式是投资通讯行业独有的。共同基金和对冲基金也出现了几乎相同的结果。</blockquote></p><p>The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&amp;P 500 index&nbsp;That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”</p><p><blockquote>据我所知，记录最好的长期回报是由Renaissance Technologies的私人奖章基金产生的。加州大学洛杉矶分校名誉教授Brad Cornell报告称，该基金在1988年至2018年间的年化回报率（扣除费用后）为39.2%，而标普500指数的年化回报率为10.0%，该基金的回报率远好于华尔街的任何人康奈尔承认“目瞪口呆”；他说，这种回归在功能上相当于“太阳从西边升起”。</blockquote></p><p>And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.</p><p><blockquote>然而，请注意，令人难以置信的大奖章基金的年化回报率“仅”为39%。这距离加密货币“轻松”100倍回报还有很长的路要走。</blockquote></p><p>If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.</p><p><blockquote>如果你是婴儿潮一代，你已经知道并接受了这些教训。相比之下，如果你来自Z世代，艰难的学校还没有教你这些课程。</blockquote></p><p>I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.</p><p><blockquote>一个月前，我专门写了一篇专栏文章，探讨了牛市后期年龄与冒险行为之间的相关性。在最年轻的投资者经历第一次重大熊市之前，他们都是无所畏惧的冒险家，坚信赚钱很容易。经历过一次或多次严重熊市的老年投资者年龄更大、更明智。</blockquote></p><p>This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)</p><p><blockquote>这种对比在GamblersPick最近的一份报告中再次得到证实，GamblersPick是一个评论在线赌场的网站。该网站调查了872名投资者的风险承受能力；受访者在下表所列的四代人中几乎平分秋色。（未反映在表中的百分比中的那些人的余额表明他们是“中性的”，既不容忍风险也不厌恶风险。）</blockquote></p><p><table><tbody><tr><td>Generation</td><td>Risk-tolerant</td><td>Risk-averse</td></tr><tr><td>Gen Z</td><td>57%</td><td>25%</td></tr><tr><td>Millennials</td><td>49%</td><td>32%</td></tr><tr><td>Gen X</td><td>38%</td><td>44%</td></tr><tr><td>Baby boomers and older</td><td>36%</td><td>46%</td></tr></tbody></table>In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.</p><p><blockquote><table><tbody><tr><td>代</td><td>风险承受能力</td><td>规避风险</td></tr><tr><td>Z世代</td><td>57%</td><td>25%</td></tr><tr><td>千禧一代</td><td>49%</td><td>32%</td></tr><tr><td>X世代</td><td>38%</td><td>44%</td></tr><tr><td>婴儿潮一代及老年人</td><td>36%</td><td>46%</td></tr></tbody></table>根据我的经验，再多的学术教育（“书本学习”）也无法完全替代从熊市中实际生活中学到的东西。这意味着今天能够承受风险的年轻投资者有一天会成为我们其他人今天看起来的老古董。</blockquote></p><p>In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.</p><p><blockquote>与此同时，他们和市场都如履薄冰。虽然我们不知道未来几个月牛市的故事将如何展开，但我们确实知道它最终将如何结束。</blockquote></p><p>It’s not a happy one.</p><p><blockquote>这不是一个快乐的故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/wall-streets-big-lie-performance-claims-that-are-increasingly-straining-credulity-11620680630?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":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/wall-streets-big-lie-performance-claims-that-are-increasingly-straining-credulity-11620680630?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174599088","content_text":"So you think it’s easy to multiply your money 10 times?I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.Consider this bit of clickbait in my inbox that caught my eye over the weekend: “Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”The particular cryptocurrency he was championing in February is 13% lower today.For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&P 500 index That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)GenerationRisk-tolerantRisk-averseGen Z57%25%Millennials49%32%Gen X38%44%Baby boomers and older36%46%In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.It’s not a happy one.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373132964,"gmtCreate":1618829906258,"gmtModify":1631889285617,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Sad to see it keep dropping but a better day will come.&nbsp;","listText":"Sad to see it keep dropping but a better day will come.&nbsp;","text":"Sad to see it keep dropping but a better day will come.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/373132964","repostId":"2128315893","repostType":4,"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":602792843,"gmtCreate":1639063676463,"gmtModify":1639064806445,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/602792843","repostId":"2190617302","repostType":4,"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825136841,"gmtCreate":1634208125327,"gmtModify":1634208125410,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/825136841","repostId":"1114398253","repostType":4,"repost":{"id":"1114398253","kind":"news","pubTimestamp":1634207497,"share":"https://www.laohu8.com/m/news/1114398253?lang=zh_CN&edition=full","pubTime":"2021-10-14 18:31","market":"us","language":"en","title":"U.S. supply chain too snarled for Biden Christmas fix, experts say<blockquote>专家表示，美国供应链过于混乱，无法解决拜登的圣诞节问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114398253","media":"Reuters","summary":"President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas","content":"<p>President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told Reuters.</p><p><blockquote>专家告诉路透社，总统乔·拜登正在推动缓解供应短缺并在圣诞节前遏制价格上涨，但解除美国供应链可能需要更长时间。</blockquote></p><p> Biden brought together powerbrokers from ports, unions and big business on Wednesday to address shipping, labor and warehousing pain in the U.S. supply chain, and announced new around-the-clock port operations in Los Angeles.</p><p><blockquote>拜登周三召集了来自港口、工会和大企业的权力经纪人，以解决美国供应链中的运输、劳动力和仓储难题，并宣布在洛杉矶开展新的全天候港口运营。</blockquote></p><p> As his Republican opposition seizes on possible Christmas shortages to connect Biden's economic policies to inflation, and try to stall a multitrillion-dollar spending bill in Congress in coming weeks, the White House's message Wednesday was that a solution is in sight.</p><p><blockquote>随着他的共和党反对派抓住可能出现的圣诞节短缺，将拜登的经济政策与通胀联系起来，并试图在未来几周内在国会拖延数万亿美元的支出法案，白宫周三发出的信息是，解决方案就在眼前。