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2021-12-27

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2021-12-26

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2021-12-25

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2021-12-24

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2021-12-23

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

2021-12-22

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Got $2,000? Here Are 2 Beaten-Down Growth Stocks to Buy Right Now<blockquote>有2000美元吗？以下是目前值得买入的两只遭受重创的成长型股票</blockquote>

2021-12-17

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Cerner soared nearly 20% in premarket trading as Oracle was in talks to buy it<blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%</blockquote>

2021-12-12

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2021-12-09

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Lucid stock plunged 8% in premarket trading<blockquote>Lucid股价在盘前交易中暴跌8%</blockquote>

2021-12-07

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2021-12-06

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Game Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他本周值得关注的股票</blockquote>

2021-12-03

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2021-12-03

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2021-12-01

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2021-11-30

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2021-11-29

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November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>

2021-11-28

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Vaccine stocks continued to rise in early trading, Moderna shares surged more than 23%.<blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%。</blockquote>

2021-11-23

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2021-11-21

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2021-11-20

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11:40","market":"us","language":"en","title":"Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164467804","media":"Seeking Alpha","summary":"Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.This has led some to say that the stock is in a bubble, as its price is rising rapidly.However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.Apple Inc. stock has delivered a solid performance in 2021. U","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨34%，大幅跑赢纳斯达克100指数。</li><li>这导致一些人说该股存在泡沫，因为其价格正在迅速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上慢于最近一个季度的每股收益增长。</li><li>在本文中，我将对苹果提出看涨论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL)股票在2021年表现稳健。该指数今年上涨了35%，表现强劲，优于纳斯达克100指数和标普500。苹果的2021年业绩是该公司长期获胜的最新一年，它表明股票永远不会太大而无法击败市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>话虽如此，仍有不少人认为苹果的胜利应该得到修正。最近几周，我们看到大量文章声称AAPL被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是泡沫。”</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个即将破裂的泡沫。”</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“出售AAPL？为什么这位专家认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都明确悲观。一些人提到了积极的一面和消极的一面。但总体而言，认为苹果是泡沫，或者至少被高估的情绪正在变得普遍。如果你看看TipRanks的情绪图表，就会发现对苹果股票的情绪明显负面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks情绪图</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的悲观情绪与对<b>元平台</b>（FB）。Meta是一家因违反反垄断法而被起诉并每天受到媒体攻击的公司，其情绪得分几乎完美。因此，没有什么特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只拥有宽护城河的股票，是少数几家同时控制大多数用户硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的策略，但很少有人成功。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，足以支付高价购买苹果的产品。很少有其他科技公司拥有这样的优势——<b>任天堂</b>(OTCPK：NTDOY)如果您将游戏视为技术，则是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只拥有宽阔护城河的股票。你需要苹果硬件来运行苹果软件，人们喜欢苹果软件。这使得苹果“垄断”了某一套软件体验。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，它是全球第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍然具有显着盈利和增长的潜力。因此，我将在本文中对苹果提出看涨论点，认为其坚实的经济护城河为其股票未来升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的一点是它的竞争地位。该公司在如此广泛的不同市场开展业务，以至于很难确定其业务不仅仅是“技术”。从技术上讲，该公司的SIC代码（行业分类）是7372，表示“预打包软件”。然而，这并没有涵盖苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得注意的一些竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>(GOOG)-智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>苹果的竞争对手的全面名单是不可能的，因为该公司在许多不同的垂直领域开展业务。除了上述所有名称之外，苹果可以说还在与大型半导体公司竞争，因为它销售采用苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，使其与数十家公司展开默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据Counterpoint Research和Statista的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国占47%，全球占14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量方面落后于三星，但在手表和平板电脑方面领先。这是一个相当不错的市场地位。它可能会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才涉足智能手表领域，该类别的销售额正以50%的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，值得探索苹果最有前途的两个类别：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在实际上是M1家族芯片）是苹果基于ARM架构设计的新型芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>一个8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16 GB内存（物理内置在芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。除此之外，还有两款新型号——M1 Pro和M1 Max——对基本型号进行了改进。列出这些高端型号的详细规格表会很乏味，但一个令人瞠目结舌的统计数据是M1 Max的570亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的MAC电脑本身可以作为游戏装备。苹果在笔记本电脑和台式机领域已经拥有相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说是难以捉摸的。因此，苹果电脑产品线的加速增长潜力巨大。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，为25%，而后者为30%。然而，服务是有前途的，因为即使在硬件产品达到其总目标市场之后，它们也可以继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，期望苹果的硬件销售像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，苹果可以在硬件销售不佳的情况下保持总收入增长。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以转向苹果的财务状况。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均未达到预期；然而，从绝对值来看，结果是强劲的。本季度，苹果交付了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>营收830亿美元，增长29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>营业收入273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为1.24美元，增长69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告了1040亿美元的TTM运营现金。这比去年增长了28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。按市值计算，苹果是世界上最大的公司，但其收入和盈利均以成长型股票的水平增长。这一个季度并非侥幸。根据Seeking Alpha Quant的数据，苹果上述指标的五年复合年增长率为：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>营业收入：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释后每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这也是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这就抓住了本文论点的核心：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。其估值相当高，市盈率为30倍，销售额为7.7倍，现金流为26倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利以22%的速度增长，正如最近一个季度所显示的那样，它还有加速的空间。如果同时考虑增长和价值，过去12个月的PEG比率仅为0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超盈利公司，但其股票并非没有风险。作为一家主要的硬件公司，它很容易受到供应链问题和其他冲击的影响。本文概述的看涨论点面临的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司大幅削减了iPhone产量。就在关键的假期之前。对于像苹果这样的硬件公司来说，这类问题是一个始终存在的威胁，该公司依赖于现成的原材料供应来保持销售流动。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某物变得越大，需要的增幅就越大，才能推动与过去持平的百分比增长。如果你开始销售1000美元的小工具，第一年就卖出了一个，那么第二年只要卖出价值2000美元的小工具，你的销售额就会翻倍。然而，如果十年后，你的销售额为3320亿美元，你需要客户在第十一年拿出6640亿美元来实现同样的增长。这在数学上是不太可能的。碰巧的是，苹果第四季度830亿美元的年收入达到了3320亿美元。因此，未来将更难实现增长。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求它保持在技术创新的前沿。如果另一家公司推出了明显优于iPhone的产品，这可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，为了<b>黑莓</b>（BB），命运多舛的黑莓智能手机制造商。科技行业的历史上充斥着公司互相吃午餐的情况，尽管苹果在研发上投入了数十亿美元，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险是非常真实的，在几份季度报告中都被认为是一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、良好的增长和并非不合理的估值。这绝对不是一只值得做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们应该仍然不错。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-23 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨34%，大幅跑赢纳斯达克100指数。</li><li>这导致一些人说该股存在泡沫，因为其价格正在迅速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上慢于最近一个季度的每股收益增长。</li><li>在本文中，我将对苹果提出看涨论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL)股票在2021年表现稳健。该指数今年上涨了35%，表现强劲，优于纳斯达克100指数和标普500。苹果的2021年业绩是该公司长期获胜的最新一年，它表明股票永远不会太大而无法击败市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>话虽如此，仍有不少人认为苹果的胜利应该得到修正。最近几周，我们看到大量文章声称AAPL被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是泡沫。”</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个即将破裂的泡沫。”</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“出售AAPL？为什么这位专家认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都明确悲观。一些人提到了积极的一面和消极的一面。但总体而言，认为苹果是泡沫，或者至少被高估的情绪正在变得普遍。如果你看看TipRanks的情绪图表，就会发现对苹果股票的情绪明显负面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks情绪图</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的悲观情绪与对<b>元平台</b>（FB）。Meta是一家因违反反垄断法而被起诉并每天受到媒体攻击的公司，其情绪得分几乎完美。因此，没有什么特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只拥有宽护城河的股票，是少数几家同时控制大多数用户硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的策略，但很少有人成功。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，足以支付高价购买苹果的产品。很少有其他科技公司拥有这样的优势——<b>任天堂</b>(OTCPK：NTDOY)如果您将游戏视为技术，则是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只拥有宽阔护城河的股票。你需要苹果硬件来运行苹果软件，人们喜欢苹果软件。这使得苹果“垄断”了某一套软件体验。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，它是全球第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍然具有显着盈利和增长的潜力。因此，我将在本文中对苹果提出看涨论点，认为其坚实的经济护城河为其股票未来升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的一点是它的竞争地位。该公司在如此广泛的不同市场开展业务，以至于很难确定其业务不仅仅是“技术”。从技术上讲，该公司的SIC代码（行业分类）是7372，表示“预打包软件”。然而，这并没有涵盖苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得注意的一些竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>(GOOG)-智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>苹果的竞争对手的全面名单是不可能的，因为该公司在许多不同的垂直领域开展业务。除了上述所有名称之外，苹果可以说还在与大型半导体公司竞争，因为它销售采用苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，使其与数十家公司展开默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据Counterpoint Research和Statista的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国占47%，全球占14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量方面落后于三星，但在手表和平板电脑方面领先。这是一个相当不错的市场地位。它可能会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才涉足智能手表领域，该类别的销售额正以50%的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，值得探索苹果最有前途的两个类别：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在实际上是M1家族芯片）是苹果基于ARM架构设计的新型芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>一个8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16 GB内存（物理内置在芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。除此之外，还有两款新型号——M1 Pro和M1 Max——对基本型号进行了改进。列出这些高端型号的详细规格表会很乏味，但一个令人瞠目结舌的统计数据是M1 Max的570亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的MAC电脑本身可以作为游戏装备。苹果在笔记本电脑和台式机领域已经拥有相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说是难以捉摸的。因此，苹果电脑产品线的加速增长潜力巨大。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，为25%，而后者为30%。然而，服务是有前途的，因为即使在硬件产品达到其总目标市场之后，它们也可以继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，期望苹果的硬件销售像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，苹果可以在硬件销售不佳的情况下保持总收入增长。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务和估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以转向苹果的财务状况。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均未达到预期；然而，从绝对值来看，结果是强劲的。本季度，苹果交付了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>营收830亿美元，增长29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>营业收入273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为1.24美元，增长69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告了1040亿美元的TTM运营现金。这比去年增长了28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。按市值计算，苹果是世界上最大的公司，但其收入和盈利均以成长型股票的水平增长。这一个季度并非侥幸。根据Seeking Alpha Quant的数据，苹果上述指标的五年复合年增长率为：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>营业收入：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释后每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这也是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这就抓住了本文论点的核心：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。其估值相当高，市盈率为30倍，销售额为7.7倍，现金流为26倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利以22%的速度增长，正如最近一个季度所显示的那样，它还有加速的空间。如果同时考虑增长和价值，过去12个月的PEG比率仅为0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超盈利公司，但其股票并非没有风险。作为一家主要的硬件公司，它很容易受到供应链问题和其他冲击的影响。本文概述的看涨论点面临的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司大幅削减了iPhone产量。就在关键的假期之前。对于像苹果这样的硬件公司来说，这类问题是一个始终存在的威胁，该公司依赖于现成的原材料供应来保持销售流动。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某物变得越大，需要的增幅就越大，才能推动与过去持平的百分比增长。如果你开始销售1000美元的小工具，第一年就卖出了一个，那么第二年只要卖出价值2000美元的小工具，你的销售额就会翻倍。然而，如果十年后，你的销售额为3320亿美元，你需要客户在第十一年拿出6640亿美元来实现同样的增长。这在数学上是不太可能的。碰巧的是，苹果第四季度830亿美元的年收入达到了3320亿美元。因此，未来将更难实现增长。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求它保持在技术创新的前沿。如果另一家公司推出了明显优于iPhone的产品，这可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，为了<b>黑莓</b>（BB），命运多舛的黑莓智能手机制造商。科技行业的历史上充斥着公司互相吃午餐的情况，尽管苹果在研发上投入了数十亿美元，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险是非常真实的，在几份季度报告中都被认为是一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、良好的增长和并非不合理的估值。这绝对不是一只值得做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们应该仍然不错。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476363-apple-stock-no-bubble\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4476363-apple-stock-no-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164467804","content_text":"Summary\n\nApple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.\nThis has led some to say that the stock is in a bubble, as its price is rising rapidly.\nHowever, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.\nIn this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.\n\nJustin Sullivan/Getty Images News\nApple Inc.(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.\nWith that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:\n\n“Apple Stock is Now a Bubble.”\n“Why Apple Stock May Be a Bubble That’s Ready to Burst.”\n“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”\n\nNot all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.\nSource: TipRanks’ sentiment chart\nThe bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward Meta Platforms(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.\n\nWhich begs the question:\nWhy?\nApple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage – Nintendo(OTCPK:NTDOY) being one exception, if you count gaming as tech.\nThis makes Apple arguably a wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated Apple ecosystem.\nThis advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.\nCompetitive Landscape\nOne of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments and entertainment.\nSome of Apple’s most noteworthy competitors include:\n\nSamsung(OTC:SSNLF) - smartphones.\nHuawei- smartphones.\nAlphabet(GOOG) - smartphones, laptops, and software.\nMicrosoft(MSFT) - laptops.\nDell(NYSE:DELL)- laptops.\nAdobe(ADBE) - creative software.\nAnd many more.\n\nA comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.\nHow is Apple doing in the industries it competes in? According to Counterpoint Research and Statista, Apple’s market shares include:\n\nSmartphones: 47% in the US and 14% globally.\nLaptops: 15% in the US and 7.6% globally.\nSmartwatches: over 50% globally.\nTablets: 35% globally.\n\nOn the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.\nThe M1 Chip and Apple Services\nSpeaking of future growth, it’s worth exploring two of Apple’s most promising categories:\nThe M1 Chip and Apple Services.\nThe M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:\n\nAn 8-core CPU.\nA 7-core GPU.\n8 or 16 gigs of RAM (physically built into the chip).\n5nm process.\n16 billion transistors.\n3.2 GHZ max clock rate.\n\nIncredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.\nNext up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.\nFinancials and Valuation\nNow we can turn to Apple’s financials.\nApple’s most recent quarter was a miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:\n\n$83 billion in revenue, up 29%.\n$27.3 billion in operating income, up 60%.\n$20.5 billion in net income, up 63%.\n$1.24 in diluted EPS, up 69%.\n\nThe company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.\nThese were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:\n\nRevenue: 11%.\nOperating income: 12.7%.\nNet income: 15.7%.\nDiluted EPS: 22%.\nCash flow: 10.7%.\n\nAgain very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:\nApple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a PEG ratio of just 0.43 for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.\nRisks and Challenges\nWhile Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:\n\nSupply chain issues.The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company slashed iPhone production because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.\nScale.Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.\nDisruption.Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself did this once, to BlackBerry(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&D, you never know where the next threat will come from.\n\nThe above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691819526,"gmtCreate":1640163818976,"gmtModify":1640163820735,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691819526","repostId":"1161530074","repostType":4,"repost":{"id":"1161530074","kind":"news","pubTimestamp":1640138921,"share":"https://www.laohu8.com/m/news/1161530074?lang=zh_CN&edition=full","pubTime":"2021-12-22 10:08","market":"us","language":"en","title":"Got $2,000? Here Are 2 Beaten-Down Growth Stocks to Buy Right Now<blockquote>有2000美元吗？以下是目前值得买入的两只遭受重创的成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161530074","media":"Motley Fool","summary":"Twilio and Roku have been hit hard, but these are strong businesses ready to hit back even harder.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Twilio and Roku are down more than 40% since their all-time highs.</li>  <li>Both companies are posting double-digit revenue growth.</li>  <li>Twilio and Roku are leaders in growing industries. You want to pick them -- not kick them -- when they're down.</li> </ul> A lot of stocks have been hit hard in recent months, and not all of them are going to bounce back. Some downticks have been fully earned, but that doesn't seem to be the case with&nbsp;<b>Twilio</b>&nbsp;(NYSE:TWLO)&nbsp;or&nbsp;<b>Roku</b>(NASDAQ:ROKU).</p><p><blockquote><ul><li>Twilio和Roku自历史高点以来下跌了40%以上。</li><li>两家公司的收入都实现了两位数的增长。</li><li>Twilio和Roku是成长型行业的领导者。当他们倒下的时候，你想抓住他们，而不是踢他们。</li></ul>近几个月来，许多股票都受到了重创，而且并非所有股票都将反弹。