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dd04497

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2021-09-30

Good

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2021-09-30

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2021-09-10

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2021-09-09

Ok

Support jumped 3% in premarket trading<blockquote>盘前交易中支撑位上涨 3%</blockquote>

2021-09-03

Up

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2021-09-01

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2021-09-01

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2021-08-30

Good

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2021-08-28

TREND ME

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2021-08-27

Good

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2021-08-26

Good

U.S. probes Deutsche Bank's DWS over sustainability claims<blockquote>美国就可持续发展索赔调查德意志银行的 DWS</blockquote>

2021-08-25

Invest invest invest!

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2021-08-24

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2021-08-23

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2021-08-23

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2021-08-23

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2021-08-23

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2021-08-22

Good

Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>

2021-08-21

Ok

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2021-08-20

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}\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\">\nSupport jumped 3% in premarket trading<blockquote>盘前交易中支撑位上涨 3%</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\">2021-09-09 16:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 9)&nbsp;<b><a href=\"https://laohu8.com/S/SPRT\">Support.com</a></b> jumped 3% in premarket trading after it surged 20% yesterday.</p><p><blockquote>（9月9日）<b><a href=\"https://laohu8.com/S/SPRT\">支持网</a></b>继昨天飙升 20% 后，盘前交易中上涨 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f43686ec56f7021fa70517cd09ba2423\" tg-width=\"1033\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPRT":"Support.com"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152471596","content_text":"(Sept 9) Support.com jumped 3% in premarket trading after it surged 20% yesterday.","news_type":1,"symbols_score_info":{"SPRT":0.9}},"isVote":1,"tweetType":1,"viewCount":3501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815041642,"gmtCreate":1630632240886,"gmtModify":1631891827843,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815041642","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":4530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816860760,"gmtCreate":1630487596050,"gmtModify":1631891827857,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816860760","repostId":"2164899834","repostType":4,"isVote":1,"tweetType":1,"viewCount":3703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816860153,"gmtCreate":1630487544472,"gmtModify":1631891827869,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816860153","repostId":"2164899834","repostType":4,"isVote":1,"tweetType":1,"viewCount":3381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811136878,"gmtCreate":1630295681994,"gmtModify":1704957993011,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811136878","repostId":"2163776380","repostType":4,"isVote":1,"tweetType":1,"viewCount":3641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813932699,"gmtCreate":1630119522411,"gmtModify":1704956248172,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"TREND 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08:41","market":"us","language":"en","title":"U.S. probes Deutsche Bank's DWS over sustainability claims<blockquote>美国就可持续发展索赔调查德意志银行的 DWS</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190706016","media":"Reuters","summary":"Aug 25 (Reuters) - U.S. authorities are investigating German lender Deutsche Bank’s asset-management","content":"<p>Aug 25 (Reuters) - U.S. authorities are investigating German lender Deutsche Bank’s asset-management arm DWS Group after the firm’s former head of sustainability said it overstated how much it used sustainable investing criteria to manage its assets, the Wall Street Journal reported on Wednesday.</p><p><blockquote>路透社8月25日）--据《华尔街日报》周三报道，美国当局正在调查德国银行德意志银行的资产管理部门DWS集团，因为该公司前可持续发展主管称该公司夸大了其在管理资产时使用可持续投资标准的程度。</blockquote></p><p> The probes, by the Securities and Exchange Commission and federal prosecutors in Brooklyn, New York, are in early stages, the newspaper saidhere, citing sources.</p><p><blockquote>该报援引消息人士的话称，美国证券交易委员会和纽约布鲁克林联邦检察官的调查仍处于早期阶段。</blockquote></p><p> Deutsche Bank and a spokesperson for the Department of Justice declined to comment on the WSJ report.</p><p><blockquote>德意志银行和司法部发言人拒绝对《华尔街日报》的报道发表评论。</blockquote></p><p> The SEC did not respond immediately to request for comment.</p><p><blockquote>美国证券交易委员会没有立即回应置评请求。</blockquote></p><p> The agency earlier this year&nbsp;here&nbsp;established a task force to root out misconduct related to environmental, social and governance (ESG) issues. With a record $51 billion flooding into sustainable U.S. funds in 2020 alone, according to Morningstar, investors need to be better informed, the SEC has said.