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2021-08-15

INTC!

AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>

2021-08-14

Y

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2021-08-12

Like please

iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>

2021-08-09

Pls like

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2021-08-09

Will this rock the price too?

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2021-08-08

Like n thanks

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2021-08-07

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US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>

2021-08-05

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2021-08-04

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2021-08-02

Love this

Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>

2021-08-01

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2021-07-31

Like please tq!

Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>

2021-07-29

Is it going to be bullish after this?

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2021-07-28

Like pls tq!

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2021-07-25

Like please

Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>

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10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"NVDA":"英伟达","AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897630453,"gmtCreate":1628910641572,"gmtModify":1633688552953,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897630453","repostId":"2159655218","repostType":4,"isVote":1,"tweetType":1,"viewCount":3194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895480262,"gmtCreate":1628765465656,"gmtModify":1633689695290,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895480262","repostId":"2158765256","repostType":4,"repost":{"id":"2158765256","kind":"highlight","weMediaInfo":{"introduction":"用于爱奇艺抓取企业号","home_visible":0,"media_name":"爱奇艺的ir源","id":"1020395258","head_image":"https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688"},"pubTimestamp":1628762400,"share":"https://www.laohu8.com/m/news/2158765256?lang=zh_CN&edition=full","pubTime":"2021-08-12 18:00","market":"us","language":"en","title":"iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2158765256","media":"爱奇艺的ir源","summary":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovativ","content":"<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</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>iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</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\">\niQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">爱奇艺的ir源 </p>\n<p class=\"h-time smaller\">2021-08-12 18:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IQ":"爱奇艺"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158765256","content_text":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.\nSecond Quarter 2021 Highlights\n\nTotal revenues were RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.\nOperating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.\nNet loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nThe number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.\n\n\"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"\n\"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"\n\n\n\nFootnotes:\n\n\n[1] Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.\n\n\n\nSecond Quarter 2021 Financial Results\nTotal revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.\nMembership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.\nOnline advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.\nContent distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.\nOther revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.\nCost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.\nSelling, general and administrative expenses were RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.\nResearch and development expenses were RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.\nOperating loss was RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.\nTotal other expense was RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.\nLoss before income taxes was RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.\nIncome tax expense was RMB30.4million (US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.\nNet loss attributable to iQIYI was RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nAs ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).\nFinancial Guidance\nFor the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898982079,"gmtCreate":1628468538091,"gmtModify":1633747019665,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898982079","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898981386,"gmtCreate":1628468401645,"gmtModify":1633747022159,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Will this rock the price too?","listText":"Will this rock the price too?","text":"Will this rock the price too?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898981386","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891698324,"gmtCreate":1628384539468,"gmtModify":1633751366862,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like n thanks&nbsp;","listText":"Like n thanks&nbsp;","text":"Like n thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891698324","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":2624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893724571,"gmtCreate":1628302088093,"gmtModify":1633751831541,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893724571","repostId":"1157428986","repostType":4,"repost":{"id":"1157428986","kind":"news","pubTimestamp":1628296262,"share":"https://www.laohu8.com/m/news/1157428986?lang=zh_CN&edition=full","pubTime":"2021-08-07 08:31","market":"us","language":"en","title":"US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157428986","media":"renaissancecap...","summary":"The IPO market is getting a breather as the August lull continues to set in, with just two banks sch","content":"<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，贷款总额为11亿美元，存款总额为13亿美元，股东权益总额为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</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\">\nUS IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-08-07 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，贷款总额为11亿美元，存款总额为13亿美元，股东权益总额为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown\">renaissancecap...</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":{"FINW":"Finwise Bancorp","SSBK":"Southern States Bancshares, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157428986","content_text":"The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.\nUtah-based digital bank FinWise Bancorp(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.\nAlabama bank Southern States Bancshares(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.","news_type":1,"symbols_score_info":{"FINW":0.9,"SSBK":0.9}},"isVote":1,"tweetType":1,"viewCount":2773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890570008,"gmtCreate":1628125858904,"gmtModify":1633753361413,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890570008","repostId":"1116782530","repostType":4,"isVote":1,"tweetType":1,"viewCount":2517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807210912,"gmtCreate":1628038424836,"gmtModify":1633754188148,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807210912","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805831789,"gmtCreate":1627869099241,"gmtModify":1633755782167,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Love this","listText":"Love this","text":"Love this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805831789","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohu8.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","EA":"艺电","GM":"通用汽车","UBER":"优步","GE":"GE航空航天","BABA":"阿里巴巴","DKNG":"DraftKings Inc.",".IXIC":"NASDAQ Composite","ROKU":"Roku Inc",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"VIAC":0.9,"ROKU":0.9,".DJI":0.9,"GE":0.9,".SPX":0.9,"DKNG":0.9,"EA":0.9,".IXIC":0.9,"GM":0.9,"UBER":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802269856,"gmtCreate":1627783265675,"gmtModify":1633756461331,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802269856","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802380362,"gmtCreate":1627718460556,"gmtModify":1633756828792,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like please tq!","listText":"Like please tq!","text":"Like please tq!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802380362","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801481528,"gmtCreate":1627528036864,"gmtModify":1633764085446,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Is it going to be bullish after this?","listText":"Is it going to be bullish after this?","text":"Is it going to be bullish after this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801481528","repostId":"1184074920","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803235615,"gmtCreate":1627440492937,"gmtModify":1633764953573,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like pls tq!","listText":"Like pls tq!","text":"Like pls tq!