有些下跌是完全应得的，但情况似乎并非如此<b>Twilio</b>（纽约证券交易所代码：TWLO）或<b>Roku</b>（纳斯达克：ROKU）。</blockquote></p><p> Twilio is the leading provider of in-app communication solutions, making your smartphone even smarter. Roku is the top dog among streaming video hubs for TVs, commanding nearly double the U.S. market share of its closest competitor.</p><p><blockquote>Twilio是应用内通信解决方案的领先提供商，让您的智能手机更加智能。Roku是电视流媒体视频中心中的佼佼者，其美国市场份额几乎是最接近竞争对手的两倍。</blockquote></p><p> You're probably going to spend a lot of time on mobile apps and streaming video in the future, making the recent sell-off in Twilio and Roku that much more appetizing. Even if you have just $2,000 to invest, let's go over why splitting that between Twilio and Roku may be the right choice right now.</p><p><blockquote>未来，您可能会在移动应用程序和流媒体视频上花费大量时间，这使得Twilio和Roku最近的抛售更加诱人。即使你只有2,000美元可以投资，让我们来看看为什么在Twilio和Roku之间分配这笔钱可能是现在的正确选择。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce6deb412b3fed5120808b8c5d1bc735\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Twilio</b></p><p><blockquote><b>Twilio</b></blockquote></p><p> Twilio shares have fallen by more than 40% since peaking in February, but it's not as if its business is suffering a similar fate. Revenue soared 65% for&nbsp;its latest quarter, and even if you factor out needle-moving acquisitions, you still have a healthy organic top-line growth rate of 38% for the quarter.</p><p><blockquote>自2月份达到峰值以来，Twilio股价已下跌超过40%，但其业务似乎并没有遭受类似的命运。最近一个季度的收入飙升了65%，即使排除重大收购，该季度的有机营收增长率仍然高达38%。</blockquote></p><p> Developers lean on Twilio's platform to let users get more done without having to leave the app. From two-way communication without revealing either side's contact info -- like when you're chatting with your food-delivery driver or trying to book a holiday vacation rental home -- to simple things like resetting passwords, you're probably contributing to Twilio's growth without realizing it. There are now more than 250,000 developers as active Twilio customers, and they're spending 31% more on the platform than they were a year ago.</p><p><blockquote>开发者依靠Twilio的平台让用户在不离开应用程序的情况下完成更多工作。从不透露任何一方联系信息的双向沟通——比如当你与送餐司机聊天或试图预订度假出租屋时——到重置密码等简单的事情，你可能在不知不觉中为Twilio的增长做出了贡献。现在有超过250,000名开发者是Twilio的活跃客户，他们在该平台上的支出比一年前增加了31%。</blockquote></p><p> Red ink is a problem, and investors are concerned enough about the losses to detract from the spectacular top-line gains that Twilio is producing in a booming niche. We're only going to be spending more time on smartphone apps, and with that comes the challenge for app developers to make sure they beef up their in-app communication solutions. Twilio's future is bright, even if the stock is now 41% below the all-time high it established earlier this year.</p><p><blockquote>亏损是一个问题，投资者对亏损非常担心，以至于减损了Twilio在蓬勃发展的利基市场中产生的惊人营收收益。我们只会在智能手机应用上花费更多时间，随之而来的是应用开发者面临的挑战，即确保他们加强应用内通信解决方案。Twilio的未来是光明的，尽管该股目前比今年早些时候创下的历史高点低41%。</blockquote></p><p> <b>Roku</b></p><p><blockquote><b>Roku</b></blockquote></p><p> We're streaming a lot of video from the biggest screen in the house -- our smart TV -- and that's not going to change anytime soon. Roku is the top solution, available freely as the default operating system in 38% of the smart TVs sold in North America. Folks can also buy Roku dongles for as little as $20 that plug into their TVs for access to Roku's free-to-use platform.</p><p><blockquote>我们从家里最大的屏幕——我们的智能电视——播放大量视频，而且这种情况不会很快改变。Roku是顶级解决方案，在北美销售的38%的智能电视中免费作为默认操作系统。人们还可以花20美元购买Roku加密狗，将其插入电视即可访问Roku的免费平台。</blockquote></p><p> Business is strong. Platform revenue soared 82% in its latest quarter. Hardware sales haven't been as kind, and supply-chain constraints and rising costs on that front will linger into the year ahead. The audience continues to grow despite the hardware hiccups, thankfully due to its market leadership in factory-installed new TVs.</p><p><blockquote>生意兴隆。平台收入在最近一个季度飙升82%。硬件销售并不那么好，供应链限制和这方面的成本上升将持续到未来一年。尽管硬件出现问题，观众仍在继续增长，谢天谢地，这要归功于其在工厂安装的新电视方面的市场领导地位。</blockquote></p><p> Roku plays nice with thousands of streaming apps. It's had a few tense negotiations with media and tech giants to keep them on its hub -- more recently with YouTube and YouTube TV -- but they have&nbsp;always been resolved&nbsp;before starting to get in the way of user growth. Advertisers and providers of streaming apps know that they have to work with Roku if they want to reach younger audiences who aren't consuming traditional marketing outposts.</p><p><blockquote>Roku在数千款流媒体应用上表现出色。它与媒体和科技巨头进行了一些紧张的谈判，以将它们留在其中心——最近是与YouTube和YouTube TV——但这些谈判总是在开始阻碍用户增长之前得到解决。广告商和流媒体应用提供商知道，如果他们想接触到不消费传统营销前哨的年轻受众，他们必须与Roku合作。</blockquote></p><p> Roku stock has fallen 54% from this year's summertime highs. This would be an alarming sight if we hadn't seen&nbsp;similar drawdowns&nbsp;before. The stock has fallen between 43% and 61% every year since going public in 2017, only to hit a fresh all-time high the following year. History tells us that buying Roku when the leader amongstreaming service stocks&nbsp;is down is a smart thing to do.</p><p><blockquote>Roku股价较今年夏季高点下跌54%。如果我们以前没有看到类似的缩水，这将是一个令人担忧的景象。自2017年上市以来，该股每年下跌43%至61%，次年才创下历史新高。历史告诉我们，当流媒体服务股票的领导者下跌时购买Roku是明智之举。</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>Got $2,000? Here Are 2 Beaten-Down Growth Stocks to Buy Right Now<blockquote>有2000美元吗？以下是目前值得买入的两只遭受重创的成长型股票</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\">\nGot $2,000? Here Are 2 Beaten-Down Growth Stocks to Buy Right Now<blockquote>有2000美元吗？以下是目前值得买入的两只遭受重创的成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-22 10:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Twilio and Roku are down more than 40% since their all-time highs.</li>  <li>Both companies are posting double-digit revenue growth.</li>  <li>Twilio and Roku are leaders in growing industries. You want to pick them -- not kick them -- when they're down.</li> </ul> A lot of stocks have been hit hard in recent months, and not all of them are going to bounce back. Some downticks have been fully earned, but that doesn't seem to be the case with&nbsp;<b>Twilio</b>&nbsp;(NYSE:TWLO)&nbsp;or&nbsp;<b>Roku</b>(NASDAQ:ROKU).</p><p><blockquote><ul><li>Twilio和Roku自历史高点以来下跌了40%以上。</li><li>两家公司的收入都实现了两位数的增长。</li><li>Twilio和Roku是成长型行业的领导者。当他们倒下的时候，你想抓住他们，而不是踢他们。</li></ul>近几个月来，许多股票都受到了重创，而且并非所有股票都将反弹。有些下跌是完全应得的，但情况似乎并非如此<b>Twilio</b>（纽约证券交易所代码：TWLO）或<b>Roku</b>（纳斯达克：ROKU）。</blockquote></p><p> Twilio is the leading provider of in-app communication solutions, making your smartphone even smarter. Roku is the top dog among streaming video hubs for TVs, commanding nearly double the U.S. market share of its closest competitor.</p><p><blockquote>Twilio是应用内通信解决方案的领先提供商，让您的智能手机更加智能。Roku是电视流媒体视频中心中的佼佼者，其美国市场份额几乎是最接近竞争对手的两倍。</blockquote></p><p> You're probably going to spend a lot of time on mobile apps and streaming video in the future, making the recent sell-off in Twilio and Roku that much more appetizing. Even if you have just $2,000 to invest, let's go over why splitting that between Twilio and Roku may be the right choice right now.</p><p><blockquote>未来，您可能会在移动应用程序和流媒体视频上花费大量时间，这使得Twilio和Roku最近的抛售更加诱人。即使你只有2,000美元可以投资，让我们来看看为什么在Twilio和Roku之间分配这笔钱可能是现在的正确选择。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce6deb412b3fed5120808b8c5d1bc735\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Twilio</b></p><p><blockquote><b>Twilio</b></blockquote></p><p> Twilio shares have fallen by more than 40% since peaking in February, but it's not as if its business is suffering a similar fate. Revenue soared 65% for&nbsp;its latest quarter, and even if you factor out needle-moving acquisitions, you still have a healthy organic top-line growth rate of 38% for the quarter.</p><p><blockquote>自2月份达到峰值以来，Twilio股价已下跌超过40%，但其业务似乎并没有遭受类似的命运。最近一个季度的收入飙升了65%，即使排除重大收购，该季度的有机营收增长率仍然高达38%。</blockquote></p><p> Developers lean on Twilio's platform to let users get more done without having to leave the app. From two-way communication without revealing either side's contact info -- like when you're chatting with your food-delivery driver or trying to book a holiday vacation rental home -- to simple things like resetting passwords, you're probably contributing to Twilio's growth without realizing it. There are now more than 250,000 developers as active Twilio customers, and they're spending 31% more on the platform than they were a year ago.</p><p><blockquote>开发者依靠Twilio的平台让用户在不离开应用程序的情况下完成更多工作。从不透露任何一方联系信息的双向沟通——比如当你与送餐司机聊天或试图预订度假出租屋时——到重置密码等简单的事情，你可能在不知不觉中为Twilio的增长做出了贡献。现在有超过250,000名开发者是Twilio的活跃客户，他们在该平台上的支出比一年前增加了31%。</blockquote></p><p> Red ink is a problem, and investors are concerned enough about the losses to detract from the spectacular top-line gains that Twilio is producing in a booming niche. We're only going to be spending more time on smartphone apps, and with that comes the challenge for app developers to make sure they beef up their in-app communication solutions. Twilio's future is bright, even if the stock is now 41% below the all-time high it established earlier this year.</p><p><blockquote>亏损是一个问题，投资者对亏损非常担心，以至于减损了Twilio在蓬勃发展的利基市场中产生的惊人营收收益。我们只会在智能手机应用上花费更多时间，随之而来的是应用开发者面临的挑战，即确保他们加强应用内通信解决方案。Twilio的未来是光明的，尽管该股目前比今年早些时候创下的历史高点低41%。</blockquote></p><p> <b>Roku</b></p><p><blockquote><b>Roku</b></blockquote></p><p> We're streaming a lot of video from the biggest screen in the house -- our smart TV -- and that's not going to change anytime soon. Roku is the top solution, available freely as the default operating system in 38% of the smart TVs sold in North America. Folks can also buy Roku dongles for as little as $20 that plug into their TVs for access to Roku's free-to-use platform.</p><p><blockquote>我们从家里最大的屏幕——我们的智能电视——播放大量视频，而且这种情况不会很快改变。Roku是顶级解决方案，在北美销售的38%的智能电视中免费作为默认操作系统。人们还可以花20美元购买Roku加密狗，将其插入电视即可访问Roku的免费平台。</blockquote></p><p> Business is strong. Platform revenue soared 82% in its latest quarter. Hardware sales haven't been as kind, and supply-chain constraints and rising costs on that front will linger into the year ahead. The audience continues to grow despite the hardware hiccups, thankfully due to its market leadership in factory-installed new TVs.</p><p><blockquote>生意兴隆。平台收入在最近一个季度飙升82%。硬件销售并不那么好，供应链限制和这方面的成本上升将持续到未来一年。尽管硬件出现问题，观众仍在继续增长，谢天谢地，这要归功于其在工厂安装的新电视方面的市场领导地位。</blockquote></p><p> Roku plays nice with thousands of streaming apps. It's had a few tense negotiations with media and tech giants to keep them on its hub -- more recently with YouTube and YouTube TV -- but they have&nbsp;always been resolved&nbsp;before starting to get in the way of user growth. Advertisers and providers of streaming apps know that they have to work with Roku if they want to reach younger audiences who aren't consuming traditional marketing outposts.</p><p><blockquote>Roku在数千款流媒体应用上表现出色。它与媒体和科技巨头进行了一些紧张的谈判，以将它们留在其中心——最近是与YouTube和YouTube TV——但这些谈判总是在开始阻碍用户增长之前得到解决。广告商和流媒体应用提供商知道，如果他们想接触到不消费传统营销前哨的年轻受众，他们必须与Roku合作。</blockquote></p><p> Roku stock has fallen 54% from this year's summertime highs. This would be an alarming sight if we hadn't seen&nbsp;similar drawdowns&nbsp;before. The stock has fallen between 43% and 61% every year since going public in 2017, only to hit a fresh all-time high the following year. History tells us that buying Roku when the leader amongstreaming service stocks&nbsp;is down is a smart thing to do.</p><p><blockquote>Roku股价较今年夏季高点下跌54%。如果我们以前没有看到类似的缩水，这将是一个令人担忧的景象。自2017年上市以来，该股每年下跌43%至61%，次年才创下历史新高。历史告诉我们，当流媒体服务股票的领导者下跌时购买Roku是明智之举。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/21/got-2000-here-are-2-beaten-down-growth-stocks-to-b/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TWLO":"Twilio Inc","ROKU":"Roku Inc"},"source_url":"https://www.fool.com/investing/2021/12/21/got-2000-here-are-2-beaten-down-growth-stocks-to-b/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161530074","content_text":"Key Points\n\nTwilio and Roku are down more than 40% since their all-time highs.\nBoth companies are posting double-digit revenue growth.\nTwilio and Roku are leaders in growing industries. You want to pick them -- not kick them -- when they're down.\n\nA lot of stocks have been hit hard in recent months, and not all of them are going to bounce back. Some downticks have been fully earned, but that doesn't seem to be the case with Twilio (NYSE:TWLO) or Roku(NASDAQ:ROKU).\nTwilio is the leading provider of in-app communication solutions, making your smartphone even smarter. Roku is the top dog among streaming video hubs for TVs, commanding nearly double the U.S. market share of its closest competitor.\nYou're probably going to spend a lot of time on mobile apps and streaming video in the future, making the recent sell-off in Twilio and Roku that much more appetizing. Even if you have just $2,000 to invest, let's go over why splitting that between Twilio and Roku may be the right choice right now.\nIMAGE SOURCE: GETTY IMAGES.\nTwilio\nTwilio shares have fallen by more than 40% since peaking in February, but it's not as if its business is suffering a similar fate. Revenue soared 65% for its latest quarter, and even if you factor out needle-moving acquisitions, you still have a healthy organic top-line growth rate of 38% for the quarter.\nDevelopers lean on Twilio's platform to let users get more done without having to leave the app. From two-way communication without revealing either side's contact info -- like when you're chatting with your food-delivery driver or trying to book a holiday vacation rental home -- to simple things like resetting passwords, you're probably contributing to Twilio's growth without realizing it. There are now more than 250,000 developers as active Twilio customers, and they're spending 31% more on the platform than they were a year ago.\nRed ink is a problem, and investors are concerned enough about the losses to detract from the spectacular top-line gains that Twilio is producing in a booming niche. We're only going to be spending more time on smartphone apps, and with that comes the challenge for app developers to make sure they beef up their in-app communication solutions. Twilio's future is bright, even if the stock is now 41% below the all-time high it established earlier this year.\nRoku\nWe're streaming a lot of video from the biggest screen in the house -- our smart TV -- and that's not going to change anytime soon. Roku is the top solution, available freely as the default operating system in 38% of the smart TVs sold in North America. Folks can also buy Roku dongles for as little as $20 that plug into their TVs for access to Roku's free-to-use platform.\nBusiness is strong. Platform revenue soared 82% in its latest quarter. Hardware sales haven't been as kind, and supply-chain constraints and rising costs on that front will linger into the year ahead. The audience continues to grow despite the hardware hiccups, thankfully due to its market leadership in factory-installed new TVs.\nRoku plays nice with thousands of streaming apps. It's had a few tense negotiations with media and tech giants to keep them on its hub -- more recently with YouTube and YouTube TV -- but they have always been resolved before starting to get in the way of user growth. Advertisers and providers of streaming apps know that they have to work with Roku if they want to reach younger audiences who aren't consuming traditional marketing outposts.\nRoku stock has fallen 54% from this year's summertime highs. This would be an alarming sight if we hadn't seen similar drawdowns before. The stock has fallen between 43% and 61% every year since going public in 2017, only to hit a fresh all-time high the following year. History tells us that buying Roku when the leader amongstreaming service stocks is down is a smart thing to do.","news_type":1,"symbols_score_info":{"TWLO":0.9,"ROKU":0.9}},"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699991740,"gmtCreate":1639732471024,"gmtModify":1639732516414,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699991740","repostId":"1126183844","repostType":4,"repost":{"id":"1126183844","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639731862,"share":"https://www.laohu8.com/m/news/1126183844?lang=zh_CN&edition=full","pubTime":"2021-12-17 17:04","market":"us","language":"en","title":"Cerner soared nearly 20% in premarket trading as Oracle was in talks to buy it<blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126183844","media":"Tiger Newspress","summary":"Cerner soared nearly 20% in premarket trading asOraclewasin talks to buy it.Oracle is in talks to bu","content":"<p>Cerner soared nearly&nbsp;20% in premarket trading asOraclewasin talks to buy&nbsp;it.<img src=\"https://static.tigerbbs.com/beab346d8ba59ea8225fc80dbab34402\" tg-width=\"777\" tg-height=\"569\" width=\"100%\" height=\"auto\">Oracle is in talks to buy electronic-medical-records company Cerner Corp., according to people familiar with the matter, a deal that could be worth around $30 billion and push the enterprise-software giant further into healthcare.</p><p><blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%。据知情人士透露，甲骨文正在就收购电子医疗记录公司Cerner Corp.进行谈判，这笔交易可能价值约300亿美元，并将这家企业软件巨头进一步进军医疗保健领域。</blockquote></p><p> An agreement could be finalized soon, some of the people said, assuming the talks don’t fall apart or drag out. Should a deal come together, it would rank as the biggest ever for Oracle, which has a market value of more than $280 billion.</p><p><blockquote>一些知情人士表示，如果谈判不会破裂或拖延，协议可能很快就会敲定。如果这笔交易达成，这将成为甲骨文有史以来最大的一笔交易，该公司的市值超过2800亿美元。</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>Cerner soared nearly 20% in premarket trading as Oracle was in talks to buy it<blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%</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\">\nCerner soared nearly 20% in premarket trading as Oracle was in talks to buy it<blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 17:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Cerner soared nearly&nbsp;20% in premarket trading asOraclewasin talks to buy&nbsp;it.