</blockquote></p><p> \"This is an across-the-board commitment to going to 24/7,\"said Biden, a Democrat. The port opening, and apromisefrom retailers like Target and Walmart to move more goods at night are a \"big first step,\" he said. Now, he said, \"we need the rest of the private sector chain to step us as well.\"</p><p><blockquote>民主党人拜登表示：“这是对全天候工作的全面承诺。”他说，港口的开放，以及塔吉特和沃尔玛等零售商承诺在夜间运送更多货物，是“重要的第一步”。现在，他说，“我们需要私营部门链的其他成员也加入我们的行列。”</blockquote></p><p> While more cooperation among the often competing, secretive players in the U.S. supply chain business is a plus, the White House's impact may be incremental at best, logistics experts, economists and labor unions warned.</p><p><blockquote>物流专家、经济学家和工会警告说，虽然美国供应链业务中经常竞争、秘密的参与者之间的更多合作是一个优势，但白宫的影响充其量可能是渐进的。</blockquote></p><p> \"What the president's doing isn't going to really hurt. But at the end of the day, it doesn't solve the problem,\" said Steven Ricchiuto, U.S. chief economist at Mizuho Securities.</p><p><blockquote>瑞穗证券(Mizuho Securities)美国首席经济学家史蒂文·里奇乌托(Steven Ricchiuto)表示：“总统的做法不会真正造成伤害。但归根结底，这并不能解决问题。”</blockquote></p><p> Americans, already by far the world's biggest consumers, have simply been buying a lot more stuff during the pandemic, much of it imported. Couple that with labor shortages, equipment shortages and a lack of space to store that stuff, nationwide.</p><p><blockquote>美国人已经是世界上最大的消费者，在疫情期间购买了更多的东西，其中大部分是进口的。再加上全国范围内的劳动力短缺、设备短缺和储存这些东西的空间不足。</blockquote></p><p> Players from ports to retail chains are already working full-tilt to handle the pandemic-fueled surge in imports and get holiday gifts onto shelves and e-commerce centers in time for the Nov. 26 Black Friday kick&nbsp;off of the 2021 holiday season.</p><p><blockquote>从港口到零售连锁店的参与者已经在全力应对疫情引发的进口激增，并在2021年假期的11月26日黑色星期五开始之前及时将节日礼物上架和电子商务中心。</blockquote></p><p> Imports at the Port of Los Angeles - the No. 1 gateway for ocean trade with China - are up 30% so far this year over last year's record.</p><p><blockquote>洛杉矶港是与中国进行海洋贸易的第一门户，今年迄今为止的进口量比去年的记录增长了30%。</blockquote></p><p> But that has left some 250,000 containers of goods stacked up on the docks due to delayed pickups, from chassis shortages and a lack of space in rail yards and warehouses. And that is causing dozens of ships to back up at anchor outside the port.</p><p><blockquote>但由于底盘短缺以及铁路站场和仓库空间不足，导致提货延迟，约25万个集装箱的货物堆积在码头上。这导致数十艘船只在港口外停泊。</blockquote></p><p> \"The analogy would be the boa constrictor that ate the mouse. There's a lump in it and the lump is the constraint in the through&nbsp;put of the supply chain, and it moves along each time you solve for a constraint,\" said Joe Dunlap global head of the supply chain advisory team at CBRE Group(CBRE.N), a commercial real estate services firm.</p><p><blockquote>乔·邓拉普(Joe Dunlap)表示：“类比就像吃了老鼠的蟒蛇。其中有一个肿块，这个肿块是供应链吞吐量的约束，每次解决约束时，它都会移动。”商业房地产服务公司世邦魏理仕(CBRE)供应链咨询团队全球负责人。</blockquote></p><p> 'YOU DON'T BUILD A CHURCH FOR CHRISTMAS'</p><p><blockquote>“你不能为圣诞节建造教堂”</blockquote></p><p> Frank Ponce De Leon, International Longshore &amp; Warehouse Union Coast Committeeman summarized the problem at U.S. ports, which the Commerce department estimates handle 76% of all trade, during comments last week.</p><p><blockquote>国际码头和仓库联盟海岸委员弗兰克·庞塞·德莱昂(Frank Ponce De Leon)在上周的评论中总结了美国港口的问题，商务部估计美国港口处理了所有贸易的76%。</blockquote></p><p> \"You don't build a church for Christmas and Easter; you build it for a regular Sunday service,\" he said. \"With the unprecedented influx of cargo, it's like Christmas and Easter on the docks every single day, with more ships coming in and the pews have been full for months, and there's nowhere left to sit - or stand.\"</p><p><blockquote>“你不是为圣诞节和复活节建造教堂；你是为常规的周日礼拜而建造的，”他说。“随着前所未有的货物涌入，码头上每天都像圣诞节和复活节一样，越来越多的船只驶来，长凳已经坐满了几个月，没有地方可以坐或站。”</blockquote></p><p> Dockworkers remain available for 24-hour shifts to help clear the port backlogs, the longshore union said. But that is not true of the people who move goods from the ships or from ports, other unions say.</p><p><blockquote>码头工会表示，码头工人仍然可以24小时轮班，帮助清理港口积压的货物。但其他工会表示，对于从船上或港口搬运货物的人来说，情况并非如此。</blockquote></p><p> \"One of the major problems with the current state of logistics is the shortage of port truck drivers. They are not paid a living wage,\" said Teamsters General President Jim Hoffa, who participated in the meeting with Biden.</p><p><blockquote>“物流现状的一个主要问题是港口卡车司机短缺。他们没有得到生活工资，”卡车司机协会主席吉姆·霍法说，他参加了与拜登的会面。</blockquote></p><p> The backup may be exacerbating that shortage, because many port drivers are not paid for the hours they spend waiting to pick up a container, making the job less appealing.</p><p><blockquote>备份可能会加剧这种短缺，因为许多港口司机等待提取集装箱的时间没有得到报酬，这使得这份工作变得不那么有吸引力。</blockquote></p><p> Still, there is no evidence experienced workers are sitting on the sidelines - U.S. transportation and warehousing are employing more people now then they did before the pandemic started,data&nbsp;from the Bureau of Labor Statistics show.</p><p><blockquote>尽管如此，没有证据表明有经验的工人袖手旁观——美国劳工统计局的数据显示，美国运输和仓储行业现在雇佣的员工比疫情开始前还要多。</blockquote></p><p> WAREHOUSES OVERFULL, UNDERSTAFFED</p><p><blockquote>仓库人满为患，人手不足</blockquote></p><p> Like seaports, warehouses work best when they are moving products in and out quickly and predictably. Instead, port officials say, they are packed to the rafters and struggling with employee hiring and retention.</p><p><blockquote>像海港一样，仓库在快速、可预测地将产品移入移出时工作得最好。相反，港口官员表示，他们人满为患，在招聘和留住员工方面苦苦挣扎。</blockquote></p><p> U.S. companies are leasing warehouse space at record levels to handle the large influx of goods for e-commerce.</p><p><blockquote>美国公司正在以创纪录的水平租赁仓库空间，以处理大量涌入的电子商务商品。