2b4b2774的个人主页 - 老虎社区

2b4b2774

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2021-10-27

$Merck(MRK)$😬😬😬

2021-10-27

$Direxion Moonshot Innovators ETF(MOON)$🥲🥲🥲

2021-10-06

$Merck(MRK)$Good buy!

2021-05-11

Sadded

抱歉，原内容已删除

2021-05-11

Wow

抱歉，原内容已删除

2021-04-23

Oh no

抱歉，原内容已删除

2021-04-23

Good

抱歉，原内容已删除

2021-04-23

Wow! 👏🏻

2021-04-22

👌🏻Tesla

2021-04-22

$ARK Innovation ETF(ARKK)$👍🏻

2021-03-29

Yes

Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>

2021-03-29

Wow

抱歉，原内容已删除

2021-03-29

GameStop hmmm

抱歉，原内容已删除

2021-03-29

What is this?

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

2021-03-26

👌🏻👌🏻👌🏻

2021-03-26

$Alphabet(GOOGL)$👏🏻

2021-03-24

Hmmm

TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote>

2021-03-24

$Salesforce.com(CRM)$👍🏻

2021-03-23

👏🏻👏🏻

抱歉，原内容已删除

2021-03-23

Wow

Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>

去老虎APP查看更多动态

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👏🏻","listText":"Wow! 👏🏻","text":"Wow! 👏🏻","images":[{"img":"https://static.tigerbbs.com/5f10c3a40887a1cc617973320f2ef4f8","width":"1125","height":"2662"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372195626","isVote":1,"tweetType":1,"viewCount":3169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":376180025,"gmtCreate":1619097575667,"gmtModify":1631891017030,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"👌🏻Tesla&nbsp;","listText":"👌🏻Tesla&nbsp;","text":"👌🏻Tesla","images":[{"img":"https://static.tigerbbs.com/f44503000981ffc2b30ce8eeaf4281db","width":"1125","height":"2831"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/376180025","isVote":1,"tweetType":1,"viewCount":2460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":378255725,"gmtCreate":1619047613367,"gmtModify":1631887109165,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a 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ETF(ARKK)$👍🏻","images":[{"img":"https://static.tigerbbs.com/b03104dde8cfa9f75949c9b77605ab79","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378255725","isVote":1,"tweetType":1,"viewCount":1790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":352758342,"gmtCreate":1617007218086,"gmtModify":1631891017034,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352758342","repostId":"1111732743","repostType":4,"repost":{"id":"1111732743","kind":"news","pubTimestamp":1617007087,"share":"https://www.laohu8.com/m/news/1111732743?lang=zh_CN&edition=full","pubTime":"2021-03-29 16:38","market":"us","language":"en","title":"Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111732743","media":"Oilprice","summary":"Many investors are already aware of the fact that China is the world's most dominant player in the s","content":"<p>Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese with<b>First Solar</b>(NASDAQ:FSLR) and<b>SunPower</b>(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.</p><p><blockquote>许多投资者已经意识到，中国是太阳能和清洁能源领域全球最具主导地位的参与者。10家最大的太阳能设备制造商中有8家是中国制造商<b>First Solar</b>（纳斯达克：FSLR）和<b>太阳电源</b>（纳斯达克：SPWR）精英中唯一的美国代表。不过，这并不是因为缺乏尝试——在新千年第一个十年中期开始的第一波可再生能源转型中，硅谷向清洁能源企业注入了数百亿美元。</blockquote></p><p> Yet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.</p><p><blockquote>然而，清洁技术1.0是一场灾难，这一事实仍然像十五年前投资者杏仁核上的瘀伤一样挥之不去。</blockquote></p><p> According to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.</p><p><blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote></p><p> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.</p><p><blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote></p><p> Which makes this year's clean energy selloff all the more seem like<i>déjà vu.</i></p><p><blockquote>这使得今年的清洁能源抛售看起来更加<i>见过。</i></blockquote></p><p> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,<b>iShares Global Clean Energy ETF</b>(ICLN), down 20.4% in the year-to-date while its solar peer<b>Invesco Solar Portfolio ETF</b>(TAN) is down 17.1% over the timeframe.</p><p><blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，<b>iShares全球清洁能源ETF</b>(ICLN)，今年迄今下跌20.4%，而其太阳能同行<b>景顺太阳能投资组合ETF</b>(TAN)在此期间下跌了17.1%。</blockquote></p><p> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.</p><p><blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote></p><p> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:</p><p><blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote></p><p> <i>\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category</i>.\"</p><p><blockquote><i>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择</i>.\"</blockquote></p><p> But as this year's correction proves, this is by no means going to be a walk in the park.</p><p><blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote></p><p> <b>China's success</b></p><p><blockquote><b>中国的成功</b></blockquote></p><p> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.</p><p><blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote></p><p> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.</p><p><blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote></p><p> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.</p><p><blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote></p><p> <b>Learning from China</b></p><p><blockquote><b>向中国学习</b></blockquote></p><p> But, finally, Silicon Valley is getting its act together.</p><p><blockquote>但是，最终，硅谷正在齐心协力。</blockquote></p><p> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.</p><p><blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote></p><p> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.</p><p><blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote></p><p> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).</p><p><blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote></p><p></p><p> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startup<b>QuantumScape</b>, which was backed by<b>Breakthrough Energy Ventures</b>—a $2 billion fund by Silicon Valley tech heavyweights including<b>Microsoft Inc.</b>(NASDAQ:MSFT) and<b>Amazon Inc.</b>(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.</p><p><blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司<b>量子景观</b>，由<b>突破能源风险投资公司</b>-由硅谷科技巨头投资的20亿美元基金，包括<b>微软公司。</b>（纳斯达克：MSFT）和<b>亚马逊公司。</b>（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote></p><p> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.</p><p><blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote></p><p> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore miner<b>Vale S.E.</b>(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.</p><p><blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商<b>淡水河谷公司。</b>（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote></p><p> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.</p><p><blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote></p><p> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.</p><p><blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote></p><p> Companies supporting decarbonization have clearly been outperforming their more conservative peers.</p><p><blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times</p><p><blockquote>资料来源：金融时报</blockquote></p><p> <b>Government support</b></p><p><blockquote><b>政府支持</b></blockquote></p><p> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.</p><p><blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote></p><p> For instance, the U.S. solar sector now has the full backing of the government.</p><p><blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote></p><p> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.</p><p><blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote></p><p> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.</p><p><blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote></p><p> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.</p><p><blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote></p><p> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.</p><p><blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote></p><p> It's a one-way street that investors will have to travel.</p><p><blockquote>这是投资者必须走的单行道。