<img src=\"https://static.tigerbbs.com/beab346d8ba59ea8225fc80dbab34402\" tg-width=\"777\" tg-height=\"569\" width=\"100%\" height=\"auto\">Oracle is in talks to buy electronic-medical-records company Cerner Corp., according to people familiar with the matter, a deal that could be worth around $30 billion and push the enterprise-software giant further into healthcare.</p><p><blockquote>由于甲骨文正在洽谈收购Cerner，Cerner在盘前交易中飙升近20%。据知情人士透露，甲骨文正在就收购电子医疗记录公司Cerner Corp.进行谈判，这笔交易可能价值约300亿美元，并将这家企业软件巨头进一步进军医疗保健领域。</blockquote></p><p> An agreement could be finalized soon, some of the people said, assuming the talks don’t fall apart or drag out. Should a deal come together, it would rank as the biggest ever for Oracle, which has a market value of more than $280 billion.</p><p><blockquote>一些知情人士表示，如果谈判不会破裂或拖延，协议可能很快就会敲定。如果这笔交易达成，这将成为甲骨文有史以来最大的一笔交易，该公司的市值超过2800亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CERN":"美国塞纳","ORCL":"甲骨文"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126183844","content_text":"Cerner soared nearly 20% in premarket trading asOraclewasin talks to buy it.Oracle is in talks to buy electronic-medical-records company Cerner Corp., according to people familiar with the matter, a deal that could be worth around $30 billion and push the enterprise-software giant further into healthcare.\nAn agreement could be finalized soon, some of the people said, assuming the talks don’t fall apart or drag out. Should a deal come together, it would rank as the biggest ever for Oracle, which has a market value of more than $280 billion.","news_type":1,"symbols_score_info":{"CERN":0.9,"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":3193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604013550,"gmtCreate":1639279191357,"gmtModify":1639279192790,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/604013550","repostId":"2190719536","repostType":4,"isVote":1,"tweetType":1,"viewCount":2588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602516510,"gmtCreate":1639040719210,"gmtModify":1639040720638,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602516510","repostId":"1109366843","repostType":4,"repost":{"id":"1109366843","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639040478,"share":"https://www.laohu8.com/m/news/1109366843?lang=zh_CN&edition=full","pubTime":"2021-12-09 17:01","market":"us","language":"en","title":"Lucid stock plunged 8% in premarket trading<blockquote>Lucid股价在盘前交易中暴跌8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109366843","media":"Tiger Newspress","summary":"Lucid stock plunged 8% in premarket trading as the electric vehicle maker plans to sell $1.75B aggregate principal amount of convertible senior notes due 2026 in a private offering.Lucid Group, Inc announced its intention to offer, subject to market and other conditions,$1,750,000,000aggregate principal amount of convertible senior notes due 2026 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as am","content":"<p>Lucid stock plunged&nbsp;8% in premarket trading&nbsp;as&nbsp;the electric vehicle maker plans to sell $1.75B aggregate principal amount of convertible senior notes due 2026 in a private offering.&nbsp;</p><p><blockquote>Lucid股价在盘前交易中暴跌8%，因为这家电动汽车制造商计划通过私募发行方式出售本金总额为$1.75 B的2026年到期的可转换优先票据。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc3958a395930c116762e85674329944\" tg-width=\"853\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Lucid Group, Inc&nbsp;announced its intention to offer, subject to market and other conditions,$1,750,000,000aggregate principal amount of convertible senior notes due 2026&nbsp;in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Lucid also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional$262,500,000principal amount of notes.</p><p><blockquote>Lucid Group，Inc.宣布，根据市场和其他条件，根据1933年《证券法》（经修订）第144A条，其打算以非公开发行的方式向被合理认为是合格机构买家的人发行本金总额为1,750，000，000美元的2026年到期的可转换优先票据。Lucid还预计将授予票据的初始购买者一项选择权，可在票据首次发行之日起13天内（含该日）结算，以额外购买最多262,500,000美元本金的票据。</blockquote></p><p> The notes will be senior, unsecured obligations of Lucid, will accrue interest payable semi-annually in arrears, and will mature onDecember 15, 2026, unless earlier repurchased, redeemed, or converted. Noteholders will only have the right to convert their notes in certain circumstances and during specified periods. Lucid will settle conversions of notes by paying or delivering, as applicable, cash, shares of its Class A common stock (the \"common stock\") or a combination of cash and shares of its common stock, at Lucid's election. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Lucid's option at any time, and from time to time, on or afterDecember&nbsp;20, 2024and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Lucid's common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.</p><p><blockquote>这些票据将是Lucid的优先无担保债务，每半年计息一次，并将于2026年12月15日到期，除非提前回购、赎回或转换。票据持有人只有在特定情况下和特定期限内才有权兑换其票据。Lucid将根据Lucid的选择，通过支付或交付（如适用）现金、其A类普通股（“普通股”）或现金和普通股的组合来结算票据转换。Lucid可在2024年12月20日或之后以及紧接在到期日之前的第31个预定交易日或之前随时选择将票据全部或部分（受某些限制）赎回为现金，但前提是Lucid普通股最后报告的每股销售价格在特定时间段内超过转换价格的130%并且满足某些流动性条件。赎回价将相等于待赎回票据的本金额，加上截至赎回日期（但不包括赎回日期）的应计及未付利息（如有）。票据的利率、初始兑换率和其他条款将根据发行定价确定。</blockquote></p><p> Lucid intends to allocate an amount equal to the net proceeds from the notes to finance or refinance, in whole or in part, one or more new or existing \"Eligible Green Investments,\" including the development, manufacture, or distribution of products, key components, and machinery related to electric vehicles or energy storage systems, as well as investments and expenditures related to renewable energy, energy efficiency, and sustainable water and waste management.&nbsp; Pending such allocation, Lucid intends to use the net proceeds of the offering for business expansion and general corporate purposes, which may include investing in our manufacturing capabilities, expanding and improving operations such as our retail and service network, investing in research and development, and supporting other potential growth opportunities.</p><p><blockquote>Lucid打算分配相当于票据净收益的金额，全部或部分为一项或多项新的或现有的“合格绿色投资”进行融资或再融资，包括产品、关键部件的开发、制造或分销以及与电动汽车或储能系统相关的机械，以及与可再生能源、能源效率以及可持续水和废物管理相关的投资和支出。在进行此类分配之前，Lucid打算将此次发行的净收益用于业务扩张和一般企业用途，其中可能包括投资我们的制造能力、扩大和改善零售和服务网络等运营、投资研发以及支持其他潜在的增长机会。</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>Lucid stock plunged 8% in premarket trading<blockquote>Lucid股价在盘前交易中暴跌8%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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\">\nLucid stock plunged 8% in premarket trading<blockquote>Lucid股价在盘前交易中暴跌8%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-09 17:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Lucid stock plunged&nbsp;8% in premarket trading&nbsp;as&nbsp;the electric vehicle maker plans to sell $1.75B aggregate principal amount of convertible senior notes due 2026 in a private offering.&nbsp;</p><p><blockquote>Lucid股价在盘前交易中暴跌8%，因为这家电动汽车制造商计划通过私募发行方式出售本金总额为$1.75 B的2026年到期的可转换优先票据。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc3958a395930c116762e85674329944\" tg-width=\"853\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Lucid Group, Inc&nbsp;announced its intention to offer, subject to market and other conditions,$1,750,000,000aggregate principal amount of convertible senior notes due 2026&nbsp;in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Lucid also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional$262,500,000principal amount of notes.</p><p><blockquote>Lucid Group，Inc.宣布，根据市场和其他条件，根据1933年《证券法》（经修订）第144A条，其打算以非公开发行的方式向被合理认为是合格机构买家的人发行本金总额为1,750，000，000美元的2026年到期的可转换优先票据。Lucid还预计将授予票据的初始购买者一项选择权，可在票据首次发行之日起13天内（含该日）结算，以额外购买最多262,500,000美元本金的票据。</blockquote></p><p> The notes will be senior, unsecured obligations of Lucid, will accrue interest payable semi-annually in arrears, and will mature onDecember 15, 2026, unless earlier repurchased, redeemed, or converted. Noteholders will only have the right to convert their notes in certain circumstances and during specified periods. Lucid will settle conversions of notes by paying or delivering, as applicable, cash, shares of its Class A common stock (the \"common stock\") or a combination of cash and shares of its common stock, at Lucid's election. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Lucid's option at any time, and from time to time, on or afterDecember&nbsp;20, 2024and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Lucid's common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.</p><p><blockquote>这些票据将是Lucid的优先无担保债务，每半年计息一次，并将于2026年12月15日到期，除非提前回购、赎回或转换。票据持有人只有在特定情况下和特定期限内才有权兑换其票据。Lucid将根据Lucid的选择，通过支付或交付（如适用）现金、其A类普通股（“普通股”）或现金和普通股的组合来结算票据转换。Lucid可在2024年12月20日或之后以及紧接在到期日之前的第31个预定交易日或之前随时选择将票据全部或部分（受某些限制）赎回为现金，但前提是Lucid普通股最后报告的每股销售价格在特定时间段内超过转换价格的130%并且满足某些流动性条件。赎回价将相等于待赎回票据的本金额，加上截至赎回日期（但不包括赎回日期）的应计及未付利息（如有）。票据的利率、初始兑换率和其他条款将根据发行定价确定。</blockquote></p><p> Lucid intends to allocate an amount equal to the net proceeds from the notes to finance or refinance, in whole or in part, one or more new or existing \"Eligible Green Investments,\" including the development, manufacture, or distribution of products, key components, and machinery related to electric vehicles or energy storage systems, as well as investments and expenditures related to renewable energy, energy efficiency, and sustainable water and waste management.&nbsp; Pending such allocation, Lucid intends to use the net proceeds of the offering for business expansion and general corporate purposes, which may include investing in our manufacturing capabilities, expanding and improving operations such as our retail and service network, investing in research and development, and supporting other potential growth opportunities.</p><p><blockquote>Lucid打算分配相当于票据净收益的金额，全部或部分为一项或多项新的或现有的“合格绿色投资”进行融资或再融资，包括产品、关键部件的开发、制造或分销以及与电动汽车或储能系统相关的机械，以及与可再生能源、能源效率以及可持续水和废物管理相关的投资和支出。在进行此类分配之前，Lucid打算将此次发行的净收益用于业务扩张和一般企业用途，其中可能包括投资我们的制造能力、扩大和改善零售和服务网络等运营、投资研发以及支持其他潜在的增长机会。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109366843","content_text":"Lucid stock plunged 8% in premarket trading as the electric vehicle maker plans to sell $1.75B aggregate principal amount of convertible senior notes due 2026 in a private offering. \n\nLucid Group, Inc announced its intention to offer, subject to market and other conditions,$1,750,000,000aggregate principal amount of convertible senior notes due 2026 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Lucid also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional$262,500,000principal amount of notes.\nThe notes will be senior, unsecured obligations of Lucid, will accrue interest payable semi-annually in arrears, and will mature onDecember 15, 2026, unless earlier repurchased, redeemed, or converted. Noteholders will only have the right to convert their notes in certain circumstances and during specified periods. Lucid will settle conversions of notes by paying or delivering, as applicable, cash, shares of its Class A common stock (the \"common stock\") or a combination of cash and shares of its common stock, at Lucid's election. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Lucid's option at any time, and from time to time, on or afterDecember 20, 2024and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Lucid's common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.\nLucid intends to allocate an amount equal to the net proceeds from the notes to finance or refinance, in whole or in part, one or more new or existing \"Eligible Green Investments,\" including the development, manufacture, or distribution of products, key components, and machinery related to electric vehicles or energy storage systems, as well as investments and expenditures related to renewable energy, energy efficiency, and sustainable water and waste management.  Pending such allocation, Lucid intends to use the net proceeds of the offering for business expansion and general corporate purposes, which may include investing in our manufacturing capabilities, expanding and improving operations such as our retail and service network, investing in research and development, and supporting other potential growth opportunities.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":2785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606872718,"gmtCreate":1638865353960,"gmtModify":1638865358517,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606872718","repostId":"1131979330","repostType":4,"isVote":1,"tweetType":1,"viewCount":3045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608401301,"gmtCreate":1638769243835,"gmtModify":1638769244547,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/608401301","repostId":"1179313612","repostType":4,"repost":{"id":"1179313612","kind":"news","pubTimestamp":1638745398,"share":"https://www.laohu8.com/m/news/1179313612?lang=zh_CN&edition=full","pubTime":"2021-12-06 07:03","market":"us","language":"en","title":"Game Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179313612","media":"Barrons","summary":"Meme stock darling GameStop headlines this week’s earnings report lineup. The videogame retailer rep","content":"<p>Meme stock darling <a href=\"https://laohu8.com/S/GME\">GameStop</a> headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. <a href=\"https://laohu8.com/S/AZO\">AutoZone</a>, Casey’s <a href=\"https://laohu8.com/S/BGC\">General</a> Stores, and <a href=\"https://laohu8.com/S/TOL\">Toll Brothers</a> report earnings on Tuesday, followed by <a href=\"https://laohu8.com/S/BF.A\">Brown-Forman</a> and <a href=\"https://laohu8.com/S/CPB\">Campbell Soup</a> on Wednesday. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale, and <a href=\"https://laohu8.com/S/HRL\">Hormel</a> Foods round things out on Thursday.</p><p><blockquote>模因股票宠儿<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>本周财报阵容头条。这家视频游戏零售商将在周三收盘后公布业绩。<a href=\"https://laohu8.com/S/AZO\">AutoZone</a>，凯西的<a href=\"https://laohu8.com/S/BGC\">一般的</a>商店，以及<a href=\"https://laohu8.com/S/TOL\">托尔兄弟</a>周二公布收益，随后<a href=\"https://laohu8.com/S/BF.A\">布朗-福尔曼</a>和<a href=\"https://laohu8.com/S/CPB\">坎贝尔汤</a>星期三。<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,<a href=\"https://laohu8.com/S/COST\">Costco</a>批发，及<a href=\"https://laohu8.com/S/HRL\">荷美尔</a>周四的食物使事情更加圆满。</blockquote></p><p> On Monday, <a href=\"https://laohu8.com/S/UNP\">Union Pacific</a> will hold a conference call to discuss its climate action plan. <a href=\"https://laohu8.com/S/MCK\">McKesson</a> and <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> host their 2021 investor days on Wednesday, followed by <a href=\"https://laohu8.com/S/CVS\">CVS Health</a> and <a href=\"https://laohu8.com/S/TSN\">Tyson</a> Foods on Thursday.</p><p><blockquote>周一，<a href=\"https://laohu8.com/S/UNP\">联合太平洋</a>将召开电话会议讨论其气候行动计划。<a href=\"https://laohu8.com/S/MCK\">麦克森</a>和<a href=\"https://laohu8.com/S/LUV\">西南航空</a>周三举办2021年投资者日，随后<a href=\"https://laohu8.com/S/CVS\">CVS健康</a>和<a href=\"https://laohu8.com/S/TSN\">泰森</a>周四的食物。</blockquote></p><p> The Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.</p><p><blockquote>美联储10月消费者信贷数据报告将于周二公布。周四，美国劳工部公布了截至12月4日当周的首次申请失业救济人数。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.</p><p><blockquote>美国劳工统计局周五发布11月份消费者价格指数。市场普遍预期同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。</blockquote></p><p> <b>Monday 12/6</b></p><p><blockquote><b>星期一12/6</b></blockquote></p><p> Union Pacific holds a conference call to discuss its climate action plan.</p><p><blockquote>联合太平洋公司召开电话会议讨论其气候行动计划。</blockquote></p><p> <b>Tuesday 12/7</b></p><p><blockquote><b>星期二12/7</b></blockquote></p><p> AutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.</p><p><blockquote>AutoZone、Casey’s General Stores和Toll Brothers公布季度业绩。</blockquote></p><p> The Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.</p><p><blockquote>美联储报告10月份消费者信贷数据。继去年小幅下降后，截至9月份，未偿消费者债务总额平均每月增加200亿美元，达到创纪录的4.37万亿美元。</blockquote></p><p> <b>Wednesday 12/8</b></p><p><blockquote><b>星期三12/8</b></blockquote></p><p> The BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.</p><p><blockquote>BLS发布职位空缺和劳动力流动调查。经济学家预测10月最后一个工作日将有1050万个职位空缺，仅比7月1110万的历史新高少60万个。</blockquote></p><p> <a href=\"https://laohu8.com/S/BF.B\">Brown-Forman</a>, Campbell Soup, and GameStop report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/BF.B\">布朗-福尔曼</a>、金宝汤和游戏驿站公布财报。</blockquote></p><p> McKesson and <a href=\"https://laohu8.com/S/OKSB\">Southwest</a> Airlines host their 2021 investor days.</p><p><blockquote>麦克森和<a href=\"https://laohu8.com/S/OKSB\">西南</a>航空公司举办2021年投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/EW\">Edwards Lifesciences</a> holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/EW\">爱德华兹生命科学公司</a>在加州尔湾举行投资者会议。该公司将讨论其产品线以及2022年的财务前景。</blockquote></p><p> The Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.</p><p><blockquote>加拿大央行宣布货币政策决定。预计央行将维持关键短期利率在0.25%不变。在10月底的会议上，央行结束了量化宽松计划，并表示首次加息将于2022年早于预期。</blockquote></p><p> <b>Thursday 12/9</b></p><p><blockquote><b>星期四12/9</b></blockquote></p><p> Broadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.</p><p><blockquote>Broadcom、Costco Wholesale和Hormel Foods在评级召开会议讨论季度业绩。</blockquote></p><p> CVS Health and Tyson Foods host their annual investor days.</p><p><blockquote>CVS Health和泰森食品举办年度投资者日。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.</p><p><blockquote>劳工部报告了截至12月4日当周的首次申请失业救济人数。11月份平均申请失业救济人数为238,750人，为大流行开始以来的最低水平，仅比2020年2月增加24,750人。</blockquote></p><p> <b>Friday 12/10</b></p><p><blockquote><b>星期五12/10</b></blockquote></p><p> Archer-Daniels-Midland holds its global investor day.</p><p><blockquote>阿彻-丹尼尔斯-米德兰举办全球投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/CNC\">Centene</a> holds an investor meeting and will provide financial guidance for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CNC\">Centene</a>召开投资者会议，并将提供2022年的财务指导。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> finally ditched “transitory” when discussing inflation before the Senate Banking Committee.</p><p><blockquote>美国劳工统计局发布11月份消费者价格指数。市场普遍预计同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。10月份6.2%的涨幅是CPI 30多年来最热的一次，而上周美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>在参议院银行委员会讨论通货膨胀时，最终放弃了“暂时性”。