</blockquote></p><p> The markets that serve Southern California ports include Los Angeles and the Inland Empire region nearby, which had second-quarter vacancy rates of 1.2% and 1.4%, respectively, according to CBRE data.</p><p><blockquote>世邦魏理仕的数据显示，为南加州港口提供服务的市场包括洛杉矶和附近的内陆帝国地区，第二季度空置率分别为1.2%和1.4%。</blockquote></p><p> \"Space is clearly tight,\" Dunlap said.</p><p><blockquote>“空间显然很紧张，”邓拉普说。</blockquote></p><p> It is not just that warehouses are at capacity, Steve DeHaan, CEO of the International Warehouse Logistics Association, said in a recent letter to John Porcari, port envoy for the White House Supply Chain Disruptions Task Force.</p><p><blockquote>国际仓储物流协会首席执行官史蒂夫·德哈恩(Steve DeHaan)在最近给白宫供应链中断特别工作组港口特使约翰·波卡里(John Porcari)的一封信中表示，这不仅仅是仓库已满负荷。</blockquote></p><p></p><p> Warehouse owners, tenant and workforce employers can be different companies, which makes drawing up new contracts to pay round-the-clock workers difficult. \"The warehouse cannot arbitrarily make this decision,\" DeHaan said.</p><p><blockquote>仓库所有者、租户和劳动力雇主可能是不同的公司，这使得起草新合同向全天候工人支付工资变得困难。“仓库不能武断地做出这个决定，”德哈恩说。</blockquote></p><p> Moving a warehouse to 24/7 operations adds another layer of risk, he said.</p><p><blockquote>他说，将仓库转移到24/7运营会增加另一层风险。</blockquote></p><p> \"For example, receiving a container at 6 a.m. that was scheduled for 3 a.m. delivery disrupts operations for the entire day,\" DeHaan said. \"The goal of reducing container congestion over the next 90 days is ambitious.\"</p><p><blockquote>“例如，早上6点收到原定于凌晨3点交付的集装箱会扰乱一整天的运营，”德哈恩说。“在未来90天内减少集装箱拥堵的目标是雄心勃勃的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. supply chain too snarled for Biden Christmas fix, experts say<blockquote>专家表示，美国供应链过于混乱，无法解决拜登的圣诞节问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-14 18:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told Reuters.</p><p><blockquote>专家告诉路透社，总统乔·拜登正在推动缓解供应短缺并在圣诞节前遏制价格上涨，但解除美国供应链可能需要更长时间。</blockquote></p><p> Biden brought together powerbrokers from ports, unions and big business on Wednesday to address shipping, labor and warehousing pain in the U.S. supply chain, and announced new around-the-clock port operations in Los Angeles.</p><p><blockquote>拜登周三召集了来自港口、工会和大企业的权力经纪人，以解决美国供应链中的运输、劳动力和仓储难题，并宣布在洛杉矶开展新的全天候港口运营。</blockquote></p><p> As his Republican opposition seizes on possible Christmas shortages to connect Biden's economic policies to inflation, and try to stall a multitrillion-dollar spending bill in Congress in coming weeks, the White House's message Wednesday was that a solution is in sight.</p><p><blockquote>随着他的共和党反对派抓住可能出现的圣诞节短缺，将拜登的经济政策与通胀联系起来，并试图在未来几周内在国会拖延数万亿美元的支出法案，白宫周三发出的信息是，解决方案就在眼前。</blockquote></p><p> \"This is an across-the-board commitment to going to 24/7,\"said Biden, a Democrat. The port opening, and apromisefrom retailers like Target and Walmart to move more goods at night are a \"big first step,\" he said. Now, he said, \"we need the rest of the private sector chain to step us as well.\"</p><p><blockquote>民主党人拜登表示：“这是对全天候工作的全面承诺。”他说，港口的开放，以及塔吉特和沃尔玛等零售商承诺在夜间运送更多货物，是“重要的第一步”。现在，他说，“我们需要私营部门链的其他成员也加入我们的行列。”</blockquote></p><p> While more cooperation among the often competing, secretive players in the U.S. supply chain business is a plus, the White House's impact may be incremental at best, logistics experts, economists and labor unions warned.</p><p><blockquote>物流专家、经济学家和工会警告说，虽然美国供应链业务中经常竞争、秘密的参与者之间的更多合作是一个优势，但白宫的影响充其量可能是渐进的。</blockquote></p><p> \"What the president's doing isn't going to really hurt. But at the end of the day, it doesn't solve the problem,\" said Steven Ricchiuto, U.S. chief economist at Mizuho Securities.</p><p><blockquote>瑞穗证券(Mizuho Securities)美国首席经济学家史蒂文·里奇乌托(Steven Ricchiuto)表示：“总统的做法不会真正造成伤害。但归根结底，这并不能解决问题。”</blockquote></p><p> Americans, already by far the world's biggest consumers, have simply been buying a lot more stuff during the pandemic, much of it imported. Couple that with labor shortages, equipment shortages and a lack of space to store that stuff, nationwide.</p><p><blockquote>美国人已经是世界上最大的消费者，在疫情期间购买了更多的东西，其中大部分是进口的。再加上全国范围内的劳动力短缺、设备短缺和储存这些东西的空间不足。</blockquote></p><p> Players from ports to retail chains are already working full-tilt to handle the pandemic-fueled surge in imports and get holiday gifts onto shelves and e-commerce centers in time for the Nov. 26 Black Friday kick&nbsp;off of the 2021 holiday season.</p><p><blockquote>从港口到零售连锁店的参与者已经在全力应对疫情引发的进口激增，并在2021年假期的11月26日黑色星期五开始之前及时将节日礼物上架和电子商务中心。</blockquote></p><p> Imports at the Port of Los Angeles - the No. 1 gateway for ocean trade with China - are up 30% so far this year over last year's record.</p><p><blockquote>洛杉矶港是与中国进行海洋贸易的第一门户，今年迄今为止的进口量比去年的记录增长了30%。</blockquote></p><p> But that has left some 250,000 containers of goods stacked up on the docks due to delayed pickups, from chassis shortages and a lack of space in rail yards and warehouses. And that is causing dozens of ships to back up at anchor outside the port.</p><p><blockquote>但由于底盘短缺以及铁路站场和仓库空间不足，导致提货延迟，约25万个集装箱的货物堆积在码头上。这导致数十艘船只在港口外停泊。</blockquote></p><p> \"The analogy would be the boa constrictor that ate the mouse. There's a lump in it and the lump is the constraint in the through&nbsp;put of the supply chain, and it moves along each time you solve for a constraint,\" said Joe Dunlap global head of the supply chain advisory team at CBRE Group(CBRE.N), a commercial real estate services firm.</p><p><blockquote>乔·邓拉普(Joe Dunlap)表示：“类比就像吃了老鼠的蟒蛇。其中有一个肿块，这个肿块是供应链吞吐量的约束，每次解决约束时，它都会移动。”商业房地产服务公司世邦魏理仕(CBRE)供应链咨询团队全球负责人。