</p><p><blockquote>该机构今年早些时候在这里成立了一个特别工作组，以根除与环境、社会和治理（ESG）问题相关的不当行为。根据晨星公司的数据，仅 2020 年就有创纪录的 510 亿美元涌入美国可持续基金，美国证券交易委员会表示，投资者需要更好地了解情况。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. probes Deutsche Bank's DWS over sustainability claims<blockquote>美国就可持续发展索赔调查德意志银行的 DWS</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. probes Deutsche Bank's DWS over sustainability claims<blockquote>美国就可持续发展索赔调查德意志银行的 DWS</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-26 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Aug 25 (Reuters) - U.S. authorities are investigating German lender Deutsche Bank’s asset-management arm DWS Group after the firm’s former head of sustainability said it overstated how much it used sustainable investing criteria to manage its assets, the Wall Street Journal reported on Wednesday.</p><p><blockquote>路透社8月25日）--据《华尔街日报》周三报道，美国当局正在调查德国银行德意志银行的资产管理部门DWS集团，因为该公司前可持续发展主管称该公司夸大了其在管理资产时使用可持续投资标准的程度。</blockquote></p><p> The probes, by the Securities and Exchange Commission and federal prosecutors in Brooklyn, New York, are in early stages, the newspaper saidhere, citing sources.</p><p><blockquote>该报援引消息人士的话称，美国证券交易委员会和纽约布鲁克林联邦检察官的调查仍处于早期阶段。</blockquote></p><p> Deutsche Bank and a spokesperson for the Department of Justice declined to comment on the WSJ report.</p><p><blockquote>德意志银行和司法部发言人拒绝对《华尔街日报》的报道发表评论。</blockquote></p><p> The SEC did not respond immediately to request for comment.</p><p><blockquote>美国证券交易委员会没有立即回应置评请求。</blockquote></p><p> The agency earlier this year&nbsp;here&nbsp;established a task force to root out misconduct related to environmental, social and governance (ESG) issues. With a record $51 billion flooding into sustainable U.S. funds in 2020 alone, according to Morningstar, investors need to be better informed, the SEC has said.</p><p><blockquote>该机构今年早些时候在这里成立了一个特别工作组，以根除与环境、社会和治理（ESG）问题相关的不当行为。根据晨星公司的数据，仅 2020 年就有创纪录的 510 亿美元涌入美国可持续基金，美国证券交易委员会表示，投资者需要更好地了解情况。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/deutsche-bank-dws-group-usa-probe/update-1-u-s-probes-deutsche-banks-dws-over-sustainability-claims-wsj-idUSL1N2PW2JE\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DB":"德意志银行"},"source_url":"https://www.reuters.com/article/deutsche-bank-dws-group-usa-probe/update-1-u-s-probes-deutsche-banks-dws-over-sustainability-claims-wsj-idUSL1N2PW2JE","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190706016","content_text":"Aug 25 (Reuters) - U.S. authorities are investigating German lender Deutsche Bank’s asset-management arm DWS Group after the firm’s former head of sustainability said it overstated how much it used sustainable investing criteria to manage its assets, the Wall Street Journal reported on Wednesday.\nThe probes, by the Securities and Exchange Commission and federal prosecutors in Brooklyn, New York, are in early stages, the newspaper saidhere, citing sources.\nDeutsche Bank and a spokesperson for the Department of Justice declined to comment on the WSJ report.\nThe SEC did not respond immediately to request for comment.\nThe agency earlier this year here established a task force to root out misconduct related to environmental, social and governance (ESG) issues. With a record $51 billion flooding into sustainable U.S. funds in 2020 alone, according to Morningstar, investors need to be better informed, the SEC has said.","news_type":1,"symbols_score_info":{"DB":0.9}},"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837121098,"gmtCreate":1629866266514,"gmtModify":1631891827935,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Invest invest invest!&nbsp;","listText":"Invest invest invest!&nbsp;","text":"Invest invest 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22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","SNPS":"新思科技","NVDA":"英伟达","ON":"安森美半导体","GOOG":"谷歌","TSM":"台积电","ASML":"阿斯麦","AMZN":"亚马逊","SSNLF":"三星电子","CDNS":"铿腾电子","SOXX":"iShares费城交易所半导体ETF","GOOGL":"谷歌A","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"SSNLF":0.9,"AMZN":0.9,"GOOGL":0.9,"CDNS":0.9,"ON":0.9,"QCOM":0.9,"SOXX":0.9,"SNPS":0.9,"GOOG":0.9,"TSM":0.9,"ASML":0.9,"AAPL":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836714267,"gmtCreate":1629523516759,"gmtModify":1633684244026,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836714267","repostId":"2161149745","repostType":4,"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838573242,"gmtCreate":1629421709986,"gmtModify":1633684979452,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581517012154462","authorIdStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838573242","repostId":"2160915795","repostType":4,"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148264713,"gmtCreate":1625980255732,"gmtModify":1633931132214,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Peng or nio?","listText":"Peng or nio?","text":"Peng or nio?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/148264713","repostId":"1184476863","repostType":4,"repost":{"id":"1184476863","kind":"news","pubTimestamp":1625967744,"share":"https://www.laohunote.com/m/news/1184476863?