</blockquote></p><p> The University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.</p><p><blockquote>密歇根大学发布12月份消费者信心指数。经济学家预测为66，略低于11月份的数据。</blockquote></p><p></p>","source":"market_watch","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>Game Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他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\">\nGame Stop, Toll Brothers, Costco, CVS, and Other Stocks to Watch This Week<blockquote>Game Stop、Toll Brothers、Costco、CVS和其他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\">2021-12-06 07:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Meme stock darling <a href=\"https://laohu8.com/S/GME\">GameStop</a> headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. <a href=\"https://laohu8.com/S/AZO\">AutoZone</a>, Casey’s <a href=\"https://laohu8.com/S/BGC\">General</a> Stores, and <a href=\"https://laohu8.com/S/TOL\">Toll Brothers</a> report earnings on Tuesday, followed by <a href=\"https://laohu8.com/S/BF.A\">Brown-Forman</a> and <a href=\"https://laohu8.com/S/CPB\">Campbell Soup</a> on Wednesday. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale, and <a href=\"https://laohu8.com/S/HRL\">Hormel</a> Foods round things out on Thursday.</p><p><blockquote>模因股票宠儿<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>本周财报阵容头条。这家视频游戏零售商将在周三收盘后公布业绩。<a href=\"https://laohu8.com/S/AZO\">AutoZone</a>，凯西的<a href=\"https://laohu8.com/S/BGC\">一般的</a>商店，以及<a href=\"https://laohu8.com/S/TOL\">托尔兄弟</a>周二公布收益，随后<a href=\"https://laohu8.com/S/BF.A\">布朗-福尔曼</a>和<a href=\"https://laohu8.com/S/CPB\">坎贝尔汤</a>星期三。<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,<a href=\"https://laohu8.com/S/COST\">Costco</a>批发，及<a href=\"https://laohu8.com/S/HRL\">荷美尔</a>周四的食物使事情更加圆满。</blockquote></p><p> On Monday, <a href=\"https://laohu8.com/S/UNP\">Union Pacific</a> will hold a conference call to discuss its climate action plan. <a href=\"https://laohu8.com/S/MCK\">McKesson</a> and <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> host their 2021 investor days on Wednesday, followed by <a href=\"https://laohu8.com/S/CVS\">CVS Health</a> and <a href=\"https://laohu8.com/S/TSN\">Tyson</a> Foods on Thursday.</p><p><blockquote>周一，<a href=\"https://laohu8.com/S/UNP\">联合太平洋</a>将召开电话会议讨论其气候行动计划。<a href=\"https://laohu8.com/S/MCK\">麦克森</a>和<a href=\"https://laohu8.com/S/LUV\">西南航空</a>周三举办2021年投资者日，随后<a href=\"https://laohu8.com/S/CVS\">CVS健康</a>和<a href=\"https://laohu8.com/S/TSN\">泰森</a>周四的食物。</blockquote></p><p> The Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.</p><p><blockquote>美联储10月消费者信贷数据报告将于周二公布。周四，美国劳工部公布了截至12月4日当周的首次申请失业救济人数。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.</p><p><blockquote>美国劳工统计局周五发布11月份消费者价格指数。市场普遍预期同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。</blockquote></p><p> <b>Monday 12/6</b></p><p><blockquote><b>星期一12/6</b></blockquote></p><p> Union Pacific holds a conference call to discuss its climate action plan.</p><p><blockquote>联合太平洋公司召开电话会议讨论其气候行动计划。</blockquote></p><p> <b>Tuesday 12/7</b></p><p><blockquote><b>星期二12/7</b></blockquote></p><p> AutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.</p><p><blockquote>AutoZone、Casey’s General Stores和Toll Brothers公布季度业绩。</blockquote></p><p> The Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.</p><p><blockquote>美联储报告10月份消费者信贷数据。继去年小幅下降后，截至9月份，未偿消费者债务总额平均每月增加200亿美元，达到创纪录的4.37万亿美元。</blockquote></p><p> <b>Wednesday 12/8</b></p><p><blockquote><b>星期三12/8</b></blockquote></p><p> The BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.</p><p><blockquote>BLS发布职位空缺和劳动力流动调查。经济学家预测10月最后一个工作日将有1050万个职位空缺，仅比7月1110万的历史新高少60万个。</blockquote></p><p> <a href=\"https://laohu8.com/S/BF.B\">Brown-Forman</a>, Campbell Soup, and GameStop report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/BF.B\">布朗-福尔曼</a>、金宝汤和游戏驿站公布财报。</blockquote></p><p> McKesson and <a href=\"https://laohu8.com/S/OKSB\">Southwest</a> Airlines host their 2021 investor days.</p><p><blockquote>麦克森和<a href=\"https://laohu8.com/S/OKSB\">西南</a>航空公司举办2021年投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/EW\">Edwards Lifesciences</a> holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/EW\">爱德华兹生命科学公司</a>在加州尔湾举行投资者会议。该公司将讨论其产品线以及2022年的财务前景。</blockquote></p><p> The Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.</p><p><blockquote>加拿大央行宣布货币政策决定。预计央行将维持关键短期利率在0.25%不变。在10月底的会议上，央行结束了量化宽松计划，并表示首次加息将于2022年早于预期。</blockquote></p><p> <b>Thursday 12/9</b></p><p><blockquote><b>星期四12/9</b></blockquote></p><p> Broadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.</p><p><blockquote>Broadcom、Costco Wholesale和Hormel Foods在评级召开会议讨论季度业绩。</blockquote></p><p> CVS Health and Tyson Foods host their annual investor days.</p><p><blockquote>CVS Health和泰森食品举办年度投资者日。</blockquote></p><p> The Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.</p><p><blockquote>劳工部报告了截至12月4日当周的首次申请失业救济人数。11月份平均申请失业救济人数为238,750人，为大流行开始以来的最低水平，仅比2020年2月增加24,750人。</blockquote></p><p> <b>Friday 12/10</b></p><p><blockquote><b>星期五12/10</b></blockquote></p><p> Archer-Daniels-Midland holds its global investor day.</p><p><blockquote>阿彻-丹尼尔斯-米德兰举办全球投资者日。</blockquote></p><p> <a href=\"https://laohu8.com/S/CNC\">Centene</a> holds an investor meeting and will provide financial guidance for 2022.</p><p><blockquote><a href=\"https://laohu8.com/S/CNC\">Centene</a>召开投资者会议，并将提供2022年的财务指导。</blockquote></p><p> The Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> finally ditched “transitory” when discussing inflation before the Senate Banking Committee.</p><p><blockquote>美国劳工统计局发布11月份消费者价格指数。市场普遍预计同比增长6.7%，比10月份高出半个百分点。排除波动较大的食品和能源价格的核心CPI预计将上涨4.8%，而此前为4.6%。10月份6.2%的涨幅是CPI 30多年来最热的一次，而上周美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>在参议院银行委员会讨论通货膨胀时，最终放弃了“暂时性”。</blockquote></p><p> The University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.</p><p><blockquote>密歇根大学发布12月份消费者信心指数。经济学家预测为66，略低于11月份的数据。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/game-stop-toll-brothers-costco-cvs-and-other-stocks-to-watch-this-week-51638734413?mod=barrons-on-marketwatch\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","CVS":"西维斯健康","COST":"好市多","TOL":"托尔兄弟","BK4088":"住宅建筑"},"source_url":"https://www.marketwatch.com/articles/game-stop-toll-brothers-costco-cvs-and-other-stocks-to-watch-this-week-51638734413?mod=barrons-on-marketwatch","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1179313612","content_text":"Meme stock darling GameStop headlines this week’s earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. AutoZone, Casey’s General Stores, and Toll Brothers report earnings on Tuesday, followed by Brown-Forman and Campbell Soup on Wednesday. Broadcom, Costco Wholesale, and Hormel Foods round things out on Thursday.\nOn Monday, Union Pacific will hold a conference call to discuss its climate action plan. McKesson and Southwest Airlines host their 2021 investor days on Wednesday, followed by CVS Health and Tyson Foods on Thursday.\nThe Federal Reserve’s report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.\nThe Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.\nMonday 12/6\nUnion Pacific holds a conference call to discuss its climate action plan.\nTuesday 12/7\nAutoZone, Casey’s General Stores, and Toll Brothers announce quarterly results.\nThe Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.\nWednesday 12/8\nThe BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.\nBrown-Forman, Campbell Soup, and GameStop report earnings.\nMcKesson and Southwest Airlines host their 2021 investor days.\nEdwards Lifesciences holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.\nThe Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.\nThursday 12/9\nBroadcom, Costco Wholesale, and Hormel Foods hold conference calls to discuss quarterly results.\nCVS Health and Tyson Foods host their annual investor days.\nThe Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.\nFriday 12/10\nArcher-Daniels-Midland holds its global investor day.\nCentene holds an investor meeting and will provide financial guidance for 2022.\nThe Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October’s 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome Powell finally ditched “transitory” when discussing inflation before the Senate Banking Committee.\nThe University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.","news_type":1,"symbols_score_info":{"COST":0.9,"TOL":0.9,"GME":0.9,"CVS":0.9}},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601862751,"gmtCreate":1638510255110,"gmtModify":1638510672321,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/601862751","repostId":"1107408814","repostType":4,"isVote":1,"tweetType":1,"viewCount":861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601862423,"gmtCreate":1638510248923,"gmtModify":1638510671722,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/601862423","repostId":"1107408814","repostType":4,"isVote":1,"tweetType":1,"viewCount":1410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603095501,"gmtCreate":1638335719135,"gmtModify":1638335719823,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603095501","repostId":"2187216533","repostType":4,"isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609990310,"gmtCreate":1638229454738,"gmtModify":1638229457075,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609990310","repostId":"2187306464","repostType":4,"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600640429,"gmtCreate":1638150306462,"gmtModify":1638150307071,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600640429","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohu8.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovember jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600113724,"gmtCreate":1638086853533,"gmtModify":1638086854154,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578903100181699","authorIdStr":"3578903100181699"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600113724","repostId":"1125886564","repostType":4,"repost":{"id":"1125886564","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637938179,"share":"https://www.laohu8.com/m/news/1125886564?lang=zh_CN&edition=full","pubTime":"2021-11-26 22:49","market":"us","language":"en","title":"Vaccine stocks continued to rise in early trading, Moderna shares surged more than 23%.<blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125886564","media":"Tiger Newspress","summary":"Vaccine stocks continued to rise in early trading, Moderna shares surged more than 23% and BioNTech ","content":"<p>Vaccine&nbsp;stocks&nbsp;continued&nbsp;to&nbsp;rise&nbsp;in&nbsp;early&nbsp;trading,&nbsp;Moderna&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;23%&nbsp;and&nbsp;BioNTech&nbsp;jumped&nbsp;nearly&nbsp;19%.<img src=\"https://static.tigerbbs.com/2e9f40662925ec57d0176cf5f1e36df4\" tg-width=\"876\" tg-height=\"613\" referrerpolicy=\"no-referrer\">Germany's BioNTech &nbsp;said it is studying the effectiveness of its COVID-19 vaccine against the new B.1.1.529 variant detected in South Africa - The Economic Times.</p><p><blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%，BioNTech大涨近19%。德国BioNTech表示，正在研究其新冠肺炎疫苗对在南非发现的新B.1.1.529变种的有效性。</blockquote></p><p> \"We expect more data from the laboratory tests in two weeks at the latest. These data will provide more information about whether B.1.1.529 could be an escape variant that may require an adjustment of our vaccine if the variant spreads globally,\" a BioNTech spokesperson said.</p><p><blockquote>“我们预计最迟在两周内从实验室测试中获得更多数据。这些数据将提供更多信息，说明B.1.1.529是否可能是一种逃逸变体，如果该变体在全球传播，可能需要调整我们的疫苗，”BioNTech发言人表示。</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>Vaccine stocks continued to rise in early trading, Moderna shares surged more than 23%.<blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%。</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\">\nVaccine stocks continued to rise in early trading, Moderna shares surged more than 23%.<blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-26 22:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Vaccine&nbsp;stocks&nbsp;continued&nbsp;to&nbsp;rise&nbsp;in&nbsp;early&nbsp;trading,&nbsp;Moderna&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;23%&nbsp;and&nbsp;BioNTech&nbsp;jumped&nbsp;nearly&nbsp;19%.<img src=\"https://static.tigerbbs.com/2e9f40662925ec57d0176cf5f1e36df4\" tg-width=\"876\" tg-height=\"613\" referrerpolicy=\"no-referrer\">Germany's BioNTech &nbsp;said it is studying the effectiveness of its COVID-19 vaccine against the new B.1.1.529 variant detected in South Africa - The Economic Times.</p><p><blockquote>疫苗股早盘持续走高，Moderna股价大涨超23%，BioNTech大涨近19%。德国BioNTech表示，正在研究其新冠肺炎疫苗对在南非发现的新B.1.1.529变种的有效性。</blockquote></p><p> \"We expect more data from the laboratory tests in two weeks at the latest. These data will provide more information about whether B.1.1.529 could be an escape variant that may require an adjustment of our vaccine if the variant spreads globally,\" a BioNTech spokesperson said.</p><p><blockquote>“我们预计最迟在两周内从实验室测试中获得更多数据。这些数据将提供更多信息，说明B.1.1.529是否可能是一种逃逸变体，如果该变体在全球传播，可能需要调整我们的疫苗，”BioNTech发言人表示。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125886564","content_text":"Vaccine stocks continued to rise in early trading, Moderna shares surged more than 23% and BioNTech jumped nearly 19%.Germany's BioNTech  said it is studying the effectiveness of its COVID-19 vaccine against the new B.1.1.529 variant detected in South Africa - The Economic Times.\n\"We expect more data from the laboratory tests in two weeks at the latest. These data will provide more information about whether B.1.1.529 could be an escape variant that may require an adjustment of our vaccine if the variant spreads globally,\" a BioNTech spokesperson 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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":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864064699,"gmtCreate":1633044150360,"gmtModify":1633044152080,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/864064699","repostId":"1143063659","repostType":4,"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807894447,"gmtCreate":1628026164589,"gmtModify":1633754380590,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807894447","repostId":"1171505764","repostType":4,"isVote":1,"tweetType":1,"viewCount":382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802333635,"gmtCreate":1627716180827,"gmtModify":1633756841648,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802333635","repostId":"1154216466","repostType":4,"repost":{"id":"1154216466","kind":"news","pubTimestamp":1627713678,"share":"https://www.laohu8.com/m/news/1154216466?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:41","market":"us","language":"en","title":"Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154216466","media":"Barron's","summary":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson Unive","content":"<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</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\">\nAntitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154216466","content_text":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission. His latest book isThe Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.\nBig Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&T-Time Warner merger.\nThe DOJ expended extensive time and resources to stop AT&T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.\nIn October 2016 AT&Tannouncedits plan to buy Time Warner.  Donald Trump’s presidential campaign trashed the merger in a statement:  “AT&T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”  With Trump in office, the DOJ moved to block it.\nIn 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.\nThe government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets. Here, AT&T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt. Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality. So facts, not just a story, are needed.  District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”\nAside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years. Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”\nOwning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&T-Time Warner’s lunch. When AT&T bought DirecTV in 2015, it paid $67 billion. In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.\nAnd AT&Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&T shareholders receive $43 billion, less than half the $100 billion AT&T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.\nAT&T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&T so spectacularly failed to do in video.  Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.\nNot only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast). Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&T learned the hard way that owning complementary products is no guarantee of success.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":872830435,"gmtCreate":1637469185296,"gmtModify":1637469185910,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872830435","repostId":"2184782893","repostType":4,"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":846141442,"gmtCreate":1636069910086,"gmtModify":1636069913819,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/846141442","repostId":"1128227989","repostType":4,"repost":{"id":"1128227989","kind":"news","pubTimestamp":1636067303,"share":"https://www.laohu8.com/m/news/1128227989?lang=zh_CN&edition=full","pubTime":"2021-11-05 07:08","market":"us","language":"en","title":"S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128227989","media":"Reuters","summary":" - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.Financials dropped 1","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500, Nasdaq extend record streaks, with boost from chip, growth shares<blockquote>在芯片和成长股的推动下，标普500和纳斯达克延续了创纪录的连胜纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-05 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.</p><p><blockquote>（路透社）-标普500和纳斯达克周四上涨，将收盘纪录高位连涨至六个交易日，因高通强劲的财务预测以及投资者消化了美联储开始减少月度债券购买的决定后，芯片制造商股市飙升。