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803235615","repostId":"1130824999","repostType":4,"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177124543,"gmtCreate":1627188666782,"gmtModify":1633767298328,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580174936909943","idStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/177124543","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":830140823,"gmtCreate":1629035948862,"gmtModify":1633687851320,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"INTC!","listText":"INTC!","text":"INTC!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/830140823","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"NVDA":"英伟达","AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890570008,"gmtCreate":1628125858904,"gmtModify":1633753361413,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890570008","repostId":"1116782530","repostType":4,"isVote":1,"tweetType":1,"viewCount":2517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898982079,"gmtCreate":1628468538091,"gmtModify":1633747019665,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898982079","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":3042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177124543,"gmtCreate":1627188666782,"gmtModify":1633767298328,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/177124543","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891698324,"gmtCreate":1628384539468,"gmtModify":1633751366862,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like n thanks&nbsp;","listText":"Like n thanks&nbsp;","text":"Like n thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891698324","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":2624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805831789,"gmtCreate":1627869099241,"gmtModify":1633755782167,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Love this","listText":"Love this","text":"Love this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805831789","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohu8.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","EA":"艺电","GM":"通用汽车","UBER":"优步","GE":"GE航空航天","BABA":"阿里巴巴","DKNG":"DraftKings Inc.",".IXIC":"NASDAQ Composite","ROKU":"Roku Inc",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"VIAC":0.9,"ROKU":0.9,".DJI":0.9,"GE":0.9,".SPX":0.9,"DKNG":0.9,"EA":0.9,".IXIC":0.9,"GM":0.9,"UBER":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801481528,"gmtCreate":1627528036864,"gmtModify":1633764085446,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Is it going to be bullish after this?","listText":"Is it going to be bullish after this?","text":"Is it going to be bullish after this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801481528","repostId":"1184074920","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803235615,"gmtCreate":1627440492937,"gmtModify":1633764953573,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like pls tq!","listText":"Like pls tq!","text":"Like pls tq!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803235615","repostId":"1130824999","repostType":4,"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802380362,"gmtCreate":1627718460556,"gmtModify":1633756828792,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like please tq!","listText":"Like please tq!","text":"Like please tq!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802380362","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895480262,"gmtCreate":1628765465656,"gmtModify":1633689695290,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895480262","repostId":"2158765256","repostType":4,"repost":{"id":"2158765256","kind":"highlight","weMediaInfo":{"introduction":"用于爱奇艺抓取企业号","home_visible":0,"media_name":"爱奇艺的ir源","id":"1020395258","head_image":"https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688"},"pubTimestamp":1628762400,"share":"https://www.laohu8.com/m/news/2158765256?lang=zh_CN&edition=full","pubTime":"2021-08-12 18:00","market":"us","language":"en","title":"iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2158765256","media":"爱奇艺的ir源","summary":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovativ","content":"<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</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>iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</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\">\niQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">爱奇艺的ir源 </p>\n<p class=\"h-time smaller\">2021-08-12 18:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IQ":"爱奇艺"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158765256","content_text":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.\nSecond Quarter 2021 Highlights\n\nTotal revenues were RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.\nOperating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.\nNet loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nThe number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.\n\n\"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"\n\"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"\n\n\n\nFootnotes:\n\n\n[1] Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.\n\n\n\nSecond Quarter 2021 Financial Results\nTotal revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.\nMembership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.\nOnline advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.\nContent distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.\nOther revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.\nCost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.\nSelling, general and administrative expenses were RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.\nResearch and development expenses were RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.\nOperating loss was RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.\nTotal other expense was RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.\nLoss before income taxes was RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.\nIncome tax expense was RMB30.4million (US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.\nNet loss attributable to iQIYI was RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nAs ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).\nFinancial Guidance\nFor the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893724571,"gmtCreate":1628302088093,"gmtModify":1633751831541,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893724571","repostId":"1157428986","repostType":4,"repost":{"id":"1157428986","kind":"news","pubTimestamp":1628296262,"share":"https://www.laohu8.com/m/news/1157428986?lang=zh_CN&edition=full","pubTime":"2021-08-07 08:31","market":"us","language":"en","title":"US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157428986","media":"renaissancecap...","summary":"The IPO market is getting a breather as the August lull continues to set in, with just two banks sch","content":"<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，贷款总额为11亿美元，存款总额为13亿美元，股东权益总额为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</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\">\nUS IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-08-07 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，贷款总额为11亿美元，存款总额为13亿美元，股东权益总额为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown\">renaissancecap...</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":{"FINW":"Finwise Bancorp","SSBK":"Southern States Bancshares, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157428986","content_text":"The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.\nUtah-based digital bank FinWise Bancorp(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.\nAlabama bank Southern States Bancshares(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.","news_type":1,"symbols_score_info":{"FINW":0.9,"SSBK":0.9}},"isVote":1,"tweetType":1,"viewCount":2773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802269856,"gmtCreate":1627783265675,"gmtModify":1633756461331,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802269856","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897630453,"gmtCreate":1628910641572,"gmtModify":1633688552953,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897630453","repostId":"2159655218","repostType":4,"isVote":1,"tweetType":1,"viewCount":3194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898981386,"gmtCreate":1628468401645,"gmtModify":1633747022159,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Will this rock the price too?","listText":"Will this rock the price too?","text":"Will this rock the price too?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898981386","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":2728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807210912,"gmtCreate":1628038424836,"gmtModify":1633754188148,"author":{"id":"3580174936909943","authorId":"3580174936909943","name":"Juiceisnice","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580174936909943","authorIdStr":"3580174936909943"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807210912","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}