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:42","market":"hk","language":"en","title":"XPeng: Leader Of Chinese Vehicle Electrification Efforts<blockquote>小鹏汽车：中国汽车电气化的领导者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184476863","media":"seekingalpha","summary":"Summary\n\nThe aggressive growth of deliveries should help XPeng to continue to improve its top-line p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The aggressive growth of deliveries should help XPeng to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters.</li>  <li>By being one of the most technologically advanced electric vehicle companies in China, XPeng has all the chances to become one of the first automakers to reach Level 5 automation.</li>  <li>We continue to believe that XPeng is a solid growth play and if you’re a momentum investor, then now is a good time to purchase its shares.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19ebea80a575c2b5a2b022a046308936\" tg-width=\"1536\" tg-height=\"1024\"><span>Robert Way/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>交付量的强劲增长应该有助于小鹏汽车在未来几个季度继续提高其营收业绩，并扩大其在中国电动汽车市场的立足点。</li><li>作为中国技术最先进的电动汽车公司之一，小鹏汽车完全有机会成为首批达到5级自动化的汽车制造商之一。</li><li>我们仍然相信小鹏汽车是一家稳健的成长型公司，如果您是一家动量型投资者，那么现在是购买其股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Robert Way/iStock 社论来自 Getty Images</span></p></blockquote></p><p> The aggressive growth of deliveries should help XPeng (XPEV) to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters. In addition, by being one of the most technologically advanced electric vehicle companies in China, XPeng also has all the chances to become one of the first automakers to reach Level 5 automation in the following years. Considering this, we continue to believe that XPeng is a solid growth play and if you're a momentum investor, then now is a good time to purchase its shares.</p><p><blockquote>交付量的强劲增长应该有助于小鹏汽车（XPEV）在未来几个季度继续提高其营收业绩，并扩大其在中国电动汽车市场的立足点。此外，作为中国技术最先进的电动汽车公司之一，小鹏汽车也完全有机会在未来几年成为首批达到5级自动化的汽车制造商之一。考虑到这一点，我们仍然相信小鹏汽车是一家稳健的增长公司，如果您是一位动量投资者，那么现在是购买其股票的好时机。</blockquote></p><p> <b>Firing On All Cylinders</b></p><p><blockquote><b>全气缸点火</b></blockquote></p><p> XPeng is one of the biggest EV manufacturers in China. Currently, it produces an SUV that goes under the name G3 and a sedan that's called P7. In addition, the company plans to release an upgraded version of its SUV called G3i in September and a new family-friendly sedan P5 by the end of the year. Overall, XPeng's stock showed decent results in recent months, as it has outperformed the S&amp;P 500 Index for most of the last year, and is currently up ~5% since our latest&nbsp;article&nbsp;about its business was published in June.</p><p><blockquote>小鹏汽车是中国最大的电动汽车制造商之一。目前，该公司生产一款名为 G3 的 SUV 和一款名为 P7 的轿车。此外，该公司计划在 9 月份发布一款名为 G3i 的 SUV 升级版，并在年底前发布一款新型家庭友好型轿车 P5。总体而言，小鹏汽车的股票近几个月表现不错，去年大部分时间里它的表现都优于标普500指数，自我们 6 月份发表有关其业务的最新文章以来，目前已上涨约 5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51f7c530182ce2c7abde426fcff7f474\" tg-width=\"1280\" tg-height=\"443\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> One of the biggest achievements of XPeng is that it has managed to successfully navigate through the initial stages of the chip shortage crisis and made a lot of progress on improving its deliveries. The latestdatasuggests that there's still a strong demand for its offerings among tech-savvy Chinese consumers, as in June alone the company delivered a record 6,565 vehicles, an increase of 617% Y/Y. In addition, its Q2 deliveries were 17,398, up 439% Y/Y, while its 1H deliveries were 30,738 vehicles, up 459% Y/Y. Another good news is that the company's Q2 deliveries beat its projections of 15,500 - 16,000 units despite the pandemic and there's every reason to believe that the momentum is very likely to hold until the end of the year at the very least.</p><p><blockquote>小鹏汽车最大的成就之一是，它成功度过了芯片短缺危机的初始阶段，并在改善交付方面取得了很大进展。最新数据表明，精通技术的中国消费者对其产品的需求仍然强劲，仅在 6 月份，该公司就交付了创纪录的 6,565 辆汽车，同比增长 617%。此外，第二季度交付量为17,398辆，同比增长439%，上半年交付量为30,738辆，同比增长459%。另一个好消息是，尽管受到疫情的影响，该公司第二季度的交付量仍超过了 15,500 - 16,000 辆的预期，并且有充分的理由相信这一势头很可能至少会持续到今年年底。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0479a72617e0ff9759beb7f820fc0494\" tg-width=\"925\" tg-height=\"445\"><span>Source:InsideEVs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：InsideEVs</span></p></blockquote></p><p> The biggest advantage of XPeng is that it operates in China, which is considered to be the biggest EV market in the world. Thanks to it, XPeng doesn't need to outsource its manufacturing or sales to other countries as it has a huge local market to sell to back at home. What's more important is that it also has strong governmental support, as some of its manufacturing facilities that are currently being built were co-financed by Chinese local governments. By receiving such help, XPeng is now on track to complete its third manufacturing facility in Wuhan, which will help it to reach an annual capacity of at least 300,000 vehicles. For comparison, Tesla (TSLA) in 2020 sold only 137,000 Model 3s in China. Therefore, an increase of the capacity to such substantial numbers signals that XPeng is ready to tackle the competition and increase its traction across the mainland going forward.</p><p><blockquote>小鹏汽车最大的优势在于其在中国运营，中国被认为是全球最大的电动汽车市场。得益于此，小鹏汽车不需要将制造或销售外包给其他国家，因为它有巨大的当地市场可以销售回国内。更重要的是，它还得到了政府的大力支持，因为它目前正在建设的一些制造设施是由中国地方政府共同出资的。通过获得这样的帮助，小鹏汽车现在有望在武汉完成其第三个制造工厂，这将有助于其达到至少30万辆的年产能。相比之下，特斯拉（TSLA）2020年仅在华售出13.7万辆Model 3。因此，如此大量的产能增加表明小鹏汽车已准备好应对竞争，并在未来增加其在内地的牵引力。