</blockquote></p><p></p>","source":"lsy1606109400967","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>Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</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\">\nCan Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-03-29 16:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese with<b>First Solar</b>(NASDAQ:FSLR) and<b>SunPower</b>(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.</p><p><blockquote>许多投资者已经意识到，中国是太阳能和清洁能源领域全球最具主导地位的参与者。10家最大的太阳能设备制造商中有8家是中国制造商<b>First Solar</b>（纳斯达克：FSLR）和<b>太阳电源</b>（纳斯达克：SPWR）精英中唯一的美国代表。不过，这并不是因为缺乏尝试——在新千年第一个十年中期开始的第一波可再生能源转型中，硅谷向清洁能源企业注入了数百亿美元。</blockquote></p><p> Yet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.</p><p><blockquote>然而，清洁技术1.0是一场灾难，这一事实仍然像十五年前投资者杏仁核上的瘀伤一样挥之不去。</blockquote></p><p> According to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.</p><p><blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote></p><p> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.</p><p><blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote></p><p> Which makes this year's clean energy selloff all the more seem like<i>déjà vu.</i></p><p><blockquote>这使得今年的清洁能源抛售看起来更加<i>见过。</i></blockquote></p><p> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,<b>iShares Global Clean Energy ETF</b>(ICLN), down 20.4% in the year-to-date while its solar peer<b>Invesco Solar Portfolio ETF</b>(TAN) is down 17.1% over the timeframe.</p><p><blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，<b>iShares全球清洁能源ETF</b>(ICLN)，今年迄今下跌20.4%，而其太阳能同行<b>景顺太阳能投资组合ETF</b>(TAN)在此期间下跌了17.1%。</blockquote></p><p> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.</p><p><blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote></p><p> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:</p><p><blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote></p><p> <i>\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category</i>.\"</p><p><blockquote><i>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择</i>.\"</blockquote></p><p> But as this year's correction proves, this is by no means going to be a walk in the park.</p><p><blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote></p><p> <b>China's success</b></p><p><blockquote><b>中国的成功</b></blockquote></p><p> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.</p><p><blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote></p><p> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.</p><p><blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote></p><p> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.</p><p><blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote></p><p> <b>Learning from China</b></p><p><blockquote><b>向中国学习</b></blockquote></p><p> But, finally, Silicon Valley is getting its act together.</p><p><blockquote>但是，最终，硅谷正在齐心协力。</blockquote></p><p> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.</p><p><blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote></p><p> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.</p><p><blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote></p><p> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).</p><p><blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote></p><p></p><p> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startup<b>QuantumScape</b>, which was backed by<b>Breakthrough Energy Ventures</b>—a $2 billion fund by Silicon Valley tech heavyweights including<b>Microsoft Inc.</b>(NASDAQ:MSFT) and<b>Amazon Inc.</b>(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.</p><p><blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司<b>量子景观</b>，由<b>突破能源风险投资公司</b>-由硅谷科技巨头投资的20亿美元基金，包括<b>微软公司。</b>（纳斯达克：MSFT）和<b>亚马逊公司。</b>（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote></p><p> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.</p><p><blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote></p><p> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore miner<b>Vale S.E.</b>(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.</p><p><blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商<b>淡水河谷公司。</b>（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote></p><p> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.</p><p><blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote></p><p> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.</p><p><blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote></p><p> Companies supporting decarbonization have clearly been outperforming their more conservative peers.</p><p><blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times</p><p><blockquote>资料来源：金融时报</blockquote></p><p> <b>Government support</b></p><p><blockquote><b>政府支持</b></blockquote></p><p> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.</p><p><blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote></p><p> For instance, the U.S. solar sector now has the full backing of the government.</p><p><blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote></p><p> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.</p><p><blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote></p><p> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.</p><p><blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote></p><p> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.</p><p><blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote></p><p> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.</p><p><blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote></p><p> It's a one-way street that investors will have to travel.</p><p><blockquote>这是投资者必须走的单行道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html\">Oilprice</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://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111732743","content_text":"Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese withFirst Solar(NASDAQ:FSLR) andSunPower(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.\nYet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.\nAccording to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.\nIn sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.\nWhich makes this year's clean energy selloff all the more seem likedéjà vu.\nAfter a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,iShares Global Clean Energy ETF(ICLN), down 20.4% in the year-to-date while its solar peerInvesco Solar Portfolio ETF(TAN) is down 17.1% over the timeframe.\nBut make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.\nAs Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:\n\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category.\"\nBut as this year's correction proves, this is by no means going to be a walk in the park.\nChina's success\nWith Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.\nThis lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.\nThe result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.\nLearning from China\nBut, finally, Silicon Valley is getting its act together.\nWhereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.\nFirst off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.\nThe failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).\nSPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startupQuantumScape, which was backed byBreakthrough Energy Ventures—a $2 billion fund by Silicon Valley tech heavyweights includingMicrosoft Inc.(NASDAQ:MSFT) andAmazon Inc.(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.\nPart of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.\nSPAC-mania is a real thing: Just a month ago, Brazilian iron ore minerVale S.E.(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.\nFurther, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.\nBut ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.\nCompanies supporting decarbonization have clearly been outperforming their more conservative peers.\nSource: The Financial Times\nGovernment support\nThe renewable energy sector has yet another powerful ally: Governments committing to climate goals.\nFor instance, the U.S. solar sector now has the full backing of the government.\nA few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.\nSpecifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.