</blockquote></p><p> The Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase &amp; Co and Goldman Sachs Group weighed on the blue-chip index.</p><p><blockquote>道琼斯工业平均指数小幅下跌，结束了四点收盘的纪录。摩根大通和高盛集团银行股的下跌打压了蓝筹股指数。</blockquote></p><p> Financials dropped 1.3%, most among S&amp;P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.</p><p><blockquote>金融股下跌1.3%，其中大部分是标普500板块，因美国国债收益率下跌，在美联储表示不急于加息的第二天，市场解除了对美联储更快加息的预期。</blockquote></p><p> “The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.</p><p><blockquote>John Hancock Investment Management联席首席投资策略师马修·米斯金(Matthew Miskin)表示：“市场的增长方今天看到了更积极的结果，因为它们受益于收益率的下降。”</blockquote></p><p> “The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”</p><p><blockquote>“鉴于美联储宣布缩减规模，市场总体上一直在为更高的收益率做准备。当我们今天走进来时，这种情况已经发生了逆转。”</blockquote></p><p> The Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&amp;P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.</p><p><blockquote>道琼斯工业平均指数下跌33.35点，跌幅0.09%，至36,124.23点；标普500上涨19.49点，跌幅0.42%，至4,680.06点；纳斯达克综合指数上涨128.72点，跌幅0.81%，至15,940.31点。</blockquote></p><p> The S&amp;P 500 growth index rose 1.2% while the S&amp;P 500 value index fell 0.5%.</p><p><blockquote>标普500增长指数上涨1.2%，标普500价值指数下跌0.5%。</blockquote></p><p> Among S&amp;P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.</p><p><blockquote>标普500板块中，科技和非必需消费品领涨，均上涨约1.5%。</blockquote></p><p> Qualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.</p><p><blockquote>高通股价上涨12.7%，该公司预测本季度利润和收入好于预期，原因是手机、汽车和其他互联网连接设备所用芯片的需求飙升。</blockquote></p><p> The Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.</p><p><blockquote>费城SE半导体指数上涨3.5%，英伟达飙升12%。</blockquote></p><p> Better-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&amp;P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.</p><p><blockquote>好于预期的第三季度收益有助于提振股市情绪。根据Refinitiv IBES的数据，约有420家公司发布了财报，预计标普500第三季度盈利将同比增长41.2%。</blockquote></p><p> “The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.</p><p><blockquote>爱德华·琼斯投资策略师克雷格·费尔表示：“企业盈利情况仍然相当光明。”</blockquote></p><p> “The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”</p><p><blockquote>“市场正在奖励那些超出预期并上调前景的公司，而市场正在惩罚那些本季度未达到预期的公司，也许更重要的是，这预示着前景更加糟糕。”</blockquote></p><p> Moderna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&amp;P 500 healthcare sector, which fell 0.8%.</p><p><blockquote>Moderna股价暴跌约18%，该公司将其COVID-19疫苗2021年的销售预测削减了多达50亿美元，并努力灌装和分销小瓶，以满足前所未有的全球需求。Moderna股价拖累标普500医疗保健板块，该板块下跌0.8%。</blockquote></p><p> Data showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至近20个月来的最低水平，表明经济正在恢复动力。投资者将从周五的月度就业报告中获得对经济的批判性看法。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.24比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.</p><p><blockquote>标普500创下75个52周新高和5个新低；纳斯达克综合指数录得224个新高和38个新低。</blockquote></p><p> About 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有113亿股易手，高于过去20个交易日104亿股的日均水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0\">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":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares","OEX":"标普100",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-nasdaq-extend-record-streaks-with-boost-from-chip-growth-shares-idUSL1N2RV2T0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128227989","content_text":"(Reuters) - The S&P 500 and Nasdaq rose on Thursday, extending their streaks of record high closes to six sessions, as chipmaker stocks surged following Qualcomm’s strong financial forecast and investors digested the Federal Reserve’s decision to start reducing its monthly bond purchases.\nThe Dow Jones Industrial Average posted a slim loss, ending its streak of record closes at four. Declines in shares of banks JPMorgan Chase & Co and Goldman Sachs Group weighed on the blue-chip index.\nFinancials dropped 1.3%, most among S&P 500 sectors, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so.\n“The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.\n“The market had been positioning for higher yields in general given the Fed announcement of tapering. As we walked in today, there has been a reversal in that.”\nThe Dow Jones Industrial Average fell 33.35 points, or 0.09%, to 36,124.23, the S&P 500 gained 19.49 points, or 0.42%, to 4,680.06 and the Nasdaq Composite added 128.72 points, or 0.81%, to 15,940.31.\nThe S&P 500 growth index rose 1.2% while the S&P 500 value index fell 0.5%.\nAmong S&P 500 sectors, tech and consumer discretionary led the way, both rising about 1.5%.\nQualcomm shares jumped 12.7% as the company forecast better-than-expected profits and revenue for its current quarter on soaring demand for chips used in phones, cars and other internet-connected devices.\nThe Philadelphia SE Semiconductor index climbed 3.5%, with Nvidia soaring 12%.\nBetter-than-expected third-quarter earnings have helped lift sentiment for equities. With about 420 companies having reported, S&P 500 earnings are expected to have climbed 41.2% in the third quarter from a year earlier, according to Refinitiv IBES.\n“The corporate earnings story remains quite bright,” said Craig Fehr, investment strategist at Edward Jones.\n“The market is rewarding companies that are beating and upping their outlook, and the market is punishing companies that are missing their estimates in the quarter and more importantly, perhaps, signaling a more sour outlook.”\nModerna shares tumbled about 18% as the company slashed the 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, grappling to fill vials and distribute them to meet unprecedented world demand. Moderna shares weighed on the S&P 500 healthcare sector, which fell 0.8%.\nData showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 20 months last week, suggesting the economy was regaining momentum. Investors will get a critical view of the economy with the monthly jobs report on Friday.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.\nThe S&P 500 posted 75 new 52-week highs and five new lows; the Nasdaq Composite recorded 224 new highs and 38 new lows.\nAbout 11.3 billion shares changed hands in U.S. exchanges, above the 10.4 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDS":0.9,".SPX":0.9,"IVV":0.9,".DJI":0.9,"OEF":0.9,"SPXU":0.9,"UPRO":0.9,"SSO":0.9,"SH":0.9,".IXIC":0.9,"OEX":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828657027,"gmtCreate":1633912397264,"gmtModify":1633912397754,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828657027","repostId":"1161884052","repostType":4,"repost":{"id":"1161884052","kind":"news","pubTimestamp":1633911643,"share":"https://www.laohu8.com/m/news/1161884052?lang=zh_CN&edition=full","pubTime":"2021-10-11 08:20","market":"us","language":"en","title":"Banks' Q3 earnings to reflect reserve releases, weak loan activity, analysts say<blockquote>分析师表示，银行第三季度盈利反映了准备金释放和贷款活动疲软</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161884052","media":"seekingalpha","summary":"Banks start reporting their Q3 results on Wednesday, and they're likely to benefit from another quar","content":"<p><ul>  <li>Banks start reporting their Q3 results on Wednesday, and they're likely to benefit from another quarter of loan loss reserve releases and increased stock buybacks as loan growth remains tepid, analysts said.</li>  <li>Traditional banking operations remained under pressure in the quarter as they lose market share to competition, loan activity has been weak, and margin pressure persists, writes Odeon Capital Markets analyst Dick Bove in a note to clients.</li>  <li><b>Consumer loan activity</b>&nbsp;is expected to show improvement, though it's still below prepandemic levels. \"Loan growth isn't this quarter's story, but inflection likely comes by year end,\" said <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analyst Betsy Graseck in a note.</li>  <li>She expects stronger guidance for net interest income as&nbsp; 10-year Treasury 12M-forwards moved up ~40 bps from the Aug. 3 trough.</li>  <li><b>On the capital markets</b>&nbsp;side of the business, merger and acquisition activity has been \"unusually strong\", underwriting results are \"mostly positive\", and trading activity has been \"disappointing,\" Bove said.</li>  <li>CFRA analyst Kenneth Leon expects standout Q3 results from <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>(NYSE:GS), <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>(NYSE:JPM), and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>(NYSE:MS)on capital market and asset/wealth performance.</li>  <li>Leon notes that Q3 is usually the weakest quarter of the year for banks. Q3 net interest income for large banks are expected to be in the flat to low-single-digit gains, he adds.</li>  <li>\"We are likely to see low to moderate credit risk for credit cards, commercial and industrial loans, commercial real estate, and trading/counterparty losses,\" Leon said in a note.</li>  <li><b>Analysts' picks:</b>Going into earnings season, Morgan Stanley's Graseck likes JPMorgan <a href=\"https://laohu8.com/S/CCF\">Chase</a> (JPM) as she expects improvement in card loan growth and sees potential for the bank to boost its net interest margin by reinvesting some excess liquidity in longer dated paper.</li>  <li>She also notes <a href=\"https://laohu8.com/S/SYF\">Synchrony</a> Financial(NYSE:SYF)on the expectation that loan growth turns positive in the quarter and consumer credit quality continues to stay strong.</li>  <li><a href=\"https://laohu8.com/S/STT\">State</a> Street(NYSE:STT)stands to gain as it's <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most rate-sensitive names in Graseck's coverage.</li>  <li>Jefferies analysts increase their Q3 EPS estimates for Goldman (GS) and Morgan Stanley (MS) to reflect strength in investment banking, particularly M&amp;A, and \"still-healthy, but moderating trading (below 1H21). Inflows and positive markets should contribute to durable streams.\"</li>  <li>Their Goldman (GS) estimate increases 10% to $9.72 Morgan Stanley (MS) estimate by 12% to $1.71.</li>  <li>Other analysts have been&nbsp;boosting quarterly EPS estimates&nbsp;for Goldman as seen in the chart below.</li> </ul> <img src=\"https://static.tigerbbs.com/22fc6fb138a135b1777cfabba50a2cab\" tg-width=\"920\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>分析师表示，银行将于周三开始报告第三季度业绩，由于贷款增长仍然不温不火，它们可能会受益于又一个季度的贷款损失准备金释放和股票回购增加。</li><li>Odeon Capital Markets分析师迪克·博夫(Dick Bove)在给客户的一份报告中写道，传统银行业务在本季度仍然面临压力，因为它们在竞争中失去了市场份额，贷款活动疲软，利润率压力持续存在。</li><li><b>消费贷款活动</b>预计将有所改善，尽管仍低于大流行前的水平。“贷款增长不是本季度的情况，但拐点可能会在年底到来，”他说<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师贝齐·格拉塞克(Betsy Graseck)在一份报告中表示。</li><li>她预计，随着10年期国债1200万远期较8月3日的低点上涨约40个基点，净利息收入指引将更加强劲。</li><li><b>论资本市场</b>博夫表示，在业务方面，并购活动“异常强劲”，承销结果“大多是积极的”，交易活动“令人失望”。</li><li>CFRA分析师Kenneth Leon预计第三季度业绩将出色<a href=\"https://laohu8.com/S/GS\">高盛</a>（纽约证券交易所代码：GS），<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>（纽约证券交易所代码：JPM），以及<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>（纽约证券交易所代码：MS）关于资本市场和资产/财富表现。</li><li>莱昂指出，第三季度通常是银行一年中最疲软的季度。他补充说，大型银行第三季度净利息收入预计将持平至低个位数增长。</li><li>莱昂在一份报告中表示：“我们可能会看到信用卡、商业和工业贷款、商业房地产以及交易/交易对手损失的信用风险为低至中等。”</li><li><b>分析师精选：</b>进入财报季，摩根士丹利的格拉塞克看好摩根大通<a href=\"https://laohu8.com/S/CCF\">追逐</a>（摩根大通），因为她预计信用卡贷款增长将有所改善，并认为该银行有可能通过将部分过剩流动性再投资于长期票据来提高净息差。</li><li>她还指出<a href=\"https://laohu8.com/S/SYF\">同步</a>金融（纽约证券交易所股票代码：SYF）预计本季度贷款增长将转为正值，消费者信贷质量将继续保持强劲。</li><li><a href=\"https://laohu8.com/S/STT\">国家</a>Street(NYSE：STT)将会上涨<a href=\"https://laohu8.com/S/AONE.U\">一</a>格拉塞克报道中对利率最敏感的名字之一。</li><li>杰富瑞(Jefferies)分析师上调了对高盛(GS)和摩根士丹利(MS)第三季度每股收益的预期，以反映投资银行业（尤其是并购）的实力，以及“仍然健康，但交易放缓（低于2021年上半年）。资金流入和积极的市场应该有助于持久流。”</li><li>高盛(GS)的预期上调10%至9.72美元，摩根士丹利(MS)的预期上调12%至1.71美元。</li><li>其他分析师一直在上调高盛的季度每股收益预期，如下图所示。</li></ul></blockquote></p><p> <ul>  <li>Looking at regional banks and specialty finance, \"Outlooks will be key, and we expect positive management comments on peaking card payment rates and a potential bottoming in line utilization,\" writes Evercore ISI analyst John Pancari.</li>  <li>He's constructive on Synchrony (SYF) and <a href=\"https://laohu8.com/S/KEY\">KeyCorp</a>(NYSE:KEY). SYF is well positioned to capture market share in consumer lending as Delta concerns fade ahead of holiday season.</li>  <li>Note that SA'sQuant rating&nbsp;on SYF is Very Bullish, assigning high grades for Growth and Profitability. In the past three months, analysts have&nbsp;increased its Q3 EPS estimates&nbsp;by 22%. See chart below.</li> </ul> <img src=\"https://static.tigerbbs.com/7d147cf2252d994ddd8dc97650be2499\" tg-width=\"924\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Evercore ISI分析师约翰·潘卡里(John Pancari)写道，展望区域银行和专业金融，“前景将是关键，我们预计管理层对卡支付率见顶和线路利用率可能触底的积极评论”。</li><li>他对同步（SYF）很有建设性<a href=\"https://laohu8.com/S/KEY\">KeyCorp</a>（纽约证券交易所代码：KEY）。随着达美航空的担忧在假期前消退，SYF处于有利地位，可以占领消费贷款市场份额。</li><li>请注意，SA对SYF的量化评级非常乐观，对增长和盈利能力给予高分。过去三个月，分析师将第三季度每股收益预期上调了22%。见下图。</li></ul></blockquote></p><p></p><p> <ul>  <li>KeyCorp (KEY) management has commented that loans increased from June to August and momentum was continuing in August, Pancari said. In addition, the bank has observed record backlog in M&amp;A, he added.</li>  <li><b>Earnings schedule:</b>Here's when the bigger financial firms are due to report earnings:</li>  <li>Oct. 13: JPMorgan (JPM) and <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>(NYSE:BLK)</li>  <li>Oct. 14: <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(NYSE:BAC), <a href=\"https://laohu8.com/S/C\">Citigroup</a>(NYSE:C), Morgan Stanley (MS), <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>(NYSE:WFC), and <a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>(NYSE:USB).</li>  <li>Oct. 15: Goldman Sachs (GS), PNC Financial(NYSE:PNC)</li>  <li>Oct. 18: State Street (STT)</li>  <li>Oct. 19: Synchrony Financial (SYF), <a href=\"https://laohu8.com/S/BK\">Bank of New York Mellon</a>(NYSE:BK)</li>  <li>Oct. 21: Blackstone(NYSE:BX), KeyCorp (KEY)</li>  <li>Oct. 22: <a href=\"https://laohu8.com/S/AXP\">American Express</a>(NYSE:AXP)</li> </ul></p><p><blockquote><ul><li>Pancari表示，KeyCorp(KEY)管理层评论称，6月至8月贷款有所增加，并且8月份这一势头仍在继续。此外，他补充说，该银行的并购积压量创历史新高。</li><li><b>收益表：</b>以下是大型金融公司公布收益的时间：</li><li>10月13日：摩根大通(JPM)和<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>（纽约证券交易所代码：BLK）</li><li>10月14日：<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（纽约证券交易所代码：BAC），<a href=\"https://laohu8.com/S/C\">花旗集团</a>（纽约证券交易所代码：C）、摩根士丹利（MS）、<a href=\"https://laohu8.com/S/WFC\">富国银行</a>（纽约证券交易所代码：WFC），以及<a href=\"https://laohu8.com/S/USB\">美国合众银行</a>（纽约证券交易所代码：USB）。</li><li>10月15日：高盛(GS)、PNC Financial(NYSE：PNC)</li><li>10月18日：道富银行(STT)</li><li>10月19日：同步金融(SYF)，<a href=\"https://laohu8.com/S/BK\">纽约梅隆银行</a>（纽约证券交易所代码：BK）</li><li>10月21日：Blackstone(NYSE：BX)、KeyCorp(KEY)</li><li>10月22日：<a href=\"https://laohu8.com/S/AXP\">美国运通</a>（纽约证券交易所代码：AXP）</li></ul></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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10-year Treasury 12M-forwards moved up ~40 bps from the Aug. 3 trough.</li>  <li><b>On the capital markets</b>&nbsp;side of the business, merger and acquisition activity has been \"unusually strong\", underwriting results are \"mostly positive\", and trading activity has been \"disappointing,\" Bove said.</li>  <li>CFRA analyst Kenneth Leon expects standout Q3 results from <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>(NYSE:GS), <a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>(NYSE:JPM), and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>(NYSE:MS)on capital market and asset/wealth performance.</li>  <li>Leon notes that Q3 is usually the weakest quarter of the year for banks. Q3 net interest income for large banks are expected to be in the flat to low-single-digit gains, he adds.</li>  <li>\"We are likely to see low to moderate credit risk for credit cards, commercial and industrial loans, commercial real estate, and trading/counterparty losses,\" Leon said in a note.</li>  <li><b>Analysts' picks:</b>Going into earnings season, Morgan Stanley's Graseck likes JPMorgan <a href=\"https://laohu8.com/S/CCF\">Chase</a> (JPM) as she expects improvement in card loan growth and sees potential for the bank to boost its net interest margin by reinvesting some excess liquidity in longer dated paper.</li>  <li>She also notes <a href=\"https://laohu8.com/S/SYF\">Synchrony</a> Financial(NYSE:SYF)on the expectation that loan growth turns positive in the quarter and consumer credit quality continues to stay strong.</li>  <li><a href=\"https://laohu8.com/S/STT\">State</a> Street(NYSE:STT)stands to gain as it's <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most rate-sensitive names in Graseck's coverage.</li>  <li>Jefferies analysts increase their Q3 EPS estimates for Goldman (GS) and Morgan Stanley (MS) to reflect strength in investment banking, particularly M&amp;A, and \"still-healthy, but moderating trading (below 1H21). Inflows and positive markets should contribute to durable streams.\"</li>  <li>Their Goldman (GS) estimate increases 10% to $9.72 Morgan Stanley (MS) estimate by 12% to $1.71.</li>  <li>Other analysts have been&nbsp;boosting quarterly EPS estimates&nbsp;for Goldman as seen in the chart below.</li> </ul> <img src=\"https://static.tigerbbs.com/22fc6fb138a135b1777cfabba50a2cab\" tg-width=\"920\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>分析师表示，银行将于周三开始报告第三季度业绩，由于贷款增长仍然不温不火，它们可能会受益于又一个季度的贷款损失准备金释放和股票回购增加。</li><li>Odeon Capital Markets分析师迪克·博夫(Dick Bove)在给客户的一份报告中写道，传统银行业务在本季度仍然面临压力，因为它们在竞争中失去了市场份额，贷款活动疲软，利润率压力持续存在。</li><li><b>消费贷款活动</b>预计将有所改善，尽管仍低于大流行前的水平。“贷款增长不是本季度的情况，但拐点可能会在年底到来，”他说<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师贝齐·格拉塞克(Betsy Graseck)在一份报告中表示。</li><li>她预计，随着10年期国债1200万远期较8月3日的低点上涨约40个基点，净利息收入指引将更加强劲。</li><li><b>论资本市场</b>博夫表示，在业务方面，并购活动“异常强劲”，承销结果“大多是积极的”，交易活动“令人失望”。</li><li>CFRA分析师Kenneth Leon预计第三季度业绩将出色<a href=\"https://laohu8.com/S/GS\">高盛</a>（纽约证券交易所代码：GS），<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>（纽约证券交易所代码：JPM），以及<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>（纽约证券交易所代码：MS）关于资本市场和资产/财富表现。</li><li>莱昂指出，第三季度通常是银行一年中最疲软的季度。他补充说，大型银行第三季度净利息收入预计将持平至低个位数增长。</li><li>莱昂在一份报告中表示：“我们可能会看到信用卡、商业和工业贷款、商业房地产以及交易/交易对手损失的信用风险为低至中等。”