</blockquote></p><p> Another important fact is that XPeng is more technologically advanced in China than Tesla and others. Almost half of its R&amp;D workforce works on autonomous driving software, and as a result, the company has managed to develop one of the most advanced navigation systems, which should help it to become one of the first to reach Level 5 automation in the following years. On top of that, over 5 million kilometers were alreadydrivenwith the help of the navigation system since its launch earlier this year, and the latest version of the software can now automaticallyparkthe car in garages without human help if it remembers the spot in which the vehicle was parked before.</p><p><blockquote>另一个重要的事实是，小鹏在国内比特斯拉等技术更先进。其近一半的研发人员致力于自动驾驶软件，因此，该公司成功开发了最先进的导航系统之一，这将有助于其在未来几年内成为首批达到 5 级自动化的公司之一。最重要的是，自今年早些时候推出以来，在导航系统的帮助下已经行驶了超过500万公里，如果该软件的最新版本记得车辆的位置，现在可以在没有人工帮助的情况下自动将汽车停放在车库里。车辆停放之前。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> As for the risks, we see a couple of them. First of all, XPengtradesat a price-to-sales ratio of ~16x and could be considered richly valued at its current market cap of around $37 billion. For that reason, it's not a good investment for long-term value shareholders, and for those who don't want to expose their portfolios to Chinese assets.</p><p><blockquote>至于风险，我们看到了几个。首先，小鹏贸易的市销率约为16倍，以其目前约370亿美元的市值来看，可以被认为是很有价值的。因此，对于长期价值股东以及那些不想将投资组合暴露于中国资产的人来说，这不是一项好的投资。</blockquote></p><p></p><p> In addition, there's a risk that the start of the potential China-US trade war could prevent XPeng from accessing the US capital markets, as its current shares could be delisted. To tackle this issue, the company just recentlyraisednearly $2 billion by executing another IPO on the Hong Kong stock exchange with a double main listing structure. This will help the company not only to have an access to the major capital market, but it will also give the Chinese mainland investors the ability to buy the stock through the Hong Kong Stock Connect, which should boost XPeng's valuation in the near future. On top of that, since XPeng's business doesn't have major exposure to outside markets, the blowback from the potential trade war will be minimal.</p><p><blockquote>此外，中美潜在贸易战的爆发可能会阻止小鹏汽车进入美国资本市场，因为其目前的股票可能会被退市。为了解决这个问题，该公司最近刚刚在香港联交所进行了另一次IPO，采用双重主要上市结构，筹集了近20亿美元。这不仅有助于该公司进入主要资本市场，还将使中国大陆投资者有能力通过港股通购买该股票，这应该会在不久的将来提振小鹏汽车的估值。最重要的是，由于小鹏汽车的业务对外部市场的敞口不大，潜在贸易战的影响将微乎其微。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Despite those risks, we should not forget that China is on track to significantly decrease its carbon footprint in the next four decades. Therefore, it's safe to assume that the penetration rate of electric vehicles on Chinese roads is only going to increase in the following decades. As a result, we believe that there's plenty of room for XPeng to drive growth at this stage, and considering its great performance in Q2, we also believe that it has all the chances to become one of the biggest EV manufacturers in the region.</p><p><blockquote>尽管存在这些风险，我们不应忘记，中国有望在未来四十年内大幅减少碳足迹。因此，可以有把握地假设，电动汽车在中国道路上的渗透率在未来几十年只会增加。因此，我们相信小鹏汽车现阶段有很大的增长空间，考虑到其在Q2的出色表现，我们也相信它完全有机会成为该地区最大的电动汽车制造商之一。</blockquote></p><p> The latest forecast suggests that XPeng could increase its revenues by 364% from $0.9 million in FY20 to $4.18 billion in FY22, while its EPS loss is also expected todecreasefrom -$0.33 in Q2'21 to only -$0.06 in Q3 and Q4. On top of that, the companyhad$5.12 billion in cash at the end of Q1, only $497 million in long-term debt, and thanks to the recent Honk Kong offering its liquidity position is already around $7 billion. As a result, XPeng doesn't have an overleveraged balance sheet, and thanks to the influx of new cash it's very unlikely that it'll be required to raise new debt or dilute its shareholders by offering new shares to fund its expansion. Therefore, we believe that its stock could be considered a growth play, especially since it has beenaddedto FTSE's indexes recently, which should help it to attract more attention from institutional investors.</p><p><blockquote>最新预测显示，小鹏汽车的收入可能会从 2020 财年的 90 万美元增长 364%，增至 2022 财年的 41.8 亿美元，而其每股收益亏损预计也将从 2021 财年第二季度的 -0.33 美元降至第三季度和第四季度的 -0.06 美元。最重要的是，该公司在第一季度末拥有 51.2 亿美元现金，长期债务仅为 4.97 亿美元，而且由于最近香港发行，其流动性头寸已经约为 70 亿美元。因此，小鹏汽车的资产负债表并没有过度杠杆化，而且由于新现金的涌入，它不太可能被要求筹集新债务或通过发行新股来为其扩张提供资金来稀释股东。因此，我们认为其股票可以被视为成长型股票，特别是因为它最近被纳入富时指数，这应该有助于它吸引更多机构投资者的关注。</blockquote></p><p> With all of this in mind, we also think that right now is a good entry point to purchase the company's shares, as the likely increase in deliveries and capacity along with the launch of the upcoming P5 sedan in the following months could push its stock to higher levels. For that reason, we have no plans to cover our long position in XPeng anytime soon.</p><p><blockquote>考虑到所有这些，我们还认为现在是购买该公司股票的一个很好的切入点，因为未来几个月即将推出的 P5 轿车可能会增加交付量和产能，这可能会将其股价推向更高的水平。因此，我们没有计划在短期内回补我们在小鹏汽车的好仓。</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>XPeng: Leader Of Chinese Vehicle Electrification Efforts<blockquote>小鹏汽车：中国汽车电气化的领导者</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\">\nXPeng: Leader Of Chinese Vehicle Electrification Efforts<blockquote>小鹏汽车：中国汽车电气化的领导者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-11 09:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The aggressive growth of deliveries should help XPeng to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters.</li>  <li>By being one of the most technologically advanced electric vehicle companies in China, XPeng has all the chances to become one of the first automakers to reach Level 5 automation.</li>  <li>We continue to believe that XPeng is a solid growth play and if you’re a momentum investor, then now is a good time to purchase its shares.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19ebea80a575c2b5a2b022a046308936\" tg-width=\"1536\" tg-height=\"1024\"><span>Robert Way/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>交付量的强劲增长应该有助于小鹏汽车在未来几个季度继续提高其营收业绩，并扩大其在中国电动汽车市场的立足点。</li><li>作为中国技术最先进的电动汽车公司之一，小鹏汽车完全有机会成为首批达到5级自动化的汽车制造商之一。</li><li>我们仍然相信小鹏汽车是一家稳健的成长型公司，如果您是一家动量型投资者，那么现在是购买其股票的好时机。</li></ul><p class=\"t-img-caption\"><span>Robert Way/iStock 社论来自 Getty Images</span></p></blockquote></p><p> The aggressive growth of deliveries should help XPeng (XPEV) to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters. In addition, by being one of the most technologically advanced electric vehicle companies in China, XPeng also has all the chances to become one of the first automakers to reach Level 5 automation in the following years. Considering this, we continue to believe that XPeng is a solid growth play and if you're a momentum investor, then now is a good time to purchase its shares.</p><p><blockquote>交付量的强劲增长应该有助于小鹏汽车（XPEV）在未来几个季度继续提高其营收业绩，并扩大其在中国电动汽车市场的立足点。此外，作为中国技术最先进的电动汽车公司之一，小鹏汽车也完全有机会在未来几年成为首批达到5级自动化的汽车制造商之一。考虑到这一点，我们仍然相信小鹏汽车是一家稳健的增长公司，如果您是一位动量投资者，那么现在是购买其股票的好时机。</blockquote></p><p> <b>Firing On All Cylinders</b></p><p><blockquote><b>全气缸点火</b></blockquote></p><p> XPeng is one of the biggest EV manufacturers in China. Currently, it produces an SUV that goes under the name G3 and a sedan that's called P7. In addition, the company plans to release an upgraded version of its SUV called G3i in September and a new family-friendly sedan P5 by the end of the year. Overall, XPeng's stock showed decent results in recent months, as it has outperformed the S&amp;P 500 Index for most of the last year, and is currently up ~5% since our latest&nbsp;article&nbsp;about its business was published in June.</p><p><blockquote>小鹏汽车是中国最大的电动汽车制造商之一。目前，该公司生产一款名为 G3 的 SUV 和一款名为 P7 的轿车。此外，该公司计划在 9 月份发布一款名为 G3i 的 SUV 升级版，并在年底前发布一款新型家庭友好型轿车 P5。总体而言，小鹏汽车的股票近几个月表现不错，去年大部分时间里它的表现都优于标普500指数，自我们 6 月份发表有关其业务的最新文章以来，目前已上涨约 5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51f7c530182ce2c7abde426fcff7f474\" tg-width=\"1280\" tg-height=\"443\"><span>Chart: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：寻求阿尔法</span></p></blockquote></p><p> One of the biggest achievements of XPeng is that it has managed to successfully navigate through the initial stages of the chip shortage crisis and made a lot of progress on improving its deliveries. The latestdatasuggests that there's still a strong demand for its offerings among tech-savvy Chinese consumers, as in June alone the company delivered a record 6,565 vehicles, an increase of 617% Y/Y. In addition, its Q2 deliveries were 17,398, up 439% Y/Y, while its 1H deliveries were 30,738 vehicles, up 459% Y/Y. Another good news is that the company's Q2 deliveries beat its projections of 15,500 - 16,000 units despite the pandemic and there's every reason to believe that the momentum is very likely to hold until the end of the year at the very least.</p><p><blockquote>小鹏汽车最大的成就之一是，它成功度过了芯片短缺危机的初始阶段，并在改善交付方面取得了很大进展。最新数据表明，精通技术的中国消费者对其产品的需求仍然强劲，仅在 6 月份，该公司就交付了创纪录的 6,565 辆汽车，同比增长 617%。此外，第二季度交付量为17,398辆，同比增长439%，上半年交付量为30,738辆，同比增长459%。另一个好消息是，尽管受到疫情的影响，该公司第二季度的交付量仍超过了 15,500 - 16,000 辆的预期，并且有充分的理由相信这一势头很可能至少会持续到今年年底。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0479a72617e0ff9759beb7f820fc0494\" tg-width=\"925\" tg-height=\"445\"><span>Source:InsideEVs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：InsideEVs</span></p></blockquote></p><p> The biggest advantage of XPeng is that it operates in China, which is considered to be the biggest EV market in the world. Thanks to it, XPeng doesn't need to outsource its manufacturing or sales to other countries as it has a huge local market to sell to back at home. What's more important is that it also has strong governmental support, as some of its manufacturing facilities that are currently being built were co-financed by Chinese local governments. By receiving such help, XPeng is now on track to complete its third manufacturing facility in Wuhan, which will help it to reach an annual capacity of at least 300,000 vehicles. For comparison, Tesla (TSLA) in 2020 sold only 137,000 Model 3s in China. Therefore, an increase of the capacity to such substantial numbers signals that XPeng is ready to tackle the competition and increase its traction across the mainland going forward.</p><p><blockquote>小鹏汽车最大的优势在于其在中国运营，中国被认为是全球最大的电动汽车市场。得益于此，小鹏汽车不需要将制造或销售外包给其他国家，因为它有巨大的当地市场可以销售回国内。更重要的是，它还得到了政府的大力支持，因为它目前正在建设的一些制造设施是由中国地方政府共同出资的。通过获得这样的帮助，小鹏汽车现在有望在武汉完成其第三个制造工厂，这将有助于其达到至少30万辆的年产能。相比之下，特斯拉（TSLA）2020年仅在华售出13.7万辆Model 3。因此，如此大量的产能增加表明小鹏汽车已准备好应对竞争，并在未来增加其在内地的牵引力。