\nThe DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.\nUltimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.\nIt's a one-way street that investors will have to travel.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":352758076,"gmtCreate":1617007208395,"gmtModify":1631891017040,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352758076","repostId":"1119229530","repostType":4,"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":352751276,"gmtCreate":1617007189195,"gmtModify":1631891017046,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"GameStop hmmm&nbsp;","listText":"GameStop hmmm&nbsp;","text":"GameStop hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352751276","repostId":"2122230447","repostType":4,"isVote":1,"tweetType":1,"viewCount":849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":352751147,"gmtCreate":1617007173089,"gmtModify":1631891017050,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"What is this?","listText":"What is this?","text":"What is this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352751147","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356821178,"gmtCreate":1616768881594,"gmtModify":1631891017050,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"👌🏻👌🏻👌🏻","listText":"👌🏻👌🏻👌🏻","text":"👌🏻👌🏻👌🏻","images":[{"img":"https://static.tigerbbs.com/9173bdd86afe7efb95d00d7c691b8824","width":"1125","height":"2662"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356821178","isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":356823831,"gmtCreate":1616768841823,"gmtModify":1631891017053,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>👏🏻","listText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>👏🏻","text":"$Alphabet(GOOGL)$👏🏻","images":[{"img":"https://static.tigerbbs.com/48ff9ee8061b2294c1e28657bda9da95","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356823831","isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":351165078,"gmtCreate":1616576211394,"gmtModify":1631891017055,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Hmmm&nbsp;","listText":"Hmmm&nbsp;","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351165078","repostId":"1101214616","repostType":4,"repost":{"id":"1101214616","kind":"news","pubTimestamp":1616575902,"share":"https://www.laohu8.com/m/news/1101214616?lang=zh_CN&edition=full","pubTime":"2021-03-24 16:51","market":"us","language":"en","title":"TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101214616","media":"reuters","summary":"TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesda","content":"<p>TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.</p><p><blockquote>台北（路透社）-台积电股份有限公司（TSMC）股价周三下跌近3%，此前英特尔公司宣布了一项200亿美元的计划来扩大其先进芯片制造能力，尽管台湾经济部长试图淡化这一影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48c2607f9c15869e7dfab9310342a994\" tg-width=\"853\" tg-height=\"649\">Intel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.</p><p><blockquote>英特尔周二表示，将在亚利桑那州建设两家工厂，并向外部客户开放工厂，直接挑战全球另外两家能够制造最先进芯片的公司——台积电和韩国三星电子有限公司。</blockquote></p><p> Shares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.</p><p><blockquote>台积电是全球最大的代工芯片制造商，其客户包括苹果公司和高通公司，其股价周三上午下跌了3.9%，而大盘的跌幅约为1%。</blockquote></p><p> TSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.</p><p><blockquote>台积电今年5月宣布计划在亚利桑那州建造自己的工厂，耗资120亿美元，这显然是当时的特朗普政府在从中国夺回全球科技供应链方面取得的胜利。</blockquote></p><p> Taiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.</p><p><blockquote>台湾经济部长王美华表示，英特尔的计划对台湾强大的半导体行业“不是挑战”。</blockquote></p><p> “First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.</p><p><blockquote>“首先，我相信我们的整个半导体生态系统非常好，其次我们的制造商很棒，并且不断进步他们的技术，”她说。</blockquote></p><p> Wang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.</p><p><blockquote>王说，她很高兴看到台美关系。半导体方面的合作，“但我们当然还是希望他们能增加对台投资”。</blockquote></p><p> LONG-TERM IMPACT?</p><p><blockquote>长期影响？</blockquote></p><p> The move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.</p><p><blockquote>英特尔新任首席执行官帕特·基辛格(Pat Gelsinger)此举旨在恢复英特尔在去年制造业失误导致股价暴跌后的声誉。</blockquote></p><p> Sherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.</p><p><blockquote>台北富邦证券投资服务公司（Fubon Securities Investment Services）的研究分析师Sherman Shang表示，英特尔以前曾尝试过这样做，但没有取得多大成功，“从根本上”新计划没有什么不同，这意味着台积电应该不会受到影响，而且其先进技术很难在任何情况下都能匹配。</blockquote></p><p> “The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.</p><p><blockquote>“英特尔首席执行官生活在一个以前的时代，他们很难赶上制造业，”他说。</blockquote></p><p> But Mega International Investment Services analyst Alex Huang was more circumspect.</p><p><blockquote>但Mega International Investment Services分析师Alex Huang更为谨慎。</blockquote></p><p> “As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.</p><p><blockquote>“随着英特尔新芯片工厂的上线，台积电将面临评估其未来运营前景的压力，这将影响台积电的长期竞争力，”他说。</blockquote></p><p> TSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.</p><p><blockquote>与其他科技公司一样，台积电受益于COVID-19大流行期间全球在家工作和学习的趋势，因为人们争相购买笔记本电脑、平板电脑和其他设备。</blockquote></p><p> In January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.</p><p><blockquote>一月份，该公司公布了去年第四季度有史以来最好的季度利润，并将收入和资本支出预期上调至创纪录水平，因为它预测“多年的增长机会”。</blockquote></p><p> It is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.</p><p><blockquote>由于其黄金标准代工技术，该公司利润丰厚，毛利率超过50%，并计划今年在先进芯片的生产和开发上创纪录的资本支出在250亿至280亿美元之间，高达60%比2020年的支出金额高出60%。</blockquote></p><p> TSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.</p><p><blockquote>今年迄今为止，台积电股价已上涨近10%，市值约为5420亿美元。</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>TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</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; 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#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\">\nTSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-03-24 16:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.</p><p><blockquote>台北（路透社）-台积电股份有限公司（TSMC）股价周三下跌近3%，此前英特尔公司宣布了一项200亿美元的计划来扩大其先进芯片制造能力，尽管台湾经济部长试图淡化这一影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48c2607f9c15869e7dfab9310342a994\" tg-width=\"853\" tg-height=\"649\">Intel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.</p><p><blockquote>英特尔周二表示，将在亚利桑那州建设两家工厂，并向外部客户开放工厂，直接挑战全球另外两家能够制造最先进芯片的公司——台积电和韩国三星电子有限公司。</blockquote></p><p> Shares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.</p><p><blockquote>台积电是全球最大的代工芯片制造商，其客户包括苹果公司和高通公司，其股价周三上午下跌了3.9%，而大盘的跌幅约为1%。</blockquote></p><p> TSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.</p><p><blockquote>台积电今年5月宣布计划在亚利桑那州建造自己的工厂，耗资120亿美元，这显然是当时的特朗普政府在从中国夺回全球科技供应链方面取得的胜利。</blockquote></p><p> Taiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.</p><p><blockquote>台湾经济部长王美华表示，英特尔的计划对台湾强大的半导体行业“不是挑战”。</blockquote></p><p> “First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.</p><p><blockquote>“首先，我相信我们的整个半导体生态系统非常好，其次我们的制造商很棒，并且不断进步他们的技术，”她说。</blockquote></p><p> Wang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.</p><p><blockquote>王说，她很高兴看到台美关系。半导体方面的合作，“但我们当然还是希望他们能增加对台投资”。</blockquote></p><p> LONG-TERM IMPACT?</p><p><blockquote>长期影响？</blockquote></p><p> The move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.</p><p><blockquote>英特尔新任首席执行官帕特·基辛格(Pat Gelsinger)此举旨在恢复英特尔在去年制造业失误导致股价暴跌后的声誉。</blockquote></p><p> Sherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.</p><p><blockquote>台北富邦证券投资服务公司（Fubon Securities Investment Services）的研究分析师Sherman Shang表示，英特尔以前曾尝试过这样做，但没有取得多大成功，“从根本上”新计划没有什么不同，这意味着台积电应该不会受到影响，而且其先进技术很难在任何情况下都能匹配。</blockquote></p><p> “The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.</p><p><blockquote>“英特尔首席执行官生活在一个以前的时代，他们很难赶上制造业，”他说。</blockquote></p><p> But Mega International Investment Services analyst Alex Huang was more circumspect.</p><p><blockquote>但Mega International Investment Services分析师Alex Huang更为谨慎。</blockquote></p><p> “As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.</p><p><blockquote>“随着英特尔新芯片工厂的上线，台积电将面临评估其未来运营前景的压力，这将影响台积电的长期竞争力，”他说。</blockquote></p><p> TSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.</p><p><blockquote>与其他科技公司一样，台积电受益于COVID-19大流行期间全球在家工作和学习的趋势，因为人们争相购买笔记本电脑、平板电脑和其他设备。</blockquote></p><p> In January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.</p><p><blockquote>一月份，该公司公布了去年第四季度有史以来最好的季度利润，并将收入和资本支出预期上调至创纪录水平，因为它预测“多年的增长机会”。</blockquote></p><p> It is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.