</blockquote></p><p> 'YOU DON'T BUILD A CHURCH FOR CHRISTMAS'</p><p><blockquote>“你不能为圣诞节建造教堂”</blockquote></p><p> Frank Ponce De Leon, International Longshore &amp; Warehouse Union Coast Committeeman summarized the problem at U.S. ports, which the Commerce department estimates handle 76% of all trade, during comments last week.</p><p><blockquote>国际码头和仓库联盟海岸委员弗兰克·庞塞·德莱昂(Frank Ponce De Leon)在上周的评论中总结了美国港口的问题，商务部估计美国港口处理了所有贸易的76%。</blockquote></p><p> \"You don't build a church for Christmas and Easter; you build it for a regular Sunday service,\" he said. \"With the unprecedented influx of cargo, it's like Christmas and Easter on the docks every single day, with more ships coming in and the pews have been full for months, and there's nowhere left to sit - or stand.\"</p><p><blockquote>“你不是为圣诞节和复活节建造教堂；你是为常规的周日礼拜而建造的，”他说。“随着前所未有的货物涌入，码头上每天都像圣诞节和复活节一样，越来越多的船只驶来，长凳已经坐满了几个月，没有地方可以坐或站。”</blockquote></p><p> Dockworkers remain available for 24-hour shifts to help clear the port backlogs, the longshore union said. But that is not true of the people who move goods from the ships or from ports, other unions say.</p><p><blockquote>码头工会表示，码头工人仍然可以24小时轮班，帮助清理港口积压的货物。但其他工会表示，对于从船上或港口搬运货物的人来说，情况并非如此。</blockquote></p><p> \"One of the major problems with the current state of logistics is the shortage of port truck drivers. They are not paid a living wage,\" said Teamsters General President Jim Hoffa, who participated in the meeting with Biden.</p><p><blockquote>“物流现状的一个主要问题是港口卡车司机短缺。他们没有得到生活工资，”卡车司机协会主席吉姆·霍法说，他参加了与拜登的会面。</blockquote></p><p> The backup may be exacerbating that shortage, because many port drivers are not paid for the hours they spend waiting to pick up a container, making the job less appealing.</p><p><blockquote>备份可能会加剧这种短缺，因为许多港口司机等待提取集装箱的时间没有得到报酬，这使得这份工作变得不那么有吸引力。</blockquote></p><p> Still, there is no evidence experienced workers are sitting on the sidelines - U.S. transportation and warehousing are employing more people now then they did before the pandemic started,data&nbsp;from the Bureau of Labor Statistics show.</p><p><blockquote>尽管如此，没有证据表明有经验的工人袖手旁观——美国劳工统计局的数据显示，美国运输和仓储行业现在雇佣的员工比疫情开始前还要多。</blockquote></p><p> WAREHOUSES OVERFULL, UNDERSTAFFED</p><p><blockquote>仓库人满为患，人手不足</blockquote></p><p> Like seaports, warehouses work best when they are moving products in and out quickly and predictably. Instead, port officials say, they are packed to the rafters and struggling with employee hiring and retention.</p><p><blockquote>像海港一样，仓库在快速、可预测地将产品移入移出时工作得最好。相反，港口官员表示，他们人满为患，在招聘和留住员工方面苦苦挣扎。</blockquote></p><p> U.S. companies are leasing warehouse space at record levels to handle the large influx of goods for e-commerce.</p><p><blockquote>美国公司正在以创纪录的水平租赁仓库空间，以处理大量涌入的电子商务商品。</blockquote></p><p> The markets that serve Southern California ports include Los Angeles and the Inland Empire region nearby, which had second-quarter vacancy rates of 1.2% and 1.4%, respectively, according to CBRE data.</p><p><blockquote>世邦魏理仕的数据显示，为南加州港口提供服务的市场包括洛杉矶和附近的内陆帝国地区，第二季度空置率分别为1.2%和1.4%。</blockquote></p><p> \"Space is clearly tight,\" Dunlap said.</p><p><blockquote>“空间显然很紧张，”邓拉普说。</blockquote></p><p> It is not just that warehouses are at capacity, Steve DeHaan, CEO of the International Warehouse Logistics Association, said in a recent letter to John Porcari, port envoy for the White House Supply Chain Disruptions Task Force.</p><p><blockquote>国际仓储物流协会首席执行官史蒂夫·德哈恩(Steve DeHaan)在最近给白宫供应链中断特别工作组港口特使约翰·波卡里(John Porcari)的一封信中表示，这不仅仅是仓库已满负荷。</blockquote></p><p></p><p> Warehouse owners, tenant and workforce employers can be different companies, which makes drawing up new contracts to pay round-the-clock workers difficult. \"The warehouse cannot arbitrarily make this decision,\" DeHaan said.</p><p><blockquote>仓库所有者、租户和劳动力雇主可能是不同的公司，这使得起草新合同向全天候工人支付工资变得困难。“仓库不能武断地做出这个决定，”德哈恩说。</blockquote></p><p> Moving a warehouse to 24/7 operations adds another layer of risk, he said.</p><p><blockquote>他说，将仓库转移到24/7运营会增加另一层风险。</blockquote></p><p> \"For example, receiving a container at 6 a.m. that was scheduled for 3 a.m. delivery disrupts operations for the entire day,\" DeHaan said. \"The goal of reducing container congestion over the next 90 days is ambitious.\"</p><p><blockquote>“例如，早上6点收到原定于凌晨3点交付的集装箱会扰乱一整天的运营，”德哈恩说。“在未来90天内减少集装箱拥堵的目标是雄心勃勃的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/world/us/us-supply-chain-too-snarled-biden-christmas-fix-experts-say-2021-10-14/\">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":{".DJI":"道琼斯"},"source_url":"https://www.reuters.com/world/us/us-supply-chain-too-snarled-biden-christmas-fix-experts-say-2021-10-14/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114398253","content_text":"President Joe Biden is pushing to ease supply shortages and tame rising prices in time for Christmas, but unsnarling U.S. supply lines could take far longer, experts told Reuters.\nBiden brought together powerbrokers from ports, unions and big business on Wednesday to address shipping, labor and warehousing pain in the U.S. supply chain, and announced new around-the-clock port operations in Los Angeles.\nAs his Republican opposition seizes on possible Christmas shortages to connect Biden's economic policies to inflation, and try to stall a multitrillion-dollar spending bill in Congress in coming weeks, the White House's message Wednesday was that a solution is in sight.\n\"This is an across-the-board commitment to going to 24/7,\"said Biden, a Democrat. The port opening, and apromisefrom retailers like Target and Walmart to move more goods at night are a \"big first step,\" he said. Now, he said, \"we need the rest of the private sector chain to step us as well.