</blockquote></p><p> Another important fact is that XPeng is more technologically advanced in China than Tesla and others. Almost half of its R&amp;D workforce works on autonomous driving software, and as a result, the company has managed to develop one of the most advanced navigation systems, which should help it to become one of the first to reach Level 5 automation in the following years. On top of that, over 5 million kilometers were alreadydrivenwith the help of the navigation system since its launch earlier this year, and the latest version of the software can now automaticallyparkthe car in garages without human help if it remembers the spot in which the vehicle was parked before.</p><p><blockquote>另一个重要的事实是，小鹏在国内比特斯拉等技术更先进。其近一半的研发人员致力于自动驾驶软件，因此，该公司成功开发了最先进的导航系统之一，这将有助于其在未来几年内成为首批达到 5 级自动化的公司之一。最重要的是，自今年早些时候推出以来，在导航系统的帮助下已经行驶了超过500万公里，如果该软件的最新版本记得车辆的位置，现在可以在没有人工帮助的情况下自动将汽车停放在车库里。车辆停放之前。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> As for the risks, we see a couple of them. First of all, XPengtradesat a price-to-sales ratio of ~16x and could be considered richly valued at its current market cap of around $37 billion. For that reason, it's not a good investment for long-term value shareholders, and for those who don't want to expose their portfolios to Chinese assets.</p><p><blockquote>至于风险，我们看到了几个。首先，小鹏贸易的市销率约为16倍，以其目前约370亿美元的市值来看，可以被认为是很有价值的。因此，对于长期价值股东以及那些不想将投资组合暴露于中国资产的人来说，这不是一项好的投资。</blockquote></p><p></p><p> In addition, there's a risk that the start of the potential China-US trade war could prevent XPeng from accessing the US capital markets, as its current shares could be delisted. To tackle this issue, the company just recentlyraisednearly $2 billion by executing another IPO on the Hong Kong stock exchange with a double main listing structure. This will help the company not only to have an access to the major capital market, but it will also give the Chinese mainland investors the ability to buy the stock through the Hong Kong Stock Connect, which should boost XPeng's valuation in the near future. On top of that, since XPeng's business doesn't have major exposure to outside markets, the blowback from the potential trade war will be minimal.</p><p><blockquote>此外，中美潜在贸易战的爆发可能会阻止小鹏汽车进入美国资本市场，因为其目前的股票可能会被退市。为了解决这个问题，该公司最近刚刚在香港联交所进行了另一次IPO，采用双重主要上市结构，筹集了近20亿美元。这不仅有助于该公司进入主要资本市场，还将使中国大陆投资者有能力通过港股通购买该股票，这应该会在不久的将来提振小鹏汽车的估值。最重要的是，由于小鹏汽车的业务对外部市场的敞口不大，潜在贸易战的影响将微乎其微。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Despite those risks, we should not forget that China is on track to significantly decrease its carbon footprint in the next four decades. Therefore, it's safe to assume that the penetration rate of electric vehicles on Chinese roads is only going to increase in the following decades. As a result, we believe that there's plenty of room for XPeng to drive growth at this stage, and considering its great performance in Q2, we also believe that it has all the chances to become one of the biggest EV manufacturers in the region.</p><p><blockquote>尽管存在这些风险，我们不应忘记，中国有望在未来四十年内大幅减少碳足迹。因此，可以有把握地假设，电动汽车在中国道路上的渗透率在未来几十年只会增加。因此，我们相信小鹏汽车现阶段有很大的增长空间，考虑到其在Q2的出色表现，我们也相信它完全有机会成为该地区最大的电动汽车制造商之一。</blockquote></p><p> The latest forecast suggests that XPeng could increase its revenues by 364% from $0.9 million in FY20 to $4.18 billion in FY22, while its EPS loss is also expected todecreasefrom -$0.33 in Q2'21 to only -$0.06 in Q3 and Q4. On top of that, the companyhad$5.12 billion in cash at the end of Q1, only $497 million in long-term debt, and thanks to the recent Honk Kong offering its liquidity position is already around $7 billion. As a result, XPeng doesn't have an overleveraged balance sheet, and thanks to the influx of new cash it's very unlikely that it'll be required to raise new debt or dilute its shareholders by offering new shares to fund its expansion. Therefore, we believe that its stock could be considered a growth play, especially since it has beenaddedto FTSE's indexes recently, which should help it to attract more attention from institutional investors.</p><p><blockquote>最新预测显示，小鹏汽车的收入可能会从 2020 财年的 90 万美元增长 364%，增至 2022 财年的 41.8 亿美元，而其每股收益亏损预计也将从 2021 财年第二季度的 -0.33 美元降至第三季度和第四季度的 -0.06 美元。最重要的是，该公司在第一季度末拥有 51.2 亿美元现金，长期债务仅为 4.97 亿美元，而且由于最近香港发行，其流动性头寸已经约为 70 亿美元。因此，小鹏汽车的资产负债表并没有过度杠杆化，而且由于新现金的涌入，它不太可能被要求筹集新债务或通过发行新股来为其扩张提供资金来稀释股东。因此，我们认为其股票可以被视为成长型股票，特别是因为它最近被纳入富时指数，这应该有助于它吸引更多机构投资者的关注。</blockquote></p><p> With all of this in mind, we also think that right now is a good entry point to purchase the company's shares, as the likely increase in deliveries and capacity along with the launch of the upcoming P5 sedan in the following months could push its stock to higher levels. For that reason, we have no plans to cover our long position in XPeng anytime soon.</p><p><blockquote>考虑到所有这些，我们还认为现在是购买该公司股票的一个很好的切入点，因为未来几个月即将推出的 P5 轿车可能会增加交付量和产能，这可能会将其股价推向更高的水平。因此，我们没有计划在短期内回补我们在小鹏汽车的好仓。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4438413-xpeng-leader-of-chinese-vehicle-electrification-efforts\">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":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"https://seekingalpha.com/article/4438413-xpeng-leader-of-chinese-vehicle-electrification-efforts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184476863","content_text":"Summary\n\nThe aggressive growth of deliveries should help XPeng to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters.\nBy being one of the most technologically advanced electric vehicle companies in China, XPeng has all the chances to become one of the first automakers to reach Level 5 automation.