</li><li><b>分析师精选：</b>进入财报季，摩根士丹利的格拉塞克看好摩根大通<a href=\"https://laohu8.com/S/CCF\">追逐</a>（摩根大通），因为她预计信用卡贷款增长将有所改善，并认为该银行有可能通过将部分过剩流动性再投资于长期票据来提高净息差。</li><li>她还指出<a href=\"https://laohu8.com/S/SYF\">同步</a>金融（纽约证券交易所股票代码：SYF）预计本季度贷款增长将转为正值，消费者信贷质量将继续保持强劲。</li><li><a href=\"https://laohu8.com/S/STT\">国家</a>Street(NYSE：STT)将会上涨<a href=\"https://laohu8.com/S/AONE.U\">一</a>格拉塞克报道中对利率最敏感的名字之一。</li><li>杰富瑞(Jefferies)分析师上调了对高盛(GS)和摩根士丹利(MS)第三季度每股收益的预期，以反映投资银行业（尤其是并购）的实力，以及“仍然健康，但交易放缓（低于2021年上半年）。资金流入和积极的市场应该有助于持久流。”</li><li>高盛(GS)的预期上调10%至9.72美元，摩根士丹利(MS)的预期上调12%至1.71美元。</li><li>其他分析师一直在上调高盛的季度每股收益预期，如下图所示。</li></ul></blockquote></p><p> <ul>  <li>Looking at regional banks and specialty finance, \"Outlooks will be key, and we expect positive management comments on peaking card payment rates and a potential bottoming in line utilization,\" writes Evercore ISI analyst John Pancari.</li>  <li>He's constructive on Synchrony (SYF) and <a href=\"https://laohu8.com/S/KEY\">KeyCorp</a>(NYSE:KEY). SYF is well positioned to capture market share in consumer lending as Delta concerns fade ahead of holiday season.</li>  <li>Note that SA'sQuant rating&nbsp;on SYF is Very Bullish, assigning high grades for Growth and Profitability. In the past three months, analysts have&nbsp;increased its Q3 EPS estimates&nbsp;by 22%. See chart below.</li> </ul> <img src=\"https://static.tigerbbs.com/7d147cf2252d994ddd8dc97650be2499\" tg-width=\"924\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Evercore ISI分析师约翰·潘卡里(John Pancari)写道，展望区域银行和专业金融，“前景将是关键，我们预计管理层对卡支付率见顶和线路利用率可能触底的积极评论”。</li><li>他对同步（SYF）很有建设性<a href=\"https://laohu8.com/S/KEY\">KeyCorp</a>（纽约证券交易所代码：KEY）。随着达美航空的担忧在假期前消退，SYF处于有利地位，可以占领消费贷款市场份额。</li><li>请注意，SA对SYF的量化评级非常乐观，对增长和盈利能力给予高分。过去三个月，分析师将第三季度每股收益预期上调了22%。见下图。</li></ul></blockquote></p><p></p><p> <ul>  <li>KeyCorp (KEY) management has commented that loans increased from June to August and momentum was continuing in August, Pancari said. In addition, the bank has observed record backlog in M&amp;A, he added.</li>  <li><b>Earnings schedule:</b>Here's when the bigger financial firms are due to report earnings:</li>  <li>Oct. 13: JPMorgan (JPM) and <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>(NYSE:BLK)</li>  <li>Oct. 14: <a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(NYSE:BAC), <a href=\"https://laohu8.com/S/C\">Citigroup</a>(NYSE:C), Morgan Stanley (MS), <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>(NYSE:WFC), and <a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>(NYSE:USB).</li>  <li>Oct. 15: Goldman Sachs (GS), PNC Financial(NYSE:PNC)</li>  <li>Oct. 18: State Street (STT)</li>  <li>Oct. 19: Synchrony Financial (SYF), <a href=\"https://laohu8.com/S/BK\">Bank of New York Mellon</a>(NYSE:BK)</li>  <li>Oct. 21: Blackstone(NYSE:BX), KeyCorp (KEY)</li>  <li>Oct. 22: <a href=\"https://laohu8.com/S/AXP\">American Express</a>(NYSE:AXP)</li> </ul></p><p><blockquote><ul><li>Pancari表示，KeyCorp(KEY)管理层评论称，6月至8月贷款有所增加，并且8月份这一势头仍在继续。此外，他补充说，该银行的并购积压量创历史新高。</li><li><b>收益表：</b>以下是大型金融公司公布收益的时间：</li><li>10月13日：摩根大通(JPM)和<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>（纽约证券交易所代码：BLK）</li><li>10月14日：<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（纽约证券交易所代码：BAC），<a href=\"https://laohu8.com/S/C\">花旗集团</a>（纽约证券交易所代码：C）、摩根士丹利（MS）、<a href=\"https://laohu8.com/S/WFC\">富国银行</a>（纽约证券交易所代码：WFC），以及<a href=\"https://laohu8.com/S/USB\">美国合众银行</a>（纽约证券交易所代码：USB）。</li><li>10月15日：高盛(GS)、PNC Financial(NYSE：PNC)</li><li>10月18日：道富银行(STT)</li><li>10月19日：同步金融(SYF)，<a href=\"https://laohu8.com/S/BK\">纽约梅隆银行</a>（纽约证券交易所代码：BK）</li><li>10月21日：Blackstone(NYSE：BX)、KeyCorp(KEY)</li><li>10月22日：<a href=\"https://laohu8.com/S/AXP\">美国运通</a>（纽约证券交易所代码：AXP）</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3749109-banks-q3-earnings-preview\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BLK":"贝莱德","GS":"高盛","JPM":"摩根大通"},"source_url":"https://seekingalpha.com/news/3749109-banks-q3-earnings-preview","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161884052","content_text":"Banks start reporting their Q3 results on Wednesday, and they're likely to benefit from another quarter of loan loss reserve releases and increased stock buybacks as loan growth remains tepid, analysts said.\nTraditional banking operations remained under pressure in the quarter as they lose market share to competition, loan activity has been weak, and margin pressure persists, writes Odeon Capital Markets analyst Dick Bove in a note to clients.\nConsumer loan activity is expected to show improvement, though it's still below prepandemic levels. \"Loan growth isn't this quarter's story, but inflection likely comes by year end,\" said Morgan Stanley analyst Betsy Graseck in a note.\nShe expects stronger guidance for net interest income as  10-year Treasury 12M-forwards moved up ~40 bps from the Aug. 3 trough.\nOn the capital markets side of the business, merger and acquisition activity has been \"unusually strong\", underwriting results are \"mostly positive\", and trading activity has been \"disappointing,\" Bove said.\nCFRA analyst Kenneth Leon expects standout Q3 results from Goldman Sachs(NYSE:GS), JPMorgan Chase(NYSE:JPM), and Morgan Stanley(NYSE:MS)on capital market and asset/wealth performance.\nLeon notes that Q3 is usually the weakest quarter of the year for banks. Q3 net interest income for large banks are expected to be in the flat to low-single-digit gains, he adds.\n\"We are likely to see low to moderate credit risk for credit cards, commercial and industrial loans, commercial real estate, and trading/counterparty losses,\" Leon said in a note.\nAnalysts' picks:Going into earnings season, Morgan Stanley's Graseck likes JPMorgan Chase (JPM) as she expects improvement in card loan growth and sees potential for the bank to boost its net interest margin by reinvesting some excess liquidity in longer dated paper.\nShe also notes Synchrony Financial(NYSE:SYF)on the expectation that loan growth turns positive in the quarter and consumer credit quality continues to stay strong.\nState Street(NYSE:STT)stands to gain as it's one of the most rate-sensitive names in Graseck's coverage.\nJefferies analysts increase their Q3 EPS estimates for Goldman (GS) and Morgan Stanley (MS) to reflect strength in investment banking, particularly M&A, and \"still-healthy, but moderating trading (below 1H21). Inflows and positive markets should contribute to durable streams.\"\nTheir Goldman (GS) estimate increases 10% to $9.72 Morgan Stanley (MS) estimate by 12% to $1.71.\nOther analysts have been boosting quarterly EPS estimates for Goldman as seen in the chart below.\n\n\n\nLooking at regional banks and specialty finance, \"Outlooks will be key, and we expect positive management comments on peaking card payment rates and a potential bottoming in line utilization,\" writes Evercore ISI analyst John Pancari.\nHe's constructive on Synchrony (SYF) and KeyCorp(NYSE:KEY). SYF is well positioned to capture market share in consumer lending as Delta concerns fade ahead of holiday season.\nNote that SA'sQuant rating on SYF is Very Bullish, assigning high grades for Growth and Profitability. In the past three months, analysts have increased its Q3 EPS estimates by 22%. See chart below.\n\n\n\nKeyCorp (KEY) management has commented that loans increased from June to August and momentum was continuing in August, Pancari said. In addition, the bank has observed record backlog in M&A, he added.\nEarnings schedule:Here's when the bigger financial firms are due to report earnings:\nOct. 13: JPMorgan (JPM) and BlackRock(NYSE:BLK)\nOct. 14: Bank of America(NYSE:BAC), Citigroup(NYSE:C), Morgan Stanley (MS), Wells Fargo(NYSE:WFC), and U.S. Bancorp(NYSE:USB).\nOct. 15: Goldman Sachs (GS), PNC Financial(NYSE:PNC)\nOct. 18: State Street (STT)\nOct. 19: Synchrony Financial (SYF), Bank of New York Mellon(NYSE:BK)\nOct. 21: Blackstone(NYSE:BX), KeyCorp (KEY)\nOct. 22: American Express(NYSE:AXP)","news_type":1,"symbols_score_info":{"BLK":0.9,"JPM":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815042013,"gmtCreate":1630632400732,"gmtModify":1631890768426,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/815042013","repostId":"1103995208","repostType":4,"repost":{"id":"1103995208","kind":"news","pubTimestamp":1630629549,"share":"https://www.laohu8.com/m/news/1103995208?lang=zh_CN&edition=full","pubTime":"2021-09-03 08:39","market":"us","language":"en","title":"Tesla Halted Production In China For 4 Days In August Due To The Semiconductor Shortage<blockquote>因半导体短缺特斯拉8月在华停产4天</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103995208","media":"zerohedge","summary":"Production output for Tesla in China has reportedly once again been halted and is being  blamed on the global semiconductor shortage.Short of the pandemic, the semi shortage has become a very convenient scapegoat, especially for the auto industry, for numerous manufacturers who have shut down production temporarily and idled plants throughout 2021.Tesla's Shanghai plant was halted \"for about four days\" in August, according to anew report from Reuters.In China, Tesla sold 32,968 China-made vehicl","content":"<p>Production output for Tesla in China has reportedly once again been halted and is being (once again) blamed on the global semiconductor shortage.</p><p><blockquote>据报道，特斯拉在华生产再次停止，并（再次）被归咎于全球半导体短缺。</blockquote></p><p> Short of the pandemic, the semi shortage has become a very convenient scapegoat, especially for the auto industry, for numerous manufacturers who have shut down production temporarily and idled plants throughout 2021.</p><p><blockquote>除了疫情，半短缺已经成为一个非常方便的替罪羊，特别是对于汽车行业来说，对于许多制造商来说，他们在2021年全年暂时关闭生产并闲置工厂。</blockquote></p><p> Tesla's Shanghai plant was halted \"for about four days\" in August, according to anew report from Reuters.</p><p><blockquote>据路透社最新报道，特斯拉上海工厂8月份停产“约四天”。</blockquote></p><p> Production is reportedly now \"back to normal\" and the halt was blamed on shortages with the availability of electronic control units, mainly for the company's Model Y.</p><p><blockquote>据报道，生产现已“恢复正常”，停产被归咎于电子控制单元的短缺，主要用于该公司的Model Y。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/088a74e39307bb5a626cdf7ae62f75c0\" tg-width=\"532\" tg-height=\"300\" width=\"100%\" height=\"auto\">In China, Tesla sold 32,968 China-made vehicles in July - this includes vehicles sold in China and vehicles exported - according to the China Passenger Car Association (CPCA). This was below the 33,155 vehicles sold in June; a number that we pointed out could have been a sign that the ship had steadied between Tesla and China - and that demand was once again rising.</p><p><blockquote>根据中国乘用车协会(CPCA)的数据，特斯拉7月份在中国销售了32,968辆中国制造的汽车，其中包括在中国销售的汽车和出口的汽车。这低于6月份的33,155辆销量；我们指出的一个数字可能表明特斯拉和中国之间的船舶已经稳定下来，并且需求再次上升。</blockquote></p><p> But July's numbers seem to indicate little, if any, growth in demand between June and July.</p><p><blockquote>但7月份的数据似乎表明6月至7月期间的需求增长甚微（如果有的话）。</blockquote></p><p> Shipments of locally made vehicles sold in China plunged, to 8,621 cars from 28,138 in June. There is generally cyclicality for automaker sales wherein the beginning of a quarter (July) comes in markedly lower than the end of the previous quarter (June).</p><p><blockquote>在中国销售的本地制造汽车出货量从6月份的28,138辆骤降至8,621辆。汽车制造商的销售通常存在周期性，季度初（7月）明显低于上一季度末（6月）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/100cff92002adb2ace977d6b7234a6b4\" tg-width=\"660\" tg-height=\"393\" width=\"100%\" height=\"auto\">PCA Secretary General Cui Dongshu said during a briefing last month: “Tesla tends to be aggressive in exports regardless of the domestic market in July. The fact that Tesla’s domestic deliveries didn’t reach 10,000 is normal and fine.”</p><p><blockquote>PCA秘书长崔东树在上个月的一次吹风会上表示：“特斯拉7月份不顾国内市场，倾向于积极出口。特斯拉国内交付量没有达到1万辆，这是正常的，也很好。”</blockquote></p><p> 24,347 of the 32,968 cars made in China were manufactured for export.</p><p><blockquote>中国制造的32,968辆汽车中有24,347辆用于出口。</blockquote></p><p> Tesla fell between BYD, who sold 50,387 China-made EVs and GM/SAIC, who sold 27.347 EVs.</p><p><blockquote>特斯拉位于比亚迪（售出50,387辆国产电动汽车）和通用/上汽（售出27.347辆电动汽车）之间。</blockquote></p><p> Recall, other automakers have slowed production due to the semi shortage, too. Wereported last monththat Toyota had slashed&nbsp;global production for September by 40% from its previous outlook. The production cut will reduce Toyota's global production for September from 900,000 automobiles to 500,000.</p><p><blockquote>回想一下，其他汽车制造商也因半成品短缺而放慢了生产速度。上个月有报道称，丰田已将9月份全球产量较之前的预期削减了40%。此次减产将使丰田9月份的全球产量从90万辆减少到50万辆。</blockquote></p><p> As a result,&nbsp;Toyota's global production for the month will be below that of last September,&nbsp;when demand was beginning to recover from the initial stages of the coronavirus pandemic and Toyota turned out 840,000 units.</p><p><blockquote>因此，丰田本月的全球产量将低于去年9月，当时需求开始从冠状病毒大流行的初始阶段恢复，丰田产量为84万辆。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Halted Production In China For 4 Days In August Due To The Semiconductor Shortage<blockquote>因半导体短缺特斯拉8月在华停产4天</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 Halted Production In China For 4 Days In August Due To The Semiconductor Shortage<blockquote>因半导体短缺特斯拉8月在华停产4天</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-03 08:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Production output for Tesla in China has reportedly once again been halted and is being (once again) blamed on the global semiconductor shortage.</p><p><blockquote>据报道，特斯拉在华生产再次停止，并（再次）被归咎于全球半导体短缺。</blockquote></p><p> Short of the pandemic, the semi shortage has become a very convenient scapegoat, especially for the auto industry, for numerous manufacturers who have shut down production temporarily and idled plants throughout 2021.</p><p><blockquote>除了疫情，半短缺已经成为一个非常方便的替罪羊，特别是对于汽车行业来说，对于许多制造商来说，他们在2021年全年暂时关闭生产并闲置工厂。</blockquote></p><p> Tesla's Shanghai plant was halted \"for about four days\" in August, according to anew report from Reuters.</p><p><blockquote>据路透社最新报道，特斯拉上海工厂8月份停产“约四天”。</blockquote></p><p> Production is reportedly now \"back to normal\" and the halt was blamed on shortages with the availability of electronic control units, mainly for the company's Model Y.</p><p><blockquote>据报道，生产现已“恢复正常”，停产被归咎于电子控制单元的短缺，主要用于该公司的Model Y。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/088a74e39307bb5a626cdf7ae62f75c0\" tg-width=\"532\" tg-height=\"300\" width=\"100%\" height=\"auto\">In China, Tesla sold 32,968 China-made vehicles in July - this includes vehicles sold in China and vehicles exported - according to the China Passenger Car Association (CPCA). This was below the 33,155 vehicles sold in June; a number that we pointed out could have been a sign that the ship had steadied between Tesla and China - and that demand was once again rising.</p><p><blockquote>根据中国乘用车协会(CPCA)的数据，特斯拉7月份在中国销售了32,968辆中国制造的汽车，其中包括在中国销售的汽车和出口的汽车。这低于6月份的33,155辆销量；我们指出的一个数字可能表明特斯拉和中国之间的船舶已经稳定下来，并且需求再次上升。</blockquote></p><p> But July's numbers seem to indicate little, if any, growth in demand between June and July.</p><p><blockquote>但7月份的数据似乎表明6月至7月期间的需求增长甚微（如果有的话）。</blockquote></p><p> Shipments of locally made vehicles sold in China plunged, to 8,621 cars from 28,138 in June. There is generally cyclicality for automaker sales wherein the beginning of a quarter (July) comes in markedly lower than the end of the previous quarter (June).</p><p><blockquote>在中国销售的本地制造汽车出货量从6月份的28,138辆骤降至8,621辆。汽车制造商的销售通常存在周期性，季度初（7月）明显低于上一季度末（6月）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/100cff92002adb2ace977d6b7234a6b4\" tg-width=\"660\" tg-height=\"393\" width=\"100%\" height=\"auto\">PCA Secretary General Cui Dongshu said during a briefing last month: “Tesla tends to be aggressive in exports regardless of the domestic market in July. The fact that Tesla’s domestic deliveries didn’t reach 10,000 is normal and fine.”</p><p><blockquote>PCA秘书长崔东树在上个月的一次吹风会上表示：“特斯拉7月份不顾国内市场，倾向于积极出口。特斯拉国内交付量没有达到1万辆，这是正常的，也很好。”</blockquote></p><p> 24,347 of the 32,968 cars made in China were manufactured for export.</p><p><blockquote>中国制造的32,968辆汽车中有24,347辆用于出口。</blockquote></p><p> Tesla fell between BYD, who sold 50,387 China-made EVs and GM/SAIC, who sold 27.347 EVs.</p><p><blockquote>特斯拉位于比亚迪（售出50,387辆国产电动汽车）和通用/上汽（售出27.347辆电动汽车）之间。</blockquote></p><p> Recall, other automakers have slowed production due to the semi shortage, too. Wereported last monththat Toyota had slashed&nbsp;global production for September by 40% from its previous outlook. The production cut will reduce Toyota's global production for September from 900,000 automobiles to 500,000.</p><p><blockquote>回想一下，其他汽车制造商也因半成品短缺而放慢了生产速度。上个月有报道称，丰田已将9月份全球产量较之前的预期削减了40%。此次减产将使丰田9月份的全球产量从90万辆减少到50万辆。</blockquote></p><p> As a result,&nbsp;Toyota's global production for the month will be below that of last September,&nbsp;when demand was beginning to recover from the initial stages of the coronavirus pandemic and Toyota turned out 840,000 units.</p><p><blockquote>因此，丰田本月的全球产量将低于去年9月，当时需求开始从冠状病毒大流行的初始阶段恢复，丰田产量为84万辆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/tesla-halted-production-china-4-days-august-due-semiconductor-shortage?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.zerohedge.com/markets/tesla-halted-production-china-4-days-august-due-semiconductor-shortage?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103995208","content_text":"Production output for Tesla in China has reportedly once again been halted and is being (once again) blamed on the global semiconductor shortage.\nShort of the pandemic, the semi shortage has become a very convenient scapegoat, especially for the auto industry, for numerous manufacturers who have shut down production temporarily and idled plants throughout 2021.\nTesla's Shanghai plant was halted \"for about four days\" in August, according to anew report from Reuters.\nProduction is reportedly now \"back to normal\" and the halt was blamed on shortages with the availability of electronic control units, mainly for the company's Model Y.