</p><p><blockquote>由于其黄金标准代工技术，该公司利润丰厚，毛利率超过50%，并计划今年在先进芯片的生产和开发上创纪录的资本支出在250亿至280亿美元之间，高达60%比2020年的支出金额高出60%。</blockquote></p><p> TSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.</p><p><blockquote>今年迄今为止，台积电股价已上涨近10%，市值约为5420亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-intel-manufacturing-taiwan/tsmc-shares-slide-as-taiwan-plays-down-intels-20-billion-expansion-challenge-idUSKBN2BG09F?il=0\">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":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.reuters.com/article/us-intel-manufacturing-taiwan/tsmc-shares-slide-as-taiwan-plays-down-intels-20-billion-expansion-challenge-idUSKBN2BG09F?il=0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101214616","content_text":"TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.\nIntel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.\nShares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.\nTSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.\nTaiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.\n“First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.\nWang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.\nLONG-TERM IMPACT?\nThe move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.\nSherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.\n“The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.\nBut Mega International Investment Services analyst Alex Huang was more circumspect.\n“As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.\nTSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.\nIn January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.\nIt is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.\nTSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":351162681,"gmtCreate":1616576131243,"gmtModify":1631884627648,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CRM\">$Salesforce.com(CRM)$</a>👍🏻","listText":"<a href=\"https://laohu8.com/S/CRM\">$Salesforce.com(CRM)$</a>👍🏻","text":"$Salesforce.com(CRM)$👍🏻","images":[{"img":"https://static.tigerbbs.com/745103db58aae75fd1604d66b66908a2","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351162681","isVote":1,"tweetType":1,"viewCount":621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":353869417,"gmtCreate":1616482115039,"gmtModify":1631891017063,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"👏🏻👏🏻","listText":"👏🏻👏🏻","text":"👏🏻👏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353869417","repostId":"2121063501","repostType":4,"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353869886,"gmtCreate":1616482059745,"gmtModify":1631891017066,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353869886","repostId":"1115438167","repostType":4,"repost":{"id":"1115438167","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":1616423750,"share":"https://www.laohu8.com/m/news/1115438167?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:35","market":"us","language":"en","title":"Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115438167","media":"Tiger Newspress","summary":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days ","content":"<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些“模因”股票在周一交易中下跌，AMC Entertainment股票下跌13%，Sundial Growers股票下跌7%，游戏驿站公司股票下跌2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>使用迈阿密大学的Alok Kumar、岘港大学的Houng Nguyen以及悉尼科技大学和斯德哥尔摩经济学院的Talis Putnins最近发表的研究论文中的方法，这些股票被确定为潜在的赌博。该小组建议将30天内的平均交易量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</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\">\nSome “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些“模因”股票在周一交易中下跌，AMC Entertainment股票下跌13%，Sundial Growers股票下跌7%，游戏驿站公司股票下跌2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>使用迈阿密大学的Alok Kumar、岘港大学的Houng Nguyen以及悉尼科技大学和斯德哥尔摩经济学院的Talis Putnins最近发表的研究论文中的方法，这些股票被确定为潜在的赌博。该小组建议将30天内的平均交易量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","SNDL":"SNDL Inc.","GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115438167","content_text":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"NAKD":0.9,"SNDL":0.9}},"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":199766475,"gmtCreate":1620735111797,"gmtModify":1631891017020,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/199766475","repostId":"2134551566","repostType":4,"isVote":1,"tweetType":1,"viewCount":1892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":199766779,"gmtCreate":1620735125491,"gmtModify":1631891017015,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Sadded&nbsp;","listText":"Sadded&nbsp;","text":"Sadded","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/199766779","repostId":"1127282510","repostType":4,"isVote":1,"tweetType":1,"viewCount":2386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":352758076,"gmtCreate":1617007208395,"gmtModify":1631891017040,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352758076","repostId":"1119229530","repostType":4,"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372194486,"gmtCreate":1619184780945,"gmtModify":1631891017021,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Oh 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no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372194486","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":352758342,"gmtCreate":1617007218086,"gmtModify":1631891017034,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352758342","repostId":"1111732743","repostType":4,"repost":{"id":"1111732743","kind":"news","pubTimestamp":1617007087,"share":"https://www.laohu8.com/m/news/1111732743?lang=zh_CN&edition=full","pubTime":"2021-03-29 16:38","market":"us","language":"en","title":"Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111732743","media":"Oilprice","summary":"Many investors are already aware of the fact that China is the world's most dominant player in the s","content":"<p>Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese with<b>First Solar</b>(NASDAQ:FSLR) and<b>SunPower</b>(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.</p><p><blockquote>许多投资者已经意识到，中国是太阳能和清洁能源领域全球最具主导地位的参与者。10家最大的太阳能设备制造商中有8家是中国制造商<b>First Solar</b>（纳斯达克：FSLR）和<b>太阳电源</b>（纳斯达克：SPWR）精英中唯一的美国代表。不过，这并不是因为缺乏尝试——在新千年第一个十年中期开始的第一波可再生能源转型中，硅谷向清洁能源企业注入了数百亿美元。</blockquote></p><p> Yet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.</p><p><blockquote>然而，清洁技术1.0是一场灾难，这一事实仍然像十五年前投资者杏仁核上的瘀伤一样挥之不去。</blockquote></p><p> According to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.</p><p><blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote></p><p> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.</p><p><blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote></p><p> Which makes this year's clean energy selloff all the more seem like<i>déjà vu.</i></p><p><blockquote>这使得今年的清洁能源抛售看起来更加<i>见过。</i></blockquote></p><p> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,<b>iShares Global Clean Energy ETF</b>(ICLN), down 20.4% in the year-to-date while its solar peer<b>Invesco Solar Portfolio ETF</b>(TAN) is down 17.1% over the timeframe.</p><p><blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，<b>iShares全球清洁能源ETF</b>(ICLN)，今年迄今下跌20.4%，而其太阳能同行<b>景顺太阳能投资组合ETF</b>(TAN)在此期间下跌了17.1%。</blockquote></p><p> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.</p><p><blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote></p><p> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:</p><p><blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote></p><p> <i>\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category</i>.\"</p><p><blockquote><i>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择</i>.\"</blockquote></p><p> But as this year's correction proves, this is by no means going to be a walk in the park.</p><p><blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote></p><p> <b>China's success</b></p><p><blockquote><b>中国的成功</b></blockquote></p><p> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.</p><p><blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote></p><p> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.</p><p><blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote></p><p> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.