\nWe continue to believe that XPeng is a solid growth play and if you’re a momentum investor, then now is a good time to purchase its shares.\n\nRobert Way/iStock Editorial via Getty Images\nThe aggressive growth of deliveries should help XPeng (XPEV) to continue to improve its top-line performance and expand its foothold in the Chinese EV market in the following quarters. In addition, by being one of the most technologically advanced electric vehicle companies in China, XPeng also has all the chances to become one of the first automakers to reach Level 5 automation in the following years. Considering this, we continue to believe that XPeng is a solid growth play and if you're a momentum investor, then now is a good time to purchase its shares.\nFiring On All Cylinders\nXPeng is one of the biggest EV manufacturers in China. Currently, it produces an SUV that goes under the name G3 and a sedan that's called P7. In addition, the company plans to release an upgraded version of its SUV called G3i in September and a new family-friendly sedan P5 by the end of the year. Overall, XPeng's stock showed decent results in recent months, as it has outperformed the S&P 500 Index for most of the last year, and is currently up ~5% since our latest article about its business was published in June.\nChart: Seeking Alpha\nOne of the biggest achievements of XPeng is that it has managed to successfully navigate through the initial stages of the chip shortage crisis and made a lot of progress on improving its deliveries. The latestdatasuggests that there's still a strong demand for its offerings among tech-savvy Chinese consumers, as in June alone the company delivered a record 6,565 vehicles, an increase of 617% Y/Y. In addition, its Q2 deliveries were 17,398, up 439% Y/Y, while its 1H deliveries were 30,738 vehicles, up 459% Y/Y. Another good news is that the company's Q2 deliveries beat its projections of 15,500 - 16,000 units despite the pandemic and there's every reason to believe that the momentum is very likely to hold until the end of the year at the very least.\nSource:InsideEVs\nThe biggest advantage of XPeng is that it operates in China, which is considered to be the biggest EV market in the world. Thanks to it, XPeng doesn't need to outsource its manufacturing or sales to other countries as it has a huge local market to sell to back at home. What's more important is that it also has strong governmental support, as some of its manufacturing facilities that are currently being built were co-financed by Chinese local governments. By receiving such help, XPeng is now on track to complete its third manufacturing facility in Wuhan, which will help it to reach an annual capacity of at least 300,000 vehicles. For comparison, Tesla (TSLA) in 2020 sold only 137,000 Model 3s in China. Therefore, an increase of the capacity to such substantial numbers signals that XPeng is ready to tackle the competition and increase its traction across the mainland going forward.\nAnother important fact is that XPeng is more technologically advanced in China than Tesla and others. Almost half of its R&D workforce works on autonomous driving software, and as a result, the company has managed to develop one of the most advanced navigation systems, which should help it to become one of the first to reach Level 5 automation in the following years. On top of that, over 5 million kilometers were alreadydrivenwith the help of the navigation system since its launch earlier this year, and the latest version of the software can now automaticallyparkthe car in garages without human help if it remembers the spot in which the vehicle was parked before.\nRisks\nAs for the risks, we see a couple of them. First of all, XPengtradesat a price-to-sales ratio of ~16x and could be considered richly valued at its current market cap of around $37 billion. For that reason, it's not a good investment for long-term value shareholders, and for those who don't want to expose their portfolios to Chinese assets.\nIn addition, there's a risk that the start of the potential China-US trade war could prevent XPeng from accessing the US capital markets, as its current shares could be delisted. To tackle this issue, the company just recentlyraisednearly $2 billion by executing another IPO on the Hong Kong stock exchange with a double main listing structure. This will help the company not only to have an access to the major capital market, but it will also give the Chinese mainland investors the ability to buy the stock through the Hong Kong Stock Connect, which should boost XPeng's valuation in the near future. On top of that, since XPeng's business doesn't have major exposure to outside markets, the blowback from the potential trade war will be minimal.\nTakeaway\nDespite those risks, we should not forget that China is on track to significantly decrease its carbon footprint in the next four decades. Therefore, it's safe to assume that the penetration rate of electric vehicles on Chinese roads is only going to increase in the following decades. As a result, we believe that there's plenty of room for XPeng to drive growth at this stage, and considering its great performance in Q2, we also believe that it has all the chances to become one of the biggest EV manufacturers in the region.