\nIn China, Tesla sold 32,968 China-made vehicles in July - this includes vehicles sold in China and vehicles exported - according to the China Passenger Car Association (CPCA). This was below the 33,155 vehicles sold in June; a number that we pointed out could have been a sign that the ship had steadied between Tesla and China - and that demand was once again rising.\nBut July's numbers seem to indicate little, if any, growth in demand between June and July.\nShipments of locally made vehicles sold in China plunged, to 8,621 cars from 28,138 in June. There is generally cyclicality for automaker sales wherein the beginning of a quarter (July) comes in markedly lower than the end of the previous quarter (June).\nPCA Secretary General Cui Dongshu said during a briefing last month: “Tesla tends to be aggressive in exports regardless of the domestic market in July. The fact that Tesla’s domestic deliveries didn’t reach 10,000 is normal and fine.”\n24,347 of the 32,968 cars made in China were manufactured for export.\nTesla fell between BYD, who sold 50,387 China-made EVs and GM/SAIC, who sold 27.347 EVs.\nRecall, other automakers have slowed production due to the semi shortage, too. Wereported last monththat Toyota had slashed global production for September by 40% from its previous outlook. The production cut will reduce Toyota's global production for September from 900,000 automobiles to 500,000.\nAs a result, Toyota's global production for the month will be below that of last September, when demand was beginning to recover from the initial stages of the coronavirus pandemic and Toyota turned out 840,000 units.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162152485,"gmtCreate":1624048817347,"gmtModify":1634023614351,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/162152485","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","kind":"news","pubTimestamp":1623988654,"share":"https://www.laohu8.com/m/news/1168762020?lang=zh_CN&edition=full","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential<blockquote>ASML：市场可能低估了其潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>  <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>  <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>  <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>  <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>预计到2028年，半导体行业的复合年增长率将达到8.6%。</li><li>预计到2025年，DUV光刻将以8.4%的CAGR增长，而EUV光刻预计到2027年将以12%的CAGR增长。</li><li>ASML在EUV领域占据垄断地位，在DUV领域面临非常有限的竞争，这两个平台对半导体制造工艺绝对至关重要。</li><li>作为真正的创新者，ASML拥有出色的地位和增长前景，但股市早已认识到其潜力。</li><li>现有股东在享受这一旅程方面做得很好，但对于潜在股东来说，几乎没有安全边际，他们可能会通过平均成本法涉足水，以从推动ASML的强劲顺风中受益。</li></ul><p class=\"t-img-caption\"><span>宏观照片/iStock来自Getty Images投资论文</span></p></blockquote></p><p> ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p><p><blockquote>ASML Holding(ASML)在其最先进的技术平台EUV光刻方面拥有无与伦比的市场地位，看不到竞争对手。同样，它在DUV内部面临的竞争非常有限，这两个平台对半导体制造都至关重要。半导体行业内家喻户晓的品牌属于制造商，但ASML等机械供应商通过广泛的技术知识和强大的工艺知识拥有非常强大的护城河，如果所有潜在竞争对手试图竞争，他们将落后数年。</blockquote></p><p> It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p><p><blockquote>很难想象有比这更好的竞争形势了，尤其是在一个预计未来许多年增长将远高于总体GDP的行业运营时。然而，市场早已认识到ASML的突出潜力和潜力之旅，但它仍然可能低估了潜力。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p><p><blockquote>我最近写了一篇关于如何不要拥有太多半导体敞口的文章。在分解了半导体制造的价值链后，我在评论区收到了许多关于ASML的问题，并决定进行跟进。我选择ASML是因为其独特的市场地位和潜力。</blockquote></p><p> Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p><p><blockquote>就我个人而言，我通过持有德州仪器(TXN)和博通公司(AVGO)的股票接触到了半导体价值链的制造水平，但进一步深入价值链，投资者可以被允许以更广泛的方式投资该行业，因为机械和软件供应商可以更广泛地接触大多数制造商，这使得它非常有趣，因为你可以采用“我真的不介意谁赢，只要他们在比赛”的口号。因此，价值链上游的潜在风险引起了极大的兴趣。</blockquote></p><p> <b>The Marketplace and Value Drivers For Years To Come</b></p><p><blockquote><b>未来几年的市场和价值驱动因素</b></blockquote></p><p> For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p><p><blockquote>对于ASML的追随者来说，这一点并不奇怪，但ASML在将推动其未来十年收入的产品中占据主导地位，即EUV（极紫外光刻）技术。我个人的看法是，在任何行业的任何地方都很难找到一家处于类似优势竞争地位的公司。ASML提供光刻设备，这是一种通过光源打印芯片特征的艺术，有多种光谱，其中最先进的是EUV，这是DUV（深紫外光刻）的下一代。对于DUV来说，尽管ASML拥有超过85%的巨大市场份额，但仍有竞争对手。DUV和EUV之间的区别在于，EUV的工作波长几乎比DUV小15倍（13.5 nm与193nm相比）。</blockquote></p><p> Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p><p><blockquote>事实上，5nm和即将到来的3nm等前沿芯片的半导体制造商非常依赖EUV机器。没有它，这根本不可能。对于那些能够制造这些机器的人来说，这听起来很划算，但只有一家公司能够做到这一点，那就是ASML。对于每一代新的EUV机器，其产量都会变得更好，吞吐量更高，停机问题也会减少，这意味着ASML实际上领先于任何试图接受挑战并挑战其主导地位的人。</blockquote></p><p> This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p><p><blockquote>这是一个一切都与流程知识有关的行业。台积电(TSM)能够生产5纳米芯片，因为它能够生产7纳米芯片，它将能够生产3纳米芯片，因为它可以生产5纳米芯片，并且已经这样做了一百万次，这也是为什么它对英特尔公司如此有害。(INTC)不得不承认其在7纳米技术方面持续存在的问题。</blockquote></p><p></p><p> Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p><p><blockquote>很简单，如果你做不到5纳米，就没有3纳米，我在上一篇文章中也讨论过。ASML也是如此，因为如果竞争对手进入EUV领域，他们将落后ASML很多年，因为他们将面临十多年前困扰ASML的EUV早期的相同问题。我附上了他们最近一次投资者日的一些插图，这次投资者日发生在2018年11月，下一次投资者日将于2021年9月举行。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。6.</span></p></blockquote></p><p> The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p><p><blockquote>上图清楚地说明了ASML在其EUV生命周期中获得的工艺知识。这也转化为每一代更好的EUV机器，其生产率的提高也证明了这一点。同样，考虑到竞争对手采用EUV技术需要多少时间和资金，我无法想象对一家公司来说还有比这更有利的竞争形势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。16.</span></p></blockquote></p><p> Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p><p><blockquote>半导体制造是一项残酷的业务，根据摩尔定律，大量的研发支出（ASML花费了60亿欧元的研发支出来发明EUV）推动芯片改进，这意味着ASML已经在研究下一代技术，称为高NA-EUV。高NA-EUV还有一段时间，下面的时间表略显过时，但其技术将显着改善EUV平台，并在本十年后为行业提供动力。开发技术、提高产量和减少停机时间需要时间，但EUV在市场扩张和利润率提高方面仍有大量机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。21.</span></p></blockquote></p><p> ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p><p><blockquote>ASML本身已经通过面向买方的附加产品和面向供应商的上游成本降低，在优化利润率方面制定了预期路径，为公司创造了一个最佳点，有效地努力实现与其更成熟的DUV平台相同的盈利能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，EUV产品和商机，第14页。25.</span></p></blockquote></p><p> If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p><p><blockquote>如果这还不够好，那么再加上这样一个事实，即半导体行业总体预计至少在2028年之前将超过总体GDP，复合年增长率为8.6%。台积电、英特尔和三星电子公司（场外交易代码：SSNLF）最近的通讯显示了该行业的实力和增长潜力，他们预计未来十年的总资本支出将超过2000亿美元，其中很大一部分将在未来几年内实现。</blockquote></p><p> As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p><p><blockquote>从上图中可以看出，ASML希望通过升级来增加客户价值，他们的DUV路线图可以作为一个例子，说明EUV的收入基础如何在未来几年扩大，就像DUV的情况一样。该公司已标记为安装基础管理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p><p><blockquote><p class=\"t-img-caption\"><span>2018年ASML投资者日，DUV产品和商机，第14页。10.</span></p></blockquote></p><p> There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p><p><blockquote>当然，总有可能有一个强有力的竞争者进入市场，试图挑战ASML，但公司在该技术处于起步阶段时就试图进入该领域，但已经放弃了，这意味着主要威胁将是一种新的光刻技术的出现，对EUV的影响就像EUV对DUV所做的那样。可能当然，很可能，没那么多。为了强调这一点，我插入了ASML自己对光刻如何发挥作用的描述中的一段话。</blockquote></p><p></p><p>   “  <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”  <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p><p><blockquote>“<i>光刻技术是制造更强大、更快、更便宜芯片的驱动力。随着半导体特征尺寸的缩小，芯片的制造变得越来越复杂，而以合适的成本大规模生产的必要性仍然存在。我们的整体光刻产品组合通过将光刻系统与计算建模以及计量和检测解决方案集成，有助于优化生产并实现可承受的收缩。光刻系统本质上是投影系统。光通过将被打印的图案的蓝图(称为“掩模”或“掩模”)投射。随着图案被编码在光中，系统的光学器件收缩并将图案聚焦到光敏硅晶片上。在打印图案之后，系统稍微移动晶片并在晶片上进行另一次复制。重复该过程，直到晶片被图案覆盖，完成晶片的一层芯片。为了制造整个微芯片，该过程一层又一层地重复，堆叠图案以创建集成电路(IC)。最简单的芯片大约有10层，而最复杂的芯片可以有超过150层。要打印的特征尺寸因层而异，这意味着不同类型的光刻系统用于不同的层——我们最新一代的EUV系统用于具有最小特征的最关键层，而ArF、KrF和i-line DUV系统用于具有较大特征的不太关键层。</i>”<i>ASML 2020年年度报告，光刻的作用，第14页。12.</i><p class=\"t-img-caption\"><span>ASML 2020年年度报告，光刻的作用，第14页。12.</span></p></blockquote></p><p> I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p><p><blockquote>我相信大多数投资者都熟悉确认偏差，如果他们不熟悉，他们应该拿本书自学。通读这一部分后，考虑到我对ASML的地位和竞争力的强烈支持，我作为作者很容易受到确认偏见的困扰。然而，我一直在努力找出可能严重影响ASML的情况，老实说，我找不到。当然，也存在与地缘政治紧张局势相关的风险，这在2016年的股价中也有所体现，目前整个行业正在发生的供应链中断的风险以及人才竞争。该公司自己在其2020年年度报告第21页中提到了这些问题，没有一个行业没有潜在风险。</blockquote></p><p> So, to sum it all up:</p><p><blockquote>所以，总结一下：</blockquote></p><p> <ul>  <li>ASML has pioneered EUV lithography, with no competitors in sight</li>  <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>  <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>  <li>Strong industry CAPEX driving demand for ASML offerings</li>  <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>  <li>ASML is a crucial player for leading edge chip manufacturing</li> </ul> Sounds pretty good to me.</p><p><blockquote><ul><li>ASML开创了EUV光刻，看不到竞争对手</li><li>EUV将使摩尔定律得以延续，并将在本十年为ASML及其客户带来长期价值</li><li>预计到2028年，半导体行业的复合年增长率将达到8.6%，超过总体GDP，ASML是制造商（代工厂）的主要供应商</li><li>强劲的行业资本支出推动了对ASML产品的需求</li><li>在装机基础管理、利润率提高以及制造商对领先芯片的EUV机械的依赖方面扩大EUV业务的前进道路</li><li>ASML是领先芯片制造的关键参与者</li></ul>对我来说听起来不错。</blockquote></p><p> The Financial Performance and Development</p><p><blockquote>财务表现及发展</blockquote></p><p> ASML is doing well for itself as evident by the illustration below.</p><p><blockquote>如下图所示，ASML自身表现良好。</blockquote></p><p> <ul>  <li>Strong revenue growth</li>  <li>Strong margin expansion</li>  <li>Strong improvement in free cash flow</li>  <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p><p><blockquote><ul><li>收入增长强劲</li><li>利润率强劲扩张</li><li>自由现金流强劲改善</li><li>令人印象深刻的运营改进通过增加研发支出和知识产权组合来加强其护城河</li></ul><p class=\"t-img-caption\"><span>2020年年度报告，第7页。</span></p></blockquote></p><p> This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p><p><blockquote>随后是2021年第一季度的强劲表现，营收和利润都令人垂涎。然而，对于2021年第二季度的业绩，他们预计收入扩张略低，为41亿欧元，毛利率为49%，仍高于长期平均水平，但更接近长期平均水平。然而，不可否认的是，该公司在当前环境下蓬勃发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。14.</span></p></blockquote></p><p> An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p><p><blockquote>一个有趣的细节是安装库管理中的开发，如本文前面所述。该公司正在兑现其承诺，该领域的强劲发展从2019年到2020年同比增长29%，远远超过18%的总增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p><p><blockquote><p class=\"t-img-caption\"><span>ASML 2021年第一季度，第14页。8.</span></p></blockquote></p><p></p><p> The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p><p><blockquote>然而，更有趣的问题是，市场估计是否低估了ASML的潜力。这是一个非常困难的问题，但如果我们看一看，我个人至少看到了这种可能性。</blockquote></p><p> Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p><p><blockquote>分析师的一致估计是低估了还是高估了ASML的潜力？</blockquote></p><p> ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p><p><blockquote>分析师对ASML的报道很好，他们提供了到2028年的预测，但一旦我们超过2025年，报道范围就会减弱，这是最后一年有超过一名分析师报道。目前的估计显示，从2020年到2028年，收入CAGR发展为11.1%，但如果我们去掉2021年的强劲增长，CAGR为6.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者自己的创作，来源寻求阿尔法。</span></p></blockquote></p><p> Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p><p><blockquote>请记住，预计到2028年，整个行业的复合年增长率将达到8.6%。这些都是带有很大不确定性的估计，没有人能够可靠地预测未来。然而，值得注意的是，如果不考虑2020年至2021年的大幅增长，ASML的收入预期将低于整个行业。目前预计2026年至2028年的平均收入增长率为3.5%。</blockquote></p><p> Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p><p><blockquote>考虑一些支持ASML前景可能更加积极的论点：</blockquote></p><p> <ul>  <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>  <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>  <li>EUV CAGR 2020-2027forecastedat 12%.</li>  <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>  <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>  <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>  <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li> </ul> This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p><p><blockquote><ul><li>通用半导体行业CAGR 2020-2028年预测为8.6%。</li><li>DUV CAGR 2020-2025预测为8.4%，仍然是ASML最大的产品类别。</li><li>EUV CAGR 2020-2027年预测为12%。</li><li>ASML是通过技术进步解决芯片短缺的关键参与者，其机器定义了我们日常生活中使用的每一个电子设备的性能。</li><li>ASML在通过“安装基础管理”扩大其机械生态系统的计划方面取得了进展，使总目标市场增加了两位数以上的百分比，因为2018年的销售额占安装基础管理的20%，2025年的估计为50%。</li><li>ASML在DUV沉浸式细分市场占据主导地位，这是DUV利润率较高的部分，因为其在DUV的两个唯一竞争对手尼康和佳能缺乏手段和能力。</li><li>随着市场向EUV过渡，对DUV的需求将随之而来，因为芯片堆叠工艺通过其制造从这两种系统中受益。</li></ul>这还没有提到潜在的价格上涨可能会渗透到其客户身上，因为他们可能会争夺ASML的产能，因为ASML在DUV中占据85%的强大市场地位以及在EUV中的垄断地位，同时也在中期将高NA-EUV推向市场。这十年。如今，客户为EUV机器支付大约1.3-1.5亿美元，而DUV机器的价格约为1亿美元。ASML超额交付的最大障碍是其目前交付EUV系统的能力限制，每年交付EUV系统的能力限制在40到50个系统之间，随着多年来需求的增加，该公司当然会努力扩大这一能力限制。另一方面，随着ASML努力扩大产能，这也可能成为价格上涨的驱动力。</blockquote></p><p> I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p><p><blockquote>我不会试图构建一个更大胆的收入指引，因为这是一个廉价的机会，坦率地说，没有人有能力准确预测当前的预期是否成立，或者它们是否过于积极或消极。我只想强调，考虑到正在发生的一切以及ASML的市场地位，我认为该公司的表现比目前预期的更好并不是不合理的。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p><p><blockquote>该股价距离52周高点仅一英寸，自2020年初以来一直在上涨，自2020年10月以来真正起飞，此后已翻了一番。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p><p><blockquote>尽管每股收益和收入强劲改善，但所有其他参数都出现了爆炸式增长，市盈率也大幅扩大。股市早已认识到ASML的故事和潜力，华尔街分析师目前的目标是每股722美元。公平地说，如果分析师的预测是正确的，就没有安全边际。有趣的是，在提供价格目标的30名分析师中，非常看涨的比例自2016年以来从未如此之高，其中56%的分析师表示非常看涨。在相信此类言论时保持谨慎是一种心理锻炼，尤其是因为该股在过去几年中只知道一个方向——向上。</blockquote></p><p></p><p> The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p><p><blockquote>如下图所示，当考虑到五年的时间范围时，典型比率扩张的重要性是显而易见的。市盈率和市盈率均大幅上涨，分别为55和15.7。然而，与三年前相比，该公司的处境截然不同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p><p><blockquote>收入增长速度明显快于以前，毛利率和自由现金流也有所改善。由于这一积极的发展，ASML还通过2021年100亿欧元的股票回购计划向股东返还了大量资本，不幸的是，这仅相当于当前流通量减少了0.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p><p><blockquote>对ASML未来几年的预测也清楚地表明了人们对ASML未来的坚定信心，由于该公司强大的投资组合和市场主导地位，近年来该预测一直在稳步攀升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p><p><blockquote>综上所述，我相信目前的股东在持有现有股份方面做得很好，因为这家公司前景广阔。去年我一直在关注ASML，我非常难过地说，我从未抽出时间仔细研究过它，只是从远处看了看，并得出结论，该股可能会出现良好的回调在某一点上。我一点也不知道。</blockquote></p><p> As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p><p><blockquote>正如彼得·林奇（Peter Lynch）的名言，“投资者为调整做准备或试图预测调整而损失的资金远远多于调整本身损失的资金”，对于像我这样没有及时采取行动的人来说也是如此。我仍然对ASML的前景和潜在旅程非常着迷，但以目前的价格，我仍然对前景和缺乏安全边际犹豫不决。</blockquote></p><p> There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p><p><blockquote>ASML的估值有很大的增长潜力，如果要加上当前的水平，我会说美元成本平均法对于当前价格来说是一种谨慎的策略，同时保留备份的可能性如果我们在2021年底之前看到回调，卡车将满载。</blockquote></p><p> As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p><p><blockquote>从下面可以看出，ASML每年经历一两次10%的挫折并不罕见。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p><p><blockquote>ASML在其两个主要产品DUV和EUV光刻中占据主导地位。它的市场得到了令人难以置信的强劲推动力的支持，因为我们所有的小工具、电动汽车、5G、数据中心、云服务器等。严重依赖ASML提供的技术平台。一家真正的创新者，看不到真正的竞争，为预计到2028年复合年增长率为8.6%的行业提供机械和工具，其DUV和EUV平台的增长可能会更强劲，同时预计利润率也会扩大。</blockquote></p><p> There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p><p><blockquote>ASML没什么不好说的，但不幸的是，股市早已认识到其惊人的故事和潜力。在如此强劲的前景下，现有股东在持有股票并享受未来的旅程方面做得很好，但对于潜在股东来说，随着市值的大幅扩大，似乎还有一点安全边际。最近，该股的交易价格距离52周高点仅一英寸。</blockquote></p><p> As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</p><p><blockquote>正如彼得·林奇（Peter Lynch）所说，“投资者准备调整或试图预测调整所损失的资金远远超过调整本身所损失的资金。”当我从远处看ASML很长一段时间时，我已经成为了这个谬论的受害者。尽管最近市值和市盈率有所扩大，但目前的估计可能低估了ASML的真正潜力，但任何延长到未来5-10年的预测都带有极大的不确定性和猜测。正如我所展示的，ASML的股价每年容易出现一到两次挫折，这使得平均成本法可以作为一种方法来获得该公司的风险敞口，并在此过程中慢慢建立头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":698241808,"gmtCreate":1640421103692,"gmtModify":1640421105340,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698241808","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":2861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698889179,"gmtCreate":1640339017806,"gmtModify":1640339019426,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698889179","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606872718,"gmtCreate":1638865353960,"gmtModify":1638865358517,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606872718","repostId":"1131979330","repostType":4,"isVote":1,"tweetType":1,"viewCount":3045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":885092418,"gmtCreate":1631742099434,"gmtModify":1631884270352,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885092418","repostId":"2167565687","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886149670,"gmtCreate":1631577305090,"gmtModify":1631884270355,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/886149670","repostId":"1178276551","repostType":4,"repost":{"id":"1178276551","kind":"news","pubTimestamp":1631574947,"share":"https://www.laohu8.com/m/news/1178276551?lang=zh_CN&edition=full","pubTime":"2021-09-14 07:15","market":"us","language":"en","title":"S&P 500 snaps losing streak with tax hikes, inflation data on horizon<blockquote>标普500通过增税和通胀数据结束连跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178276551","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investo","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.</p><p><blockquote>路透纽约3月1日电——标普500周一收高，结束五连跌，因投资者关注潜在的公司税上调和即将公布的经济数据。</blockquote></p><p> The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.</p><p><blockquote>道琼斯工业平均指数也上涨，但纳斯达克综合指数收低。</blockquote></p><p> Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.</p><p><blockquote>投资者更青睐价值而非增长，股市将从经济复苏中受益最多，涨幅最大。</blockquote></p><p> “There are probably not a lot of positive surprises coming this month,” said Liz Young, head of investment strategy at SoFi in New York. “We’re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young表示：“本月可能不会有太多积极的惊喜。”“我们正在经历另一个波动时期，我认为随着10年期债券利率在年底前慢慢走高，轮动可能会回到周期性和重新开放的交易。”</blockquote></p><p> Market participants are focused on the likely passage of U.S. President Joe Biden’s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.</p><p><blockquote>市场参与者关注美国总统拜登的3.5万亿美元预算方案可能获得通过，预计其中包括拟议将企业税率从21%上调至26.5%。</blockquote></p><p> Goldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&amp;P 500 earnings by 5% in 2022.</p><p><blockquote>高盛分析师预计，企业税率将提高至25%，外国收入税率拟议上调的约一半将获得通过，他们估计这将使标普500 2022年的盈利减少5%。</blockquote></p><p> The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.</p><p><blockquote>美国劳工部将于周二发布消费者价格指数数据，这可能会进一步揭示当前的通胀浪潮，以及它是否像美联储坚称的那样是暂时的。</blockquote></p><p> “I don’t see inflation settling back down under 2% where it was pre-pandemic,” Young added. “Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before.”</p><p><blockquote>杨补充道：“我认为通胀率不会回落到大流行前的2%以下。”“即使其中一些过渡力量减弱，我们仍将保持比以前更高的速度。”</blockquote></p><p> Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.</p><p><blockquote>本周公布的其他关键指标包括零售销售和消费者信心，这可能表明经济重新参与推动的需求繁荣在多大程度上受到了高度传染性的COVID-19德尔塔变异毒株的抑制。</blockquote></p><p> The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&amp;P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.</p><p><blockquote>道琼斯工业平均指数上涨261.91点，涨幅0.76%，至34,869.63点；标普500上涨10.15点，涨幅0.23%，至4,468.73点；纳斯达克综合指数下跌9.91点，涨幅0.07%，至15,105.58点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.</p><p><blockquote>在标普500 11个主要板块中，医疗保健板块跌幅最大，而受原油价格上涨提振的能源板块涨幅最大。</blockquote></p><p> Shares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.</p><p><blockquote>在专家表示不广泛需要新冠加强注射后，疫苗制造商Moderna和辉瑞公司的股价分别下跌6.6%和2.2%。</blockquote></p><p> Coinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.</p><p><blockquote>Coinbase Global Inc宣布计划通过发债筹集约15亿美元，旨在为产品开发和潜在收购提供资金。加密货币交易所股价下跌2.2%。