\"\nWhile more cooperation among the often competing, secretive players in the U.S. supply chain business is a plus, the White House's impact may be incremental at best, logistics experts, economists and labor unions warned.\n\"What the president's doing isn't going to really hurt. But at the end of the day, it doesn't solve the problem,\" said Steven Ricchiuto, U.S. chief economist at Mizuho Securities.\nAmericans, already by far the world's biggest consumers, have simply been buying a lot more stuff during the pandemic, much of it imported. Couple that with labor shortages, equipment shortages and a lack of space to store that stuff, nationwide.\nPlayers from ports to retail chains are already working full-tilt to handle the pandemic-fueled surge in imports and get holiday gifts onto shelves and e-commerce centers in time for the Nov. 26 Black Friday kick off of the 2021 holiday season.\nImports at the Port of Los Angeles - the No. 1 gateway for ocean trade with China - are up 30% so far this year over last year's record.\nBut that has left some 250,000 containers of goods stacked up on the docks due to delayed pickups, from chassis shortages and a lack of space in rail yards and warehouses. And that is causing dozens of ships to back up at anchor outside the port.\n\"The analogy would be the boa constrictor that ate the mouse. There's a lump in it and the lump is the constraint in the through put of the supply chain, and it moves along each time you solve for a constraint,\" said Joe Dunlap global head of the supply chain advisory team at CBRE Group(CBRE.N), a commercial real estate services firm.\n'YOU DON'T BUILD A CHURCH FOR CHRISTMAS'\nFrank Ponce De Leon, International Longshore & Warehouse Union Coast Committeeman summarized the problem at U.S. ports, which the Commerce department estimates handle 76% of all trade, during comments last week.\n\"You don't build a church for Christmas and Easter; you build it for a regular Sunday service,\" he said. \"With the unprecedented influx of cargo, it's like Christmas and Easter on the docks every single day, with more ships coming in and the pews have been full for months, and there's nowhere left to sit - or stand.\"\nDockworkers remain available for 24-hour shifts to help clear the port backlogs, the longshore union said. But that is not true of the people who move goods from the ships or from ports, other unions say.\n\"One of the major problems with the current state of logistics is the shortage of port truck drivers. They are not paid a living wage,\" said Teamsters General President Jim Hoffa, who participated in the meeting with Biden.\nThe backup may be exacerbating that shortage, because many port drivers are not paid for the hours they spend waiting to pick up a container, making the job less appealing.\nStill, there is no evidence experienced workers are sitting on the sidelines - U.S. transportation and warehousing are employing more people now then they did before the pandemic started,data from the Bureau of Labor Statistics show.\nWAREHOUSES OVERFULL, UNDERSTAFFED\nLike seaports, warehouses work best when they are moving products in and out quickly and predictably. Instead, port officials say, they are packed to the rafters and struggling with employee hiring and retention.\nU.S. companies are leasing warehouse space at record levels to handle the large influx of goods for e-commerce.\nThe markets that serve Southern California ports include Los Angeles and the Inland Empire region nearby, which had second-quarter vacancy rates of 1.2% and 1.4%, respectively, according to CBRE data.\n\"Space is clearly tight,\" Dunlap said.\nIt is not just that warehouses are at capacity, Steve DeHaan, CEO of the International Warehouse Logistics Association, said in a recent letter to John Porcari, port envoy for the White House Supply Chain Disruptions Task Force.\nWarehouse owners, tenant and workforce employers can be different companies, which makes drawing up new contracts to pay round-the-clock workers difficult. \"The warehouse cannot arbitrarily make this decision,\" DeHaan said.\nMoving a warehouse to 24/7 operations adds another layer of risk, he said.\n\"For example, receiving a container at 6 a.m. that was scheduled for 3 a.m. delivery disrupts operations for the entire day,\" DeHaan said. \"The goal of reducing container congestion over the next 90 days is ambitious.\"","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":819672408,"gmtCreate":1630070132304,"gmtModify":1704955473586,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819672408","repostId":"1164159102","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149406786,"gmtCreate":1625740282745,"gmtModify":1631889285623,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/149406786","repostId":"2149346746","repostType":4,"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156209417,"gmtCreate":1625222385439,"gmtModify":1631889285626,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/156209417","repostId":"1156801288","repostType":4,"isVote":1,"tweetType":1,"viewCount":239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101090506,"gmtCreate":1619828753905,"gmtModify":1631889285626,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Help to respond 🙏","listText":"Help to respond 🙏","text":"Help to respond 