</p><p><blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote></p><p> <b>Learning from China</b></p><p><blockquote><b>向中国学习</b></blockquote></p><p> But, finally, Silicon Valley is getting its act together.</p><p><blockquote>但是，最终，硅谷正在齐心协力。</blockquote></p><p> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.</p><p><blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote></p><p> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.</p><p><blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote></p><p> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).</p><p><blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote></p><p></p><p> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startup<b>QuantumScape</b>, which was backed by<b>Breakthrough Energy Ventures</b>—a $2 billion fund by Silicon Valley tech heavyweights including<b>Microsoft Inc.</b>(NASDAQ:MSFT) and<b>Amazon Inc.</b>(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.</p><p><blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司<b>量子景观</b>，由<b>突破能源风险投资公司</b>-由硅谷科技巨头投资的20亿美元基金，包括<b>微软公司。</b>（纳斯达克：MSFT）和<b>亚马逊公司。</b>（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote></p><p> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.</p><p><blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote></p><p> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore miner<b>Vale S.E.</b>(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.</p><p><blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商<b>淡水河谷公司。</b>（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote></p><p> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.</p><p><blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote></p><p> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.</p><p><blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote></p><p> Companies supporting decarbonization have clearly been outperforming their more conservative peers.</p><p><blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times</p><p><blockquote>资料来源：金融时报</blockquote></p><p> <b>Government support</b></p><p><blockquote><b>政府支持</b></blockquote></p><p> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.</p><p><blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote></p><p> For instance, the U.S. solar sector now has the full backing of the government.</p><p><blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote></p><p> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.</p><p><blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote></p><p> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.</p><p><blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote></p><p> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.</p><p><blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote></p><p> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.</p><p><blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote></p><p> It's a one-way street that investors will have to travel.</p><p><blockquote>这是投资者必须走的单行道。</blockquote></p><p></p>","source":"lsy1606109400967","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>Can Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</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\">\nCan Silicon Valley Beat China In Clean Energy Tech?<blockquote>硅谷能在清洁能源技术方面击败中国吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-03-29 16:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese with<b>First Solar</b>(NASDAQ:FSLR) and<b>SunPower</b>(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.</p><p><blockquote>许多投资者已经意识到，中国是太阳能和清洁能源领域全球最具主导地位的参与者。10家最大的太阳能设备制造商中有8家是中国制造商<b>First Solar</b>（纳斯达克：FSLR）和<b>太阳电源</b>（纳斯达克：SPWR）精英中唯一的美国代表。不过，这并不是因为缺乏尝试——在新千年第一个十年中期开始的第一波可再生能源转型中，硅谷向清洁能源企业注入了数百亿美元。</blockquote></p><p> Yet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.</p><p><blockquote>然而，清洁技术1.0是一场灾难，这一事实仍然像十五年前投资者杏仁核上的瘀伤一样挥之不去。</blockquote></p><p> According to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.</p><p><blockquote>根据普华永道的数据，2006年至2011年间，风险资本家在清洁技术领域投资了250亿美元，其中约一半化为乌有。由于对惨淡的回报感到失望，风投将注意力转向了应用程序开发人员、软件和人工智能（AI），这些领域承诺在不需要巨额资本注入的情况下获得更大回报。</blockquote></p><p> In sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.</p><p><blockquote>与此形成鲜明对比的是，中国在扩大太阳能发电规模、推动风能和电动汽车电池成本大幅降低方面取得了巨大成功。</blockquote></p><p> Which makes this year's clean energy selloff all the more seem like<i>déjà vu.</i></p><p><blockquote>这使得今年的清洁能源抛售看起来更加<i>见过。</i></blockquote></p><p> After a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,<b>iShares Global Clean Energy ETF</b>(ICLN), down 20.4% in the year-to-date while its solar peer<b>Invesco Solar Portfolio ETF</b>(TAN) is down 17.1% over the timeframe.</p><p><blockquote>经过过去两年的大幅上涨，清洁能源行业正在经历该行业最受欢迎的基准的调整，<b>iShares全球清洁能源ETF</b>(ICLN)，今年迄今下跌20.4%，而其太阳能同行<b>景顺太阳能投资组合ETF</b>(TAN)在此期间下跌了17.1%。</blockquote></p><p> But make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.</p><p><blockquote>但毫无疑问：清洁技术2.0是一条单行道，没有回头路。毕竟，它还有更多的优势，包括紧迫的气候目标、更强有力的政府支持、硅谷更强有力的支持，以及从清洁技术1.0中收集到的数千条有用的经验教训。</blockquote></p><p> As Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:</p><p><blockquote>正如旧金山Obvious Ventures董事总经理安德鲁·毕比(Andrew Beebe)简洁地指出的那样：</blockquote></p><p> <i>\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category</i>.\"</p><p><blockquote><i>“我真的不相信有一条途径让我们回顾过去并说，‘哦，清洁技术2.0不起作用。’这不会发生——这种转变，我们所走的道路，是一条单行道。我们不会回到汽油车，我们不会回到燃煤电厂；如果我们有选择的话，我们不会回到肮脏的空气和不健康的生活条件。在过去的十年里，我们学到的是，我们几乎在每个类别中都有选择</i>.\"</blockquote></p><p> But as this year's correction proves, this is by no means going to be a walk in the park.</p><p><blockquote>但正如今年的调整所证明的那样，这绝不是在公园里散步。</blockquote></p><p> <b>China's success</b></p><p><blockquote><b>中国的成功</b></blockquote></p><p> With Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.</p><p><blockquote>在北京的支持下，中国的清洁能源企业家能够迅速扩大规模，太阳能成本在过去十年中降低了80%。中国产量的激增压低了多晶硅的价格，多晶硅是太阳能电池板的关键原材料。</blockquote></p><p> This lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.</p><p><blockquote>这减少了对美国风险资本支持的创新技术的需求蒸发了。更糟糕的是，美国投资者搬起石头砸自己的脚，这要归功于硅谷的“登月计划”方法，即寻找重大突破，而不是专注于较小的增量进步。</blockquote></p><p> The result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.</p><p><blockquote>结果是：大多数第一批美国太阳能初创公司都倒闭了，因为它们无法与中国竞争。几乎所有硅谷支持的初创公司都倒闭了，其中太阳能初创公司MiaSolé和电池初创公司A123 Systems等少数公司被中国公司收购。</blockquote></p><p> <b>Learning from China</b></p><p><blockquote><b>向中国学习</b></blockquote></p><p> But, finally, Silicon Valley is getting its act together.</p><p><blockquote>但是，最终，硅谷正在齐心协力。</blockquote></p><p> Whereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.</p><p><blockquote>尽管硅谷与太阳能成为世界上最便宜的能源形式关系不大，但中国在扩大太阳能规模以及降低风能和电动汽车电池成本方面的成功为其提供了蓝图，为清洁能源初创公司的新一波投资奠定了基础。</blockquote></p><p> First off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.</p><p><blockquote>首先，硅谷全力支持该行业和大规模的ESG热潮。</blockquote></p><p> The failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).</p><p><blockquote>清洁技术1.0的失败与其说是由于技术问题，不如说是缺乏融资选择。幸运的是，清洁技术2.0正在享受更多种类的资本选择，包括空白支票公司，又名特殊目的收购公司(SPAC)。</blockquote></p><p></p><p> SPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startup<b>QuantumScape</b>, which was backed by<b>Breakthrough Energy Ventures</b>—a $2 billion fund by Silicon Valley tech heavyweights including<b>Microsoft Inc.</b>(NASDAQ:MSFT) and<b>Amazon Inc.</b>(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.</p><p><blockquote>SPAC是传统IPO流程的替代方案。SPAC IPO在过去几年中确实呈爆炸式增长，过去12个月中记录了220多起SPAC IPO，总收益超过740亿美元，而一年前的总收益为136亿美元。事实上，我们现在有一只SPAC ETF——SPAC and New Issue ETF（纽约证券交易所股票代码：SPCX），这是第一只专门针对该资产类别的主动管理基金，于去年推出。去年有40家气候相关公司与SPAC合并，其中包括电动汽车电池初创公司<b>量子景观</b>，由<b>突破能源风险投资公司</b>-由硅谷科技巨头投资的20亿美元基金，包括<b>微软公司。</b>（纳斯达克：MSFT）和<b>亚马逊公司。</b>（纳斯达克：AMZN）投资于有前途的清洁能源初创公司。QuantumScape目前估值为210亿美元。</blockquote></p><p> Part of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.</p><p><blockquote>部分吸引力在于，SPAC不仅为早期投资者提供了退出头寸的途径，还能让初创公司筹集更多资金，从而扩大生产规模。</blockquote></p><p> SPAC-mania is a real thing: Just a month ago, Brazilian iron ore miner<b>Vale S.E.</b>(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.</p><p><blockquote>SPAC狂热是真实存在的：就在一个月前，巴西铁矿石开采商<b>淡水河谷公司。</b>（纽约证券交易所代码：淡水河谷）投资了旗下一家初创公司波士顿金属公司，该公司旨在生产低碳钢。</blockquote></p><p> Further, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.</p><p><blockquote>此外，风投的要求也变得更加苛刻，Breakthrough Energy只投资有潜力每年从大气中去除5亿吨温室气体（约占地球年产量的1%）的初创公司。