</blockquote></p><p> Salesforce.com Inc dipped 1.2% as rival Freshworks Inc’s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.</p><p><blockquote>Salesforce.com Inc下跌1.2%，竞争对手Freshworks Inc的监管文件显示，这家业务参与和客户参与软件公司的目标是在美国首次亮相时估值接近90亿美元。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.60比1；在纳斯达克，1.02比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.</p><p><blockquote>标普500创下12个52周新高和1个新低；纳斯达克综合指数录得53个新高和71个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为103亿股，而过去20个交易日的平均成交量为92.9亿股。</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\">\nS&P 500 snaps losing streak with tax hikes, inflation data on horizon<blockquote>标普500通过增税和通胀数据结束连跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-14 07:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.</p><p><blockquote>路透纽约3月1日电——标普500周一收高，结束五连跌，因投资者关注潜在的公司税上调和即将公布的经济数据。</blockquote></p><p> The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.</p><p><blockquote>道琼斯工业平均指数也上涨，但纳斯达克综合指数收低。</blockquote></p><p> Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.</p><p><blockquote>投资者更青睐价值而非增长，股市将从经济复苏中受益最多，涨幅最大。</blockquote></p><p> “There are probably not a lot of positive surprises coming this month,” said Liz Young, head of investment strategy at SoFi in New York. “We’re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.”</p><p><blockquote>纽约SoFi投资策略主管Liz Young表示：“本月可能不会有太多积极的惊喜。”“我们正在经历另一个波动时期，我认为随着10年期债券利率在年底前慢慢走高，轮动可能会回到周期性和重新开放的交易。”</blockquote></p><p> Market participants are focused on the likely passage of U.S. President Joe Biden’s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.</p><p><blockquote>市场参与者关注美国总统拜登的3.5万亿美元预算方案可能获得通过，预计其中包括拟议将企业税率从21%上调至26.5%。</blockquote></p><p> Goldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&amp;P 500 earnings by 5% in 2022.</p><p><blockquote>高盛分析师预计，企业税率将提高至25%，外国收入税率拟议上调的约一半将获得通过，他们估计这将使标普500 2022年的盈利减少5%。</blockquote></p><p> The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.</p><p><blockquote>美国劳工部将于周二发布消费者价格指数数据，这可能会进一步揭示当前的通胀浪潮，以及它是否像美联储坚称的那样是暂时的。</blockquote></p><p> “I don’t see inflation settling back down under 2% where it was pre-pandemic,” Young added. “Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before.”</p><p><blockquote>杨补充道：“我认为通胀率不会回落到大流行前的2%以下。”“即使其中一些过渡力量减弱，我们仍将保持比以前更高的速度。”</blockquote></p><p> Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.</p><p><blockquote>本周公布的其他关键指标包括零售销售和消费者信心，这可能表明经济重新参与推动的需求繁荣在多大程度上受到了高度传染性的COVID-19德尔塔变异毒株的抑制。</blockquote></p><p> The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&amp;P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.</p><p><blockquote>道琼斯工业平均指数上涨261.91点，涨幅0.76%，至34,869.63点；标普500上涨10.15点，涨幅0.23%，至4,468.73点；纳斯达克综合指数下跌9.91点，涨幅0.07%，至15,105.58点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.</p><p><blockquote>在标普500 11个主要板块中，医疗保健板块跌幅最大，而受原油价格上涨提振的能源板块涨幅最大。</blockquote></p><p> Shares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.</p><p><blockquote>在专家表示不广泛需要新冠加强注射后，疫苗制造商Moderna和辉瑞公司的股价分别下跌6.6%和2.2%。</blockquote></p><p> Coinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.</p><p><blockquote>Coinbase Global Inc宣布计划通过发债筹集约15亿美元，旨在为产品开发和潜在收购提供资金。加密货币交易所股价下跌2.2%。</blockquote></p><p> Salesforce.com Inc dipped 1.2% as rival Freshworks Inc’s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.</p><p><blockquote>Salesforce.com Inc下跌1.2%，竞争对手Freshworks Inc的监管文件显示，这家业务参与和客户参与软件公司的目标是在美国首次亮相时估值接近90亿美元。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.60比1；在纳斯达克，1.02比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.</p><p><blockquote>标普500创下12个52周新高和1个新低；纳斯达克综合指数录得53个新高和71个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为103亿股，而过去20个交易日的平均成交量为92.9亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon-idUSL1N2QF2DB\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon-idUSL1N2QF2DB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178276551","content_text":"NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.\nThe Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.\nInvestors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.\n“There are probably not a lot of positive surprises coming this month,” said Liz Young, head of investment strategy at SoFi in New York. “We’re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.”\nMarket participants are focused on the likely passage of U.S. President Joe Biden’s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.\nGoldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&P 500 earnings by 5% in 2022.\nThe Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.\n“I don’t see inflation settling back down under 2% where it was pre-pandemic,” Young added. “Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before.”\nOther key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.\nThe Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.\nOf the 11 major sectors in the S&P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.\nShares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.\nCoinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.\nSalesforce.com Inc dipped 1.2% as rival Freshworks Inc’s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.\nThe S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.\nVolume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":600640429,"gmtCreate":1638150306462,"gmtModify":1638150307071,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600640429","repostId":"1124072014","repostType":4,"repost":{"id":"1124072014","kind":"news","pubTimestamp":1638140765,"share":"https://www.laohu8.com/m/news/1124072014?lang=zh_CN&edition=full","pubTime":"2021-11-29 07:06","market":"us","language":"en","title":"November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124072014","media":"yahoo","summary":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor","content":"<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>November jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovember jobs report: What to know this week<blockquote>11月就业报告：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-11-29 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.</p><p><blockquote>随着投资者从感恩节缩短的交易周回归，焦点将转向美国劳动力市场。</blockquote></p><p> The Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.</p><p><blockquote>美国劳工部将于周五发布的月度就业报告将提供美国经济中招聘和劳动力参与实力的最新快照。经济学家一致认为，11月份将有50万个工作岗位回归，招聘速度仅较10月份的531,000个略有放缓。失业率也有望从10月的4.6%进一步改善至4.5%，达到2020年3月以来的最低水平。</blockquote></p><p> \"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.</p><p><blockquote>凯投宏观(Capital Economics)首席北美经济学家保罗·阿什沃斯(Paul Ashworth)写道：“我们预计11月份非农就业人数将增加50万人，但冬季新冠疫情风险不断增加以及可用工人供应减少将很快拖累就业增长。”，在上周的一份报告中。</blockquote></p><p> \"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply could<i>worsen</i>over the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"</p><p><blockquote>“除非劳动力出现更显著的复苏，否则就业增长不可能以这种速度持续太久。如果说有什么不同的话，那就是劳动力供应可以<i>恶化</i>随着覆盖1亿工人的联邦疫苗授权于1月4日开始，未来几个月，”阿什沃斯补充道。“这表明工资增长将保持强劲，我们预计10月份平均时薪将[环比]增长0.4%。”</blockquote></p><p> On a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.</p><p><blockquote>与去年同期相比，平均时薪预计将增长5.0%，继10月份已经显着增长4.9%之后进一步加速，这是自2月份以来最快的工资增长率。</blockquote></p><p> Growing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.</p><p><blockquote>平均工资增长和劳动力市场紧张虽然对消费者及其消费能力有利，但也引发了人们对持续通胀的担忧。上周经济分析局公布的10月份个人消费支出(PCE)平减指数显示，该指数年率上涨5.0%，创1990年以来最大涨幅。核心PCE（即美联储首选的剔除波动较大的食品和能源价格的通胀指标）同比上涨4.1%，为三十年来的最高水平。</blockquote></p><p> Other recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.</p><p><blockquote>最近的其他数据集中在紧张的劳动力市场上，并预示着11月份就业报告可能强劲。上周首次申请失业救济人数降至19.9万人的52年低点，打破了之前大流行时期的低点和大流行前新首次申请失业救济人数的平均值。这再次凸显了美国雇主之间对劳动力的激烈竞争，在劳动力普遍短缺的情况下，公司试图雇用和留住现有劳动力。</blockquote></p><p> Even given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.</p><p><blockquote>即使考虑到这些挥之不去的短缺，劳动力参与率仍未恢复到大流行前的水平。与2020年2月相比，平民劳动力仍减少了近300万参与者，对病毒的担忧挥之不去，许多工作年龄的人渴望寻找具有更好灵活性和福利的新角色，这仍然使许多人处于劳动力的边缘。经济学家普遍预计，11月份劳动力参与率仅略有上升，达到61.7%，高于10月份的61.6%，但远低于2020年2月的63.3%。</blockquote></p><p> Returning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.</p><p><blockquote>让经济回到大流行前的劳动力参与水平，并确保不同群体公平地看到就业增长，已成为美联储的一个重点关注点。在这些方面仍有待弥补的距离也是美联储货币政策支持保持超宽松的最大因素，即使在一系列高于预期的通胀报告似乎需要采取更强硬的政策倾斜美联储主席杰罗姆·鲍威尔再次被提名继续担任央行行长进一步表明，美联储将继续关注劳动力市场，将其作为货币政策的关键信息因素。</blockquote></p><p> \"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"</p><p><blockquote>德意志银行经济学家贾斯汀·魏德纳(Justin Weidner)上周在一份报告中写道：“由于有证据表明通胀压力上升可能会持续更长时间，市场对美联储未来加息的看法已大幅提前。”“然而，正如鲍威尔主席11月新闻发布会所表明的那样，劳动力市场恢复最大就业的前景仍然是美联储最终何时开始积极收紧货币政策的关键考虑因素。”</blockquote></p><p> Economic calendar</p><p><blockquote>经济日历</blockquote></p><p> <ul>  <li><b>Monday:</b>Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)</p><p><blockquote><ul><li><b>星期一：</b>10月份待售房屋环比（预期0.7%，9月份-2.3%）；11月达拉斯联储制造业活动指数（预期17.0，10月14.6）</li></ul></blockquote></p><p></p><p></li>  <li><b>Tuesday:</b>FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)</p><p><blockquote><li><b>星期二：</b>9月FHFA房价指数环比（预期为1.2%，8月为1.0%）；S&amp;P CoreLogic Case-Shiller 20城综合指数，9月环比（预期1.30%，8月1.17%）；S&amp;P CoreLogic Case-Shiller 20城市综合指数，9月（上月为19.66%）；11月MNI芝加哥PMI（预期67.0，10月68.4）；世界大型企业联合会11月消费者信心指数（预期110.0，10月113.8）</li></blockquote></p><p></li>  <li><b>Wednesday:</b>MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book</p><p><blockquote><li><b>星期三：</b>MBA抵押贷款申请，11月26日（前一周为1.8%）；11月ADP就业变化（预期51.5万人，10月57.1万人）；Markit美国制造业PMI，11月终值（上月为59.1）；10月份建筑支出环比（预期0.5%，9月份-0.5%）；ISM制造业，11月（预期61.0，10月60.8）；美联储发布褐皮书</li></blockquote></p><p></li>  <li><b>Thursday:</b>Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)</p><p><blockquote><li><b>星期四：</b>挑战者裁员，11月（10月-71.7%）；截至11月27日当周首次申请失业救济人数（前一周为199,000人）；11月20日持续申请失业救济人数（前一周为2.049）</li></blockquote></p><p></li>  <li><b>Friday:</b>Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)</p><p><blockquote><li><b>星期五：</b>11月非农就业人数变化（预期50万，10月53.1万）；11月失业率（预期4.5%，10月4.6%）；11月平均时薪环比（预期0.4%，10月0.4%）；11月平均时薪同比（预期5.0%，10月4.9%）；Markit美国服务业PMI，11月最终数据（上一期为57.0）；Markit美国综合PMI，11月最终数据（上一期为56.5）；ISM服务业指数，11月（预期65.0，10月66.7）；10月工厂订单（预期0.5%，9月0.2%）；耐用品订单，10月份最终（上次打印为-0.5%）</li></blockquote></p><p></li> </ul> Earnings calendar</p><p><blockquote>盈利日历</blockquote></p><p> <ul>  <li><b>Monday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><ul><li><b>星期一：</b><i>没有计划发布值得注意的报告</i></li></ul></blockquote></p><p></li>  <li><b>Tuesday:</b>Salesforce.com (CRM) after market close</p><p><blockquote><li><b>星期二：</b>Salesforce.com(CRM)收盘后</li></blockquote></p><p></li>  <li><b>Wednesday:</b>PVH Corp. (PVH) after market close</p><p><blockquote><li><b>星期三：</b>PVH Corp.(PVH)收盘后</li></blockquote></p><p></li>  <li><b>Thursday:</b>Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close</p><p><blockquote><li><b>星期四：</b>Dollar General(DG)、Kroger(KR)开盘前；Ulta Beauty(ULTA)收盘后</li></blockquote></p><p></li>  <li><b>Friday:</b><i>No notable reports scheduled for release</i></p><p><blockquote><li><b>星期五：</b><i>没有计划发布值得注意的报告</i></li></blockquote></p><p></li> </ul></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html\">yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://finance.yahoo.com/news/november-jobs-report-what-to-know-this-week-144428419.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124072014","content_text":"As investors return from the Thanksgiving-shortened trading week, focus will shift to the U.S. labor market.\nThe Labor Department's monthly jobs report due for release on Friday is set to provide an updated snapshot of the strength in hiring and labor force participation in the U.S. economy. Consensus economists are looking for a half-million jobs to have returned in November, with the pace of hiring slowing only slightly from October's 531,000 gain. The unemployment rate is also expected to improve further to 4.5% from October's 4.6%, reaching the lowest level since March 2020.\n\"We expect non-farm payrolls to have risen by 500,000 in November, but the growing risk of a winter COVID wave and a dwindling supply of available workers will weigh on jobs growth soon,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note last week.\n\"Employment growth can’t continue at this pace for much longer unless the labor force stages a more notable recovery. If anything, labor supply couldworsenover the coming months as the federal vaccine mandate covering 100 [million] workers begins on January 4,\" Ashworth added. \"That suggests wage growth will remain strong, and we expect a 0.4% [month-over-month] rise in average hourly earnings in October.\"\nOn a year-over-year basis, average hourly earnings are expected to rise by 5.0%, accelerating even further after October's already marked 4.9% rise and representing the fastest wage growth rate since February.\nGrowing average wages and a tight labor market — while a positive for consumers and their ability to spend — has also stoked concerns over persistent inflation. Last week's Personal Consumption Expenditures (PCE) deflator from the Bureau of Economic Analysis for October showed an annual jump of 5.0% in the index, or the biggest rise since 1990. And the core PCE, or the Fed's preferred inflation gauge stripping out volatile food and energy prices, rose by 4.1% year-over-year — the most in three decades.\nOther recent data have homed in on the tight labor market and presaged a potentially strong November jobs report. Last week'sinitial jobless claims fell to a 52-year low of 199,000, taking out both the prior pandemic-era low and pre-pandemic average for new first-time filings. This served as yet another point underscoring the steep competition for labor among U.S. employers, with companies attempting to hire and retain their existing workforces amid widespread labor shortages.\nEven given these lingering scarcities, the labor force participation rate has yet to return to pre-pandemic levels. The civilian labor force was still down by nearly 3 million participants compared to February 2020, with lingering concerns over the virus and adesire by many working-age individuals to seek out new roles with better flexibility and benefitsstill keeping many individuals on the sidelines of the workforce. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but coming in well below the 63.3% rate from February 2020.\nReturning the economy back to pre-pandemic labor force participation levels and ensuring job gains are seen equitably across different groups has become a key focus for the Federal Reserve. And the distance still left to make up on these fronts has also been the biggest factor keeping the Fed ultra-accommodative with its monetary policy support, even after a parade of hotter-than-expected inflation reports that would appear to warrant a more hawkish policy tilt and a quicker-than-expected hike to interest rates.Fed Chair Jerome Powell's renomination to remain as head of the central bankfurther suggests the Fed's focus on the labor market as a critical informing factor for monetary policy will remain.\n\"Market views for future Fed rate increases have been pulled forward aggressively in response to evidence that elevated inflation pressures are likely to persist for longer,\" wrote Deutsche Bank economist Justin Weidner in a note last week. \"However, as Chair Powell's November press conference made evident, prospects for the labor market to return to maximum employment remain a critical consideration for when the Fed will eventually begin to actively tighten monetary policy.\"\nEconomic calendar\n\nMonday:Pending home sales, month-over-month, October (0.7% expected, -2.3% in September); Dallas Federal Reserve Manufacturing Activity Index, November (17.0 expected, 14.6 in October)\nTuesday:FHFA House Price Index, month-over-month, September (1.2% expected, 1.0% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, September (1.30% expected, 1.17% in August); S&P CoreLogic Case-Shiller 20-City Composite Index, September (19.66% during prior month); MNI Chicago PMI, November (67.0 expected, 68.4 in October); Conference Board Consumer Confidence Index, November (110.0 expected, 113.8 in October)\nWednesday:MBA Mortgage Applications, November 26 (1.8% during prior week); ADP Employment Change, November (515,000 expected, 571,000 in October); Markit U.S. Manufacturing PMI, November final (59.1 during prior month); Construction Spending, month-over-month, October (0.5% expected, -0.5% in September); ISM Manufacturing, November (61.0 expected, 60.8 in October); Federal Reserve releases Beige Book\nThursday:Challenger job cuts, November (-71.7% in October); Initial jobless claims, week ended Nov. 27 (199,000 during prior week); Continuing claims, Nov. 20 (2.049 during prior week)\nFriday:Change in non-farm payrolls, November (500,000 expected, 531,000 in October); Unemployment rate, November (4.5% expected, 4.6% in October); Average Hourly Earnings, month-over-month, November (0.4% expected, 0.4% in October); Average Hourly Earnings, year-over-year, November (5.0% expected, 4.9% in October); Markit U.S. Services PMI, November final (57.0 in prior print); Markit U.S. Composite PMI, November final (56.5 in prior print); ISM Services Index, November (65.0 expected, 66.7 in October); Factory Orders, October (0.5% expected, 0.2% in September); Durable Goods Orders, October final (-0.5% in prior print)\n\nEarnings calendar\n\nMonday:No notable reports scheduled for release\nTuesday:Salesforce.com (CRM) after market close\nWednesday:PVH Corp. (PVH) after market close\nThursday:Dollar General (DG), Kroger (KR) before market open; Ulta Beauty (ULTA) after market close\nFriday:No notable reports scheduled for release","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842763333,"gmtCreate":1636245573019,"gmtModify":1636245575192,"author":{"id":"3578903100181699","authorId":"3578903100181699","name":"Lamborghini1","avatar":"https://static.tigerbbs.com/f8b24a649554234324e1e33be42fc25f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578903100181699","idStr":"3578903100181699"},"themes":[],"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842763333","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1636104081,"share":"https://www.laohu8.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</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. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}