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/101090506","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":601298041,"gmtCreate":1638530981929,"gmtModify":1638530982047,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/601298041","repostId":"1139932313","repostType":4,"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877665945,"gmtCreate":1637926228899,"gmtModify":1637926229017,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877665945","repostId":"1169321006","repostType":4,"repost":{"id":"1169321006","kind":"news","pubTimestamp":1637925348,"share":"https://www.laohu8.com/m/news/1169321006?lang=zh_CN&edition=full","pubTime":"2021-11-26 19:15","market":"us","language":"en","title":"Traders Unwind Rate-Hike Bets as New Covid Fears Spread<blockquote>随着新冠疫情担忧蔓延，交易员解除加息押注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169321006","media":"Bloomberg","summary":"(Bloomberg) -- Money markets are offloading bets on central bank interest-rate hikes in a hurry, as ","content":"<p>(Bloomberg) -- Money markets are offloading bets on central bank interest-rate hikes in a hurry, as inflation fears give way to concerns that a new coronavirus strain may spread globally and slow economic growth.</p><p><blockquote>（彭博社）——随着对通胀的担忧让位于对新型冠状病毒可能在全球传播并减缓经济增长的担忧，货币市场正在匆忙抛售对央行加息的押注。</blockquote></p><p> Traders have pushed back the timing of a 25-basis-point rate increase by the Federal Reserve to September from June, with only one further hike expected for the remainder of 2022. It’s a similar story in the U.K. where the Bank of England is now expected to tighten policy in February instead of next month.</p><p><blockquote>交易员将美联储加息25个基点的时间从6月推迟到9月，预计2022年剩余时间内只会再加息一次。英国的情况也类似，英国央行目前预计将在二月份而不是下个月收紧政策。</blockquote></p><p> Wagers that the European Central Bank will raise its deposit rate by the end of next year have also been slashed, with only a seven basis-point increase priced in, around half of that seen earlier this week. The European Union is proposing to follow the U.K. in halting air travel from southern Africa after the new Covid-19 variant was identified there.</p><p><blockquote>对欧洲央行将在明年年底前提高存款利率的押注也被大幅削减，仅反映了7个基点的加息，约为本周早些时候的一半。在南部非洲发现新的Covid-19变种后，欧盟提议效仿英国，停止来自南部非洲的航空旅行。</blockquote></p><p> “Over the next couple of weeks we could see this move continuing,” said Pooja Kumra, senior European rates strategist at Toronto-Dominion Bank, in an interview on Bloomberg Television. “Right now we would expect central banks to remain more sympathetic to the situation before removing any accommodation.”</p><p><blockquote>道明银行高级欧洲利率策略师Pooja Kumra在接受彭博电视台采访时表示：“未来几周，我们可能会看到这一走势继续下去。”“目前，我们预计各国央行在取消任何宽松政策之前会更加同情这种情况。”</blockquote></p><p> Major central banks have spent months priming the market for an era of tighter monetary policy as the global economy emerged from the pandemic and inflation accelerated. Yet the prospect of widespread travel restrictions and renewed curbs to social activity mean policy makers have to think twice before starting to pull back on support, dealing a blow to traders positioned for rate increases.</p><p><blockquote>随着全球经济走出疫情和通胀加速，主要央行已经花了几个月的时间让市场为收紧货币政策的时代做好准备。然而，广泛的旅行限制和重新限制社会活动的前景意味着政策制定者在开始撤回支持之前必须三思而后行，这对准备加息的交易员造成了打击。</blockquote></p><p> What We Know About the New Virus Variant That’s Rocking Markets</p><p><blockquote>我们对震撼市场的新病毒变种的了解</blockquote></p><p> The World Health Organization and scientists are studying the recently identified variant, which has been described as very different to previous versions and of serious concern. The U.K., Singapore and Israel curbed travel from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.</p><p><blockquote>世界卫生组织和科学家正在研究最近发现的变种，该变种被描述为与以前的版本非常不同，值得严重关注。英国、新加坡和以色列限制了来自南非和一些邻国的旅行。香港确认了两例该菌株。</blockquote></p><p> If the new strain turns out to be as potent as it seems, it “will negate the need for monetary tightening that most developed market central banks were leaning towards,” said Peter Chatwell, multi-asset strategist at Mizuho International Plc. He expects central banks to push back interest-rate hikes by about six months in this instance.</p><p><blockquote>瑞穗国际(Mizuho International Plc)多资产策略师彼得·查特韦尔(Peter Chatwell)表示，如果新菌株被证明像看起来那样有效，它“将消除大多数发达市场央行倾向于收紧货币政策的必要性”。他预计，在这种情况下，央行将把加息推迟约六个月。</blockquote></p><p> Five-year government bond yields, which are most sensitive to monetary policy, led declines in the U.S. and U.K., falling as much as 15 basis points to 1.19% and 14 basis points to 0.60%, respectively.</p><p><blockquote>对货币政策最为敏感的五年期国债收益率领跌美国和英国，分别下跌15个基点至1.19%和14个基点至0.60%。</blockquote></p><p> Traders are also pushing back of bets for monetary tightening in central and eastern Europe, among the first regions to react to a spike in prices with interest-rate increases this year. Forward-rate agreements over the next 12 months in Hungary, Poland and the Czech Republic tumbled more than 20 basis points.</p><p><blockquote>交易员还推迟了中欧和东欧货币紧缩的押注，中欧和东欧是今年最先通过加息对物价飙升做出反应的地区之一。匈牙利、波兰和捷克共和国未来12个月的远期利率协议下跌了20多个基点。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Traders Unwind Rate-Hike Bets as New Covid Fears Spread<blockquote>随着新冠疫情担忧蔓延，交易员解除加息押注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTraders Unwind Rate-Hike Bets as New Covid Fears Spread<blockquote>随着新冠疫情担忧蔓延，交易员解除加息押注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-26 19:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Money markets are offloading bets on central bank interest-rate hikes in a hurry, as inflation fears give way to concerns that a new coronavirus strain may spread globally and slow economic growth.</p><p><blockquote>（彭博社）——随着对通胀的担忧让位于对新型冠状病毒可能在全球传播并减缓经济增长的担忧，货币市场正在匆忙抛售对央行加息的押注。