\nThe latest forecast suggests that XPeng could increase its revenues by 364% from $0.9 million in FY20 to $4.18 billion in FY22, while its EPS loss is also expected todecreasefrom -$0.33 in Q2'21 to only -$0.06 in Q3 and Q4. On top of that, the companyhad$5.12 billion in cash at the end of Q1, only $497 million in long-term debt, and thanks to the recent Honk Kong offering its liquidity position is already around $7 billion. As a result, XPeng doesn't have an overleveraged balance sheet, and thanks to the influx of new cash it's very unlikely that it'll be required to raise new debt or dilute its shareholders by offering new shares to fund its expansion. Therefore, we believe that its stock could be considered a growth play, especially since it has beenaddedto FTSE's indexes recently, which should help it to attract more attention from institutional investors.\nWith all of this in mind, we also think that right now is a good entry point to purchase the company's shares, as the likely increase in deliveries and capacity along with the launch of the upcoming P5 sedan in the following months could push its stock to higher levels. For that reason, we have no plans to cover our long position in XPeng anytime soon.","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808425073,"gmtCreate":1627607124692,"gmtModify":1633757858154,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/808425073","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177735895,"gmtCreate":1627261195317,"gmtModify":1633766806955,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177735895","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145537455,"gmtCreate":1626229409977,"gmtModify":1633928806574,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Palantir is long term hold","listText":"Palantir is long term hold","text":"Palantir is long term hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145537455","repostId":"1199719131","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175925423,"gmtCreate":1627003500262,"gmtModify":1633768887882,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Like please.. thanks!","listText":"Like please.. thanks!","text":"Like please.. thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175925423","repostId":"1111845769","repostType":4,"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889476149,"gmtCreate":1631175028781,"gmtModify":1631891827833,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/889476149","repostId":"1152471596","repostType":4,"repost":{"id":"1152471596","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":1631174613,"share":"https://www.laohunote.com/m/news/1152471596?lang=zh_CN&edition=full","pubTime":"2021-09-09 16:03","market":"us","language":"en","title":"Support jumped 3% in premarket trading<blockquote>盘前交易中支撑位上涨 3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152471596","media":"Tiger Newspress","summary":"(Sept 9) Support.com jumped 3% in premarket trading after it surged 20% yesterday.","content":"<p>(Sept 9)&nbsp;<b><a href=\"https://laohu8.com/S/SPRT\">Support.com</a></b> jumped 3% in premarket trading after it surged 20% yesterday.</p><p><blockquote>（9月9日）<b><a href=\"https://laohu8.com/S/SPRT\">支持网</a></b>继昨天飙升 20% 后，盘前交易中上涨 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f43686ec56f7021fa70517cd09ba2423\" tg-width=\"1033\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Support jumped 3% in premarket trading<blockquote>盘前交易中支撑位上涨 3%</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSupport jumped 3% in premarket trading<blockquote>盘前交易中支撑位上涨 3%</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\">2021-09-09 16:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 9)&nbsp;<b><a href=\"https://laohu8.com/S/SPRT\">Support.com</a></b> jumped 3% in premarket trading after it surged 20% yesterday.</p><p><blockquote>（9月9日）<b><a href=\"https://laohu8.com/S/SPRT\">支持网</a></b>继昨天飙升 20% 后，盘前交易中上涨 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f43686ec56f7021fa70517cd09ba2423\" tg-width=\"1033\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPRT":"Support.com"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152471596","content_text":"(Sept 9) Support.com jumped 3% in premarket trading after it surged 20% yesterday.","news_type":1,"symbols_score_info":{"SPRT":0.9}},"isVote":1,"tweetType":1,"viewCount":3501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837121098,"gmtCreate":1629866266514,"gmtModify":1631891827935,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Invest invest invest!&nbsp;","listText":"Invest invest invest!&nbsp;","text":"Invest invest invest!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837121098","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834988844,"gmtCreate":1629766926388,"gmtModify":1633682612068,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834988844","repostId":"2161777891","repostType":4,"isVote":1,"tweetType":1,"viewCount":1174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170308602,"gmtCreate":1626402295806,"gmtModify":1633927064063,"author":{"id":"3581517012154462","authorId":"3581517012154462","name":"dd04497","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581517012154462","idStr":"3581517012154462"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like 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