</blockquote></p><p> But ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.</p><p><blockquote>但最终，每个人都想要一块清洁能源的最大原因很简单：回报更高。</blockquote></p><p> Companies supporting decarbonization have clearly been outperforming their more conservative peers.</p><p><blockquote>支持脱碳的公司显然优于更保守的同行。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47ec0de8103497166ddd9691bb4e82e\" tg-width=\"450\" tg-height=\"321\">Source: The Financial Times</p><p><blockquote>资料来源：金融时报</blockquote></p><p> <b>Government support</b></p><p><blockquote><b>政府支持</b></blockquote></p><p> The renewable energy sector has yet another powerful ally: Governments committing to climate goals.</p><p><blockquote>可再生能源行业还有另一个强大的盟友：致力于气候目标的政府。</blockquote></p><p> For instance, the U.S. solar sector now has the full backing of the government.</p><p><blockquote>例如，美国太阳能行业现在得到了政府的全力支持。</blockquote></p><p> A few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.</p><p><blockquote>几天前，拜登政府设定了未来十年将太阳能成本削减60%的目标。</blockquote></p><p> Specifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.</p><p><blockquote>具体来说，能源部(DoE)希望到2025年将公用事业规模太阳能目前每千瓦时4.6美分的成本降至3美分，然后到2030年降至2美分。美国能源部还计划在15年内让美国电网完全依靠清洁能源运行，这意味着太阳能的安装速度需要比目前快5倍。</blockquote></p><p> The DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.</p><p><blockquote>美国能源部已承诺斥资1.28亿美元用于钙钛矿太阳能电池等技术以及碲化镉和聚光太阳能技术等更新颖的技术。</blockquote></p><p> Ultimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.</p><p><blockquote>最终，将任何技术从实验室开发成具有降低全球排放潜力的低成本、大众市场产品不仅极其困难，而且通常需要很长的交付周期。然而，华尔街表示，这一次有所不同，因为企业家更好地了解需要什么，并且还得到了寻求运营脱碳的财力雄厚的企业投资者以及友好政府的支持。</blockquote></p><p> It's a one-way street that investors will have to travel.</p><p><blockquote>这是投资者必须走的单行道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html\">Oilprice</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://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Silicon-Valley-Beat-China-In-Clean-Energy-Tech.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111732743","content_text":"Many investors are already aware of the fact that China is the world's most dominant player in the solar and clean energy sector. 8 out of 10 biggest manufacturers of solar equipment are Chinese withFirst Solar(NASDAQ:FSLR) andSunPower(NASDAQ:SPWR) the only American representatives among the elite.It's not for lack of trying, though—Silicon Valley pumped tens of billions of dollars in clean energy ventures during the first wave of the renewable energy transition that started halfway through the first decade of the new millennium.\nYet, Clean tech 1.0 was a disaster, a fact that still lingers like a bruise on the amygdala of investors from a decade and a half ago.\nAccording to PwC, of the $25 billion invested by venture capitalists in the clean-tech sector between 2006 and 2011, about half got wiped out. Disappointed by the dismal returns, VCs diverted their attention to app developers, software, and artificial intelligence (AI), which promised bigger returns without demanding huge infusions of capital.\nIn sharp contrast, China has been hugely successful in scaling up solar power and driving huge cost reductions in wind energy and EV batteries.\nWhich makes this year's clean energy selloff all the more seem likedéjà vu.\nAfter a massive runup over the past two years, the clean energy sector is going through a correction with the sector's most popular benchmark,iShares Global Clean Energy ETF(ICLN), down 20.4% in the year-to-date while its solar peerInvesco Solar Portfolio ETF(TAN) is down 17.1% over the timeframe.\nBut make no mistake about it: Clean tech 2.0 is a one-way street with no chance of turning back. After all, it's got a lot more going for it, including pressing climate goals, much stronger government support, much stronger backing by Silicon Valley, and thousands of useful lessons gleaned from Clean tech 1.0.\nAs Andrew Beebe, managing director at San Francisco-based Obvious Ventures, has succinctly put it:\n\"I really don't believe there's a pathway where we look back and say, 'Oh clean tech 2.0 didn't work.' That will not happen--this transition, the road we're on, is a one-way street. We don't go back to gasoline vehicles, we're not going to go back to coal plants; we're not going to go back to dirty air and unhealthy living conditions if we have the choice. What we've learnt in the last decade is, we have a choice in virtually every category.\"\nBut as this year's correction proves, this is by no means going to be a walk in the park.\nChina's success\nWith Beijing's backing, China's clean energy entrepreneurs were able to scale rapidly with solar energy recording an 80% cost reduction over the past decade. A surge in production in China was responsible for pushing down the price of polysilicon—a key raw material used in solar panels.\nThis lessened the demand for innovative technologies backed by U.S. venture capital evaporated. To make matters worse, U.S. investors shot themselves in the foot thanks to Silicon Valley's \"moon shot\" approach of hunting for big breakthroughs rather than focusing on smaller, incremental advancements.\nThe result: the majority of the first American solar startups went under because they were unable to compete with China. Almost all the Silicon Valley-backed startups folded, with a handful such as solar startup MiaSolé and battery startup A123 Systems bought by Chinese companies.\nLearning from China\nBut, finally, Silicon Valley is getting its act together.\nWhereas Silicon Valley had little to do with solar energy becoming the cheapest form of energy in the world, China's success in scaling up solar power as well as cost reductions in wind energy and EV batteries have provided it with a blueprint, laying the groundwork for a new wave of investment in clean energy startups.\nFirst off, Silicon Valley has thrown its full weight behind the sector and the massive ESG boom.\nThe failure of Clean tech 1.0 was not so much due to technical problems but rather a lack of financing options. Luckily, Clean tech 2.0 is enjoying a much greater variety of capital options available, including blank check companies, aka special purpose acquisition companies (SPACs).\nSPACs act as an alternative to the traditional IPO process. SPAC IPOs have truly exploded over the past few years, with more than 220 SPAC IPOs recorded over the past 12 months with gross proceeds exceeding $74B compared to $13.6B in gross proceeds just a year prior. In fact, we now have a SPAC ETF—SPAC and New Issue ETF(NYSE:SPCX), the first actively managed fund dedicated to the asset class, which was launched last year. Last year saw 40 climate-related companies merging with SPACs, including electric vehicle battery startupQuantumScape, which was backed byBreakthrough Energy Ventures—a $2 billion fund by Silicon Valley tech heavyweights includingMicrosoft Inc.(NASDAQ:MSFT) andAmazon Inc.(NASDAQ:AMZN) that invests in promising clean energy startups. QuantumScape is currently valued at $21 billion.\nPart of the appeal is that SPACs not only provide an avenue for early-stage investors to exit their positions but also enables startups to raise more money so they can scale-up production.\nSPAC-mania is a real thing: Just a month ago, Brazilian iron ore minerVale S.E.(NYSE: VALE) invested in one of its startups, Boston Metal, a startup that aims to produce low-carbon steel.\nFurther, VCs have become a lot more demanding, with Breakthrough Energy only investing in startups that have the potential to remove 500m tonnes of greenhouse gases a year from the atmosphere—about 1% of the planet's annual output.\nBut ultimately, the biggest reason why everybody wants a piece of clean energy is simple: Returns are higher.\nCompanies supporting decarbonization have clearly been outperforming their more conservative peers.\nSource: The Financial Times\nGovernment support\nThe renewable energy sector has yet another powerful ally: Governments committing to climate goals.\nFor instance, the U.S. solar sector now has the full backing of the government.\nA few days ago, the Biden administration set a goal tocut the cost of solar energy by 60%over the next decade.