</blockquote></p><p> Traders have pushed back the timing of a 25-basis-point rate increase by the Federal Reserve to September from June, with only one further hike expected for the remainder of 2022. It’s a similar story in the U.K. where the Bank of England is now expected to tighten policy in February instead of next month.</p><p><blockquote>交易员将美联储加息25个基点的时间从6月推迟到9月，预计2022年剩余时间内只会再加息一次。英国的情况也类似，英国央行目前预计将在二月份而不是下个月收紧政策。</blockquote></p><p> Wagers that the European Central Bank will raise its deposit rate by the end of next year have also been slashed, with only a seven basis-point increase priced in, around half of that seen earlier this week. The European Union is proposing to follow the U.K. in halting air travel from southern Africa after the new Covid-19 variant was identified there.</p><p><blockquote>对欧洲央行将在明年年底前提高存款利率的押注也被大幅削减，仅反映了7个基点的加息，约为本周早些时候的一半。在南部非洲发现新的Covid-19变种后，欧盟提议效仿英国，停止来自南部非洲的航空旅行。</blockquote></p><p> “Over the next couple of weeks we could see this move continuing,” said Pooja Kumra, senior European rates strategist at Toronto-Dominion Bank, in an interview on Bloomberg Television. “Right now we would expect central banks to remain more sympathetic to the situation before removing any accommodation.”</p><p><blockquote>道明银行高级欧洲利率策略师Pooja Kumra在接受彭博电视台采访时表示：“未来几周，我们可能会看到这一走势继续下去。”“目前，我们预计各国央行在取消任何宽松政策之前会更加同情这种情况。”</blockquote></p><p> Major central banks have spent months priming the market for an era of tighter monetary policy as the global economy emerged from the pandemic and inflation accelerated. Yet the prospect of widespread travel restrictions and renewed curbs to social activity mean policy makers have to think twice before starting to pull back on support, dealing a blow to traders positioned for rate increases.</p><p><blockquote>随着全球经济走出疫情和通胀加速，主要央行已经花了几个月的时间让市场为收紧货币政策的时代做好准备。然而，广泛的旅行限制和重新限制社会活动的前景意味着政策制定者在开始撤回支持之前必须三思而后行，这对准备加息的交易员造成了打击。</blockquote></p><p> What We Know About the New Virus Variant That’s Rocking Markets</p><p><blockquote>我们对震撼市场的新病毒变种的了解</blockquote></p><p> The World Health Organization and scientists are studying the recently identified variant, which has been described as very different to previous versions and of serious concern. The U.K., Singapore and Israel curbed travel from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.</p><p><blockquote>世界卫生组织和科学家正在研究最近发现的变种，该变种被描述为与以前的版本非常不同，值得严重关注。英国、新加坡和以色列限制了来自南非和一些邻国的旅行。香港确认了两例该菌株。</blockquote></p><p> If the new strain turns out to be as potent as it seems, it “will negate the need for monetary tightening that most developed market central banks were leaning towards,” said Peter Chatwell, multi-asset strategist at Mizuho International Plc. He expects central banks to push back interest-rate hikes by about six months in this instance.</p><p><blockquote>瑞穗国际(Mizuho International Plc)多资产策略师彼得·查特韦尔(Peter Chatwell)表示，如果新菌株被证明像看起来那样有效，它“将消除大多数发达市场央行倾向于收紧货币政策的必要性”。他预计，在这种情况下，央行将把加息推迟约六个月。</blockquote></p><p> Five-year government bond yields, which are most sensitive to monetary policy, led declines in the U.S. and U.K., falling as much as 15 basis points to 1.19% and 14 basis points to 0.60%, respectively.</p><p><blockquote>对货币政策最为敏感的五年期国债收益率领跌美国和英国，分别下跌15个基点至1.19%和14个基点至0.60%。</blockquote></p><p> Traders are also pushing back of bets for monetary tightening in central and eastern Europe, among the first regions to react to a spike in prices with interest-rate increases this year. Forward-rate agreements over the next 12 months in Hungary, Poland and the Czech Republic tumbled more than 20 basis points.</p><p><blockquote>交易员还推迟了中欧和东欧货币紧缩的押注，中欧和东欧是今年最先通过加息对物价飙升做出反应的地区之一。匈牙利、波兰和捷克共和国未来12个月的远期利率协议下跌了20多个基点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/traders-unwind-rate-hike-bets-101556733.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/traders-unwind-rate-hike-bets-101556733.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169321006","content_text":"(Bloomberg) -- Money markets are offloading bets on central bank interest-rate hikes in a hurry, as inflation fears give way to concerns that a new coronavirus strain may spread globally and slow economic growth.\nTraders have pushed back the timing of a 25-basis-point rate increase by the Federal Reserve to September from June, with only one further hike expected for the remainder of 2022. It’s a similar story in the U.K. where the Bank of England is now expected to tighten policy in February instead of next month.\nWagers that the European Central Bank will raise its deposit rate by the end of next year have also been slashed, with only a seven basis-point increase priced in, around half of that seen earlier this week. The European Union is proposing to follow the U.K. in halting air travel from southern Africa after the new Covid-19 variant was identified there.\n“Over the next couple of weeks we could see this move continuing,” said Pooja Kumra, senior European rates strategist at Toronto-Dominion Bank, in an interview on Bloomberg Television. “Right now we would expect central banks to remain more sympathetic to the situation before removing any accommodation.”\nMajor central banks have spent months priming the market for an era of tighter monetary policy as the global economy emerged from the pandemic and inflation accelerated. Yet the prospect of widespread travel restrictions and renewed curbs to social activity mean policy makers have to think twice before starting to pull back on support, dealing a blow to traders positioned for rate increases.\nWhat We Know About the New Virus Variant That’s Rocking Markets\nThe World Health Organization and scientists are studying the recently identified variant, which has been described as very different to previous versions and of serious concern. The U.K., Singapore and Israel curbed travel from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.\nIf the new strain turns out to be as potent as it seems, it “will negate the need for monetary tightening that most developed market central banks were leaning towards,” said Peter Chatwell, multi-asset strategist at Mizuho International Plc. He expects central banks to push back interest-rate hikes by about six months in this instance.\nFive-year government bond yields, which are most sensitive to monetary policy, led declines in the U.S. and U.K., falling as much as 15 basis points to 1.19% and 14 basis points to 0.60%, respectively.\nTraders are also pushing back of bets for monetary tightening in central and eastern Europe, among the first regions to react to a spike in prices with interest-rate increases this year. Forward-rate agreements over the next 12 months in Hungary, Poland and the Czech Republic tumbled more than 20 basis points.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873029357,"gmtCreate":1636805547994,"gmtModify":1636805548092,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873029357","repostId":"1102251183","repostType":4,"repost":{"id":"1102251183","kind":"news","pubTimestamp":1636772424,"share":"https://www.laohu8.com/m/news/1102251183?lang=zh_CN&edition=full","pubTime":"2021-11-13 11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其努力分为与BioNTech在疫苗上的合作和对新冠肺炎药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示其研发实力雄厚。这对该股来说是一个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一早上，辉瑞公司首席科学官米凯尔·多尔斯滕(Mikael Dolsten)接到电话时，听起来很头晕。就在几天前，他的公司宣布其Covid-19抗病毒药物将高危成年人的住院风险降低了89%。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>多尔斯滕说：“你能够打破这种类型的世界纪录，同时偶然获得大满贯，这不可能只是一件随机的事情。”他在试图说明辉瑞的双重胜利：在短短10个月内开发出了一种效果惊人的Covid-19疫苗，一年后又开发出了一种同样令人惊叹的Covid-19抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉（Albert Bourla）要求投资者对多尔斯滕十多年来重建的研发业务进行豪赌。这个赌注看起来比以往任何时候都更聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla已经摆脱了辉瑞的非专利药物部门及其最后的消费者健康产品，留下了一家纯粹的生物制药公司，该公司的生死存亡都取决于Dolsten的科学实力。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在2019年11月的一篇封面报道中，<i>巴伦周刊</i>认为布尔拉和多尔斯滕可以成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞的理由<i>巴伦周刊</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从大流行中获利会带来新的风险。在全球超过70亿剂疫苗中，低收入国家仅占不到1%。如果辉瑞抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞股价飙升10.9%，创下至少20年来的最佳单日表现。尽管如此，由于该股目前易手价格约为50美元，投资者继续低估该公司的价值。投资者对辉瑞的定价是明年预期收益的12倍，低于强生(JNJ)和礼来(LLY)等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临专利悬崖的担忧。该公司将失去对少数年收入数十亿美元的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这些担忧是合理的，但辉瑞的科学政变应该让投资者相信该公司的科学能够安全地越过悬崖。市场可能需要时间才能赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞科学实力的最佳例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>虽然辉瑞的新冠肺炎疫苗来自德国生物技术公司BioNTech(BNTX)的实验室，但新的新冠肺炎抗病毒药物是由多尔斯滕所说的辉瑞位于美国东北部实验室的科学家“梦之队”研制出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将其努力分为与BioNTech在疫苗上的合作和对新冠肺炎药丸的探索。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的“巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目规模要小得多——一组辉瑞专家利用疫苗推广剩余的资源进行运营。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“小分子更像是一个灵活、专注于激光的高端团队，拥有相当适中的资源，”多尔斯滕说。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括药物设计主管夏洛特·阿勒顿。科学家们从辉瑞公司多年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“（辉瑞的）制药研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂已经静脉内施用，并且当口服递送时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“他们必须真正创造很多新的化学反应，”多尔斯滕说。科学家们创造了600种化合物来确定正确的药物，这个过程通常可能需要数年时间，但他们在几个月内就完成了。“在这里，四年变成了四个月，”他说。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药物。该公司目前正在进行该药物的多项2/3期试验，包括一项针对高风险患者，一项针对非高风险患者，以及一项针对接触过病毒但尚未患病的患者的预防试验。在第一次读数中，该药物看起来比默克公司(MRK)的新冠治疗药物有效得多。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>Cantor Fitzgerald分析师Louise Chen表示：“这无疑有助于证明辉瑞的制药研发比人们想象的要好。”她对该股给予跑赢大盘评级，目标价为61美元。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈表示，在Covid-19疫苗和药丸销售的持久性更加明确以及其余产品得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“我认为没有一个事件会引发该股下一个级别的重新评级，”她说。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得对辉瑞的押注成为一项长期投资。与此同时，Moderna(MRNA)最近几周的经历凸显了疫苗制造商因疫苗分配不平等而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对Moderna越来越失望，呼吁该公司提高产量，以便能够以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司“挺身而出”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna股价在过去三个月下跌了40%以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞面临着侵蚀大约一年前推出Covid-19疫苗时赢得的巨大商誉的风险。本月早些时候，辉瑞首席执行官布尔拉指责低收入国家疫苗分配不公平，告诉<i>巴伦周刊</i>没有下订单是他们的错。辉瑞公司已以非营利价格向美国出售了10亿剂疫苗，捐赠给贫穷国家，并表示到明年年底将向中低收入国家提供总计至少20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>在抗病毒药物方面，辉瑞仅表示将为较贫穷国家提供分级定价，与其疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫穷国家提供自己的Covid-19药丸的计划形成鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，允许其药丸在全球范围内获得许可，无需向默克公司支付特许权使用费。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕表示，辉瑞正在考虑根据与默克类似的机制许可其药物。“我们将考虑这些选择，”他说。“我们绝不是说我们会做一些不同的事情。我们只是想确保参与其中的人都能获得这样做的建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的一步来得太快了。上月底，活动人士在布尔拉家外抗议，呼吁辉瑞分享其疫苗制造技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞公司相对受到华盛顿的青睐，并使其令人印象深刻的科学知识继续推动股价走高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840344627,"gmtCreate":1635597705106,"gmtModify":1635597705242,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/840344627","repostId":"2179223688","repostType":4,"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}