\nSpecifically, the Department of Energy (DoE) wants to lower utility-scale solar energy's current cost of 4.6 cents per kwh to 3 cents by 2025 then to 2 cents by 2030. DoE also aims to have the U.S. power grid to run entirely on clean energy within 15 years, meaning solar energy will need to be installed 5x faster than the current rate.\nThe DoE has committed to spending $128M on technologies including perovskite solar cells and more novel technologies such as cadmium telluride and concentrating solar technologies.\nUltimately, developing any technology from the lab into a low-cost, mass-market product with the potential to lower global emissions is not only incredibly hard but frequently requires long lead times. However, Wall Street is saying this time it's different because entrepreneurs have a better understanding of what it takes and are also backed by deep-pocketed corporate investors looking to decarbonize their operations as well as friendly governments.\nIt's a one-way street that investors will have to travel.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":351165078,"gmtCreate":1616576211394,"gmtModify":1631891017055,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Hmmm&nbsp;","listText":"Hmmm&nbsp;","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351165078","repostId":"1101214616","repostType":4,"repost":{"id":"1101214616","kind":"news","pubTimestamp":1616575902,"share":"https://www.laohu8.com/m/news/1101214616?lang=zh_CN&edition=full","pubTime":"2021-03-24 16:51","market":"us","language":"en","title":"TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101214616","media":"reuters","summary":"TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesda","content":"<p>TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.</p><p><blockquote>台北（路透社）-台积电股份有限公司（TSMC）股价周三下跌近3%，此前英特尔公司宣布了一项200亿美元的计划来扩大其先进芯片制造能力，尽管台湾经济部长试图淡化这一影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48c2607f9c15869e7dfab9310342a994\" tg-width=\"853\" tg-height=\"649\">Intel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.</p><p><blockquote>英特尔周二表示，将在亚利桑那州建设两家工厂，并向外部客户开放工厂，直接挑战全球另外两家能够制造最先进芯片的公司——台积电和韩国三星电子有限公司。</blockquote></p><p> Shares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.</p><p><blockquote>台积电是全球最大的代工芯片制造商，其客户包括苹果公司和高通公司，其股价周三上午下跌了3.9%，而大盘的跌幅约为1%。</blockquote></p><p> TSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.</p><p><blockquote>台积电今年5月宣布计划在亚利桑那州建造自己的工厂，耗资120亿美元，这显然是当时的特朗普政府在从中国夺回全球科技供应链方面取得的胜利。</blockquote></p><p> Taiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.</p><p><blockquote>台湾经济部长王美华表示，英特尔的计划对台湾强大的半导体行业“不是挑战”。</blockquote></p><p> “First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.</p><p><blockquote>“首先，我相信我们的整个半导体生态系统非常好，其次我们的制造商很棒，并且不断进步他们的技术，”她说。</blockquote></p><p> Wang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.</p><p><blockquote>王说，她很高兴看到台美关系。半导体方面的合作，“但我们当然还是希望他们能增加对台投资”。</blockquote></p><p> LONG-TERM IMPACT?</p><p><blockquote>长期影响？</blockquote></p><p> The move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.</p><p><blockquote>英特尔新任首席执行官帕特·基辛格(Pat Gelsinger)此举旨在恢复英特尔在去年制造业失误导致股价暴跌后的声誉。</blockquote></p><p> Sherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.</p><p><blockquote>台北富邦证券投资服务公司（Fubon Securities Investment Services）的研究分析师Sherman Shang表示，英特尔以前曾尝试过这样做，但没有取得多大成功，“从根本上”新计划没有什么不同，这意味着台积电应该不会受到影响，而且其先进技术很难在任何情况下都能匹配。</blockquote></p><p> “The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.</p><p><blockquote>“英特尔首席执行官生活在一个以前的时代，他们很难赶上制造业，”他说。</blockquote></p><p> But Mega International Investment Services analyst Alex Huang was more circumspect.</p><p><blockquote>但Mega International Investment Services分析师Alex Huang更为谨慎。</blockquote></p><p> “As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.</p><p><blockquote>“随着英特尔新芯片工厂的上线，台积电将面临评估其未来运营前景的压力，这将影响台积电的长期竞争力，”他说。</blockquote></p><p> TSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.</p><p><blockquote>与其他科技公司一样，台积电受益于COVID-19大流行期间全球在家工作和学习的趋势，因为人们争相购买笔记本电脑、平板电脑和其他设备。</blockquote></p><p> In January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.</p><p><blockquote>一月份，该公司公布了去年第四季度有史以来最好的季度利润，并将收入和资本支出预期上调至创纪录水平，因为它预测“多年的增长机会”。</blockquote></p><p> It is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.</p><p><blockquote>由于其黄金标准代工技术，该公司利润丰厚，毛利率超过50%，并计划今年在先进芯片的生产和开发上创纪录的资本支出在250亿至280亿美元之间，高达60%比2020年的支出金额高出60%。</blockquote></p><p> TSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.</p><p><blockquote>今年迄今为止，台积电股价已上涨近10%，市值约为5420亿美元。</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>TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote></title>\n<style 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#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\">\nTSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge<blockquote>台积电股价下跌，台湾淡化英特尔200亿美元的扩张挑战</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-03-24 16:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.</p><p><blockquote>台北（路透社）-台积电股份有限公司（TSMC）股价周三下跌近3%，此前英特尔公司宣布了一项200亿美元的计划来扩大其先进芯片制造能力，尽管台湾经济部长试图淡化这一影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48c2607f9c15869e7dfab9310342a994\" tg-width=\"853\" tg-height=\"649\">Intel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.</p><p><blockquote>英特尔周二表示，将在亚利桑那州建设两家工厂，并向外部客户开放工厂，直接挑战全球另外两家能够制造最先进芯片的公司——台积电和韩国三星电子有限公司。</blockquote></p><p> Shares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.</p><p><blockquote>台积电是全球最大的代工芯片制造商，其客户包括苹果公司和高通公司，其股价周三上午下跌了3.9%，而大盘的跌幅约为1%。</blockquote></p><p> TSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.</p><p><blockquote>台积电今年5月宣布计划在亚利桑那州建造自己的工厂，耗资120亿美元，这显然是当时的特朗普政府在从中国夺回全球科技供应链方面取得的胜利。</blockquote></p><p> Taiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.</p><p><blockquote>台湾经济部长王美华表示，英特尔的计划对台湾强大的半导体行业“不是挑战”。</blockquote></p><p> “First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.</p><p><blockquote>“首先，我相信我们的整个半导体生态系统非常好，其次我们的制造商很棒，并且不断进步他们的技术，”她说。</blockquote></p><p> Wang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.</p><p><blockquote>王说，她很高兴看到台美关系。半导体方面的合作，“但我们当然还是希望他们能增加对台投资”。</blockquote></p><p> LONG-TERM IMPACT?</p><p><blockquote>长期影响？</blockquote></p><p> The move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.</p><p><blockquote>英特尔新任首席执行官帕特·基辛格(Pat Gelsinger)此举旨在恢复英特尔在去年制造业失误导致股价暴跌后的声誉。</blockquote></p><p> Sherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.</p><p><blockquote>台北富邦证券投资服务公司（Fubon Securities Investment Services）的研究分析师Sherman Shang表示，英特尔以前曾尝试过这样做，但没有取得多大成功，“从根本上”新计划没有什么不同，这意味着台积电应该不会受到影响，而且其先进技术很难在任何情况下都能匹配。</blockquote></p><p> “The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.</p><p><blockquote>“英特尔首席执行官生活在一个以前的时代，他们很难赶上制造业，”他说。</blockquote></p><p> But Mega International Investment Services analyst Alex Huang was more circumspect.</p><p><blockquote>但Mega International Investment Services分析师Alex Huang更为谨慎。</blockquote></p><p> “As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.</p><p><blockquote>“随着英特尔新芯片工厂的上线，台积电将面临评估其未来运营前景的压力，这将影响台积电的长期竞争力，”他说。</blockquote></p><p> TSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.</p><p><blockquote>与其他科技公司一样，台积电受益于COVID-19大流行期间全球在家工作和学习的趋势，因为人们争相购买笔记本电脑、平板电脑和其他设备。</blockquote></p><p> In January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.</p><p><blockquote>一月份，该公司公布了去年第四季度有史以来最好的季度利润，并将收入和资本支出预期上调至创纪录水平，因为它预测“多年的增长机会”。</blockquote></p><p> It is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.</p><p><blockquote>由于其黄金标准代工技术，该公司利润丰厚，毛利率超过50%，并计划今年在先进芯片的生产和开发上创纪录的资本支出在250亿至280亿美元之间，高达60%比2020年的支出金额高出60%。</blockquote></p><p> TSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.</p><p><blockquote>今年迄今为止，台积电股价已上涨近10%，市值约为5420亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-intel-manufacturing-taiwan/tsmc-shares-slide-as-taiwan-plays-down-intels-20-billion-expansion-challenge-idUSKBN2BG09F?il=0\">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":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.reuters.com/article/us-intel-manufacturing-taiwan/tsmc-shares-slide-as-taiwan-plays-down-intels-20-billion-expansion-challenge-idUSKBN2BG09F?il=0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101214616","content_text":"TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares fell nearly 3% on Wednesday after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity, even as Taiwan’s economy minister sought to downplay the impact.\nIntel said on Tuesday it will build two factories in Arizona and open its plants to outside customers, directly challenging the two other companies in the world that can make the most advanced chips - TSMC and South Korea’s Samsung Electronics Co Ltd.\nShares in TSMC, the world’s largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc, fell as much as 3.9% on Wednesday morning, compared with a drop of around 1% on the broader market.\nTSMC announced plans in May to build its own $12 billion factory in Arizona, in an apparent win by the then-Trump administration in its push to wrestle global tech supply chains back from China.\nTaiwan Economy Minister Wang Mei-hua said Intel’s plan was “not a challenge” to the island’s formidable semiconductor industry.\n“First of all I believe that our whole semiconductor ecosystem is very good, and secondly our manufacturers are awesome, and are continually advancing their technology,” she said.\nWang said she would be happy to see Taiwan-U.S. cooperation on semiconductors “but of course we still hope they can increase their investment in Taiwan”.\nLONG-TERM IMPACT?\nThe move by Intel’s new Chief Executive Pat Gelsinger aims to restore Intel’s reputation after manufacturing stumbles sent shares plunging last year.\nSherman Shang, a research analyst at Fubon Securities Investment Services in Taipei, said Intel had tried to do this before without much success and that “fundamentally” the new plan was no different, meaning TSMC should be unaffected, and its advanced technology was difficult to match in any case.\n“The Intel CEO is living in a previous era, and it’s quite hard for them to catch up on manufacturing,” he said.\nBut Mega International Investment Services analyst Alex Huang was more circumspect.\n“As Intel’s new chip fabs come online, TSMC will be under pressure to evaluate its future operating prospects and this will affect TSMC’s long-term competitiveness,” he said.\nTSMC, like other technology firms, has benefited from the work-and-study-from-home trend globally during the COVID-19 pandemic, as people rushed to buy laptops, tablets and other equipment.\nIn January it posted its best-ever quarterly profit, for the fourth quarter of last year, and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.\nIt is hugely profitable thanks to its gold standard foundry technology, with a gross profit margin of more than 50%, and plans record capital spending on the production and development of advanced chips of between $25 billion-$28 billion this year, as much as 60% higher than the amount it spent in 2020.\nTSMC’s shares have gained almost 10% so far this year, giving it a market value of about $542 billion.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353869417,"gmtCreate":1616482115039,"gmtModify":1631891017063,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"👏🏻👏🏻","listText":"👏🏻👏🏻","text":"👏🏻👏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353869417","repostId":"2121063501","repostType":4,"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353869994,"gmtCreate":1616481972418,"gmtModify":1631891017068,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>👍🏻","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>👍🏻","text":"$Tesla Motors(TSLA)$👍🏻","images":[{"img":"https://static.tigerbbs.com/9e38caf78cd67b00a02ddbe0cb45c2f7","width":"1284","height":"2457"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353869994","isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":829526114,"gmtCreate":1633528474076,"gmtModify":1633528474212,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MRK\">$Merck(MRK)$</a>Good buy!","listText":"<a href=\"https://laohu8.com/S/MRK\">$Merck(MRK)$</a>Good buy!","text":"$Merck(MRK)$Good buy!","images":[{"img":"https://static.tigerbbs.com/f590dfb12da1623d9b93fd39a6833c3a","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829526114","isVote":1,"tweetType":1,"viewCount":2052,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":372194263,"gmtCreate":1619184768452,"gmtModify":1631891017023,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372194263","repostId":"2129035447","repostType":4,"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353869886,"gmtCreate":1616482059745,"gmtModify":1631891017066,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353869886","repostId":"1115438167","repostType":4,"repost":{"id":"1115438167","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":1616423750,"share":"https://www.laohu8.com/m/news/1115438167?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:35","market":"us","language":"en","title":"Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115438167","media":"Tiger Newspress","summary":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days ","content":"<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些“模因”股票在周一交易中下跌，AMC Entertainment股票下跌13%，Sundial Growers股票下跌7%，游戏驿站公司股票下跌2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>使用迈阿密大学的Alok Kumar、岘港大学的Houng Nguyen以及悉尼科技大学和斯德哥尔摩经济学院的Talis Putnins最近发表的研究论文中的方法，这些股票被确定为潜在的赌博。该小组建议将30天内的平均交易量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</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\">\nSome “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些“模因”股票在周一交易中下跌，AMC Entertainment股票下跌13%，Sundial Growers股票下跌7%，游戏驿站公司股票下跌2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>使用迈阿密大学的Alok Kumar、岘港大学的Houng Nguyen以及悉尼科技大学和斯德哥尔摩经济学院的Talis Putnins最近发表的研究论文中的方法，这些股票被确定为潜在的赌博。该小组建议将30天内的平均交易量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","SNDL":"SNDL Inc.","GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115438167","content_text":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"NAKD":0.9,"SNDL":0.9}},"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855919631,"gmtCreate":1635323640430,"gmtModify":1635323640430,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MRK\">$Merck(MRK)$</a>😬😬😬","listText":"<a href=\"https://laohu8.com/S/MRK\">$Merck(MRK)$</a>😬😬😬","text":"$Merck(MRK)$😬😬😬","images":[{"img":"https://static.tigerbbs.com/f7f7c3627dd9aa446676b794b17a4af2","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855919631","isVote":1,"tweetType":1,"viewCount":2464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855919881,"gmtCreate":1635323617794,"gmtModify":1635323617794,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MOON\">$Direxion Moonshot Innovators ETF(MOON)$</a>🥲🥲🥲","listText":"<a href=\"https://laohu8.com/S/MOON\">$Direxion Moonshot Innovators ETF(MOON)$</a>🥲🥲🥲","text":"$Direxion Moonshot Innovators ETF(MOON)$🥲🥲🥲","images":[{"img":"https://static.tigerbbs.com/8d5d295e0a4dcf270a8ef302e49d325f","width":"1125","height":"2745"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855919881","isVote":1,"tweetType":1,"viewCount":3458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":372195626,"gmtCreate":1619184716865,"gmtModify":1631891017027,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"Wow! 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The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356821178,"gmtCreate":1616768881594,"gmtModify":1631891017050,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"👌🏻👌🏻👌🏻","listText":"👌🏻👌🏻👌🏻","text":"👌🏻👌🏻👌🏻","images":[{"img":"https://static.tigerbbs.com/9173bdd86afe7efb95d00d7c691b8824","width":"1125","height":"2662"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356821178","isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":356823831,"gmtCreate":1616768841823,"gmtModify":1631891017053,"author":{"id":"3579466752370045","authorId":"3579466752370045","name":"2b4b2774","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579466752370045","idStr":"3579466752370045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>👏🏻","listText":"<a href=\"https://laohu8.com/S/GOOGL\">$Alphabet(GOOGL)$</a>👏🏻","text":"$Alphabet(GOOGL)$👏🏻","images":[{"img":"https://static.tigerbbs.com/48ff9ee8061b2294c1e28657bda9da95","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356823831","isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}